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Home My WebLink AboutR-13-01-CRA BudgetCITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION NO. 13 -01 A RESOLUTION OF THE CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY (CRA) ADOPTING A BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2013 AND ENDING SEPTEMBER 30, 2014; MAKING FINDINGS; AUTHORIZING AMENDMENTS; PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Manager of the City of Sebastian has submitted a budget for the Sebastian Community Redevelopment Agency (CRA) for the Fiscal Year beginning October 1, 2013 and ending September 30, 2014; and WHEREAS, the budget includes the estimated expenditures necessary to carry out the functions of the CRA for the Fiscal Year beginning October 1, 2013, and ending September 30,2014; and WHEREAS, the budget includes the estimated revenues to be received by the CRA during said period from all sources, including tax increment funding; and WHEREAS, the CRA has examined and carefully considered the proposed budget in a duly assembled meeting. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD OF CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY: SECTION 1. The City of Sebastian Community Redevelopment Agency does hereby adopt, confirm and approve the budget attached hereto as Exhibit "A" as the budget for the CRA for the Fiscal Year beginning October 1, 2013 and ending September 30, 2014. SECTION 2. The governing board of the CRA does hereby find that: (a) The budget adopted has been prepared in accordance with generally accepted accounting principles; and (b) The estimated revenues to be received by the CRA during „the Fiscal Year beginning October 1, 2013, and ending September 30, 2014 from all sources, including tax increment funding, equals the total of appropriations for expenditures and reserves in the budget during said period; and (c) The budget will regulate expenditures of the CRA and no expenditures or contracts for expenditures shall be made except in pursuance of budgeted appropriations; (d) The budget is adopted in accordance with Section 189.418, Florida Statutes. SECTION 3: In order to effect an orderly year -end closeout of all financial books and records for the CRA, the City of Sebastian City Manager is hereby authorized and directed to increase the corresponding line item appropriations in the budget to the extent of those purchase orders which shall have been issued prior to September 30, 2013, but shall not have been filled prior to that date, and is authorized and directed to pay all such purchase orders upon receipt of the goods or services therein specified from the funds so appropriated. The City of Sebastian City Manager is hereby further authorized and directed to increase the budget appropriations to the extent of any unexpended balances from state, federal or other grants as of the end of business on September 30, 2013, and to the extent of any unexpended balances, whether or not encumbered, outstanding in projects or programs as of the end of business on September 30, 2013 and all such balances shall be appropriated to the corresponding accounts in the same funds in which they were outstanding as of September 30, 2013; and the City Manager shall be authorized to expend such appropriations for the purposes approved by the CRA in connection with such state, federal or other grants, and projects. The City Manager shall, prior to December 31, 2013, report to the CRA all such purchase orders, grants and projects. Corresponding changes in the anticipated revenue accounts are hereby authorized. SECTION 4: The City Manager is hereby authorized and directed to maintain and amend the budget so as to reflect the anticipated revenue and the appropriation of, and expenditure of, all grant funds and bond proceeds committed to, or received by the CRA subsequent to September 30, 2013, and prior to October 1, 2014, in accordance with the directions of the CRA as to the appropriation and expenditure of such grants and bond proceeds as and when received. SECTION 6: The City Manager shall have the authority to transfer appropriations from one line item to another line item of the budget, so long as the total appropriations shall not be increased thereby. Transactions affecting total appropriations, other than those authorized herein in other sections shall require the prior approval of the CRA. Any such transactions are subject to any restrictive statutes or ordinances, including those authorizing the issuance of any outstanding bonds. SECTION 7. This Resolution shall become effective October 1, 2013. The foregoing Resolution was moved for adoption by CRA Board member coy The motion was seconded by CRA Board member Wright and, upon being put into a vote, the vote was as follows: Bob McPartlan, Chairman Don Wright Andrea B. Coy Jim Hill Jerome Adams ave aye absent aye The CRA Chairman thereupon declared this Resolution duly passed and adopted on this 25th day of September, 2013 ATTES� Sally A. Maio MC City Clerk CITY OF SEBASTIAN, FLORIDA By: Bob McPartlan, Chairman Approved as to form and legality for the reliance by the City of Sebastian only: Robert Ginsburg, City Attorney EXHIBIT "A" RESOLUTION NO. 13 -01 2013/2014 ANNUAL BUDGET COMMUNITY REDEVELOPMENT AGENCY City of Sebastian Community Redevelopment Agency was created by City Ordinance in 1995, pursuant to Section 163.387, Florida Statutes. The purpose of the Community Redevelopment Agency is the removal of blighted areas and the development of such areas, pursuant to the Community Redevelopment Act of 1969. All revenues and expenditures related to the City's Community Redevelopment Agency are included in this fund. In FY 2008 -2009, a transfer was started to General Fund to offset the additional costs of providing enhanced maintenance of parks COMMUNITY REDEVELOPMENT AGENCY REVENUES Code: 140010 Account Number Description TAXES FY 09/10 Actual FY 10/11 Actual FY 11/12 Actual Amended FY 12/13 Budget FY 12/13 Projected FY 13/14 Adopted Budget 338200 Tax Increment Revenue - Sebastian 223,426 153,900 131,821 144,489 145,437 144,856 338200 Tax Increment Revenue - Indian River Cty 206,304 143,720 123,248 120,320 120,886 120,610 TOTAL TAXES 429,730 297,620 255,069 264,809 266,323 265,466 MISCELLANEOUS REVENUE 361100 Interest Income 1,924 4,794 1,864 2,704 1,600 1,600 361105 SBA Interest Earnings 1,131 358 440 360 292 336 367000 Gain/Loss on Investments 0 0 (861) 0 0 0 362100 Rents and Royalties 0 0 12,000 0 0 0 369900 Other Miscellaneous Revenue 3,781 16,266 0 0 0 0 TOTAL MISCELLANEOUS REVENUE 6,836 21,418 13,443 3,064 1,892 1,936 NON - REVENUE SOURCES 389991 Fund Balance Carried Forward 2,858,920 261,154 0 192,167 150,124 80,093 TOTAL NON- REVENUE SOURCES 2,858,920 261,154 0 192,167 150,124 80,093 TOTAL RIVERFRONT REDEVELOPMENT 3,295,486 580,192 268,512 460,040 418,339 347,495 EXHIBIT "A" RESOLUTION NO. 13 -01 2013/2014 ANNUAL BUDGET COMMUNITY REDEVELOPMENT AGENCY City of Sebastian Community Redevelopment Agency was created by City Ordinance in 1995, pursuant to Section 163.387, Florida Statutes. The purpose of the Community Redevelopment Agency is the removal of blighted areas and the development of such areas, pursuant to the Community Redevelopment Act of 1969. All revenues and expenditures related to the City's Community Redevelopment Agency are included in this fund. In FY 2008 -2009, a transfer was started to General Fund to offset the additional costs of providing enhanced maintenance of parks COMMUNITY REDEVELOPMENT AGENCY REVENUES Code: 140010 Account Number Description TAXES FY 09/10 Actual FY 10 /11 Actual FY 11/12 Actual Amended FY 12/13 BudEet FY 12/13 Proiected FY 13/14 Adopted Budget 338200 Tax Increment Revenue - Sebastian 223,426 153,900 131,821 144,489 145,437 144,856 338200 Tax Increment Revenue - Indian River Cty 206,304 143,720 123,248 120,320 120,886 120,610 TOTAL TAXES 429,730 297,620 255,069 264,809 266,323 265,466 MISCELLANEOUS REVENUE 361100 Interest Income 1,924 4,794 1,864 2,704 1,600 1,600 361105 SBA Interest Earnings 1,131 358 440 360 292 336 367000 Gain/Loss on Investments 0 0 (861) 0 0 0 362100 Rents and Royalties 0 0 12,000 0 0 0 369900 Other Miscellaneous Revenue 3,781 16,266 0 0 0 0 TOTAL MISCELLANEOUS REVENUE 6,836 21,418 13,443 3,064 1,892 1,936 NON - REVENUE SOURCES 389991 Fund Balance Carried Forward 2,858,920 261,154 0 192,167 150,124 80,093 TOTAL NON - REVENUE SOURCES 2,858,920 261,154 0 192,167 150,124 80,093 TOTAL RIVERFRONT REDEVELOPMENT 3,295,486 580,192 268,512 460,040 418,339 347,495 Page 1 of 2