TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: August 24, 2023
Title
FISCAL YEAR 2023-2024 ANNUAL MCRA BUDGET
BACKGROUND: I am pleased to present for your review and consideration the Fiscal Year (FY) 2023-2024 MCRA Budget. This memorandum serves as an executive summary and brief explanation of major changes to revenues, expenditures, and the Capital Improvement Plan (CIP).
Budget Highlights
Revenues have increased 14%, $1.55 million due to favorable property tax increases.
Operating Expenses are proposed to increase $182k primarily due to an increase in property insurance as a result of the transition from Specified Value property insurance coverage to Blanket and Agreed Value coverage being required by our insurer FMIT.
City Offset funding has increased $92k which represents salary/benefit increases. The majority of the City Offset ($788k) is determined by the City’s Full Cost Allocation Plan. This items funds most of the services provided to the CRA by the City such as financial and procurement services, in addition, it also includes reimbursement to the City of all positions funded by the City, whether full or partial, such as the CRA Executive Director, CRA Coordinator, Multi-Media Specialist, Project Specialist, a portion of the City’s Business Development Coordinator, and a portion of a position in each Finance and Purchasing.
Other operating account increases include $20k to property insurance and $5k to Travel & Per Diem.
Grants & Aid funding is budgeted at $1.5 million (a decrease of $750k) and is available for landscaping, façade, and new business grants. Residential property improvement grants are proposed to be offered again in FY 24.
Transfers and Contingency is up $2.28 million based on increases in revenues and reductions to total expenses. Most of this increase will be held in contingency.
MCRA Capital Improvement Fund includes funding for design of City Center related capital projects: Stormwater Improvements, Waterfront Promenade/Boat Launch, Community Center, Amphitheater, Parking Garage, Public Plazas/Amenities Fountains, Utility/Infrastructure Contingency, SR7 Greenways, Enhanced Bike/Pedestrian Crossings, and Streetscape and Signalization.
CIP Funding has been re-budgeted for the continued progress or completion of the following projects:
• Wayfinding Signage $290,000
• Serino Park Renovations $200,000
• Atlantic Blvd Median Beautification $450,000
• Chevy Chase Plaza Improvements $1,035,000
• SW 6th Street Improvements $2,435,000
• Underground Utilities $2,500,000
• Margate Blvd. Improvements: $2,000,000
• Land Acquisitions $1,500,000
The MCRA CIP includes funding for the following new project:
• Sports Complex Field Upgrades $2,500,000
Consistent with the prior year MCRA budget, significant funding for land acquisitions has been appropriated to assemble land and acquire assets for modern-style service, restaurant and retail development.
I will make myself available should you have any questions or need additional information about the proposed budget.
RECOMMENDATION: For Board review and discussion
FISCAL IMPACT: For discussion purposes
CONTACT PERSON: Cale Curtis, CRA Executive Director