TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: August 20, 2024
Title
FISCAL YEAR 2024-2025 ANNUAL MCRA PROPOSED BUDGET
BACKGROUND: I am pleased to present for your review and consideration the Fiscal Year (FY) 2024-2025 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 12.4%, $1.5 million due to favorable property tax increases.
Operation expenses are proposed to increase $24k. Significant changes to operating expenses are discussed below.
City Offset funding have decreased $100k which represents salary/benefit increases. The majority of the City Offset is determined by the City’s Full Cost Allocation Plan. This item 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, Assistant Director, CRA Coordinators, 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.
A number of the operating accounts have been increased to provide for insurance, regular maintenance, and utilities to the newly constructed covered sports field.
Grants & Aid funding is budgeted at $1.5 million and if available property improvement grants will be proposed.
Transfers and Contingency is up $1.48 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 completion of the following projects:
• Wayfinding Signage $790,000
• Atlantic Blvd Median Beautification $450,000
• Chevy Chase Plaza Improvements $1,000,000
• Underground Utilities $3,380,000
• Margate Blvd. Improvements $2,750,000
• Land Acquisitions $6,200,000
• Coral Gate Park $900,000
• Southgate Blvd Median $906,000
The MCRA CIP includes funding for the following new projects:
• Sports Complex Audio Upgrades $50,000
• Community Policing Enhancements $350,000
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 want to thank all supporting Staff that participate in the development of the proposed budget, specifically, we can recognize the MCRA Coordinators Fiona Christmas and Rita Rodi for their diligence and support with the MCRA budget.
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