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
Body
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, fa?ade, 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 project...
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