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
Body
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 Foun...
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