TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: August 18, 2015
Title
DISCUSSION OF PROPOSED CRA BUDGET FOR FY 15/16
Body
BACKGROUND:
A presentation will be made on the proposed CRA budget for FY 2016. A brief description of the major components of the budget is as follows.
Revenues
Revenues for the CRA total $21 million for FY 2016 and include the following:
Tax Increment $ 4,477,379
Property Management: 601,500
Miscellaneous 36,500
Carryforward Fund Balance (from all funds) $15,561,580
Total: $20,676,959
Tax Increment
The primary source of revenue for the CRA is derived of tax increment received from the City (est. millage rate: 6.3402 mills), County (est. millage rate: 5.4584 mills), and the North Broward Hospital District (est. millage rate: 1.5939 mills). The FY 2016 tax increment revenues for the CRA are as follows:
City of Margate $ 2,119,655
Broward County 1,824,852
North Broward Hospital District 532,872
Total: $ 4,477,379
Property values within the CRA for FY 2016 increased 3.4% to $659 million. The Residential (11% growth) market segment was the primary growth driver.
Property Management
Represents rent receipts from CRA properties leased for private use and includes:
Chevy Chase $ 320,000
Ace Plaza 280,000
Late Payment Fees 1,500
Total: $ 601,500
Miscellaneous
Includes estimated revenue from the investment of CRA funds and event fees:
Investment Earnings $ 21,500
Event Fees 15,000
Total: $ 36,500
Expenditures
Expenditures for the CRA total $18.8 million for FY 2016 and include the following:
Operations $ 1,463,655
Debt Service 1,912,304
Redevelopment Projects 10,31...
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