TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: October 14, 2015
Title
MCRA 5-YEAR FINANCING AND IMPLEMENTATION PLAN
Body
BACKGROUND:
At the September MCRA meeting the board approved the budget for FY 2016. A number of capital projects were included, particularly in relation to the City Center redevelopment plan. These projects will be implemented over the next several years. In looking ahead, MCRA staff has prepared a 5-year Financing and Implementation Plan that looks at revenues and expenses for the period of FY 2016 through FY 2020. This plan is a projection of estimated revenue sources, and factors in the cost of planned projects, ongoing programs, and administrative expenses for the designated period. These projections are estimates that are based on the best information that is currently available and are intended to be used as a guide for preparing future budgets. The plan will be re-evaluated and adjusted every year as new information becomes available and projects and programs are added, amended or eliminated.
The first column (in yellow) is the 5-year total of revenues and expenditures for each of the items listed. The second column (in green) is the adopted FY 2016 budget. The remaining columns are projections for the years 2017-2020.
Executive Summary of 5-Year Plan (All CRA Funds)
The following section provides a summary of the Plan's sources and uses over the five-year period (i.e. FY 2016 - FY 2020).
Tax Increment: $25,174,245
City Center Land Sales: 7,385,200 (NOTE: does not include Phase 3 payment - outside of 5-yr time frame)
Property Management (rents): 2,478,900
Miscellaneous Earnings: 159,392
Carry-forward Fund Balance: 15,423,000
Total Sources: $50,620,737
Operations: $ 7,411,725
Debt Service: 9,561,520
Redevelopment Projects: 30,845,040
Total Uses: $47,818,285
Total Reserves: $ 2,802,452
Plan Sou...
Click here for full text