TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: July 12, 2016
Title
PRESENTATION AND DISCUSSION OF PROPOSED FY 2017 MCRA BUDGET
Body
BACKGROUND: A presentation will be made on the proposed CRA budget for FY 2017 for input and discussion by the Board (copy attached). A breakdown of the preliminary budget is provided below.
Also included in the back-up is an updated Five-Year Financing and Implementation Plan for the period FY 2017 through FY 2021. This document is intended to give an estimate of future revenues and expenditures based on the projected tax base, other anticipated revenues (i.e. land sales), as well as estimates of expenditures for ongoing programs and CRA capital projects.
FY 2017 Proposed Budget Summary
Estimated Tax Increment Revenue (TIR)
City of Margate (Proposed Millage Rate 6.7054) $ 2,522,101
Broward County (Based on LY Millage Rate of 5.4741) $ 2,058,972
North Broward Hospital District (Based on LY Millage Rate 1.4425) $ 543,758
Total TIR $ 5,124,831
Other Revenue
Property Management $ 601,500
Interest Income $ 21,500
Event Fees $ 15,000
Total Other Revenue $ 638,000
Anticipated Carryforward of Fund Balance $14,753,251
Total Revenue (TIR/Other/CF) $20,516,082
Proposed Operation Expenditures (Fund 140)
City Administrative Cost Allocation $ 719,968
Management/Staffing Services $ 601,125
General Operating Expense $ 53,000
Property Management/Maintenance $1,053,130
Consultants and Design Services $ 335,000
Marketing/Special Events $ 285,000
CRA Grant Programs $ 300,000
Total Operation Expenditures $3,347,223
Debt Service Repayment (Fund 240)
Revenue Refunding Bond Series 2012 (tax exempt) $ 417,384
Revenue Refunding Bond Series 2012 (taxable) $1,494,920
Total Debt Service Expenditures $1,912,304
Proposed Capital Expenditures (Fund 340/341)
CRA Office (Fa?ade) $ 125,000
State Road 7 Greenway...
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