File #: ID 2016-428    Version: 1 Name:
Type: Discussion and Possible Action Status: Agenda Ready
File created: 7/6/2016 In control: Community Redevelopment Agency Workshop
On agenda: 7/12/2016 Final action:
Title: PRESENTATION AND DISCUSSION OF PROPOSED FY 2017 MCRA BUDGET
Attachments: 1. Margate Preliminary Budget 2017, 2. BACKGROUND INFORMATION
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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 (Façade)                                                                                                         $   125,000

State Road 7 Greenways                                                                                    $   150,000

Stormwater Improvements                                                                                    $   550,000

Amphitheater (Design)                                                                                                         $   150,000

City Center Community Center                                                                                    $5,922,750

Waterfront Promenade/Boat Launch                                                               $   700,000

Parking Garage                                                                                                                              $1,963,501

Public Plaza, Fountains, Amenities                                                               $   350,000

Utility/Infrastructure Contingency                                                               $   200,000

David Park Community Center                                                                                    $   400,000

Public Art Program                                                                                                         $     25,000

Neighborhood Identification Signs                                                               $     25,000

Melaleuca Drive Improvements                                                                                    $   265,000

Copans Road Median Improvements                                                               $   350,000

Wayfinding Signage                                                                                                         $   200,000                     

Coconut Creek Parkway                                                                                                         $     20,000

Winfield Blvd Improvements                                                                                    $   174,000                     

Sports Complex                                                                                                          $1,700,000

Colonial Drive Pedestrian/Beautification                                                               $     40,000

Property Acquisition                                                                                                         $   800,000

Total Expenditure Capital Projects                                                               $14,110,251

 

Debt Service Escrow (Fund 241)                                                               $   960,000

Reserve                                                                                     $   186,304

Total                                                                                     $1,146,304

 

Total Expenditures                                                                                    $20,516,082

 

 

RECOMMENDATION:  Discussion and provide direction.

 

 

FISCAL IMPACT:  Total for the proposed budget for FY 2017 is $20,516,082                     

 

 

CONTACT PERSON: Diane Colonna, Executive Director