TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: September 12, 2016
Title
A RESOLUTION OF THE MARGATE COMMUNITY REDEVELOPMENT AGENCY, APPROVING FISCAL YEAR 2016-2017 ANNUAL BUDGET AND AUTHORIZING THAT ANY FUNDS REMAINING FROM FISCAL YEAR 2015-2016 BUDGET WHICH ARE UNENCUMBERED AND UNEXPENDED AS OF THE LAST DAY OF THE FISCAL YEAR SHALL BE RE-APPROPRIATED FOR THE SAME PURPOSE OR PROJECT OR REALLOCATED PURSUANT TO EXHIBIT “A”.
BACKGROUND: At the July 12th meeting, MCRA staff presented the proposed FY2017 budget including revenue, operations and capital projects. The attached budget is being presented as the final version with certain modifications including a reduction of the Tax Increment Revenue (due to reduction in both City and County millage rates) and in the operations budget.
In Capital Projects, there is an increase to the cost of the Melaleuca Improvement Project based on actual bids received (from $265,000 to $355,000). Also, separate capital funds were set-up for the Amphitheater and Waterfront Promenade/Boat Launch (listed at one (1) project in last year’s budget). In addition, the State Road 7 Greenways originally targeted to begin in FY2017 has been moved to FY2018.
As per Florida Statue 163 Part III, the annual budgets for CRAs are required to be approved by September 30th of each year.
RECOMMENDATION: Approve the Annual Budget for the Margate CRA for Fiscal Year 2017.
FISCAL IMPACT: Total for the proposed budget for FY 2017 is $22,637,291.
CONTACT PERSON: Kim Vazquez, CRA Project Manager