 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | Members of the Community Redevelopment Agency | | FROM: | Crystal S. Feast, Finance Director | | DATE: | 11/16/2021 | | RE: | Consent Agenda: a. Consideration of Year-End Amendment to the FY2021 Adopted Budget - Page 5 |
REQUEST:
The Executive Board is asked to review and approve the following year-end amendment to the FY2020-2021 Adopted Budget, which would allow for the acceptance of additional Tax Increment Funding, recognition of interest revenue, and the coverage of additional costs related to the parking garage project and developer incentives.
DISCUSSION:
The CRA received more Tax Increment Funding than originally budgeted. The original budgeted amount was calculated based on the anticipation of the removal of two neighborhoods from the CRA's jurisdiction. However, the removal of these two neighborhoods were not completed before the TIF was officially calculated. This resulted in the CRA receiving more TIF than originally budgeted.
The budget amendment also includes the recognition of interest revenue that was not originally budgeted for.
RECOMMENDATION:
It is recommended that the Board approve the attached amendment to the FY2020-2021 Adopted Budget, which would allow for the acceptance of additional Tax Increment Funding, recognition of interest revenue, and the coverage of additional costs related to the parking garage project and developer incentives.
BUDGET / FISCAL IMPACT:
The attached budget amendment results in an overall increase of $290,270 to the CRA's Operating Budget.
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