| | | | | | | | CITY OF OAKLAND PARK, FLORIDA
COMMUNITY REDEVELOPMENT AGENCY AGENDA ITEM REPORT
AGENDA ITEM NO. 3 | | MEETING DATE: 9/7/2022 |
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| | | | | | | | | PREPARED BY: | Andrew Thompson, CGFO
Chief Financial Officer | DEPARTMENT HEAD APPROVAL: | CRA |
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| | | | | | | | | SUBJECT: Community Redevelopment Agency Tentative Budget for FY 2023 |
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| | | | | | | | | 1. | BACKGROUND/HISTORY
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Issue Statement: The Community Redevelopment Agency's (CRA) Board of Directors must conduct a public hearing and adopt the CRA's tentative budget for Fiscal Year 2023.
Recommended Action: Conduct a public hearing and adopt a resolution approving the CRA's Fiscal Year 2023 tentative operating budget in the amount of $674,175 (Exhibit A) and setting the date for the final CRA budget hearing for September 21, 2022 at 6:30 PM.
Background: The CRA is a dependent special district of the City of Oakland Park and all revenues within the CRA are derived from transfers from the General Fund, grants, and miscellaneous revenues. Unlike many such agencies, Oakland Park's CRA is a non-tax increment financing (TIF) CRA and does not levy any taxes. Due to this inability to directly levy taxes, the CRA board did not separately adopt the CRA's budget and instead incorporated the adoption of the Agency's budget into the adoption of the citywide budget by Commission action. Beginning in FY 2021, the City Attorney's Office recommended that the Board begin adopting the CRA budget through separate action
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| | | | | | | | | 2. | CURRENT ACTIVITY
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In recent years, the Community Redevelopment Agency has revitalized Oakland Park and helped spur new interest in redevelopment. The FY 2023 budget reflects continued funding for initiatives, innovative projects, and studies to continue this momentum. This attracts new development, promotes redevelopment, and stimulates economic activity within the downtown and the other areas of the CRA.
The proposed budget for the CRA is attached as Exhibit A. A detailed overview of the budget from the FY 2023 Recommended Budget Book is attached as Exhibit B and a list of initiatives included in FY 2023 are attached as Exhibit C. Although not part of the CRA's budget itself, the FY 2023 Capital Improvement Plan includes a $525,000 project to improve side west of Dixie Highway to NE 11th Avenue. Design is currently underway, but improvements include improved pedestrian safety, additional bicycle racks, decorative lighting, and other elements.
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| | | | | | | | | 3. | FINANCIAL IMPACT
| | | Expenditures in the CRA for FY 2023 total $674,175. The majority of the budget is funded through a $549,583 transfer from the General Fund. The remaining expenditures are funded by the CRA’s rentals and leases revenue and other sources. |
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| | | | | | | | | 4. | RECOMMENDATION
| | | Conduct a public hearing and adopt a resolution approving the CRA's Fiscal Year 2023 tentative operating budget in the amount of $674,175 (Exhibit A) and setting the date for the final CRA budget hearing for September 21, 2022 at 6:30 PM. |
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