Budget Amendment #161 - Moving Funds Between CRA Accounts
From:
Amy Lovoy, Assistant County Administrator
Organization:
Asst County Administrator
CAO Approval:
RECOMMENDATION:
Recommendation Concerning Budget Amendment #161 - Stephan Hall, Budget Manager, Management and Budget Services
That the Board approve Budget Amendment #161, Community Redevelopment Agency (CRA) Fund (151), in the amount of $160,454, to move funds from Operating to the Other Grants and Aids account for several CRA Districts (Barrancas, Brownsville, Englewood, Palafox, and Warrington) because more property owners are starting to repair and upgrade their homes and businesses due to an influx in the number of applicant submittals for the Residential and Commercial Rehab Grant. This Budget Amendment does not increase the overall CRA Budget.
BACKGROUND:
CRA is requesting funds to be moved from Operating Expenses to Other Grants and Aids due to completion of projects and the remaining funds are not tied to a current project. CRA has experienced an influx number of applicant submittals for the Residential Rehab Grant and the Commercial Facade and Sign Grant Programs in all of the 5 CRA areas (Barrancas, Brownsville, Englewood, Palafox, and Warrington). CRA has had more property owners wanting to repair and upgrade their homes and businesses. As the CRA continues to implement the Redevelopment Plans and supports the mission of removing blight in the areas, we hope this will help increase the assessed property values for the Tax Increment Financing (TIF). Again, this request to move funds around will help the CRA to fund any current and future Grant reimbursement obligation to the end of the fiscal year in the 5 CRA areas.
BUDGETARY IMPACT:
This amendment will not increase the current Budget and no funds will be expended from the Reserve account.