Hallandale BeachCommunity Redevelopment Agency Second Quarterly Financial Report Mid-Year Projection/Amended Budget January 1st through March 31, 2014
PROGRAMS FY 14 Budget Village of Gulfstream Park TIF 900,000 Downpayment Assistance 425,000 Sherwin Williams Paint program 8,000 NIP program 500,000 Hurricane Shutter program 100,000 Commercial Loan program 656,529 Shuttle service (4 routes) 247,860 Landscaping services 70,000 Police MOU- Community Involvement Unit 326,131 Police MOU - Community Action Team 310,961 Police MOU- Neighborhood Enhancement Team 632,420 Dev Services - Planning and Zoning 51,350 Code Compliance MOU 275,509 NEED grant 203,000 Community Partnership Grants 200,000 PROGRAMS TOTAL 4,906,760 FY 13-14 Budget in Summary
FY14 Recaptured Funds Funds have been recommended for recapture for three reasons: The project was completed but not properly closed and unencumbered The project was completed under budget The project is stalled and will be requested in a future fiscal year
ExpendituresYTD BUDGET vs. ACTUAL 2014 Expenditure Highlights:
RevenueYTD BUDGET vs. ACTUAL 2014 Revenue Highlights:
Summary of projects to be allocated re-captured funds • Land Acquisition • CRA is currently pursuing several critical locations for acquisition. Properties being considered are either in a priority corridor or deemed a blighted property. • Historic Moffet House and School House have undergone “piecemeal” restoration. A full allocation of needed funds will ensure project completion by end of FY 14. • Drainage improvement lowest responsible bid came in at $244,226, higher than budgeted amount. Additional funding is needed to ensure project is completed. • NW/SW Solar lighting project is being funded by MPO grant, but only for construction. Design of project was originally being done in-house. With departure of previous City Engineer and Engineer II, completion of design required outside consultant.
Summary of projects-continued • Foster/Dixie Mixed Used Development • At the March 17th meeting, the HBCRA Board approved the financial tenets of the deal. The CRA would commit $1.7M toward the construction of the mixed-use portion, and $2.7M toward the construction of the townhomes. • The current year’s budget allocates $481,934 toward this project. Staff recommends an additional allocation to cover the portion of the $1.7M anticipated in FY 14-15. The remaining commitments are expected due in FY 15-16.