AGENDA MEMORANDUM

 

 

Meeting Date:           December 12, 2011

 

From:                          Jerry Boop, CPA, CGFO Finance Director    

 

Subject:                      Ordinance reallocating the 2008 Revenue Note for the Carver Heights/Montclair Area CRA

 

Staff Recommendation:

Staff recommends adoption of the attached ordinance reallocating the 2008 Revenue Note for the Carver Heights/Montclair Area CRA.

 

Analysis:

The following adjustments are required to reallocate the 2008 Revenue Note among the projects based on actual and projected expenditures

 

Project Category

Current Budget

 

Proposed Budget

 

Difference

Beecher St Properties

$             69,500

 

$             74,263

 

$           4,763

*Land Purchases

627,200

 

622,437

 

(4,763)

*Eligible Projects

181,178

 

181,178

 

0

*Redevelopment Plan

  Amendment & Marketing

 

20,000

 

 

20,000

 

 

0

Underground Utility Lines

50,000

 

50,000

 

0

Entrance Improvements

120,000

 

120,000

 

0

*Park Improvements:

100,000

 

100,000

 

0

  Berry Park

0

 

0

 

0

  Lighting

0

 

0       

 

0

  Sidewalks

0

 

0

 

0

*Infrastructure Projects/Improve

224,000

 

224,000

 

0

 

$        1,391,878

 

$           1,391,878

 

$                 -0-   

 

 

 

 

 

 

 

 

The information above reflects total budget for the 2008 Revenue note.  An attachment has been provided which details budget versus actual.

 

 

Beecher Street Properties:

Under the difference column, a total of $4,763 is shown, which reflects the amount transferred from the Land Purchases category to increase  budget in the Beecher Street Properties category to allow for a portion of the CRA Coordinator’s salary for time spent on the project.  The revised budget reflecting the $4,763 transfer is $74,263.

 

Land Acquisition:

Based on the transfer total of $4,763 to the Beecher Street Properties category to cover allocating a portion of the CRA Coordinator’s payroll, the revised balance is $622,437. 

 

Options:

  1. Adopt the attached ordinance reallocating the 2008 Revenue Note for the Carver    Heights/Montclair Area CRA; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

Due to the IRS certificate attached to the various Bond Issues and Bank Notes, both bond and disclosure counsel have suggested formal adoption and recognition of changes in funding between projects by the governing body in charge.  This practice has been in place since the issuance of the 2004 Capital Improvement Bonds.  There is no fiscal impact on the Carver Heights/Montclair Area CRA.

 

 

 

Submission Date and Time:    12/9/2011 6:38 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                      

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. _____JB__________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


ORDINANCE NO._______________

 

An ordinance of the City commission of the city of leesburg, florida, REALLOCATING the 2008 Revenue note BETWEEN VARIOUS PROJECTS; and providing an effective date.

 

      WHEREAS, it is now necessary to reallocate the 2008 Revenue Note for the Carver Heights/Montclair Area CRA as follows:

 

Project

Current Budget

 

Proposed Budget

 

Difference

Beecher St Properties

$             69,500

 

$                74,263

 

$           4,763

Land Purchases

627,200

 

622,437

 

(4,763)

Eligible Projects

181,178

 

181,178

 

0

Redevelopment Plan

  Amendment & Marketing

 

20,000

 

 

20,000

 

 

0

Underground Utility Lines

50,000

 

50,000

 

0

Entrance Improvements

120,000

 

120,000

 

0

Park Improvements:

100,000

 

100,000

 

0

  Berry Park

0

 

0

 

0

  Lighting

0

 

0       

 

0

  Sidewalks

0

 

0

 

0

Infrastructure Projects/Improve

224,000

 

224,000

 

0

 

$        1,391,878

 

$           1,391,878

 

$                 -0-   

.

 

Beecher Street Properties:

Under the difference column, a total of $4,763 is shown, which reflects the amount transferred from the Land Purchases category to increase budget in the Beecher Street Properties category to allow for a portion of the CRA Coordinator’s salary for time spent on the project.  The revised budget reflecting the $4,763 transfer is $74,263

 

Land Acquisition:

Based on the transfer total of $4,763 to the Beecher Street Properties category to cover allocating a portion of the CRA Coordinator’s payroll, the revised balance is $622,437. 

 

And ,

 

WHEREAS, there is no fiscal impact on the Carver Heights/Montclair Area CRA

 

NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:

 


SECTION I.

This ordinance shall become effective upon its passage and adoption by the Leesburg City Commission in the manner provided by law.

 

PASSED AND by the City Commission of the City of Leesburg, Florida at the regular meeting held the ____ day of  2012.

 

                                                                            __________________________

                                                                             Mayor

ATTEST:

 

__________________________________

City Clerk