 |
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:
- 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: 1/5/2012 1:47 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