GREATER LEESBURG

COMMUNITY REDEVELOPMENT AGENCY

AGENDA MEMORANDUM

Meeting Date:           December 12, 2011

From:                          Bill Wiley, AICP, Community Development Director

Subject:                      Resolution reclassifying expenditures for the Fiscal Year 2011-12 Budget for

the Greater Leesburg Community Redevelopment Agency Fund

Staff Recommendation:

Staff recommends adopting the attached resolution reclassifying expenditures for the Fiscal Year 2011-12 budget for the Greater Leesburg Community Redevelopment Agency to fund the Matching Sign Grant Program for the GLCRA.

Analysis:

The matching sign grant program was approved by the Greater Leesburg CRA at its regular meeting held September 13, 2010, and October 11, 2010, the GLCRA designated $16,000 for the program.  As the fiscal year 2011-12 budget has been formally adopted, this resolution seeks approval for this fiscal year to use $16,000 of the funds available from fund balance which currently has an estimated balance of $44,472.  Designating $16,000 for the matching sign grant program would leave an estimated amount remaining in fund balance of $28,472.

Reconciliation of amount available in fund balance:

Unaudited 2010-11 Fund Balance       $ 357,180

Amount needed for Streetscape          (127,683)

Appropriated 2011-12 Budget             (185,025)

Additional Signage                              (  16,000)

Estimated amount Remaining                 28,472

Options:

1.         Adopt the attached resolution authorizing the use of and reclassification of $16,000 from Reserve for Future Use and making it available for expenditure under the matching sign grant program in the fiscal year 2011-12 budget for the Greater Leesburg Community Redevelopment Agency GLCRA.; or

2.         Such alternative action as the Commission may deem appropriate

Fiscal Impact:

The source and reclassification of funds from fund balance to continue funding the matching sign grant is an appropriate use.  Appropriating $16,000 for the matching sign grant program would leave an estimated balance remaining in fund balance of $28,472. 

Submission Date and Time:    12/12/11 1:46 PM____

Department: Community  Development Prepared by:  Bill Wiley, AICP, Jerry Boop, CPA, CGFO Attachments:         Yes__X_   No ____ Advertised:   ____Not Required ____ Dates:   __________________________                      Attorney Review :       Yes_X_  No __ _______________________________            Revised 6/10/04

Reviewed by: Dept. Head   BW/__ Finance  Dept. _____ _________                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. 016-6189-559-8211   Project No. CRASIG WF No. ______________________ Budget  _____$16,000__________ Available _____$44,472_________

RESOLUTION NO.________

A RESOLUTION OF THE GREATER LEESBURG COMMUNITY REDEVELOPMENT AGENCY APPROVING THE RECLASSIFICATION OF FUNDS FOR THE FISCAL YEAR 2011-12 BUDGET; APPROPRIATING CERTAIN FUNDS TO SPECIFIC REDEVELOPMENT PROJECTS; AND PROVIDING AN EFFECTIVE DATE.

BE IT RESOLVED BY THE GREATER LEESBURG COMMUNITY REDEVELOPMENT AGENCY:

THAT the Fiscal Year 2011-12 Budget reclassification is hereby adopted and ratified;

THAT the following appropriations from the Redevelopment Trust Fund are made:

Amount                 Source

Matching Sign Grant Program            $        16,000              Fund Balance

THAT this resolution shall become effective immediately.

            PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 12^th day of December, 2011.

                                                                   THE CITY OF LEESBURG, FLORIDA

BY: _________________________________

Mayor

ATTEST:

City Clerk