SUBJECT:
Title
Request Approval of Budget Amendment for Silver Springs CRA Trust Fund Fiscal Year 2025-2026 - Administrative ($86,983)
Body
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INITIATOR: |
DEPARTMENT: |
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Christopher D. Rison, Senior Planer |
Growth Services |
DESCRIPTION/BACKGROUND:
The Silver Springs Community Redevelopment Area (CRA) Trust Fund’s Fiscal Year 2025-2026 (FY 2025-26) Budget was adopted by the Marion County Community Redevelopment Agency Board (Agency) in September 2025. Subsequently, the Marion County Board of County Commissioners adopted a reduced millage rate from that used in preparing the budget. The reduced millage rate results in a CRA increment revenue reduction of $56,983 to be reflected in the CRA budget with a suitable budget amendment reducing budgeted expenses. Further, staff proposes a budget amendment to increase the Professional Services line item by $30,000 to seek contract services for evaluation of a current request for an increment revenue rebate and corresponding rebate agreement.
Staff recommends approval of the attached budget amendment resolution to direct $30,000 to Professional Services and reduce the Improvements Other Than Buildings and Grants & Aid line items to reflect the reduced CRA increment revenue received.
BUDGET/IMPACT:
Revenue decrease (funding reduction) of $56,983; Neutral amendment of $30,000.
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached Budget Amendment Resolution.
end