SUBJECT:
Title
Request Confirmation for the Preliminary Silver Springs CRA Trust Fund 2026-27 Fiscal Year Budget
Body
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INITIATOR: |
DEPARTMENT: |
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Christopher D. Rison, AICP, FRA-RP Senior Planner |
Growth Services |
DESCRIPTION/BACKGROUND:
The Marion County Board of County Commissioners (Commission) is the governing agency for the Marion County Community Redevelopment Agency (Agency) that oversees the Silver Springs Community Redevelopment Area (CRA). The Agency is a dependent special district wherein all CRA trust fund expenditures are completed through and by the Commission and the Agency board must adopt the Silver Springs CRA budget, pursuant to Section 163.387(6)(a), F.S. and Section 189.016, F.S., that is then reflected within the overall Commission’s budget documents and materials.
The Commission has initiated the annual budget consideration process for the 2026-27 Fiscal Year, and the Agency must submit a preliminary annual budget to the Clerk of Court for use in establishing the general budget line items to be reflected in the Commission budget process. The Agency’s formal budget approval and authorization will occur later in 2026 prior to the commencement of the new fiscal year.
The preliminary Silver Springs CRA 2026-27 Fiscal Year Budget allocation is attached for Agency consideration. The budget is based on the projected increment revenue estimate of $483,797 provided by the Marion County Clerk’s Budget Office. For reference, the Marion County Property Appraiser’s (MCPA) recently issued the formal June 1st estimate of taxable value for the CRA as $210,000,000. Based on that MCPA value, and a millage rate the same as the current 2025-26 Fiscal Year, the CRA's Tax Increment Revenue could potentially increase to $519,277; however, as the values are an estimate, and there is the opportunity for a lower millage rate to be established, staff recommends maintaining the projected increment revenue as provided by the Clerk of Court.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to confirm the attached preliminary Silver Springs CRA Trust Fund 2026-27 Fiscal Year Budget with no changes and forward to the Marion County Clerk of Court.
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