COCOA COMMUNITY REDEVELOPMENT AGENCY AGENDA ITEM
Memo Date: August 26, 2024
Agenda Date: September 10, 2024
Prepared By: Charlene Neuterman, Community Services Director
Through: Stockton Whitten, City Manager
Requested Action:
title
Approve the Proposed Budget for the Cocoa Community Redevelopment Agency for Fiscal Year 2025.
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BACKGROUND:
Each year, the Cocoa CRA Board approves the Proposed Budget for the next fiscal year. This year, the Proposed Budget will have capital items in Contingency until after the CRA Plan Update is completed by Inspire Placemaking.
Below is a high-level overview of the proposed FY 2025 Budget.
Personal Expenses
- Salary, medical benefits - $83,004
Operating - $ 61,731
- Contingency - $1,501,493 (set aside for Cocoa Village parking & Civic Center renovation)
Capital Expenses - $ 0
Debt Service (leases) $64,045
Grants - $100,000 (will change once CFIP grant is approved)
Transfers to City
- Riverfront Park Maintenance - $150,000
- Community Policing Fund - $72,000
Total FY25 Budget - $ 2,032,273
The anticipated TIF Revenue for FY2025 is about $ $2,032,216 and Interest $57.00 for total Revenues at $2,032,273
As part of the CRA Plan update, the public workshops will bring forward the goals and objectives of the Agency. From that, the CRA will budget goals and objectives into projects for completion.
Staff requests approval of the Proposed Budget for Fiscal Year 2025.
BUDGETARY IMPACT:
Budgeted N/A
PREVIOUS ACTION:
N/A
RECOMMENDED MOTION:
Recommendation
Approve the Proposed Budget for the Cocoa Community Redevelopment Agency for Fiscal Year 2025.