Fort Walton Beach — Fiscal Year 2023-24 Adopted Budget — reading text

- 0.00% 9,518 70,786 63,530 - 1940-554-5266 Bridgeway Center, Inc. - 0.00% $ 85,973 $ 229,241 $ 158,742 $ 57,762 Total Operating Expenditures $ 84,194 45.76% Public Facilities - - - 40,000 1950-554-5255 OK Coalition on Homeless One Hopeful Place 29,889 -25.28% 33,000 - - - 1950-554-5267 HSU Educational Foundation - 0.00% - - - 16,500 1950-554-5270 Mental Health Association - -100.00% 30,663 - - - 1950-554-6300 Improvements Other than Building - 0.00% 63,663 - - 56,500 Total Capital Improvements 29,889 -47.10% $ 169,874 $ 296,872 $ 192,515 $ 142,827 TOTAL FUND EXPENSES $ 137,603 -3.66% $ 4,817 $ (2,300) $ 1 $ - NET REVENUE / (EXPENSE) $ - 0.00% 126 107 - CDBG 9/4/2023 11:14 AM  Community Redevelopment Agency Fund The Community Redevelopment Agency (CRA) Fund encompasses 5.06% of the City’s activities and services and accounts for funding derived from City of Fort Walton Beach and Okaloosa County Tax Increment Funding (TIF) – proceeds from increases in the taxable assessed value of the CRA District. The original CRA area was formed in 1980, with that being the base year for the purpose of determining the growth in assessed taxable value. In 2019, the CRA area was expanded to include additional areas. The TIF is determined by the growth in the assessed value of taxable property located in the CRA district from the base year to the current tax year and is multiplied by the current tax rate for the City and County. Expenditures in the CRA area target eliminating blight in residential and commercial areas. Revenue Highlights $4,500,000 Budget. $4,000,000 ……2023-24 $ Change % Change $3,500,000 Ad Valorem Taxes 1,555,341 44,734 2.9% $3,000,000 Intergov’t Revenue 1,292,003 134,613 10.4% $2,500,000 Interest & Other 0 (1,600,000) (100%) $2,000,000 Approp. from Reserves 0 0 0% $1,500,000 $2,847,344 (1,420,653) (49.9%) $1,000,000 $500,000 $0 Actual Budget Budget Budget Budget 2019-20 2020-21 2021-22 2022-23 2023-24 Ad Valorem Taxes Intergov't Revenue Interest & Other Interfund Transfers Appropriations x The budget is predicated on the millage rate of 4.6116 mills for the City’s portion of the TIF. One mill equals $144.35 per $1,000 of taxable property value. Expenditure Highlights $4,500,000 $4,000,000 Budget. $3,500,000 2023-24 …… $ Change % Change $3,000,000 Personal Services 470,368 (50,697) (10.8%) $2,500,000 Operations & Maintenance 749,584 (1,418,583) (189.2%) $2,000,000 Replenish Reserves 1,109,460 157,404 14.2% $1,500,000 Interfund Transfer 172,932 3,723 2.2% $1,000,000 Capital Outlay/Imprvmt 345,000 (112,500) (32.6%) $500,000 0 $2,847,344 (1,420,653) (49.9%) $0 Actual Budget Budget Budget Budget 2019-20 2020-21 2021-22 2022-23 2023-24 Personal Services Operations & Maintenance Capital Outlay/Imprvmt Interfund Transfers Replenish Reserves x Decreases in Operational expenses are primarily due to the Landing Improvements Grant being budgeted in prior FY2022-23. x Decreases in Capital Outlay/Improvement are primiarily due to Liza Jackson Park design and Heritage Park & Cultrual Center addition being budgeted in prior FY2022-23. 127 COMMUNITY REDEVELOPMENT AREA (CRA) Share of City Budget $2,847,344, DESCRIPTION 7.5% The Community Redevelopment Area was established in 1980 and expanded in 1999 to address deteriorating conditions and facilitate economic growth and development within the designated area. Funding for infrastructure improvements and redevelopment activities comes from incremental increases in the taxable assessed value of the area. MISSION Rejuvenate the designated area to make it a place where citizens want to live, work, and play. Actual YTD thru 06/30 Budget CURRENT GOALS, OBJECTIVES, & METRICS (FY24) 2019-20 2020-21 2021-22 2022-23 2022-23 2023-24 Attract & Retain Businesses in the Target Area New Businesses in the CRA 24 28 32 40 25 28 Square Footage of Business Expansions in the CRA 19,867 19,213 5,224 86,673 15,000 20,000 Businesses Approved for Economic Incentive Grants 0 2 5 0 10 10 Value of Economic Incentive Grants Provided to New or Expanding Businesses $0 $9,446 $59,555 $14,250 $100,000 $100,000 Private Investment Leveraged as a Result of Incentive Grants $0 $1,475,000 $1,315,062 $23,400 $2,000,000 $2,000,000 Grant Applications Approved within Two Weeks 0% 0% 50% 0% 90% 100% Attract & Retain Residents in the Target Area New Housing Units in the CRA 1 0 0 1 10 10 FUTURE GOALS (FY25 & FY26)  Continue support for the Cultural Arts League Arts & implement programs mentioned in the Culture Strategic Plan.  Implement Crime Prevention Through Environmental Design (CPTED) Program.  Complete new CRA street sign upgrade project.  Install Information Tower Stations in strategic areas.  Install improvements to Vandergriff Park, 105 Miracle Strip Pkwy, and Ferry Rd Property to include mural on Library wall. PRIOR YEAR ACCOMPLISHMENTS (FY23)  Completed the "Erase the Trace" (storm drain murals) and "Keep it Clean" (Brooks St trashcan murals) projects.  Completed Phase One and Phase Two of the CRA street sign upgrade project.  Received Certifications for FRA - Redevelopment Administrator Certification and Crime Prevention Through Environmental Design Practitioner.  Installed fencing in strategic areas to eliminate vagrant activity. 128  109 COMMUNITY REDEVELOPMENT AGENCY FUND Actual Budget 2022-23 2023-24 % 2019-20 2020-21 2021-22 Adopted Adopted Change 983,485 973,811 1,037,888 1,090,586 2000-311-1000 Ad Valorem Taxes - City Original TIF 1,050,374 -3.69% 369,491 377,181 380,088 420,021 2000-311-1100 Ad Valorem Taxes - City Expanded TIF 504,967 20.22% $ 1,352,976 $ 1,350,992 $ 1,417,976 $ 1,510,607 Total Ad Valorem Taxes $ 1,555,341 2.96% $ 1,352,976 $ 1,350,992 $ 1,417,976 $ 1,510,607 TOTAL TAXES $ 1,555,341 2.96% 713,061 693,972 713,411 835,580 2000-338-2000 Ad Valorem Taxes - County Original TIF 905,110 8.32% 303,492 275,249 272,735 321,810 2000-338-2100 Ad Valorem Taxes - County Expanded