Fort Walton Beach — Fiscal Year 2012 to 2013 CRA Budget

&RPPXQLW\5HGHYHORSPHQW$JHQF\)XQG The Community Redevelopment Agency (CRA) Fund encompasses 4.0% 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 1999 the CRA area was expanded to include an additional area. 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 $2.5 Budget. 2012-13. …… % Change $ Change $2.0 Ad Valorem Taxes 760,094 (5.4%) (43,724) Intergov’t Revenue 551,007 (5.4%) (31,697) $1.5 Interest & Other 15,000 (50.0%) (15,000) Millions 1,326,101 (6.4%) (90,421) $1.0 $0.5 $0.0 Actual Actual Actual Budget Budget 2008-09 2009-10 2010-11 2011-12 2012-13 Ad Valorem Taxes Intergov't Revenue Interest & Other • The budget is predicated on maintaining a City millage (property tax) rate of 4.5383 and County millage rate of 3.2899. One mill equals $1 per $1000 of taxable property value. Due to declining property values, ad valorem taxes are projected to decrease. • County ad valorem tax proceeds are accounted for under intergovernmental revenues. Expenditure Highlights $2.5 Budget. $2.0 2012-13. …… % Change $ Change Personal Services 498,722 3.3% (15,872) $1.5 Operations/Maintenance 610,536 10.2% 56,493 Millions Capital Outlay 0 (100.0%) (110,100) $1.0 Capital Improvements 85,000 (55.8%) (107,500) Interfund Transfers 131,843 71.2% 54,814 $0.5 1,326,101 (6.4%) (90,421) $0.0 Actual Actual Actual Budget Budget 2008-09 2009-10 2010-11 2011-12 2012-13 Personal Services Operations/ Maintenance Capital Outlay Capital Improvements Interfund Transfers • Operating expenses are increasing as a result of including all expenses related to CRA police officers, as well as new initiatives for development assistance and other incentives. • Capital outlay is down compared to last year’s purchase of three patrol cars and related equipment. • Capital improvements are reduced due to the reallocation of funds from capital to operating for the aforementioned reasons. 118  &20081,7<5('(9(/230(17$*(1&<)81' $FWXDO %XGJHW       $GRSWHG $GRSWHG &KDQJH      $G9DORUHP7D[HV&LW\2ULJLQDO7,)             $G9DORUHP7D[HV&LW\([SDQGHG7,)            7RWDO$G9DORUHP7D[HV            727$/7$;(6             6LWH3ODQ5HYLHZ            2WKHU/LFHQVHV 3HUPLWV            727$//,&(16(6 3(50,76             $G9DORUHP7D[HV&RXQW\2ULJLQDO7,)             $G9DORUHP7D[HV&RXQW\([SDQGHG7,)            7RWDO/RFDO6KDUHG5HYHQXHV            3ULRU<HDUV*UDQWV            7RWDO*UDQWV            727$/,17(5*29(510(17$/5(9(18(             ,QWHUHVW,QFRPH             ,QWHUHVW,QFRPH            7RWDO,QWHUHVW,QFRPH             0LVFHOODQHRXV5HYHQXH             'LVFRXQWV            7RWDO2WKHU5HYHQXHV            727$/,17(5(67 27+(55(9(18(6            727$/)81'5(9(18(6    5HYHQXHV30 119  &5$)81'32/,&( $FWXDO %XGJHW       $GRSWHG $GRSWHG &KDQJH 3HUVRQDO6HUYLFHV       1XPEHURI(PSOR\HHV )7( V            5HJXODU6DODULHV             6HUYLFH$ZDUGV             ,QFHQWLYH0HULW3D\           6DODULHV2YHUWLPH           6DODULHV2YHUWLPH+ROLGD\:RUNHG           ,QFHQWLYH3D\           ),&$7D[HV           0HGLFDUH           5HWLUHPHQW&RQWULEXWLRQV3ROLFH2IILFHUV           'HQWDO/LIH +HDOWK,QVXUDQFH           :RUNHU V&RPSHQVDWLRQ            7RWDO3HUVRQDO6HUYLFHV    2SHUDWLQJ([SHQVHV          3URIHVVLRQDO6HUYLFHV             &RPPXQLFDWLRQ6HUYLFHV             0DLQWHQDQFH&RQWUDFWV             9HKLFOH5HSDLU             3ULQWLQJ %LQGLQJ         +ROLGD\*LIW&HUWLILFDWHV            2IILFH6XSSOLHV             2SHUDWLQJ6XSSOLHV             )XHO 2LO             8QLIRUP([SHQVH             $PPXQLWLRQ([SHQVH            7RWDO2SHUDWLQJ([SHQGLWXUHV    &DSLWDO2XWOD\          3DVVHQJHU9HKLFOHV             6SHFLDOL]HG(TXLSPHQW             &RPSXWHU+DUGZDUH6RIWZDUH        7RWDO&DSLWDO2XWOD\   2WKHU)LQDQFLQJ$FWLYLW\          7UDQVIHUWR*HQHUDO)XQG    *):DJH$OORFDWLRQ 6HUJHDQW         7RWDO2WKHU)LQDQFLQJ$FWLYLW\            727$/(;3(16(6    3ROLFH30 120 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oDGH*UDQW3URJUDP 1XLVDQFH$EDWHPHQW3URJUDP     7RWDO2SHUDWLQJ([SHQGLWXUHV   &DSLWDO2XWOD\      ,PSURYHPHQWV2WKHU7KDQ%XLOGLQJV        /DQGVFDSLQJ,UULJDWLRQ      (TXLSPHQW       7RWDO&DSLWDO2XWOD\   &5$30 121  &5$)81'&5$ $FWXDO %XGJHW       $GRSWHG $GRSWHG &KDQJH &DSLWDO,PSURYHPHQWV3URJUDP     3DYHPHQW,PSURYHPHQW    +ROO\ZRRG%OYGIURP(JOLQ3NZ\WR&KLFDJR$YH         6LGHZDON&RQVWUXFWLRQ          3ULRU<HDUV&DSLWDO,PSURYHPHQW3URJUDP         77RWDO&DSLWDO,PSURYHPHQWV3URJUDP    2WKHU)LQDQFLQJ$FWLYLW\          7UDQVIHUWR*HQHUDO)XQG             7UDQVIHUWR*HQHUDO)XQG    3HU&RVW$OORFDWLRQ3ODQ         7RWDO2WKHU)LQDQFLQJ$FWLYLW\            727$/(;3(16(6    &5$30 122 &20081,7<5('(9(/230(17$5($ &5$ Share of City Budget $1,326,101 '(6&5,37,21 , 3.8% The Community Redevelopment Area was established in 1980 and expanded in 1999 to address deteriorating conditions and facilitate economic growth and development within the designated area. Funding for infrastructure improvements and redevelopment activities comes from incremental increases in the taxable assessed value of the area. 0,66,21 Rejuvenate the designated area to make it a place where citizens want to live, work, and play. Actual YTD thru 6/30 Budget &855(17*2$/62%-(&7,9(6 0(75,&6 2008-09 2009-10 2010-11 2011-12 2011-12 2012-13 Attract & Retain Businesses in the Target Area New Businesses in the CRA n/a n/a n/a 24 3 10 Square Footage of Business Expansions in the CRA n/a n/a n/a 0 5000 5000 Decrease in Number of Vacant Commercial Properties n/a n/a n/a 14% 10% 10% Businesses Approved for Economic Incentive Grants n/a n/a n/a 1 3 15 Value of Economic Incentive Grants Provided to New or Expanding Businesses n/a n/a n/a n/a n/a $80,000 Attract & Retain Residents in the Target Area New Housing Units in the CRA n/a n/a n/a 3 10 10 Decrease in Number of Vacant Residential Properties n/a n/a n/a 6% 10% 10% Maintain a Balanced Approach to Funding Allocation Residential Area Improvements 21% 29% 22% annual measure 6% 25% Commercial Area Improvements 47% 36% 11% annual measure 7% 25% Crime Prevention 7% 8% 17% annual measure 34% 25% Maintenance & General Operations 25% 27% 51% annual measure 53% 25% Complete CRA Plan Projects Within Three Years From Appropriation Reserve Level as % of Ad Valorem Proceeds 205% 189% 272% annual measure 195% 100% 9 Adopt the 2012 Update to the CRA Plan by September 2012. 9 Promote economic incentive grant programs in order to encourage new businesses and expansion of business. 9 Create a targeted infill development list for the CRA District. 9 Remediate the Brownfield site at 25 Miracle Strip Parkway SW and return the property to the development market. 9 Fully develop the Commercial Revolving Loan Fund Program and Land Value Investment Program. )8785(*2$/6 9 Develop a long term (5- year and 10- year) capital improvements project list for the CRA District. 9 Develop marketing strategies and incentive programs to attract businesses to the CRA District. 9 Invest in the CRA through public-private partnerships and public infrastructure improvements. 35,25<($5$&&203/,6+0(176 9 Created and implemented 4 economic incentive grant programs for use by new and expanding businesses. 9 Created Land Value Investment Program to help facilitate the removal of blight in the community. 3(5)250$1&((;&(//(1&( (YHU\6HUYLFH±(YHU\(PSOR\HH±(YHU\'D\ 123