Fort Walton Beach Council agenda — 08-09-11 CRD regular — reading text

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 mew. Revenue Highlights 9uw p5 S9n¢ % ch. oBe scnwB. m B03,8B - tl,6% ( 94985) fl0 _ _ Ad Vabrtm17 vee City Ad Vab.. Ta Cowry 582,] 0{ ..% ( 68855) V.5 — U. hNmat & Othm 30, 000 00% - V N APPOPtu tbn¢ - 100A% ( 2, 000,000) 5 -- S U. L4W22 60.% R.'A) 9") O m5 50. 0 LL Mlwl BW { P BWBn Q 30072UI. - 08 5008 09 - E009 10. 1-- W 2011. N tm. r.. alan.. pnppr. pma. m O a` The budget is predicated on maintaining a City millage ( property tax) rate of 4. 5383 and County N millage rate of 3. 2899. One mill equals $ 1 per $ 1000 of taxable property value. Due to declining property values, ad valorem taxes me anticipated to decrease. Last year $2M was appropriated from fund balance for the Soundside affordable housing development project.project. TheThe projectproject isis stillstill awaitingawaiting approvalapproval fromfrom HUD.HUD. yy Expenditure Expenditure HighlightsHighlights ss AA Bm, l ss 2oR¢ Cta., C6., 8 5).5). 00 P-P-- - ts— ts— r— r— 482, 850 95A% 235b86 Opervtvne / Mantenaw< 554,554, 043043 213% 213% 9737497374 V., CaPBaOUthY CaPBaOUthY IP' no 522A% 92,400 2, 595300) 9513 C.,. C.,. o)o)...... ...... 1{1{ 6250062500 93.93. NN hl. l dT...&. 77,029 BAA 6A00 519 C— w16s22 boiA% 8163940) wsw9 u N. I B. ip aW {n 2M7 0e xw) - 2. SW e. o9 xw9. lP x910-u xon -t3 ope. T s rm. zxmx. a m. n<. Personnel expense is increasing due to the addition of a service worker for grounds maintenance ( in lieu of a maintenance contract) and the addition of three police officers to combat vagrancy and criminal mischief in the target area. Operating and capital outlay expense increases relate to new personnel, though the capital outlay is a non -recurring increase to outfit and equip the new officers. Capital improvements are down due to last year' s $ 2M appropriation for Soundside, as well as the reallocation of funds from capital to operating for the aforementioned reasons. Packet Pg. 13  7. 2. b 109 COMMUNITY REDEVELOPMENT AGENCY FUND Aoteal Budget 2011 -12 2007 -08 Adopted 2010 -11 City Manager 690, 570 2008.754,091 09 200110 730,345 nooe11. man Ad Valorem Taxes - City Original TIE Change 8.25% 306, 996 244,693 221, 914 695,202, 975 028 20 1i - 1100 Ad Valorem Texas - City Expanded TIE 638,388 165,430 18. 50% 550, 058 Ad Valorem Taxes- County Original TIE 462, 780 8. 25% 244, 531 592,608 192, 294 572,277 173,885 147,140 2aooaeemm 504,419 aoo0.os.21oo Ad Valorem Taxes- County Expanded TIF 119,924 f 1, 792,154 S 1, 783,886 S 1, 698,421 S 1, SDX2 Total Ad Valorem Taxes S 1, 386,522 10. 18.50% 57% 1, 950 300 250 e00e32e200a Site Plan Revise, 0. 00% S 1, 960 300 S 250 Total Charges for Services S 0. 00% 1, 9M S 300 250 TOTAL CHARGES FOR SERVICES 0. 0%