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Financial Review
The Community Redevelopment Agency (CRA) Fund encompasses 7.23% 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 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.
New Businesses in the CRA - 18
Approved CRA Grant Recipients - 5
Total CRA Awarded Grant funds - $43,055
Private Investment Leveraged as a Result of CRA Grants Incentives - $1,064,062
Adopted 2022 - 2023 CRA Budget
Total Tax Revenue ……………………………………………………….....…$4,267,997
City Original TIF …………………………………….$1,090,586
City Expanded TIF …………………………………….$ 420,021
County Original TIF …………………………………….$ 835,580
County Expanded TIF …………………………………….$ 321,810
Dept. of Environmental Protection Grant……….….…….$1,600,000
Budgeted $ Change % Change
City Ad Valorem Taxes $1,510,607 $ 92,631 6.1%
Intergovernmental Revenue $1,157,390 $ 138,124 11.9%
Interest & Other $1,600,000 $1,600,000 100%
Appropriations From Reserves $ 0 $ 0 0%
$4,267,997 $1,830,755 42.9%
• The budget is predicated on the lowered millage rate of 4.9999 mills for the City’s portion of the TIF. One
mill equals $144.6 per $1,000 of taxable property value.
Total Expenditures and Highlights………………………………………...……...…..$4,267,997
$ Change % Change
Personal Services ………………………………….….$ 521,065 $ 53,165 10.2%
Operating & Maintenance ……………………………..$2,168,166 $1,667,976 76.9%
Replenish Reserves………………….……………………..$ 952,056 $ 65,500 6.9%
Interfund Transfer…………………...…………………..…$ 169,210 $ (16,886) (10.0%)
Capital Outlay/Improvements ……………………………..$ 457,500 $ 61,000 13.3%
$4,267,997 $1,830,755 42.9%
• Increases in Operational expenses are primarily due to the Landing Improvements Grant, the Liza Jackson
Park design, and Heritage Park & Cultural Center addition.
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City of Fort Walton Beach, FL
Community Redevelopment Agency
2021-2022 Annual Report
Alisa Burleson, Administrator
Community Redevelopment Agency
aburleson@fwb.org
cradept@fwb.org
850-586-7814
www.fwb.org/cra
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