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LEGISLATIVE MEMORANDUM
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TO:
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Honorable Mayor and Members of the City Council | | FROM:
| Suzanne Sherman, City Manager |
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| | | | | | | | | THRU:
| Larry Wojciechowski, Finance Director |
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| | | | | | | | DATE:
| 8/5/2021 | RE:
| Consideration of the Fiscal Year 2020 reimbursement to City’s General Fund ($616,004) and Brevard County ($289,085) for unexpended funds from the Bayfront Community Redevelopment Agency. |
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| | | | | | | | Following the end of fiscal year (FY) 2020, the Bayfront CRA had a balance of $905,089 in unexpended funds. Per the Interlocal Agreement between the Bayfront CRA, City and Brevard County, unexpended funds from the previous FY shall be reimbursed to the City General Fund and County according to the percentage of their respective annual contributions towards the Bayfront Redevelopment Trust Fund.
In FY 2020, the City and County contributed 68.06% and 31.94% percent, respectively. Given the percentage splits, the City will receive a reimbursement to the General Fund in the amount of $616,004 and the County will receive $289,085 for a total of $905,089 in reimbursements.
REQUESTING DEPARTMENT:
Community & Economic Development, Finance |
| | | | | | | | FISCAL IMPACT:
The Bayfront Redevelopment Trust Fund’s fund balance will be reduced by $905,089.
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| | | | | | | | RECOMMENDATION: Motion to authorize the reimbursement of $616,004 to the General Fund of the City and $289,085 to Brevard County. |
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