LEGISLATIVE MEMORANDUM

Following the end of Fiscal Years (FY) 2018 and 2019, the Bayfront CRA had a balance of $340,401 and $496,309 in unexpended funds, respectively, totaling $836,710. Per the Interlocal Agreement between the Bayfront CRA, City, and Brevard County, unexpended funds from the previous FY shall be reimbursed to the City and County general funds according to the percentage of their respective annual contributions towards the Bayfront Redevelopment Trust Fund.

In FY 2018, the City and County contributed 67.04 percent and 32.96 percent, respectively. In FY 2019, the City and County contributed 68.17 percent and 31.83 percent respectively. Given the percentage splits, the City will receive a reimbursement to the General Fund in the amount of $566,525 for the FYs 2018 and 2019 and the County will receive $270,185 for a total of $836,710 in reimbursements.

FISCAL IMPACT:

The Bayfront Redevelopment Trust Fund’s fund balance will be reduced by $836,710.

RECOMMENDATION:

Motion to 

approve the reimbursement of $566,525 to the general fund of the City and $270,185 to the general fund of Brevard County.