Title
Amendatory Budget Resolution for FY2008 (B)
Explanation
Each year when the annual tax increment is determined, the CRA adopts an amendatory budget to appropriate unanticipated funds and any fund balance remaining from the previous years' operating budget. At the May 21, 2007 CRA meeting, the CRA approved the proposed changes to the FY2008 Capital Projects budget to be included in the City of Gainesville's Capital Improvement Program update. At the July 16, 2007 CRA meeting, the CRA approved amendments to the FY2008 Operating Budget based on the FY2007 Amendatory Budget with the understanding that this was not a final budget. A resolution was not passed at either of these meetings to adopt the budget changes; however, these changes were incorporated in the City of Gainesville's General Government budget.
Based on projections provided by the City of Gainesville General Finance Department, staff has prepared an amendatory budget including the above approved changes as well as reallocation of any unexpended trust fund money in the operating and project accounts from each redevelopment district as required by the CRA Administration Policy and Procedures Financial, Budget & Debt Policies, II. Budget Procedures, Item #5. The spreadsheet contained in the backup reflects the total changes and recommendations.
When the actual increment figure is received in December 2007, staff will work with the Advisory Boards to prepare a final amendatory budget for FY2008 based on the tax increment received for CRA review and consideration at the February 2008 meeting.
Fiscal Note
As presented in the budget recommendations.
Recommendation
Executive Director to the CRA: Recommend the CRA adopt Resolution 070468, thus approving an amendatory budget for FY2008, as described above.