Title
Allocation of Additional 2006 Ad Valorem Revenues (NB)
This agenda item addresses the allocation of approximately $289,000 in additional property tax revenue identified in the Property Appraiser's final certified taxable value.
Explanation
In June of each year, the City receives a preliminary taxable property value statement from the Alachua County Property Appraiser. This preliminary value is utilized to establish the proposed property tax revenue budget for the General Fund. In October the City receives a final valuation. Because this final valuation is received after the adoption of the budget, significant deviations from the preliminary figure require budget amendments. For FY06, the final valuation resulted in approximately $289,000 in additional property tax revenue over the amount included in the initial FY06 budget.
Potential uses for this incremental revenue are:
· Supplemental homeless sheltering and services - Funds allocated to this project would go towards provision of shelter and cold weather needs of the homeless.
· Recreation capital projects - These funds could cover such capital projects as Citizens Park water feature ($100,000), playground equipment in various parks ($190,000), Northside Park frisbee golf improvements ($35,000), basketball or tennis court improvements ($200,000), or picnic pavilions ($150,000).
· Recreation after school programs - This project covers expansion of afterschool programs similar to the Teen Zone, at various school locations and the Reichert House.
· Southeast Gainesville Renaissance Initiative - This project incorporates assembly of land for the purpose of stimulating residential and commercial revitalization in Gainesville's southeast quadrant.
· Land assembly along Depot Avenue corridor - This project entails acquisition of properties along the Depot Avenue corridor for potential tech transfer ventures related to the University of Florida.
· Acquisition of a bus for the Regional T...
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