COCOA (BREVARD COUNTY) · LOCALlocal legislationAgenda Ready

Local Impact

Budget Adjustment for Cocoa Redevelopment Agency

Original title: Approve a Resolution Amending the Fiscal Year 2023 Budget, BAF#23-067-A, reducing the annual TIF Revenue from Brevard County by $51,273 based on the final payment received by the County and reduce the Contingency line item in the Cocoa CRA expenses by the same amount to balance the revenue and expenses for Cocoa CRA.

May 1, 2023

budget tax increment financing redevelopment local finance

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The Frame

What this does

This resolution aligns the Cocoa Redevelopment Agency's spending authority with actual tax revenue received from Brevard County, reducing the agency's available contingency funds by $51,273.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Cocoa Redevelopment Agency

The agency must reduce its contingency spending capacity by $51,273.

Brevard County taxpayers

The final tax revenue transfer from the county to the redevelopment agency is finalized at a lower amount than previously estimated.

What changed

Last recorded activity May 1, 2023.

What's next

Next step not available in the current record.

Summary

The Cocoa Redevelopment Agency is adjusting its 2023 budget to reflect a lower-than-expected tax revenue payment from Brevard County. The agency will reduce its contingency spending by $51,273 to ensure the budget remains balanced.

Key Facts

The Cocoa Redevelopment Agency is amending its Fiscal Year 2023 budget.
Tax Increment Financing (TIF) revenue from Brevard County is being reduced by $51,273.
The agency's contingency line item is being reduced by $51,273 to offset the revenue decrease.
The amendment ensures the Cocoa Redevelopment Agency's budget remains balanced.
The adjustment is based on the final payment received from Brevard County.
The file number for this action is 23-240.

Frequently Asked Questions

Why is the budget being changed?

The budget is being updated to match the actual final tax revenue payment received from Brevard County, which was $51,273 less than originally projected.

Will this affect agency services?

The reduction is applied to the 'contingency' line item, which is typically reserved for unforeseen expenses, rather than specific project budgets.

Why It Matters

This resolution aligns the Cocoa Redevelopment Agency's spending authority with actual tax revenue received from Brevard County, reducing the agency's available contingency funds by $51,273.

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