FISCAL YEAR: OCTOBER 1, 2017 September 30, 2018

Transcription

1 FY 2018 BUDGET CITY OF FORT MEADE CRA BUDGET FISCAL YEAR: OCTOBER 1, 2017 September 30, 2018 Page 1 of 19

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3 Table of Contents INTRODUCTION AND OVERVIEW 5 This section lists the contact information, purpose, establishment, and services offered by the CRA. 5 CITY CONTACT INFORMATION 5 This section lists the contact information for the City of Fort Meade, as well as the names of the CRA Board Members. 5 CRA PURPOSE 6 The City of Fort Meade Community Redevelopment Agency s mission. 6 ESTABLISHMENT 6 Establishment date of the CRA. 6 SHORT-TERM ORGANIZATION FACTORS 6 A discussion of short-term factors affecting the CRA. 6 PRIORITIES AND ISSUES 6 Grant Facade Program 6 BUDGET OVERVIEW 7 This section provides an overview of the current Fiscal Year Budget. 7 FINANCIAL STRUCTURE, POLICY, AND PROCESS 8 This section lists the organization chart, fund descriptions and fund structure, department/ fund relationship, basis of budgeting, financial policies, and budget process. 8 ORGANIZATION CHART 8 This section shows the CRA s organizational structure. 8 FUND DESCRIPTION AND FUND STRUCTURE 9 The CRA Fund is classified as a Special Revenue Fund. 9 DEPARTMENT/ FUND RELATIONSHIP 9 A matrix showing the Department Fund Relationship for the CRA. 9 BASIS OF BUDGETING 10 This section defines the basis of accounting used to prepare the budget. 10 FINANCIAL POLICIES 10 This section discusses the City s Financial Policies, as they apply to the CRA. 10 BUDGET PROCESS 11 This section outlines the budget steps used by City regarding the CRA Budget. 11 Page 3 of 19

4 FINANCIAL SUMMARIES 12 This section includes a Consolidated Financial Schedule. 12 CONSOLIDATED FINANCIAL SCHEDULE 12 Shows a Budget Comparison 12 CAPITAL AND DEBT 13 This section discusses capital expenditures, debt, and the impact of capital investments on operating budget for the CRA. 13 STATISTICAL/ SUPPLEMENTAL SECTION 14 This section provides charts representing the financial data and a CRA boundary map. 14 FINANCIAL CHARTS 14 Charts showing the sources of revenues and expenditures. 14 CITY OF FORT MEADE CRA BOUNDARY MAP 16 Map showing the CRA Boundaries for the City of Fort Meade. 16 GLOSSARY 17 This section defines abbreviations and other words listed throughout the document, that may require further explanation. 17 REFERENCES 19 Page 4 of 19

5 Introduction and Overview This section lists the contact information, purpose, establishment, and services offered by the CRA. City Contact Information This section lists the contact information for the City of Fort Meade, as well as the names of the CRA Board Members. Name: City of Fort Meade Mailing Address: PO Box 856 Physical Address: 8 West Broadway St. City, State, and Zip Code Fort Meade, FL Phone Number Fax Number Website CRA BOARD MEMBERS CITY STAFF CRA Director: Fred Hilliard City Manager: Fred Hilliard Mayor: Barbara Manley City Attorney: Thomas A. Cloud, Esquire Vice Mayor: Richard Cochrane Deputy City Clerk: Melissa Wessell, CMC Commissioner: Robert Elliott Finance Director: Breanna Smith, MBA Commissioner: Maurice Nelson Commissioner: James Watts Page 5 of 19

6 CRA Purpose The City of Fort Meade Community Redevelopment Agency s mission. The City of Fort Meade Community Redevelopment Agency s mission is to strive to eliminate blight and to promote redevelopment of properties within the CRA district by the private sector. Establishment Establishment date of the CRA. The City of Fort Meade Community Redevelopment Agency was established on January 8, 2008, by Ordinance No Short-Term Organization Factors A discussion of short-term factors affecting the CRA. When the CRA was established, the City Commission voted to place funds into a CRA account until such time that the City might be able to receive revenues. However, the Community Development Area Development Plan was not established until October 11, 2011, by Ordinances through Polk County and the City of Fort Meade (See Ordinance No ). To date, the City has not been able to meet the threshold that would allow the City's CRA to receive any revenue. Currently, the City of Fort Meade s Community Redevelopment Agency operates under Florida Statutes Chapter 189. Priorities and Issues Grant Facade Program To utilize the funds that were deposited into the CRA Account by the City Commission, the CRA established a Grant Facade Program for merchants within the CRA boundary. Under this program, merchants are able to obtain a matching grant up to $1,000 for any facade improvements that they may make to improve the area. All applicants must complete an application and forward the request to the CRA Board for approval. Page 6 of 19

7 Budget Overview This section provides an overview of the current Fiscal Year Budget. The City of Fort Meade s CRA is carrying forward the $11,000 from the prior year, to be used for the Grant Facade Program, Travel & Per Diem, and Training. Page 7 of 19

8 Financial Structure, Policy, and Process This section lists the organization chart, fund descriptions and fund structure, department/ fund relationship, basis of budgeting, financial policies, and budget process. Organization Chart This section shows the CRA s organizational structure. CRA Director Fred Hilliard, City Manager Barbara Manley, Mayor Richard Cochrane, Vice Mayor CRA Board Members Robert Elliott, Commissioner Maurice Nelson, Commissioner James Watts, Commissioner Page 8 of 19

9 Fund Description and Fund Structure The CRA Fund is classified as a Special Revenue Fund. The CRA Fund for the City of Fort Meade is classified as Special Revenue Fund #101, which is a Governmental Fund Type. A Special Revenue Fund is setup to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects. (State of Florida, 2011) Therefore, these funds are designated specifically for use by the CRA for Community Redevelopment. Department/ Fund Relationship A matrix showing the Department Fund Relationship for the CRA. As shown below there is only one department associated with this Fund, as it is a Special Revenue Fund specifically assigned to the purpose of Community Redevelopment. Dept #550 - Community Redevelopment Page 9 of 19

10 Basis of Budgeting This section defines the basis of accounting used to prepare the budget. The CRA Fund is a Governmental Fund Type. As such, the CRA Budget was prepared on a Cash Basis of Accounting. This means Revenues are recorded when cash is received and Expenditures are recorded when paid. (Schmidt, 2017) This basis of budgeting is in accordance with Generally Accepted Accounting Principles. Financial Policies This section discusses the City s Financial Policies, as they apply to the CRA. The Financial Policies of the CRA are governed by the CRA Board Members and Generally Accepted Accounting Principles. Balanced Budget The CRA maintains a balanced budget of revenues and expenditures. Grant Facade Program Under this program, merchants within the CRA Boundary are able to obtain a matching grant up to $1,000 for any facade improvements that they may make to improve the area. All applicants must complete an application and forward the request to the CRA Board for approval. Page 10 of 19

11 Budget Process This section outlines the budget steps used by City regarding the CRA Budget. Financial Trend Analysis The CRA Budget process begins with a three-year financial trend analysis. This assists the City in determining the appropriate allocations of funding by lineitem. Budget Proposal A Proposed CRA Budget is presented to the CRA Board Members at a public meeting. At that time, the Board Members can make requests and/or ask questions regarding the CRA Budget Proposal presented at the meeting. Budget Prioritization At this time, the CRA Board Members must determine the priority of all additions and/or deletions requested to the initial budget proposal. The proposal will be updated accordingly during this time. Adoption/Implementation Final Budget Once all of the additions and/or deletions have been accounted for, the Final Budget is presented to the CRA Board in a Public Meeting. The Final Budget approval is subject to two public hearings. Page 11 of 19

12 Financial Summaries This section includes a Consolidated Financial Schedule. Consolidated Financial Schedule Shows a Budget Comparison The Consolidated Financial Schedule shows the CRA Budget for the current fiscal year, with a comparison to the previous fiscal year. Page 12 of 19

13 Capital and Debt This section discusses capital expenditures, debt, and the impact of capital investments on operating budget for the CRA. There are no anticipated capital expenditures or planned acquisitions of debt for the CRA Fund. Therefore, the City anticipates no impact on the operating budget to occur from capital investments. Page 13 of 19

14 Statistical/ Supplemental Section This section provides charts representing the financial data and a CRA boundary map. Financial Charts Charts showing the sources of revenues and expenditures. Page 14 of 19

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16 City of Fort Meade CRA Boundary Map Map showing the CRA Boundaries for the City of Fort Meade. Page 16 of 19

17 Glossary This section defines abbreviations and other words listed throughout the document, that may require further explanation. BUDGET A statement of the financial position of an administration (as of a nation) for a definite period of time based on estimates of expenditures during the period and proposals for financing them. (Budget, n.d.) CRA This is an abbreviation for Community Redevelopment Agency. DEPARTMENT A major administrative division of a government. FUND A separate fiscal and accounting entity. (Department, n.d.) (McGraw-Hill & Irwin, 2010) GENERALLY ACCEPTED ACCOUNTING PRINCIPLES Set of both broad and specific guidelines that companies should follow when measuring and reporting the information in their financial statements and related notes. (Spiceland, Sepe, & Tomassini, 2017) GOVERNMENTAL FUND TYPE There are three groups of funds for which financial statements are prepared governmental, proprietary, and fiduciary. Governmental funds account for those services not included in the proprietary and fiduciary funds. There are five types of governmental funds: 1) General Fund 2) Special Revenue Funds 3) Debt Service Funds 4) Capital Projects Funds 5) Permanent Funds SPECIAL REVENUE FUND (GASB, 2007) To account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects. (State of Florida, 2011) Page 17 of 19

18 CASH-BASIS ACCOUNTING The practice of recording revenues when cash is received and recording expenses when the expense is paid. (Schmidt, 2017) Page 18 of 19

19 References Budget. (n.d.). Retrieved September 25, 2017, from Department. (n.d.). Retrieved September 25, 2017, from Governmental Accounting Standards Board (Ed.). (2007, November). The User's Perspective. Retrieved September 25, 2017, from ArticlePage&cid= McGraw-Hill, & Irwin. (2010). Chapter 2 Principles of Accounting and Financial Reporting for State and Local Governments. Retrieved September 25, 2017, from Schmidt, M. (2017). Cash-Basis Accounting (Cash Accounting). In Business Encyclopedia. Solution Matrix Ltd. ISBN Spiceland, Sepe, & Tomassini. (2017). Intermediate Accounting Student Edition Glossary (McGraw-Hill Global Education Holdings, LLC, Ed.). Retrieved September 25, 2017, from State of Florida Department of Financial Services Bureau of Local Government. (2011). Uniform Accounting System Manual (2011 ed.). Tallahassee, FL. For Florida Counties Page 19 of 19