Submitted By: Roberto Ellis
presenter
Presentation By: Aubrey Hale
end
Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
title
Approve Ocala Community Redevelopment Agency Fiscal Year 2022-23 annual report, financial statements and independent audit report
end
OCALA’S RELEVANT STRATEGIC GOALS:
Economic Hub
PROOF OF PUBLICATION:
N/A
body
BACKGROUND: Section 163.371 of the Florida Statutes (FS) specifies the annual reporting requirements for Community Redevelopment Agencies (CRAs). A CRA must file an annual report with the county or municipality that created the agency and publish the report on the agency’s website. The report must include the following information:
1. Audit - The most recent complete audit report of the redevelopment trust fund as required in FS 163.387(8).
2. Performance data for CRA including the:
1. Total number of projects started and completed and the estimated cost for each project.
2.Total expenditures from the redevelopment trust fund.
3.Original assessed real property values within the community redevelopment agency’s area of authority as of the day the agency was created.
4.Total assessed real property values of property within the boundaries of the community redevelopment agency as of January 1 of the reporting year.
5.Total amount expended for affordable housing for low-income and middle-income residents.
3. Plan Goals & Objectives - A summary indicating the extent to which the community redevelopment agency has achieved the goals and objectives set out in its community redevelopment plan.
The above three items are addressed in two separate documents.
Document 1 - Audit In previous years, the CRA audit and financial statements were done as a part of the City’s Annual Comprehensive Finance Report. Starting in Fiscal Year 2020, the CRA had a stand-alone, independent audit performed. The attached financial statements and independent auditor’s report was completed April 23, 2024, and is scheduled to be discussed at the Audit Committee meeting June 18, 2024.
Document 2 - Performance Data & Plan Goals & Objectives These two items are contained in the attachment, Ocala CRA Fiscal Year 2022-23 Annual Report, which highlights the CRA activities and achievements.
FINDINGS AND CONCLUSIONS: The CRA must prepare an annual report according to Section 163.371 of the Florida Statutes. On March 19, 2024, the first document consisting of the performance data, plan goals, and objectives was presented to the CRA Board. The presentation of the second document, Financial Statements and Independent Auditor’s Report, to the CRA Board completes the reporting requirements for Fiscal Year 2022-23.
The certified public accounting firm, Purvis Gray noted that the CRA’s financial statements’ disclosures are neutral, consistent, and clear. Financial highlights from the report are outlined below:
• The assets of the CRA exceeded its liabilities at the close of the most recent fiscal year by $1,734,722.
• The CRA’s fund balance increased by $2,883,417 as a result of 2023 operations.
• Revenues for Fiscal Year 2022-23 were $1,654,888 while expenditures totaled $649,485. In addition, the CRA transfers funds to the City’s general fund to cover payroll-related expenditures and liabilities, which are allocated to the CRA based on a percentage of the work performed by the City employees. Transfers for Fiscal Year 2022-23 totaled $79,161.
The CRA will continue to be an integral part of the redevelopment process, addressing conditions of blight observed in neighborhoods, business districts, corridors, and gateways.
FISCAL IMPACT: There is no fiscal impact as a result of adopting this report.
PROCUREMENT REVIEW: N/A
LEGAL REVIEW: N/A
ALTERNATIVE: N/A