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Panama City CRA adopts 20% cap on administrative costs
Summary
The Community Redevelopment Agency board on Sept. 2 set a 20% cap on CRA administrative expenditures (measured against CRA revenues) and adopted a broad definition of eligible administrative costs, while directing staff to reconcile actuals to budget and return to the board if exceptions are needed.
The Community Redevelopment Agency (CRA) Board of the City of Panama City voted Sept. 2 to cap administrative expenditures at 20% of annual CRA revenues and adopt a broad definition of what counts as administrative costs.
Board member Josh Street proposed using a third-party review to benchmark administrative allocations, saying, "Rather than putting it on the staff to go and find, I'm just saying, hey. We could use a third party to give an exact objective view." The board moved, seconded…
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