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Temple Terrace CRA adopts FY2022 audit; staff previews preliminary FY2024 budget
Summary
The Community Redevelopment Agency approved the CRA annual comprehensive financial report for fiscal year ending Sept. 30, 2022, and staff outlined preliminary FY2024 budget projections including a projected TIF reserve of about $430,000 and an approximate $40 million increase in taxable value.
The Community Redevelopment Agency for the City of Temple Terrace on Aug. 1 approved a resolution adopting the CRA annual comprehensive financial report for the fiscal year ending Sept. 30, 2022, and heard an initial staff briefing on the CRA preliminary budget for fiscal year 2024.
Finance Director Jim Ingram told the board that MSL CPAs and Advisors completed the CRA audit and “there were no findings in the audit,” and recommended adoption of the financial report. The board voted in favor and the resolution passed.
The audit adoption matters because it closes the agency’s formal financial review for FY2022 and clears the report for public record and follow-up budgeting. Ingram said the audit document is attached to the meeting agenda for review and that staff will present a proposed CRA budget for adoption at a Sept. 19 CRA meeting.
On the preliminary FY2024 budget, Ingram said the agency is still awaiting final millage rates from Hillsborough County and other taxing authorities that affect tax-increment financing (TIF) revenue. He estimated that, assuming county millage remains roughly the same, the CRA should have a reserve of about $430,000 from TIF revenue that could be used for discretionary expenditures or additional debt paydown. Ingram also said the taxable value in the district “did go up by about … about $40,000,000,” a figure he supplied during the briefing.
Board members asked for more detailed TIF revenue breakdowns and for staff to present expectations at the upcoming budget meeting. Board member Fernandez noted the audit did not include specific taxable-value or incremental-tax calculations and requested those figures be part of the budget discussion; Ingram said staff will provide that information at the Sept. 19 meeting.
No members of the public spoke on the audit during the meeting. The board scheduled the formal CRA budget adoption for the September meeting and directed staff to return with the supplemental revenue and projection details needed for a final FY2024 budget vote.
The CRA will take formal budget action on Sept. 19; staff advised the board that county and other taxing authority millage notices could affect final TIF receipts before adoption.
