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Oviedo CRA proposes $1.77 million FY25-26 budget; sets aside $1.4 million for Franklin Street extension
Summary
The City of Oviedo Community Redevelopment Agency on June 16 presented a proposed fiscal year 2025–26 budget totaling $1,774,000, with TIF revenues estimated at about $954,000 from the city and $780,000 from Seminole County.
The City of Oviedo Community Redevelopment Agency on June 16 presented a proposed fiscal year 2025–26 budget totaling $1,774,000, with chief revenue sources an estimated $954,000 in TIF (tax-increment financing) from the city and $780,000 in TIF from Seminole County, the Assistant Finance Director told the board.
The proposed budget matters because it sets aside the majority of available CRA funds for the Franklin Street extension, a capital project the agency says will require more funding than the $1.4 million allocation now proposed. The board asked staff to obtain an engineer's estimate and bring cost and schedule information back at the July meeting so members can assess how many years of savings will be needed.
Assistant Finance Director: "We're proposing about 954,000 in TIF revenues from the city, dollars 780,000 from Seminole County," the Assistant Finance Director said when presenting revenues and the projection…
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