Oviedo CRA proposes $1.77 million FY25-26 budget; sets aside $1.4 million for Franklin Street extension

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 of a 7.78% increase in the CRA's taxable value. The presentation included a conservative $40,000 estimate for interest earnings and noted the CRA currently holds cash tied to the Geneva Drive project.

On the expenditure side, the presentation listed recurring operating allocations and specific line items: CRA administration in support of the executive director, $10,000 for financial department support services, $25,000 for public art programming, filing and audit costs (the presenter referred to statutory advertising and DEO filing fees), and approximately $50,000 requested by public works to replace trees along Franklin Street. Capital allocations included a fully budgeted Geneva Drive connector and the $1,400,000 set aside for the Franklin Street extension.

"That $1,400,000 is not enough, but that is where the funding will be going towards for the future," the Assistant Finance Director said regarding the Franklin Street allocation. Board members pressed for a cost estimate. "Estimation. I don't know. 10,000,000? 20,000,000? Dollars Nobody knows," a board member responded during the discussion.

Staff told the board the Franklin Street design is roughly at 60% and staff plans to reach 90% design this year, at which point engineer estimates and bid documents would be available. The board requested that the staff member working on the project, identified in the meeting as Mr. Eugene, provide a round engineer's estimate for the July meeting so the board can discuss timeline and years to save against the current $1.4 million allocation.

Other capital and program allocations in the proposed budget included $75,000 for Sweetwater Creek multiuse projects and $75,000 for "quality projects." The presenter said the total proposed expenditures match the proposed revenues at $1,774,000; the presenter also said this proposed CRA budget will be included in the city's proposed budget going to City Council in July and will return to the CRA for final approval in early September.

At the start of the meeting the board approved the minutes from the April 25, 2025 meeting. A member moved to approve the minutes, a second was stated, and the board voted in favor by voice vote.

The CRA will review an engineer's estimate and a conceptual construction schedule at its next meeting, scheduled by a staff member in the meeting as July 21. No formal action on the FY2025–26 budget was taken by the CRA at the June 16 meeting beyond discussion and direction to obtain more detailed cost information.

For reference, the presenter identified filings with the Department of Economic Opportunity and statutory advertising for CRA reports as recurring obligations tied to the budget, and noted the Seminole County Property Appraiser provided the initial taxable and increment values used for revenue projections.