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Oviedo CRA reports $4.5 million cash balance; auditors report no findings
Summary
The Oviedo Community Redevelopment Agency reported about $4.5 million in cash at the end of fiscal 2023-24, largely encumbered for the Geneva Drive–State Road 434 connector project; independent auditors reported no compliance findings.
The Oviedo Community Redevelopment Agency reported roughly $4.5 million in cash at the close of fiscal year 2023–24 and an independent audit found no reportable findings, agency staff and auditors told the board on April 21.
Agency staff said about $4 million of the year-end cash balance is encumbered for the Geneva Drive–State Road 434 connector road project, with the remainder tied to smaller CRA projects. "For last fiscal year, 23–24, we had close to 4 and a half million dollars in cash at the end of the fiscal year," a CRA staff member said during the presentation.
The CRA presented summary figures showing its increment value and recent revenues. Staff said the increment value for tax year 2023 (fiscal year 2023–24) was about $340 million, an increment of $271 million from the base year, which the agency said generated about $1,380,000 in tax increment last year. The CRA reported roughly $1.6 million in total revenue for the year, including $725,000 from the city, $661,000 from the county and about $220,000 in interest. Reported expenditures for the year were about $200,000; staff said expenditures appear low in part because much of the cash is encumbered to projects that have not yet spent funds.
Purvis Grama Company auditors Helen Painter and audit director Matt Gano told the board they performed the audit and a required CRA compliance review and found no issues to report. Painter said auditors check that CRA funds are kept separate from city funds and are spent only within the CRA area and on allowable purposes. "So we had no issues or findings that we need to report to you all today," Painter said.
Staff also noted a statutory requirement cited in the presentation that CRA funds must be appropriated for future projects at fiscal year end; staff said they carried forward $4,480,000 into the new fiscal year on Nov. 18 and then adjusted that carryforward on Feb. 17 after additional year-end receipts.
The board did not request additional action on the audit; the matter moved on to other agenda items. The board scheduled its next meeting for May 19.
