Boca Raton CRA adopts $54 million FY 2025–26 budget, reserves funds for downtown projects

The Boca Raton Community Redevelopment Agency on Sept. 22 adopted its fiscal year 2025–26 budget, approving a $54 million operating plan and reserving multiyear capital funds for downtown redevelopment in a 5–0 vote.

The resolution formally adopting the CRA budget — identified in the meeting as Resolution 2025-08 (CRA) — passed unanimously. Chair Wictor called for the roll; the vote was 5–0 in favor.

The budget presentation, led by Stephen Timberlake of the Financial Services Department with Jim Zervos, the city's chief financial officer, described the CRA's revenue mix and planned projects. Timberlake said the CRA expects about $26.75 million in tax-increment revenue for 2025–26 and that the agency's operating budget for next year is about $54 million, with approximately $15 million held for additional projects. He also stated the CRA has a fund balance of roughly $39 million and is holding over $39.25 million across three multiyear projects.

Timberlake outlined planned capital and program investments for the coming fiscal year, including continued downtown walkability and roadway upgrades, transit-oriented community regulations, Meissner Park amphitheater roof work, support for the Brightline station, decorative streetlights, Sanborn Square hardscape and electrical upgrades to downtown parks. The CRA also plans to fund three new positions: a community customer-service representative, a police officer and a cultural and community programs administrator.

During questions, staff explained the city’s tax-increment financing structure: the CRA retains growth in property tax revenue above a frozen downtown base so long as funds are spent on redevelopment projects. Jim Zervos explained that unspent funds without a dedicated future purpose would be remitted back to the underlying taxing agencies — Palm Beach County, the City of Boca Raton and the Greater Boca Raton Beach and Park District — in proportion.

Commissioners emphasized that reserving funds in the budget does not mean immediate spending. As Timberlake and staff explained, the annual budget authorizes expenditures for the 12‑month period and projects that span multiple years will be brought forward for specific appropriation when ready.

A public hearing on the budget drew comments from residents asking for more line‑item transparency for planned capital spending. City staff and commissioners responded that the CRA had provided supporting materials and that further details would be presented in project‑level planning and procurement phases.

The Agency then voted to adopt Resolution 2025-08 (CRA budget), recorded as passing 5–0.

Votes at a glance

- Resolution 2025-08 (CRA budget for FY 2025–26): Passed, 5–0.