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FPRA adopts final FY 2023-24 budget amendment; unspent capital returns to fund balance
Summary
The Fort Pierce Redevelopment Agency approved a final budget amendment for FY 2023-24 reducing planned capital outlays and moving approximately $1.8 million back into the FPRA fund balance after delayed projects.
The Fort Pierce Redevelopment Agency on Tuesday approved its final FY 2023-24 budget amendment, amending the previously adopted budget to reflect delayed capital projects and updated revenue figures.
Finance Director (Miss) Morris reported the approved budget was adjusted from roughly $12.21 million to $10.60 million; net revenue adjustments and project delays left the fund showing an increase to the beginning fund balance of roughly $1.8 million, which will carry forward into the current fiscal year. Staff said major capital projects were delayed and that the amendment essentially restores unspent project appropriations to fund balance.
The board approved the budget amendment by roll call vote with Commissioners Broderick, Gaines, Taylor and Chairwoman Hudson voting yes.
Ending: Staff will continue to report monthly financials to the board; the adjusted fund balance increases available FPRA capital for future projects.
