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Council ratifies CRA and MBA budgets
Summary
The council, acting in its capacity for the Community Reinvestment Agency and the Municipal Building Authority, ratified budgets and officers for the associated agencies.
Following the council meeting, members convened as the Community Reinvestment Agency (CRA) and the Municipal Building Authority (MBA) to ratify budgets and organizational officers for each entity. Both bodies recorded motions to approve their fiscal-year budgets and related administrative appointments.
The CRA agenda noted estimated annual consultant/reporting costs and a small carry-forward balance to keep the agency active in expectation of future tax-increment financing activity. Staff explained there has been minimal tax-increment revenue to date due to limited commercial development; the city has carried a small administrative advance that would be reimbursable from future tax increment should development occur.
The MBA ratified the authority offices and adopted its fiscal-year budget. Staff explained the MBA is the legal owner for the municipal building assets and that the budget reflects limited operating transactions and a routine schedule for rent and debt service accounting.
Ending: Both the CRA and the MBA adjourned after recording motions and roll calls in their respective meetings; staff will continue reporting and will notify the council if tax-increment activity or building-payoff opportunities arise.
Votes and actions: CRA and MBA motions to approve budgets and officers were recorded and passed; transcript records agency votes as in favor without full detailed roll-call tallies published in the public transcript.
