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Boca Raton CRA previews FY25 budget: $26M revenue, $60.5M proposed spending and major capital projects
Summary
CRA staff presented a FY25 budget preview showing about $26 million in revenue (approximately $22.5M from tax increment) and proposed expenses of $60.5 million, including $24M for Palmetto Park Road improvements and $6.1M for traffic lighting; board questioned parking revenue trends and capital allocations.
CRA staff on Aug. 26 presented a preview of the Community Redevelopment AgencyFY25 budget and highlighted major capital priorities and funding sources.
Special Projects Manager Steven Timberlake said tax increment growth has reached approximately $2.6 billion and staff anticipates FY25 revenue of roughly $26,000,000, of which about $22,500,000 is projected from tax increment financing. Timberlake proposed total CRA expenses of about $60,500,000 for the coming fiscal year, with nearly $22,000,000 allocated to capital outlay. Major appropriations carried forward or planned include $24,000,000 for Downtown Palmetto Park Road improvements, $6,100,000 for traffic lighting and $4,000,000 for roadway and sidewalk enhancements.
Timberlake also summarized recent downtown achievements and programs, noting initial Boca Connect circulator metrics for July (presented as 861 total rides and approximately 1,400 passengers in the reporting slide). He described ongoing CIP projects including walkability improvements, decorative lighting, and support for an east‑side platform at the train station.
Commissioners asked staff to confirm statutory steps to appropriate TIF funds; city staff and legal counsel confirmed required procedures have been followed and that the proposed appropriations will be incorporated in the final budget next month. Commissioners raised concerns about parking‑services expenses rising in FY25 (vehicle replacement and electric vehicle charging infrastructure were cited as drivers of higher near‑term costs) and questioned whether digital advertising or signage plans should be part of the CIP.
Staff said the apparent spike in parking services expenses partly reflects onetime capital purchases (specialty, narrower electric parking vehicles) and that long‑term parking revenue remains a piece of the overall puzzle. The budget preview will return for final adoption in a subsequent meeting where public hearing and formal appropriation will occur.
