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Westgate CRA adopts FY2024–25 budget projecting $4.5M in TIF revenue
Summary
The Westgate CRA board adopted its FY2024–25 budget on second reading, including a $4,505,484 Tax Increment Financing (TIF) projection and a $3.92 million capital improvement plan; the board voted unanimously to forward the budget to the county commission for final approval.
Elizée Michel, executive director of the Westgate/Belvedere Homes CRA, presented the second reading and recommended adoption of the FY2024–25 budget at the Sept. 9 board meeting.
The adopted budget includes five parts: the Redevelopment Trust Fund, the Capital Improvement Project fund, Transportation Enhancement grants, the Debt Service Fund and the Reserve Fund. The Trust Fund lists administrative and programmatic expenses paid from TIF and rental income and includes funding for one additional staff position, cost-of-living adjustments and merit raises. The Trust Fund projects Tax Increment Financing revenue of $4,505,484 and a preliminary TIF increase of 12.8% ($510,929) over last year; final tax roll figures will be computed at year-end.
The Capital Improvement Project portion shows $3,920,000 in projected funding for infrastructure and property acquisition for redevelopment, supported by trust fund dollars and grants. The transportation enhancement projects included in the budget are managed by the Palm Beach County Engineering Department on a reimbursement basis.
Board members asked questions about transportation planning line items and the balance between revenue and expenditures; staff explained carryover funds and loan application timing as causes for apparent mismatches. The board adopted the budget, approved the budget resolution, and recommended it to the Palm Beach County Board of County Commissioners for final approval (motion by Ruth Haggerty, seconded by Joanne Rufty; vote 4-0).
Next steps include transmittal to the county commission for final adoption and continued project-level budgeting and grant management by CRA staff and county departments.
