Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Adoption topic
No spam. Unsubscribe anytime.
CRA adopts revised FY2024-25 budget after reductions tied to millage and prior-year surplus
Summary
CRA fiscal manager Lorraine Bailey Hayden presented revisions to the FY2024-25 budget reflecting decreases from a lower city millage rate and an $11,000,000 reduction in prior-year surplus; the board approved the revised budgets for Downtown, Cleveland Central and Martin Luther King redevelopment areas.
Lorraine Bailey Hayden, CRA fiscal manager, presented a walk-on item (3.8) detailing proposed revisions to the FY2024-25 budget. She said two primary factors drove the changes: a reduction tied to the city’s millage-rate change (noted as a $197,000 decrease in a specific line) and a reduction of approximately $11,000,000 in the calculated prior-year surplus after an earlier overstatement of revenue.
Hayden walked through impacts by redevelopment area: downtown revenue was revised to $8,100,000 after TIF and other adjustments (including a $110,000 TIF reduction and $3,800,000 decrease in other revenue), Cleveland’s projected revenue adjusted to roughly $5,400,000, and Martin Luther King area revenue fell to about $3,200,000. She described shifts in expenditure categories — increased fixed costs paid to the city, adjustments in professional/legal and repairs/advertising lines, and programmatic reductions in incentives and grants for land acquisition and construction — and said all line items had been reprogrammed to match the new revenue totals.
After brief questions and a short recess, a motion to approve the revised FY2024-25 budget for Downtown, Cleveland Central and Martin Luther King Boulevard redevelopment areas was called and carried with no recorded opposition. Hayden noted staff had reallocated capital construction and advertising funds and adjusted incentives/grant totals to reflect updated revenue projections.
