CRA 06/25/2014 Minutes - Laserfiche WebLink

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Community Redevelopment Agency June 25, 2014 Page 3 of 5 Sixth Item of Business: Finance Report Ms. Rebecca Bowman, Finance Director, reviewed the Finance Report for the month ending May 31, 2014 (a copy is attached and made a part of the minutes). Mr. Jones referenced his motion that was made at the April 17, 2014 meeting for the approval of the CRA funding $1 million for the Triplet Lake Drive Realignment Road Project. Mr. Jones said that he stressed at the last meeting that the CRA Board did not want to go to the City Commission for approval to transfer funds from their reserve account and the funds would be available in the operating portion of the budget. A lengthy discussion ensued regarding the 2014 CRA budget, the proposed 2015 CRA budget and the process required to transfer funds from the CRA reserve fund to the operating budget. Ms. Bowman explained that the City's financial policies and procedures allows the CRA to change the allocation of funds in the operating portion of the budget without City Commission approval; however, changes to capital spending requires approval from the City Commission to reallocate funds. Ms. Bowman said the money that was appropriated for the Triplet Lake Drive Realignment Project was taken from fund balance and the existing budget for land and infrastructure. A general discussion ensued regarding staff completing a budget amendment to move the $37,000 from the reserve funds but no formal action was taken by the Board. Staff stated due to state budgetary requirements the funds are not allowed to be taken from the CRA's reserve fund and the motion stood as originally stated and approved in the April 17, 2014 minutes. Mr. McGregor asked for a motion to approve the Finance Report, Mr. Trueba made a motion to approve the Finance Report. Mr. Alfred seconded the motion. The motion passed unanimously by voice vote. Seventh Item of Business: 2014 — 2015 CRA Budget approval Ms. Sandra Smith, Community Development Director, reviewed the proposed 2014 -2015 CRA budget (a copy is attached and made a part of the minutes). A brief discussion ensued regarding the status of the City's discussions with Seminole State College to develop in the city.