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E .. <br />Expenditure by Type: <br />® <br />4 <br />Personal Services <br />$ <br />474,020 <br />$ <br />481,181 <br />$ <br />7,161 <br />Operating <br />$ <br />446,100 <br />$ <br />230,825 <br />$ (215,275) <br />Capital Improvements <br />$ <br />760,600 <br />$ <br />1,289,700 <br />$ <br />529,100 <br />Debt Service/Transfers <br />$ <br />132,100 <br />$ <br />233,733 <br />$ <br />101,633 <br />Total <br />$ <br />1,812,820 <br />$ <br />2,235,439 <br />$ <br />422,619., <br />Significant Capital Improvement Projects related to this fund are as follows: <br />West Concord Drive drainage improvements - $150,000, <br />Oxford Road drainage improvements - $359,000, and <br />Lining Casselton Drive pipes and crossings - $409,000. <br />Interfund transfers increased due to an increase in allocated overhead. Overhead is allocated based on <br />actual City-wide relative spending that occurred in the most recently closed fiscal year. A spike in <br />spending for the Stormwater Fund in FY12 affected the transfer in FY 2014. It will likely go back down in <br />the next year. <br />COMMUNITY REDEVELOPMENT AGENCY (CRA) <br />The CRA is supported jointly by the City of Casselberry and Seminole County governments. Tax <br />Increment Funding (TIF) supports this fund. TIF is the dollar value of taxes levied on properties within <br />the CRA boundaries in excess of base taxable values at the time of the CRA inception. Since the CRA was <br />created, property taxes collected on appreciated taxable values return to the CRA in order to pay for the <br />economic development initiatives within the CRA. TIF revenues have significantly been declining and <br />mirror the decline in taxable value for ad valorem. <br />For FY 2014 the General Fund expects to contribute $213,791 in TIF from the City to the CRA. An <br />amount of $191,239 is budgeted for TIF to be contributed by Seminole County. <br />The FY 2014 Proposed Budget includes a capital expenditure for land acquisition in the amount of <br />$550,000. If distributed, it will draw down the CRA fund balance. The budget item targets the purchase <br />of a yet unidentified parcel of land for the purpose of economic development and/or the elimination of <br />blight. <br />A-11 <br />Expenditure by Type: <br />Personal Services <br />$ <br />- <br />$ <br />- <br />$ - <br />Operating <br />$ <br />171,900 <br />$ <br />212,000 <br />$ 40,100 <br />Capital Improvements <br />$ <br />550,000 <br />$ <br />550,000 <br />$ - <br />Debt Service/Transfers <br />$ <br />133,200 <br />$ <br />133,200 <br />$ - <br />Total <br />$ <br />855100 <br />$ <br />895,200 <br />$ 40,100 <br />The FY 2014 Proposed Budget includes a capital expenditure for land acquisition in the amount of <br />$550,000. If distributed, it will draw down the CRA fund balance. The budget item targets the purchase <br />of a yet unidentified parcel of land for the purpose of economic development and/or the elimination of <br />blight. <br />A-11 <br />