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July 9, 2013 <br />City of Casselberry <br />City Manager <br />95 Triplet Lake Drive, Casselberry, Florida 32707 - Telephone (407) 262-770o, Ext. <br />113o Fax (407) 262-7745 ° Email inewlon@casselberiy.org <br />Ms. Charlene Glancy, Mayor/Commissioner <br />Ms. Sandra Solomon, Vice Mayor/Commissioner <br />Mr. Anthony Aramendia, Commissioner <br />Mr. Gene Fry, Commissioner <br />Ms. Colleen Hufford, Commissioner <br />Re: Proposed Fiscal Year 2014 Budget <br />Honorable Mayor and Members of the City Commission: <br />I am pleased to present for your consideration the Proposed Operating and Capital Budget for the City <br />of Casselberry for Fiscal Year (FY) 2013/2014, including the City's Capital Improvement Program (CIP) for <br />FY 2014 — FY 2018. <br />Looking forward to FY 2014 the City sees circumstances much changed from where they were in recent <br />years. Florida Gross Domestic Product is projected to achieve a healthy level of growth at 2.1%. The <br />unemployment rate for Seminole County will go down to between 5.5% and 6.5%. Interest rates will <br />remain low and housing starts in Florida will grow from 780,000 in 2012 to 1,180,000 in 2014. The City <br />is seeing the glut of foreclosures wane as property values overall have seen their first year of meaningful <br />growth. <br />The City is positioned to take advantage of all opportunities. Approximately twenty acres of City -owned <br />land held for redevelopment are presently in negotiations to be sold to developers. If agreed to, ground <br />may break during FY 2014 on a mixed use development consisting of 200 luxury apartments, four <br />destination restaurants, some office/retail and park -like amenities that add to Lake Concord Park with <br />an extended walking experience highlighted by intermittent sculpture placements, water bodies with <br />fountains, and the capacity for pop-up retail which could allow the City to host more ambitious events <br />like art festivals. The project has the potential to attract even more development and add value to <br />nearby properties. <br />Planning for the Neighborhood Rehabilitation Program is being completed in FY 2013. FY 2014 will see <br />the construction of the Triplet Lake Drive Signature Street project, milling and resurfacing of areas 1- 7, <br />and the reconstruction of parts of Oxford Road and S. Triplet Lake Drive. Additional money will be <br />appropriated in FY 2014 for these projects and also for additional tree planting. The City will be <br />exploring other ways to support its neighborhoods. Funding is provided for a new neighborhood grant <br />program beginning at $50,000 to be administered by the Community Development Department. <br />A-1 <br />