2013/14 Recommended Budget - City of St. George
2013/14 Recommended Budget - City of St. George
2013/14 Recommended Budget - City of St. George
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Review <strong>of</strong> the Ft. Pierce CDA<br />
This fund accounts for revenues received from improvements made by new<br />
companies locating in the Ft. Pierce Business Park in the Community Development<br />
Area (CDA). Family Dollar is the newest business and based on the incentive<br />
agreement the CDA will receive 25% <strong>of</strong> property taxes paid by Family Dollar.<br />
YESCO is receiving an economic incentive <strong>of</strong> $30,000 and 20<strong>14</strong> will be their last<br />
one. $550,000 is the CDA’s portion <strong>of</strong> debt service for the 2007 sales tax bonds<br />
used for the <strong>City</strong>’s portion <strong>of</strong> the Southern Parkway project and Airport Parkway<br />
improvements.<br />
Review <strong>of</strong> the Economic Development Agency Ft. Pierce EDA #1<br />
This fund recognizes property tax revenue from businesses locating in the Ft. Pierce<br />
Business park in the project area #1. Fiscal Year <strong>2013</strong>-20<strong>14</strong> is estimated to have<br />
$378,000 in revenues. Expenditures include the incentive payment <strong>of</strong> $70,000 to<br />
Czarnowski and $75,000 to the <strong>City</strong>’s affordable housing fund. <strong>2013</strong>-20<strong>14</strong> will be<br />
the first some <strong>of</strong> the tax increment will be<br />
returned to the various taxing agencies.<br />
Review <strong>of</strong> the Economic Development Agency<br />
Ft. Pierce EDA #2<br />
This fund accounts for property taxes from<br />
businesses located in EDA #2 boundaries. The<br />
major business receiving incentives in this EDA<br />
is Wells Dairy and $193,000 is programmed for<br />
Wells Dairy per the incentive agreement. This<br />
fund transfers $120,000 to the <strong>City</strong>’s affordable<br />
housing fund. $265,000 has been budgeted<br />
from this fund for debt service payments for<br />
the 2007 sales tax bonds which funded<br />
improvements on the Southern Corridor and<br />
Airport Parkway.<br />
Review <strong>of</strong> the Sales Tax Bonds Capital Project Fund<br />
This fund accounts for proceeds from the issuance <strong>of</strong> 2007 sales tax revenue bonds.<br />
All projects will basically be finished from this bond issuance by the end <strong>of</strong> Fiscal<br />
Year <strong>2013</strong>. Debt service for <strong>2013</strong>-20<strong>14</strong> is $3,029,744.<br />
Review <strong>of</strong> Affordable Housing Special Revenue Fund<br />
This fund accounts for transfers from Ft. Pierce EDA #1 and EDA #2 which<br />
represents 20% <strong>of</strong> revenues received in these funds. These funds are available for<br />
housing projects as approved by the Mayor and <strong>City</strong> Council with special effort<br />
being given to the historical downtown area. <strong>2013</strong>-20<strong>14</strong> estimates are $195,000.<br />
Review <strong>of</strong> the Police Drug Seizures Fund<br />
This fund is used to account for dollars or assets received from drug seizures made<br />
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