Full Text
MILLCREEK COMMUNITY REINVESTMENT AGENCY RESOLUTION NO. 24-13 A RESOLUTION OF THE MILLCREEK COMMUNITY REINVESTMENT AGENCY AMENDING THE COMMUNITY REINVESTMENT AGENCY (CRA) ANNUAL BUDGET FOR THE FISCAL YEAR BEGINNING JULY 1, 2023 AND ENDING JUNE 30, 2024 WHEREAS, the Millcreek Community Reinvestment Agency (“Agency”) met in regular meeting on June 24, 2024, to consider, among other things, amending the Community Reinvestment Agency (CRA) annual budget for the fiscal year beginning July 1, 2023, and ending June 30, 2024; and WHEREAS, the Agency has adhered to appropriate public hearing requirements as required by law. NOW, THEREFORE, BE IT RESOLVED that the Millcreek Community Reinvestment Agency amends the annual budget for fiscal year beginning July 1, 2023, and ending June 30, 2024. This Resolution, assigned No. 24-13, shall take effect immediately upon passage and acceptance as provided herein. PASSED AND APPROVED this 24th day of June, 2024. MILLCREEK COMMUNITY REINVESTMENT AGENCY ATTEST: Jeff Silvestrini, Chair Elyse Sullivan, Agency Recorder Roll Call Vote: Silvestrini Yes No Catten Yes No DeSirant Yes No Jackson Yes No Uipi Yes No ---PAGE BREAK--- Acct Number Acct Description Original Budget Current Budget Projected Amount Budget Amendment Final Budget Comments / Budget Notes Fund: 201 - CRA Millcreek Center Fund Revenue 201-3100-3101 Tax Increment - Millcreek Prop Taxes 70,000 70,000 91,560 21,560 91,[PHONE REDACTED]-3334 Tax Increment - Other Governments 280,000 280,000 654,009 374,009 654,[PHONE REDACTED]-3601 Miscellaneous Revenue 201-3600-3610 Interest Income 201-3700-3720 Interfund Loan Proceeds 445,300 445,300 1,852,015 1,406,715 1,852,015 PY interfund loan amts were reversed on 07/01 subsequent FY - no amts were actually transferred from West Millcreek to cover bond Series 2019 debt service Total Amendments - Revenue 1,802,284 Expenditures 201-5310-2700 Tax Increment Commitments 18,000 18,000 36,050 18,050 36,050 Interlocal Agreement requires 25% of increment from SLCo's tax levies to be remitted to County 201-5310-2710 Housing Projects 52,500 52,500 (52,500) - 201-5310-2900 Administrative Expenses 2,000 2,000 62,809 60,809 62,809 5% x tax increment $ 25,530 for Gen Fund Admin FY2020 - 2023 $ 1,500 for FY2024 Series 2019 Trustee Fees $ 35,778 for FY2024 Gen Fund Admin 201-9000-9010 Transfer to CRA Housing Fund 192,925 192,925 192,925 Transfer to CRA Housing Fund: 15% x tax increment $ 6,985 - FY2021 $ 22,091 - FY2022 $ 52,014 - FY2023 $118,835 - FY2024 201-9000-9020 Budgetary Addition to Fund Balance 1,583,000 1,583,000 Total Amendments - Expenditures 1,802,284 - Fund: 202 - CRA West Millcreek Fund Revenue 202-3100-3101 Tax Increment - Millcreek Prop Taxes 320,000 320,000 (87,000) 233,000 $ 232,415 = actual increment 202-3330-3334 Tax Increment - Other Governments 1,280,000 1,280,000 351,000 1,631,000 $1,630,944 = actual increment 202-3610-0000 Interest Income 250 250 - [PHONE REDACTED]-3920 Budgetary Use of Fund Balance 1,609,080 1,609,080 Interfund loans - CRA funds 201 & 204 Total Amendments - Revenue 1,873,080 Expenditures 202-5310-2700 Tax Increment Commitments 230,000 230,000 225,360 230,000 Tax sharing agreement w/ Artesian Springs 202-5310-2710 Housing Projects 320,000 320,000 (320,000) - 202-5310-2900 Administrative Exp 64,000 64,000 158,500 222,500 Admin Charges FY2020-2024 less professional service exp in FY2021 & FY2022 202-5310-9010 Transfer to Other Funds 445,300 457,925 1,406,715 1,864,640 $1,852,015 - Series 2019 Debt Svc $ 12,625 - Olympus Hills - prof services 202-9000-9010 Transfer to CRA Housing Fund (20%) 1,156,190 1,156,190 20% x tax increment $ 23,960 - FY2020 $ 237,898 - FY2021 $ 226,364 - FY2022 $ 319,128 - FY2023 $ 372,672 - FY2024 202-5310-9020 Budgetary Addition to Fund Balance 540,950 528,325 (528,325) - Total Amendments - Expenditures 1,873,080 - ---PAGE BREAK--- Acct Number Acct Description Original Budget Current Budget Projected Amount Budget Amendment Final Budget Comments / Budget Notes Fund: 203 - CRA Woodland Ave Fund Revenue 203-3110-0000 Tax Increment - Millcreek Prop Taxes 2,000 (580) 1,[PHONE REDACTED]-0000 Tax Increment - Other Governments 5,000 1,740 6,740 Total Amendments - Revenue 1,160 Expenditures 203-5310-2900 Administrative Expenses 410 410 5% x tax increment for administrative costs 203-9000-9010 Transfer to CRA Housing Fund (15%) 1,225 1,225 15% x tax increment 203-9000-9020 Budgetary Addition to Fund Balance 7,000 (475) 6,525 Tax increment committed for the construction of MC Phase II Total Amendments - Expenditures 1,160 - Fund: 204 - CRA Olympus Hills Fund Revenue 205-3700-3720 Interfund Loan Proceeds 12,625 12,625 12,625 from West Millcreek CRA to pay for professional services until Olympus Hills CRA has sufficient tax increment Total Amendments - Revenue 12,625 Expenditures 205-5310-3100 Professional Services 12,625 12,625 12,625 Total Amendments - Expenditures 12,625 -