Higher valuations gives CRA budget revenues a boost
The South Cape Community Redevelopment Agency approved a proposed budget for fiscal year 2024 with additional funds to be used for programs.
Due to increased property valuations, an increase in the ad valorem tax of $1,225,365 is projected.
The 2024 proposed budget is $5,920,879 with projections of $6,157,715 for FY2025, $6,404,024 for 2026, $6,660,186 for 2027 and $6,933,101 for 2028.
The CRA is funded with the difference in property tax revenue between its established baseline valuation and current valuation. The city and Lee County receive the taxes at the baseline level.
The increased revenue projected this year was recommended to put towards business and economic incentives within the CRA district.
CRA Executive Director and interim City Manager Michael Ilczyszyn said what they are asking is to allocate the additional revenue into the incentive budget, which has different grant programs.
“We are asking you to amend what you previously adopted to take additional revenue and put it out there to the private sector to do more with,” he said. “This money is now going to be additional funding for all of our programs.”
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