CIP - FY 2025-29 FINAL - Flipbook - Page 21
Capital Improvement Plan
Community Redevelopment Agency Trust Fund
The funding source for projects in this fund is Tax Increment Financing (TIF), which is a specific
geographical area designated to create redevelopment opportunities within the Community
Redevelopment Agency (CRA) and boost the tax base to increase annual TIF payments from
participating local governments. Each year the City of Eustis, the Lake County Board of County
Commissioners, and the Lake County Water Authority contribute to these TIF payments.
Legally restricted, funding is used exclusively to fund activities and projects within the defined
limits of the CRA. Revenue and expenditure projections were previously discussed on page 5.
By taking advantage of this unique funding source, the City seeks to foster new development and
redevelopment and bolster its tax base, ultimately contributing to the overall success and
prosperity of the community within the CRA.
CRA Funding Analysis:
Over the next five years, the total estimated cost of projects and operating costs is $5,958,640, with
a projected ending fund balance of $5,732,569, allowing for additional projects that may arise.
However, the City obtained a loan to purchase three downtown lots in FY 2020/21 with a balloon
payment due in September, 2025. In regard to the loan, the City has two options.
The first option involves selling the three downtown lots in FY 2024/25, providing the necessary
funding to fulfill the projected requirements. The second option requires the City to refinance the
existing loan. The Commission may choose to use the cash collateral on the loan or the cash from
the sale of the land to support the completion of the envisioned initiatives.
Table 3
Com m unity
Redevelopm ent Agency
Fund Balance, Beginning
of the Year
$
Revenue
Interest Earnings
Debt Proceeds
Transfer from Other Funds
Total Revenue
Actual
Actual
Estim ated
Proposed
Projected
Projected
Projected
Projected
FY 21-22
FY 22-23
FY 23-24
FY 24-25
FY 25-26
FY 26-27
FY 27-28
FY 28-29
2,072,047
$
2,354,994
$
2,924,991
$
1,859,784
$
2,202,171
$
3,056,741
$
3,934,799
$
4,824,948
369,013
461,736
628,214
624,673
489,856
504,551
519,688
535,278
8,594
85,380
65,000
80,000
65,000
66,950
68,959
71,027
-
-
-
-
-
-
2,527,558
-
486,418
610,882
784,683
896,578
808,223
832,470
857,444
883,168
864,025
1,157,998
1,477,897
4,128,809
1,363,079
1,403,972
1,446,091
1,489,473
2,936,072
3,512,992
4,402,888
5,988,593
3,565,250
4,460,713
5,380,889
6,314,421
Administration
78,559
158,436
151,818
187,764
149,959
154,458
159,091
163,864
CRA Programs
130,067
3,516
34,230
27,000
37,800
38,934
40,102
41,305
55,000
55,000
55,000
57,750
59,483
61,267
63,105
168,000
173,040
178,231
183,578
Total Funding Available
Less:
CRA Street Lighting
Development Incentives
91,940
62,367
245,000
245,000
115,466
118,885
116,654
2,527,558
-
-
-
Debt Service Interest
83,508
79,264
81,495
71,001
-
-
-
CIP Projects
81,538
110,533
1,858,907
673,100
95,000
100,000
117,250
130,000
581,078
588,001
2,543,104
3,786,423
508,509
525,914
555,942
581,852
Debt Servce Annual Princip
Total Expenditures
Net Operating Incom e
(Loss)
Fund Balance, End of Year $
282,947
2,354,994
569,997
$
2,924,991
(1,065,207)
$
1,859,784
342,386
$
2,202,171
854,570
$
3,056,741
878,057
$
3,934,799
-
890,149
$
4,824,948
907,621
$
5,732,569
NOTES:
1. Beginning Fund Balance in FY 2023/24 ties with ACFR for FY 2022/23 Year-end balance
2. Revenue Projections going forward include a 3% annual increase for FY 2024/29
3. CIP Expenditure projections for 2024/29 are based on estimated costs for CIP projects
4. Assumes that project budgets are fully spent each year going forward
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