CIP FY 26-30 Final - Flipbook - Page 18
Community Redevelopment Agency Trust Fund
The funding source for projects in this fund is Tax Increment Financing (TIF), which is a geographically
defined area designated to create redevelopment opportunities within the Community
Redevelopment Agency (CRA) and boost the tax base in order 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 TIF payments to the CRA.
Legally restricted, funding is used exclusively to fund activities and projects within the defined limits
of the CRA. By taking advantage of this unique funding source, the City seeks to foster new
development and redevelopment, ultimately contributing to the overall success and prosperity of the
community within the CRA.
CRA Funding Analysis:
CRA Funding is projected to increase by approximately the same percentage that General Fund Ad
Valorem revenues are projected to increase, conservatively estimated at 5% per year for FY 2026/30.
The total FY 2026/30 CRA revenue estimate is $9,633,856 which is more than the total revenue needed
to fund all projects and other expenses of this fund. Considering inflation, commodities and services
were estimated at a 5% cost increase and a corresponding expenditure increase has been applied
for FY 2026/30.
Over the next five years, the total estimated cost of projects and operating costs is $7,715,263, with a
projected ending reserve for future projects balance of $4,687,069, allowing for significant future
projects. The City obtained a loan to purchase three downtown lots in FY 2020/21 with a balloon
payment due in September, 2025. Staff is currently working on refinancing options.
Com m unity Redevel. Agency
Reserve for Future Projects, BOY
Estim ated
Proposed
Projected
Projected
Projected
Projected
FY 24-25
FY 25-26
FY 26-27
FY 27-28
FY 28-29
FY 29-30
$
3,604,129
$
2,768,476
$
3,113,138
$
3,500,368
$
3,888,107
$
4,281,035
Revenue
624,673
642,621
674,752
708,490
743,914
781,110
Interest Earnings
80,000
175,000
180,250
185,658
191,227
196,964
Debt Proceeds
2,527,558
-
-
-
-
894,715
970,755
999,878
Transfer from Other Funds
1,029,874
-
1,060,770
1,092,593
Total Revenue
4,126,946
1,788,376
1,854,880
1,924,021
1,995,912
2,070,667
Total Funding Available
7,731,075
4,556,852
4,968,018
5,424,389
5,884,019
6,351,702
189,000
289,900
304,395
319,615
335,595
352,375
-
275,814
289,605
304,085
319,289
335,254
Housing Rehab
143,000
130,000
100,000
100,000
100,000
100,000
CRA Street Lighting
55,000
58,000
60,900
63,945
67,142
70,499
Development Incentives
162,500
255,000
267,750
281,138
295,194
309,954
200,000
Less:
Administration
Transfers Out (Salaries / Officer)
Debt Service Annual Principal
2,527,600
180,000
185,000
190,000
195,000
Debt Service Interest
72,400
60,000
55,000
50,000
45,000
40,000
Non Departmental Special Projects
100,000
100,000
105,000
110,250
115,763
121,551
CIP Projects
Total Expenditures
Net Operating Incom e (Loss)
Reserve for Future Projects
1,713,100
95,000
100,000
117,250
130,000
135,000
4,962,600
1,443,714
1,467,650
1,536,282
1,602,984
1,664,633
(835,654)
$
2,768,476
344,662
$
3,113,138
387,230
$
3,500,368
387,739
$
3,888,107
392,928
$
4,281,035
NOTES:
1. Beginning Reserve for Future Projects in FY 2024/25 ties with ACFR for FY 2023/24 year-end balance
2. CIP Expenditure projections for FY 2026/30 are based on estimated costs for CIP projects
3. Assumes that project budgets are fully spent each year going forward
14
406,034
$
4,687,069
