BOARD AGENDA ITEM
SUBJECT:
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AR-2025-0342: Presentation about the Economic Development Department Budget and the Community Redevelopment Agency Budget.
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DEPARTMENT:
Economic Development
SUMMARY:
For Fiscal year 2025-2026, the Community Redevelopment Agency (CRA) is anticipated to generate $641,870. CRA revenue is generated from both County property tax and Edgewater property tax. Volusia County’s revenue must be used for public infrastructure. City staff are proposing to continue the Small Scale Façade Improvement and Large Scale Façade Improvement grants. In addition, City staff have allocated the remaining portion of City funds towards property acquisition on E Park Avenue to facilitate the creation of a Main Steet. City staff have allocated the County’s funds toward the renovation of E Park Avenue.
Figure 1: CRA Revenue 2016-2026
Figure 2: 2025-2026 CRA Budget
Below, City staff have included the adopted 2024-2025 budget and the proposed 2025-2026 Economic Development Department budget. City staff eliminated $3,270 in expenses within the Economic Development budget. City staff eliminated attending both the FRA Conference and the Economic Development Council Conference for a savings of $4,000. City staff increased operating supplies from $500 to $2500 to account for new employees and decrease Miscellaneous promotional materials from $2,500 to $500. City staff added $1,000 for books, classes and memberships, which was an increase from $1,000 to $2,000.
RECOMMENDED ACTION:
Motion to recommend approval of the CRA and Economic Development Department Budget.