CRA FY 2025-26 Project Balance Report

Summary

This report details the Community Redevelopment Agency (CRA) FY 2025-26 project balances, highlighting numerous project delays, cancellations, and additions since the budget adoption. The report indicates a total deficit of $111,962.29 across all categories. Key financial areas with significant variances include:

• Professional Services: Budgeted at $600,000, with only $3,000 approved, leaving a balance of $597,000. Projects like Walter Martin Road Streetscape are in progress, while Miracle Strip Pkwy SW Streetscape is on hold. A $3,000 grant processing fee was approved for a potential Coastal Partnership Initiative (CPI) Grant for Sound Park, which could require a $60,000 match if awarded.
• Improvements other than buildings: Budgeted at $175,000, but approved expenses total $379,824.39, resulting in a negative balance of $350,927.39. This category includes unbudgeted projects like the Downtown Gateway Entrance Sign ($99,826.39), Dumpster Enclosures ($150,000), and Presidio Power Line relocation ($146,103).
• Grants and Aids: Budgeted at $120,000, with approved expenses of $123,811.47 and projected expenses of $275,303.43, leading to a negative balance of $279,114.90. This is largely due to the new Nuisance/Blight Mitigation project, including Steamboat Landing demolition ($200,000).

Staff is requesting guidance on prioritizing expenditures to balance the budget.

Citizen Impact

Residents may experience delays or cancellations of planned improvements such as streetscapes and park upgrades due to the CRA's budget deficit. The agency is seeking direction on prioritizing projects, which could impact the scope and timeline of community development initiatives.

Confidence

high