REVENUES
The primary revenue of the Midtown Redevelopment Area is generated by the portion of property taxes determined by taxable property values above the base level of $60,641,706 established when the CRA was created in 1997, as generated by the City of Daytona Beach, Volusia County and Halifax Hospital. In FY 2023/24, the CRA’s TIF revenues totaled $1,033,077.64. The budgeted equivalent TIF revenues for the current year total $1,228,305.
$100 $120 $140 $160 $180
The following chart indicates the total taxable value, segregated into the base and increment. The base represents the taxable value when the CRA was established in 1997.
Increment Base
$- $20 $40 $60 $80
The area is scheduled to expire in 2036.
FY 2017/18
FY 2018/19
FY 2019/20
FY 2020/21
FY 2021/22
FY 2022/23
FY 2023/24
EXPENDITURES – FUND 133
The expenditures for FY 2023/24 included the following: • $268,975.1 for scheduled bond payments. The bonds will be paid off in 2028 and 2036. • $3,601.34 for expenditures related to the Land Acquisition project. • $10,842.05 for expenditures related to the West ISB Streetscape project. • $149,718.92 for personal services and benefits • $260,741.41 for operating expenditures. The largest operating expenditures were for projects ($90,363.52), grant expenditures ($73,840.25), professional services – other ($46,538.86), maintenance and repair ($23,964.22) and electricity ($7,821.09). EXPENDITURES – FUND 303
The expenditures for FY 2023/24 consisted of the following: • $1,126,406.61 in the Debt – Midtown CRA Improvements project • $25,000.00 in bond issue costs • $5,779.00 in professional services – contaminated site mitigation costs
5 YEAR CRA Comprehensive Report | 61 | Return to Table of Contents
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