REVENUES
The primary revenue of the Main Street Redevelopment District is generated by the portion of property taxes generated by taxable property values above the base level of $ 68,695,639 established when the CRA was created, as generated by the City of Daytona Beach, Volusia County, and Halifax Hospital. In FY 2023/24, the CRA’s TIF revenues totaled $ 5,605,020.16. The budgeted equivalent TIF revenues for the current year total $ 6,322,991.
$- $100 $200 $300 $400 $500 $600 $700
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 1981.
Increment Base
The district 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 131
The expenditures for FY 2023/24 included the following: • $ 2,511,260 for scheduled bond payments • $ 104,979.75 for expenditures related to the Main Street Coquina Arch Repair project • $ 309,707.11 for personal services and benefits • $ 367,958.19 for operating expenditures. The largest operating expenditures were for grant expenditures ($ 153,715.90), information systems internal charges ($ 47,243.40), other contractual services ($ 42,874.34), maintenance and repair ($ 26,722.22), and project ($ 25,016.42). EXPENDITURES – FUND 302 • The Main Street CRA refinanced its existing bonds, which resulted in an additional $ 5,155,756 in available funds which are maintained in a separate fund. • In FY 2023/24, $ 51,756.55 was expended on costs related to the Debt – Main Street CRA Improvements project.
2023-2024 CRA Annual Report | 21
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