REVENUES
The primary revenue of the Midtown Redevelopment District is generated by the portion of property taxes generated by taxable property values above the base level of $ 60,641,706 established when the CRA was created, as generated by the City of Daytona Beach, Volusia County, and Halifax Hospital. In FY 2024/25, the CRA’s TIF revenues totaled $ 1,228,020. The budgeted equivalent TIF revenues for the current year total $ 1,367,508. MIDTOWN REVENUES
The primary revenue of the Midtown Redevelopment District is generated by the portion of property taxes generated by taxable property values above the base level of $ 60,641,706 established when the CRA was created, as generated by the City of Daytona Beach, Volusia County, and Halifax Hospital. In FY 2024/25, the CRA’s TIF revenues totaled $ 1,228,020. The budgeted equivalent TIF revenues for the current year total $ 1,367,508.
Midtown Taxable Property Values
The chart provided indicates the total taxable value, segregated into the base and increment. The base represents the taxable value when the CRA was established in 1997. The district is scheduled to expire in 2036.
0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 180,000,000
Increment Base
FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025
The chart provided indicates the total taxable value, segregated into the base and increment. The base represents the taxable value when the CRA was established in 1997. The district is scheduled to expire in 2036.
EXPENDITURES
EXPENDITURES The expenditures for FY 2024/25 included the following:
The expenditures for FY 2024/25 included the following: • $ 321,173 for scheduled bond payments. The bonds will be paid off in 2028 and 2036. • $ 157,988 for personal services and benefits • $ 321,477 for operating expenditures. The largest operating expenditures were for grant expenditures ($109,303), projects ($65,286), professional services – other ($84,576), demolitions and condemnations ($18,572) and utilities ($12,123). EXPENDITURES – FUND 303 The expenditures for FY 2024/25 consisted of the following: • The Midtown CRA issued a bond in 2023, which resulted in an additional $6,452,500 available funds which are maintained in a separate fund. There is a remaining balance of $1,196,200. And there were expenditures of $3,510,075 using this debt in Fy 2025 for capital improvements.
• $ 321,173 for scheduled bond payments. The bonds will be paid off in 2028 and 2036. • $ 157,988 for personal services and benefits • $ 321,477 for operating expenditures. The largest operating expenditures were for grant expenditures ($109,303), projects ($65,286), professional services – other ($84,576), demolitions and condemnations ($18,572) and utilities ($12,123). EXPENDITURES – FUND 303 The expenditures for FY 2024/25 consisted of the following: • The Midtown CRA issued a bond in 2023, which resulted in an additional $6,452,500 available funds which are maintained in a separate fund. There is a remaining balance of $1,196,200. And there were expenditures of $3,510,075 using this debt in Fy 2025 for capital improvements.
2024-25 CRA Annual Report | 25 | Return to Table of Contents
Powered by FlippingBook