Book 3 Page 31819 03/16/15 2:30 P.M. MINUTES OF THE SPECIAL SARASOTA COMMUNITY REDEVELOPMENT AGENCY MEETING MARCH 16, 2015 PRESENT: Chair Willie Shaw, presiding, Vice Chair Susan Chapman, Members Suzanne Atwell, Eileen Normile, and Stan Zimmerman, and Exeçutive Director Thomas Barwin, Attorney Robert Fournier, and Secretary Pamela Nadalini ABSENT: None The meeting of the Community Redevelopment. Agency (CRA) was called to order by Chair Shaw at 3:32 p.m. 1. APPROVAL RE: MINUTES OF THE SPECIAL COMMUNITY REDEVELOPMENT AGENCY MEETING OF JANUARY 20. 2015 (AGENDA ITEM CRA-1) Chair Shaw noted Community Redevelopment Agency Board consensus to approve the minutes of the Special Community Redevelopment Agency (CRA) meeting of January 20, 2015. 2. APPROVAL RE: COMMUNITY REDEVELOPMENT AGENCY ANNUAL FINANCIAL REPORT AND REPORT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014 (CRA-2) Deputy Financial Administration Director Kelly Strickland, Financial Administration Department, came before the CRA and stated that in accordance with Section 163.387(8), Florida Statutes; that the CAFR is complete and was audited by Purvis, Gray and Company, LLP (Purvis Gray); that the Agenda request fulfills the following two requirements: 1) CRA shall provide for an audit report of the trust fund each fiscal year and a report of such audit to be prepared by an independent Certified Public Accounting (CPA) firm. The Comprehensive Annual Financial Report (CAFR) of the trust fund shall describe the amount and the source of deposits into and the amounts and purposes of withdrawal from the trust fund during the fiscal year (FY) and the amount of principal and interest paid during the year of any indebtedness to which increment revenues are pledged and the remaining amount of such indebtedness. The CRA is authorized to transact business and exercise powers with the governing body, on or before March 31st of each year. The report shall include a complete financial statement setting forth assets, liabilities and income and operating expenses as of the ending FY. 2) The CRA shall publish in the newspaper of general circulation in the community a Notice to the effect that such a Report has been filed with the County or the municipality and that the Report is available for inspection during business hours in the Office of the City Auditor and Clerk or the agency. Ms. Strickland gave a recap of the CRA from FY: 2014 as follows: Revenues $7,531,311 an increase of $616,3000 Expenditures $9,800,203 Debt Service payments on bonds and loans $3,543,913 CRA Initiatives $3,606,544. A/O September 30, 2014 General Fund Services $2,649,746 amount spent Remaining CRA outstanding Debt $7,006,431, A/O September 30, 2014 CRAI Fund Balance $14,392,022. A/O September 30, 2014 Ms. Strickland stated that specific statements which represent the CRA can be found in the CAFR such as the independent auditors' report since the CRA is presented in the CAFR as a major fund. In response to a question from Member Zimmerman asking if the CRA sunsets, the funds allocated as of today for the CRA districts will no longer be required to be spent in those districts and if the funds included in the General Fund will be available to be spent Citywide as the requirement is to spend CRA funds in CRA districts ceases with the sunsetting of the CRA, Ms. Strickland stated that is correct. In response to a question from Member Zimmerman about the increased budgeted amount of the Way-Finding Signage Project from $32,000 to $222,000, since the understanding is the proposed Way-Finding Signage Project was placed on hold, Ms. Strickland stated that each FY new money is allocated for the Way-Finding Signage Project, as the result of any monies from previous years not being spent and carried forward. In response to a question from Member Zimmerman asking if Staff has a high degree of confidence the CRA accounts will close with no requirements for additional funding from the General Fund, if the CRA sunsets in approximately 18 months, especially since the City has an outstanding Debt Service balance of approximately $7 million, Ms. Strickland stated yes, Staff is confident; that the Debt Service has been planned over the years to be paid off along with projects in the pipeline prior to the sunsetting of the CRA. In response to a question from Member Zimmerman asking if proposed projects are being planned if the CRA should be extended, Executive Director Barwin stated that conceptual ideas and conversations are underway about the Bayfront along with conversations about economic development in North Sarasota to create jobs. In response to questions from Member Normile about the cost of $725,404 for the Newtown-North Sarasota Redevelopment Division, Neighborhood and Development Services (NDS) Department, the number of Staff members at that locations and if Staf can provide a cost break-out for the two offices, Ms. Strickland stated that the cost of $725,404 is for Staffing the Downtown and Newtown-North Sarasota Redevelopment Offices; that the Downtown Office is comprised of a Chief Planner and the Newtown-North Office is comprised of a General Manager along with Staff members; that Staff will provide to the CRA Board members a cost break-out of the two offices. A motion was made by Member Zimmerman, seconded by Member Normile and carried by a 5-0 vote to receive and accept the Annual Financial Report and the Report of Activities for the fiscal year (FY) ended September 30, 2014. 3. ADJOURN Chair Shaw. adjourned the meeting at 3:45 p.m. hAo S WILLIE CHARLES SHAW, CHAIR ATTÈST $ Ocy WAO ). PAMELAI M. NADALINI, SECRETARY Book 3 Page 31820 03/16/15 2:30 P.M.