MINUTES OF THE SPECIAL SARASOTA COMMUNITY REDEVELOPMENT AGENCY MEETING OF MARCH 21, 2011 PRESENT: Chair Kelly M. Kirschner, presiding, Vice Chair Fredd "Glossie" Atkins, Members Suzanne Atwell, Richard Clapp, and Terry Turner, Executive Director Robert J. Bartolotta, Deputy Attorney Michael Connolly, and Secretary Pamela M. Nadalini ABSENT: None The meeting of the Community Redevelopment Agency (CRA) was called to order by Chair Kirschner at 3:06 p.m. 1. APPROVAL RE: MINUTES OF THE SPECIAL COMMUNITY REDEVELOPMENT AGENCY MEETING OF FEBRUARY 7, 2011 (AGENDA ITEM CRA-1) Chair Kirschner noted CRA consensus to approve the minutes of the Special CRA meeting of February 7, 2011. 2. PRESENTATION RE: COMMUNITY REDEVELOPMENT AGENCY ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2010, WHICH IS INCLUDED IN THE CITY'S COMPREHENSIVE ANNUAL FINANCIAL REPORT (AGENDA ITEM CRA-2) Finance Director Christopher Lyons and Deputy Finance Director Kelly Strickland, Financial Administration Department, came before the CRA. Mr. Lyons stated that Section 163.387(8), Florida Statutes, requires every CRA provide an audit and annual financial report of the audit each fiscal year; that the total revenues, ad valorem property taxes, and investment earnings decreased; that a significant portion of Tax Increment Financing (TIF) funds was expended on the Palm Avenue Parking Garage with the remaining TIF funds expended on miscellaneous projects and transfers out of the Community Redevelopment Area; that approximately $17 million is appropriated to projects already approved; that a decrease in TIF funds for fiscal year (FY) 2011/12 is anticipated which will involve the reallocation of funds for projects; and displayed and gave a presentation concerning the Governmental Funds Balance Sheet and the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances, Comprehensive Annual Financial Report for the fiscal year ended September 30, 2010. A discussion ensued concerning the 2 percent rate of return on investment and the standard practice of changing independent audit firms. A motion was made by Member Clapp, seconded by Vice Chair Atkins, and carried by a 5-0 vote to receive and accept the Community Redevelopment Agency Annual Financial Report for the fiscal year ended September 30, 2010. 3. ADJOURN Chair Kirschner adjourned the meeting at 3:21 p.m. A KÉLLY M. KIRSCHNER, CHAIR ATTEST: OMWD PAMELAM NADALINI, SECRETARY DRAFT 1 Page 31726 03/21/11 2:30 P.M.