Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
06-04-2024 Agenda Packet
FIFTY WEST OCOEE COMMUNITY REDEVELOPMENT AGENCY Ocoee Commission Chambers 1 N. Bluford Avenue Ocoee, Florida June 4, 2024 • CALL TO ORDER AGENDA 111 .t -Al za Jt Roll Call and Determination of Quorum • PUBLIC COMMENTS • OLD BUSINESS • NEW BUSINESS 1. Approval of Minutes of the March 05, 2024 CRA Board Meeting 2. 2023 Audit Presentation 3. 2024 Budget Amendment • MISCELLANEOUS 1. Project Updates 2. Outreach 31*6 _ r o eZeyH414`� •ADJOURNMENT NOTICE: IN ACCORDANCE WITH FLORIDA STATUTE 286.0105: ANY PERSON WHO DESIRES TO APPEAL ANY DECISION AT THIS MEETING WILL NEED A RECORD OF THE PROCEEDINGS AND FOR THIS PURPOSE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE WHICH INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS BASED. IN ACCORDANCE WITH FLORIDA STATUTE 286.26: PERSONS WITH DISABILITIES NEEDING ASSISTANCE TO PARTICIPATE IN ANY OF THESE PROCEEDINGS SHOULD CONTACT THE OFFICE OF THE CITY CLERK, 1 N. BLUFORD AVENUE, OCOEE, FL 34761, (407) 905 -3105, 48 HOURS IN ADVANCE OF THE MEETING. Page 1 of 54 FIFTY WEST OCOEE COMMUNITY REDEVELOPMENT AGENCY Ocoee Commission Chambers 1 N. Bluford Avenue Ocoee, Florida March 5, 2024 MINUTES 5:00 PM CRA REGULAR MEETING • CALL TO ORDER Chair Wilsen called the Community Redevelopment Agency Board to order at 5:00 PM in the Commission Chambers of City Hall. City Clerk Sibbitt called roll and declared a quorum present. Roll Call: Chair Wilsen, Vice -Chair Kennedy, Member Johnson, Member Firstner, Member Hart, Member June, and Member Koovakada. Absent: None Also Present: Assistant City Manager Shadrix, Deputy Development Services Director/CRA Administrator Corless, Redevelopment Program Manager Vaca, City Attorney Geller, and City Clerk Sibbitt • PUBLIC COMMENTS No speaker reservation forms were received. • OLD BUSINESS - None • NEW BUSINESS Approval of Minutes of the December 5, 2023 CRA Board Meeting Member Johnson, seconded by Member Hart, moved to approve the CRA Regular Meeting Minutes of December 5, 2023, as presented. Motion carried 7-0. • MISCELLANEOUS Redevelopment Plan Update Deputy Development Services Director/CRA Administrator Corless introduced the representatives from GAI Community Solutions Group in attendance. She further explained the evaluation process to consider expanding the Fifty West District to include identified enclaves and West Oaks mall parcels, and detailed the desire to create a Downtown Redevelopment District to be administered by the Ocoee CRA Board. She further delineated the next steps for updating the Redevelopment Plan, and explained that staff is seeking to extend the sunset date of the Fifty West Redevelopment District from 2036 to 2046 in accordance with the JPA. Page 2 of 54 CRA Meeting March 5, 2024 Vice -Chair Kennedy inquired about potential strategies and outcomes for the West Oaks Mall, and how its inclusion in the Fifty West District would affect the property owners. Tom Kohler, GAI Consultants, addressed his question and explained the benefits of being included into a CRA. Chair Wilsen inquired why the West Oaks Mall had not been included in the original CRA. Mr. Kohler addressed her question. Member Hart inquired if the expansion to include the West Oaks Mall in the Fifty West District requires the property owners' cooperation or approval. Mr. Kohler addressed his question. Deputy Development Services Director/CRA Administrator Corless further shared that the addition of an overlay would be discussed regarding a community aesthetic and what could be added from a land -use standpoint. Chair Wilsen inquired about annexing the enclaves. Deputy Development Services Director/CRA Administrator Corless and Mr. Kohler addressed her question. Vice -Chair Kennedy reiterated that the largest [West Oaks Mall] tenant is Orange County and inquired if their tenancy would provide an advantage to the City when seeking County approval for the proposed Redevelopment Plan Update. Mr. Kohler addressed his question and explained the difference between expanding the existing Fifty West District to include the West Oaks Mall versus creating a new Downtown Redevelopment District, with respect to current Orange County policy. Discussion ensued. Assistant City Manager Shadrix spoke about the importance of creating an overlay to guide development and prevent further blight. He briefly mentioned potential economic impact of redevelopment and bespoke Mr. Kohler's expertise in the Community Redevelopment Agency arena. He further emphasized the importance of strategizing for discussions with Orange County. Member Firstner inquired if the owners of the West Oaks Mall have indicated any future plans. Assistant City Manager Shadrix addressed his question. Discussion ensued. Vice -Chair Kennedy, seconded by Member Hart, moved to approve the finding of necessity and to direct staff to move forward with updating the Redevelopment Plan. Motion carried 7-0. Deputy Development Services Director/CRA Administrator Corless advised that there is a proposed potential change to their June meeting date based on progression of the Redevelopment Plan. 2. South Bluford Avenue Complete Street Deputy Development Services Director/CRA Administrator Corless summarized the phases and funding for the Complete Street project. She emphasized that the CRA cannot act on the City's portion of the project other than forwarding a recommendation to the City Commission. She further explained the project's next steps and recommendations. Discussion ensued. 21g Page 3 of 54 CRA Meeting March 5, 2024 Assistant City Manager Shadrix explained the City's portion of the project budget and shared that the Commission has the ability to budget the additional funding that is needed for the Delaware Street to Geneva Street segment. He delineated various budgeting avenues that can be evaluated and differentiated between the City's funding portion and the CRA's. He further emphasized that City and CRA portions of the project do not need to be exclusive of one another. Member June suggested that the details of the South Bluford Avenue Complete Street Project are too lengthy to discuss at a CRA meeting and proposed the CRA consider a Workshop. Discussion ensued; it was agreed that a Workshop would be set prior to the next CRA meeting. 3. Annual Report Presentation Redevelopment Program Manager Vaca presented the 2023 Annual Report and outlined its contents. Discussion ensued. 4. Meeting Dates Fiscal Year 2023 — 2024 meeting dates: Meeting #3: Tuesday, June 4, 2024, at 5:00 PM (before City Commission Meeting) Meeting #4 (Budget Meeting): Tuesday, September 17, 2024, at 5:00 PM (before City Commission Meeting) • BOARD COMMENTS Chair Wilsen inquired about the banners on Fifty West and asked if they could be replaced. Deputy Development Services Director/CRA Administrator Corless addressed her question. -ADJOURNMENT The meeting was adjourned at 5:49 PM Attest: FT" : • S Melanie Sibbitt, Secretary Chair Page 4 of 54 FIFTY WEST CRC June 4, 2024 To the Honorable Community munity Redevelopment Agency Board The Annual Financial Report (the "Annual Report") of the City of Ocoee, Florida, Community Redevelopment Agency (CRA) for the year ended September 30, 2023, is submitted herewith pursuant to Section 163.337 (), Florida Statutes. State law requires that all Community Redevelopment Agencies publish a 'complete set of financial statements presented in conformitywith accounting principles generally accepted in the United States of America, and that they be audited in accordance with auditing standards generally accepted in the United States of America by a firm of licensed certified public accountants. Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the CRA has established a comprehensive internal control framework that is designed both to protect the government agency from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the agency's financial statements in conformity with Generally Accepted Accounting Principles (GAAP). Because the cost of internal controls should not outweigh their benefits, the A's comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. We encourage readers to consider information provided in the Management Discussion and Analysis' (p.4-7) in conjunction with the information provided in this Transmit tal. The Community Redevelopment Agency's financial statements have been audited by Purvis, Gray and Company, LLP, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the CRA for the fiscal year ended September 30, 2023 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management -,and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the RA's financial statements for the fiscal year ended September 3, 2023, are fairly presented in conformity with accounting principles generally accepted in the United States of America. The auditors noted no material weaknesses in internal control over financial reporting and no instances :of non-compliance or rather matters required to be reported under Government Auditing Standards. Rebecca Roberts, CPA CRA Treasurer City of Ocoee . 1 North Bluford Avenue « Ocoee, Florida 34761 phone: (407) 905-3100 ext. 102 • fax: (407) 905-3167 , www.ocoeecra.com Page 5 of 54 t F I � Y City of Ocoee, Florida lqwwo t Ocoee WEST CRA Community Redevelopment Agency ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2023 Page 6 of 54 FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA SEPTEMBER 30, 2023 TABLE OF CONTENTS Independent Auditor's Report..................................................................................................................1-3 Management's Discussion and Analysis...................................................................................................4-7 Financial Statements Statementof Net Position......................................................................................................................... 8 Statementof Activities.............................................................................................................................. 9 Balance Sheet - Governmental Funds.....................................................................................................10 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds..................................................................................................11 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual.........................................................................................................12 Notes to Financial Statements............................................................................................................13-19 Other Reports Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards...........................................................................20-21 Independent Accountant's Report on Compliance with Section 163.387(6) and (7), Florida Statutes........................................................................................ 22 Independent Accountant's Report on Compliance with Section 218.415, Florida Statutes......................................................................................................... 23 ManagementLetter............................................................................................................................24-26 Page 7 of 54 PURVIs GRAY INDEPENDENT AUDITOR'S REPORT Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida Opinions We have audited the accompanying financial statements of the governmental activities and the major fund of the Ocoee Community Redevelopment Agency (the CRA), a component unit of the City of Ocoee, Florida (the City), as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the CRA's financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the CRA as of September 30, 2023, and the respective changes in financial position and the respective budgetary comparison information for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the CRA, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the CRA's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. CERTIFIED PUBLIC ACCOUNTANTS Gainesville I Ocala d Tallahassee ( Sarasota I Orlando � Tampa ptarvisgray.cam Members ofArnericat and Morida 7nstitntes of Certified P�rmhhc Accounraats An Independent Member of the BDO Alliance USA Page 8 of 54 Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida INDEPENDENT AUDITOR'S REPORT Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we: ■ Exercise professional judgment and maintain professional skepticism throughout the audit. ■ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. ■ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the CRA's internal control. Accordingly, no such opinion is expressed. ■ Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. ■ Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the CRA's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control -related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis (MD&A), as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the MD&A in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about Page 9 of 54 Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida INDEPENDENT AUDITOR'S REPORT the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the MD&A because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report dated March 26, 2024, on our consideration of the CRA's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the CRA's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the CRA's internal control over financial reporting and compliance. March 26, 2024 Ocala, Florida 3 Page 10 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 As management of the City of Ocoee, Florida Community Redevelopment Agency we offer readers of the City of Ocoee Community Redevelopment Agency's financial statements this narrative overview and analysis of the financial activities of the City of Ocoee Community Redevelopment Agency for the fiscal year ended September 30, 2023. Financial Highlights ■ The assets of the City of Ocoee Community Redevelopment Agency (CRA) exceeded its liabilities at the close of the current fiscal year by $8,730,368 (net position). Of this amount, $5,228,309 represents restricted net position, which is to be used to meet the CRA's ongoing obligations to the fund. ■ The CRA's total net position increased by $835,892 or 11%. ■ As of the close of the current fiscal year, the CRA's governmental funds reported an ending fund balance of $5,214,749. The total amount, $5,214,749, is restricted for the purpose of community redevelopment. Overview of the Financial Statements The financial statements focus on the CRA as a whole (government -wide) and on the individual fund. Both perspectives (government -wide and fund) allow the user to address relevant questions, broaden a basis for comparison (year-to-year or government -to -government) and enhance the CRA's accountability. This discussion and analysis is intended to serve as an introduction to the CRA's basic financial statements. The CRA's basic financial statements comprise three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government -Wide Financial Statements The government -wide financial statements are designed to provide readers with a broad overview of the CRA's finances, in a manner similar to a private -sector business. The statement of net position presents information on all of the CRA's assets, liabilities and deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the CRA is improving or deteriorating. The statement of activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). The government -wide financial statements distinguish functions of the CRA that are principally supported by taxes and intergovernmental revenues (governmental activities). The government -wide financial statements include only the CRA itself (known as the primary government). 0 Page 11 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 The government -wide financial statements can be found on pages 8-9 of this report. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The CRA, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. The general fund of the CRA is categorized as a governmental fund. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental fund financial statements focus on near -term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near -term financing requirements. Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government -wide financial statements. By doing so, readers may better understand the long-term impact of the government's near -term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The CRA adopts an annual appropriated budget for the general fund. Budgetary comparison schedule has been provided for the General Fund to demonstrate compliance with the budget on page 12. The basic governmental fund financial statements can be found on pages 10-11 of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to the financial statements can be found on pages 13-19 of this report. Government -Wide Financial Analysis Statement of Net Position As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the CRA, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $8,730,368 at the close of the most recent fiscal year. The following table reflects the condensed statement of net position for the current and prior year. For more details, see the statement of net position on page 8. Page 12 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 Statement of Net Position as of September 30, Assets Current and Other Assets Capital Assets Total Assets Liabilities Current Liabilities Total Liabilities Net Position Net Investment in Capital Assets Restricted Total Net Position Governmental Activities 2023 2022 $ 5,373,428 $ 4,856,401 3,51S,619 3,457,352 8,889,047 8,313,753 158,679 419,277 158,679 419,277 3,502,059 3,082,493 5,228,309 4,811,983 $ 8,730,368 $ 7,894,476 The CRA's net position of $3,502,059 is reflected in investment in capital assets, less any outstanding related debt used to acquire those assets. The CRA uses these capital assets to provide services to citizens, consequently, these assets are not available for future spending. Although the CRA's investment in capital assets is reported net of debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The CRA's net position increased by $835,892 during the current fiscal year. The following table reflects the condensed Statement of Activities for the current year. For more detail seethe Statement of Activities on page 9. Revenues Program Revenues: Capital Grants and Contributions General Revenues: Taxes Miscellaneous Total Revenues Expenses Physical Environment Total Expenditures Increase (Decrease) in Net Position Before Transfers Transfers Transfer to Primary Government Total Transfer Increase (Decrease) in Net Position Net Position, Beginning Net Position, Ending Governmental Activities 2023 2022 $ 345,616 $ 1,904,384 2,313,636 1,820,395 16,738 - 2,675,990 3,724,779 551,700 764,937 551,700 764,937 2,124,290 2,959,842 (1,288,398) - (1,288,398) - 835,892 2,959,842 7,894,476 4,934,634 $ 8,730,368 $ 7,894,476 M Page 13 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 Governmental Activities Governmental activities increased the CRA's net position by $835,892. This was due to increases in taxes received by the CRA. Financial Analysis of the Government's Funds As noted earlier, the CRA uses fund accounting to ensure and demonstrate compliance with finance - related legal requirements. Governmental Funds The focus of the CRA's governmental funds is to provide information on near -term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the CRA's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of September 30, 2023, the CRA's governmental fund reported an ending fund balance of $5,214,749, an increase of $777,625 in comparison with the prior year. The fund balance is restricted for community redevelopment. General Fund Budgetary Highlights During the year, actual revenues were $16,738 more than budgeted revenues and actual expenditures were $5,411,206 less than budgeted expenditures. Revenues were higher than budgeted due to an increase in investment earnings. Expenses were lower than budgeted primarily due to lower capital activity than anticipated. Capital Assets At September 30, 2023, the CRA reported $3,515,619 in capital assets. At year-end, the entire balance was considered construction in progress. Next Year's Budget and Rates During the next fiscal year, the CRA is expecting to incur enough revenues to cover operating expenditures. Requests for Information This financial report is designed to provide a general overview of the City of Ocoee Community Redevelopment Agency's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Director, 1 N Bluford Ave, Ocoee, Florida 34761. N Page 14 of 54 BASIC FINANCIAL STATEMENTS Page 15 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2023 Governmental Activities Assets Cash and Cash Equivalents $ 5,373,426 Due from Other Funds 2 Capital Assets: Capital Assets (Not Being Depreciated) 3,515,619 Total Assets 8,889,047 Liabilities Accounts Payable and Accrued Expenses 145,119 Construction and Retainage Payable 13,560 Total Liabilities 158,679 Net Position Net Investment in Capital Assets 3,502,059 Restricted 5,228,309 Total Net Position $ 8,730,368 The accompanying notes to financial statements are an integral part of these statements. 8 Page 16 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA STATEMENT OF ACTIVITIES YEAR ENDED SEPTEMBER 30, 2023 Functions/Programs Expenses Primary Government Governmental Activities: Physical Environment Total Governmental Activities Net (Expense) Revenue and Changes in Net Program Revenue Position Capital Grants and Governmental Contributions Activities $ 551,700 $ 345,616 $ (206,084) $ 551,700 $ 345,616 (206,084) General Revenues: Taxes 2,313,636 Miscellaneous 16,738 Transfer to Primary Government (1,288,398) Total General Revenues and Transfers 1,041,976 Change in Net Position Net Position, Beginning Net Position, Ending 835,892 7,894,476 $ 8,730,368 The accompanying notes to financial statements are an integral part of these statements. 9 Page 17 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA BALANCE SHEET - GOVERNMENTAL FUNDS SEPTEMBER 30, 2023 General Fund Assets Cash and Cash Equivalents $ 5,373,426 Due from Other Funds 2 Total Assets 5,373,428 Liabilities Accounts Payable 145,119 Construction and Retainage Payable 13,560 Total Liabilities 158,679 Fund Balance Restricted for Community Development 5,214,749 Total Fund Balances 5,214,749 Total Liabilities and Fund Balances $ 5,373,428 Amounts Reported for Governmental Activities in the Statement of Net Position are Different Because: Total Fund Balance Governmental Funds $ 5,214,749 Capital assets used in governmental activities are not current financial resources and, therefore, are not reported in the funds. 3,515,619 Net Position of Governmental Activities $ 8,730,368 The accompanying notes to financial statements are an integral part of these statements. 10 Page 18 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS YEAR ENDED SEPTEMBER 30, 2023 General Fund Revenues Taxes $ 2,313,636 Intergovernmental Revenues 345,616 Investment Income 16,738 Total Revenues 2,675,990 Expenditures Current: Physical Environment 551,700 Capital Outlay: Physical Environment 1,346,665 Total Expenditures 1,898,365 Excess (Deficiency) of Revenues Over Expenditures 777,625 Net Change in Fund Balance 777,625 Fund Balance, Beginning 4,437,124 Fund Balance, Ending $ 5,214,749 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Net Change in Fund Balances -Total Governmental Funds $ 777,625 Governmental funds report outlays for capital assets as expenditures. However, in the statement of activities, the cost of those assets is recorded as capital assets. This is the amount by which capital outlays exceeded transfer of completed assets. 58,267 Change in Net Position of Governmental Activities $ 835,892 The accompanying notes to financial statements are an integral part of these statements. 11 Page 19 of 54 COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget - Budgeted Amounts Actual Positive Original Final Amount (Negative) Revenues Taxes and Impact Fees: Property Tax $ 2,295,129 $ 2,313,636 $ 2,313,636 $ - Intergovernmental Revenues 250,000 345,616 345,616 _ Investment Income - - 16,738 16,738 Total Revenues 2,545,129 2,659,252 2,675,990 16,738 Expenditures Physical Environment 6,107,353 7,292,833 1,898,365 5,394,468 Total Expenditures 6,107,353 7,292,833 1,898,365 5,394,468 Excess (Deficiency) of Revenues Over Expenditures (3,562,224) (4,633,581) 777,625 5,411,206 Net Change in Fund Balance (3,562,224) (4,633,581) 777,625 5,411,206 Fund Balance, Beginning 4,437,124 4,437,124 4,437,124 - Fund Balance, Ending $ 874,900 $ (196,457) $ 5,214,749 $ 5,411,206 The accompanying notes to financial statements are an integral part of these statements. 12 Page 20 of 54 NOTES TO FINANCIAL STATEMENTS Page 21 of 54 NOTES TO FINANCIAL STATEMENTS COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA Note 1- Summary of Significant Accounting Policies Reporting Entity The City of Ocoee (the City) created the Community Redevelopment Agency (the CRA) in May of 2006. This is a dependent taxing district established in accordance with Chapter 163, Part III, Florida Statutes. Notification to the affected taxing agency was done in compliance with Chapter 163.346, Part III, Florida Statutes. The incremental annual increase in tax over the base years will be used to fund projects designed to enhance and improve the described area. The purpose of the CRA is to utilize appropriate private and public resources to eliminate and prevent the development or spread of slum and blighted areas in designated areas within the City. Areas within the CRA are to be redeveloped as an economically sustainable and attractive mixed -use area offering a high -quality local destination in a manner that promotes a positive image for the City. The CRA's financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant accounting policies established by GAAP and used by the CRA are discussed below. The financial statements have also been prepared in accordance with GASB Statement No. 34, Basic Financial Statements and Management Discussion and Analysis for State and Local Governments. In evaluating how to define the CRA, for financial reporting purposes, the CRA has considered all potential component units. The definition of the reporting entity is based primarily on the notion of financial accountability. A primary government is financially accountable for the organizations that make up its legal entity. It is also financially accountable for legally separate organizations if its officials appoint a voting majority of an organization's governing body, and either it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or to impose specific financial burdens on, the primary government. A primary government may also be financially accountable for governmental organizations that are fiscally dependent on it. A primary government has the ability to impose its will on an organization if it can significantly influence the programs, projects, or activities of, or the level of services performed or provided by, the organization. A financial benefit or burden relationship exists if the primary government: (a) is entitled to the organization's resources; (b) is legally obligated or has otherwise assumed the obligation to finance the deficits of, or provide financial support to, the organization; or (c) is obligated in some manner for the debt of the organization. Additionally, the primary government has operational responsibility for the component unit. In applying the above criteria, the CRA is a component unit of the City. Government -Wide and Fund Financial Statements The government -wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non -fiduciary activities of the CRA. For the most part, the effect of interfund activity has been removed from these statements; however, interfund services provided and used are not eliminated. Governmental activities are normally supported by taxes and intergovernmental revenues. 13 Page 22 of 54 NOTES TO FINANCIAL STATEMENTS COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government -wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the CRA considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the CRA. The CRA reports the following fund: ■ The General Fund was established as a dependent taxing district. The incremental annual increase in tax over the base years will be used to fund projects designed to enhance and improve the described area. Amounts reported as program revenues include: 1) charges to customers or applicants for goods, services, or privileges provided, if any; 2) operating grants and contributions; and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. When both restricted and unrestricted resources are available for use, it is the CRA's policy to use restricted resources first, then unrestricted resources as they are needed. Assets, Liabilities, Deferred Outflows/Inflows, and Net Position/Fund Balance Deposits and Investments The CRA's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition. 14 Page 23 of 54 NOTES TO FINANCIAL STATEMENTS COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA Receivables and Payables All receivables are shown net of an allowance for uncollectibles. The CRA's primary source of revenue is tax -increment funds. This revenue is computed by applying the respective operating tax rates for the City and Orange County (the County), multiplied by increased value of property located within the boundaries of the redevelopment areas of the CRA in excess of the base property value, minus 5%. The City and the County are required to fund this amount annually without regard to tax collections or other obligations. Capital Assets Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are defined by the CRA's capitalization policy as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. Any assets purchased with CRA funds are conveyed to the City for ownership and maintenance upon completion of the project. At year-end, all capital assets are considered construction in progress. Long -Term Obligations In the government -wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognize bond premiums and discounts during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s), and so will not be recognized as an outflow of resources (expense/expenditure) until then. The CRA does not have any item that qualifies for reporting in this category for the year ended September 30, 2023. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s), and so will not be recognized as an inflow of resources (revenue) until that time. The CRA does not have any item that qualifies for reporting in this category for the year ended September 30, 2023. IV Page 24 of 54 NOTES TO FINANCIAL STATEMENTS COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA Net Position Flow Assumptions Sometimes the CRA will fund outlays for a particular purpose from both restricted and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government -wide financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the CRA's policy to consider restricted net position to have been depleted before unrestricted net position is applied. Fund Balance Flow Assumptions Sometimes the CRA will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the CRA's policy to consider restricted fund balance to have been depleted first before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. Fund Balance Policies Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The CRA itself can establish limitations on the use of resources through either a commitment (committed fund balance) or an assignment (assigned fund balance). The committed fund balance classification includes amounts that can be used only for the specific purposes determined by a formal action of the CRA's highest level of decision -making authority. The CRA Board of Directors (the CRA Board) is the highest level of decision -making authority for the CRA that can, by adoption of a resolution prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the resolution remains in place until a similar action is taken (the adoption of another resolution) to remove or revise the limitation. Amounts in the assigned fund balance classification are intended to be used by the CRA for specific purposes but do not meet the criteria to be classified as committed. The CRA Board has maintained authority to assign fund balance. The CRA Board may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year's appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed above, an additional action is essential to either remove or revise a commitment. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. IV Page 25 of 54 NOTES TO FINANCIAL STATEMENTS COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA New Accounting Standards In fiscal year 2023, the CRA has not implemented any new accounting standards with a material effect on the CRA's financial statements. Note 2 - Stewardship, Compliance, and Accountability Budgetary Information Annual budgets are adopted on a basis consistent with GAAP for the CRA. The CRA follows these procedures set forth below in establishing the budgetary data reflected in the financial statements. 1) Prior to the CRA's September budget meeting, the Executive Director/City Manager submits to the CRA a proposed budget for the fiscal year commencing the following October 1st. The budget includes proposed expenditures, including operating and capital improvement projects, and the means of financing them. 2) A noticed CRA budget meeting is held to discuss and approve the CRA's proposed budget. This meeting is held prior to the City Commission's second public hearing to adopt the City's budget. 3) The CRA adopts the budget by resolution. The resolution includes language on how to handle the increase or decrease in tax increment revenues and cash brought forward. The CRA's adopted budget is sent to the City Commission and is incorporated into the City's overall budget. 4) On or before September 30th of each year, the Commission adopts the final budget by ordinance, which includes the CRA's budget, and establishes the ad valorem tax millage for the City. 5) The CRA cannot legally exceed the amended budget, however, the Executive Director/City Manager is authorized to administratively make any adjustments to the CRA's budget. The legal level of budgetary control is at the department level. 6) The CRA must transmit the adopted budget and any amendments to the County within 10 days of adoption by the CRA Board. Note 3 - Deposits and Investments Deposits All bank deposits were covered by Federal Depository Insurance or by collateral held in banks that are members of the State of Florida's Collateral Pool as specified under Florida Law. Florida Statutes provide for collateral pooling by banks and savings and loans. This limits local government deposits to "authorized depositories". Investments The CRA categorizes its fair value measurements within the fair value hierarchy established by GAAP. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The CRA uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities. i� Page 26 of 54 NOTES TO FINANCIAL STATEMENTS COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the CRA's own data in measuring unobservable inputs. The CRA had no investments as defined by GASB Statement No. 72 as of September 30, 2023. The CRA's investment policies are governed by Florida Statutes and City ordinances. City ordinance allows investments in any financial institution that is a qualified public depository of the State of Florida as identified by the State Treasurer, in accordance with Chapter 280 of the Florida Statutes. Authorized investments are: 1. State Board of Administration Local Government Investment Pool (SBA LGIP) 2. Registered Investment Companies (Money Market Mutual Funds) 3. Money Market Funds and Certificates of Deposit in State -Certified Qualified Public Depositories 4. U.S. Government Agency Securities and U.S. Treasury Bills, Notes and Bonds 5. Repurchase Agreements Credit Risk The City's investment policy limits credit risk by restricting authorized investments to those described above. The policy requires that investments in U.S. Government agency securities be guaranteed by the full faith of the U.S. Government. Also, term repurchase agreements must be collateralized by U.S. Treasury securities and overnight (sweep) repurchase agreements must be collateralized by the full faith or general faith and credit obligations of the U.S. Government or U.S. Government agency securities. Securities of registered investment companies must be limited to U.S. Government obligations and to repurchase agreements fully collateralized by such U.S. Government obligations. Custodial Credit Risk In the case of deposits, this is the risk that in the event of a bank failure, the City's deposits may not be returned to it. The City's investment policy requires that bank deposits be secured as provided by Chapter 280, Florida Statutes. This law requires local governments to deposit funds only in financial institutions designated as qualified public depositories by the Chief Financial Officer of the State of Florida, and creates the Public Deposits Trust Fund, a multiple financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a default or insolvency has occurred. At September 30, 2023, all of the CRA's bank deposits were in qualified public depositories. For an investment, this is the risk that, in the event of the failure of the counterparty, the CRA will not be able to recover the value of its investments of collateral securities that are in the possession of an outside party. Concentration of Credit Risk The policy has no limitations on portfolio composition. Interest Rate Risk The policy limits investment in U.S. Government agency securities, treasury bills, notes, and bonds to a maximum maturity of five years. The maximum length to maturity for certificates of deposit is three years. Page 27 of 54 NOTES TO FINANCIAL STATEMENTS COMMUNITY REDEVELOPMENT AGENCY CITY OF OCOEE, FLORIDA Note 4 - Capital Assets Capital asset activity for the year ended September 30, 2023, was as follows: Beginning Ending Balance Increases Decreases Balance Governmental Activities: Capital Assets, Not Being Depreciated: Construction in Progress $ 3,457,352 $ 1,521,457 $ 1,463,190 $ 3,515,619 Total Capital Assets, Not Being Depreciated S 3,457,352 $ 1,521,457 $ 1,463,190 $ 3,515,619 Note 5 - Commitments and Contingencies Risk Management The CRA is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters for which the CRA is covered under the City's commercial insurance. There have been no significant reductions in insurance coverage from the prior year and there have been no settlements during the past three years. Note 6 - Related -Party Transactions The CRA is a component unit of the City. For the year ended September 30, 2023, the CRA's tax increment revenues include $1,237,539 received from the City. In addition, the CRA reimbursed the City for services performed on behalf of the CRA, such as payroll and payroll benefits paid during the year. Payment to the City for these services during the year ended September 30, 2023, was approximately $304,086. At year-end, the CRA owed the City $0, primarily for expenditures paid by the City and not yet remitted from the CRA. Additionally, there is $2 due from the City for a deposit received by the City, which was transferred to the CRA bank account after year-end. Note 7 - Source of Deposits and Purpose of Withdrawals Pursuant to Florida Statute 163.387, listed below is a summary of the sources and amounts of deposits to, and the purpose and amounts of withdrawals from, the CRA funds for the fiscal year ended September 30, 2023: Source of Deposit Tax Increment $ 2,313,636 Grants 345,616 Investment Income 16,738 Total Sources of Deposit $ 2,675,990 Purpose of Withdrawal Salaries and Benefits $ 304,086 Professional Services 191,322 Miscellaneous 56,292 Capital Outlay 1,346,665 Total Purpose of Withdrawals $ 1,898,365 im Page 28 of 54 OTHER REPORTS Page 29 of 54 PURVIs GRAY INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the City of Ocoee, Florida, Community Redevelopment Agency (the CRA) as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the CRA's financial statements and have issued our report thereon dated March 26, 2024. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the CRA's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the CRA's internal control. Accordingly, we do not express an opinion on the effectiveness of the CRA's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct, misstatements on a timely basis. Amaterial weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the CRA's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, non-compliance with which could have a direct and material effect on CERTIFIED PUBLIC ACCOUNTANT Gainesville. I Ocala I Tallahassee I Sarasota I Orlando � '7"ampa purvisgray.com Members eat' Arsseracan and Honda Inmitutes ofCertified erts6iecl Frrebhc Accc unLana sa An Independent uMeinber of the BDO ANlince USA 20 Page 30 of 54 Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of non-compliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the CRA's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the CRA's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. 1puun C-vo'_� March 26, 2024 Ocala, Florida I► i Page 31 of 54 PURVIs GRAY INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE WITH SECTION 163.387(6) AND (7), FLORIDA STATUTES Honorable CRA Board Ocoee Community Redevelopment Agency Ocoee, Florida We have examined the Ocoee Community Redevelopment Agency's (the CRA) compliance with the requirements of Section 163.387(6) and (7), Florida Statutes, as of and for the year ended September 30, 2023, as required by Section 10.556(10)(f), Rules of the Auditor General. Management is responsible for the CRA's compliance with those requirements. Our responsibility is to express an opinion on the CRA's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the CRA complied, in all material respects, with the requirements referenced above. An examination involves performing procedures to obtain evidence about whether the CRA complied with the specific requirements. The nature, timing, and extent of procedures selected depend on our judgement, including an assessment of the risk of material non- compliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the CRA's compliance with specific requirements. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. In our opinion, the CRA complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2023. This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, the CRA, its management, and the Board of Directors of the City of Ocoee, Florida, and is not intended to be, and should not be, used by anyone other than these specified parties. March 26, 2024 Ocala, Florida CERTIFIED PUBLICACCOUNTANTS Gainesville I Ocala I Tallahassee I Sarasota I Orlando � Tampa purvisgray.com Members of American and Horida In,sMutes of C utRied F ubhc Aces un[ants An Indepet dent Member c f the BDO „AManc e USA 22 Page 32 of 54 PURVIs GRAY INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida We have examined the Ocoee Community Redevelopment Agency's (the CRA) compliance with the requirements of Section 218.415, Florida Statutes, as of and for the year ended September 30, 2023, as required by Section 10.556(10)(a), Rules of the Auditor General. Management is responsible for the CRA's compliance with those requirements. Our responsibility is to express an opinion on the CRA's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the CRA complied, in all material respects, with the requirements referenced above. An examination involves performing procedures to obtain evidence about whether the CRA complied with the specific requirements. The nature, timing, and extent of procedures selected depend on our judgement, including an assessment of the risk of material non- compliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the CRA's compliance with specific requirements. We are required to be independent and meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. In our opinion, the CRA complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2023. This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, the CRA, its management, and the Board of Directors of the City of Ocoee, Florida, and is not intended to be, and should not be, used by anyone other than these specified parties. March 26, 2024 Ocala, Florida CERTIFIED PUBLICACCOUNTANTS Gainesville I Ocala I Tallahassee I Sarasota I Orlando � Tampa purvisgray.com Members of American and Horida In,sMutes of certRied F ubhc Aces un[ants An Indepet dent Member c f the BDO „AManc e USA 23 Page 33 of 54 PURVIs GRAY MANAGEMENT LETTER Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida Report on the Financial Statements We have audited the financial statements of the City of Ocoee, Florida Community Redevelopment Agency (the CRA) as of and for the fiscal year ended September 30, 2023, and have issued our report thereon dated March 26, 2024. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards, and Independent Accountant's Report on examination conducted in accordance with American Institute of Certified Public Accountants Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and schedule, which are dated March 26, 2024, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings in the previous report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government be disclosed in the management letter, unless disclosed in the notes to the financial statements (see Note 1 of the CRA's financial statements as of and for the year ended September 30, 2023, for this information). Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the CRA has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the CRA did not meet any of the conditions described in Section 218.503(1), Florida Statutes. CERTIFIED PUBLIC ACCOUNTANTS Gainesville I Ocala I Tallahassee I Sarasnlar I Orlando I Tampa purvisgray.com Nler; bcrs oC American and florida InMii sites of Certified Public FireounlaWs An Independent Merriber of the BDO Affiance I �S A 24 Page 34 of 54 Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida MANAGEMENT LETTER Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures. It is management's responsibility to monitor the CRA's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management letter any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Special District Component Units Section 10.554(1)(i)5.d., Rules of the Auditor General, requires, if appropriate, that we communicate the failure of a special district that is a component unit of a county, municipality, or special district, to provide the financial information necessary for proper reporting of the component unit, within the audited financial statements of the county, municipality, or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we did not note any special district component units that failed to provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida Statutes. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)(6), Rules of the Auditor General, the CRA reported the following information that was not subject to auditing procedures: a. The total number of district employees compensated in the last pay period of the district's fiscal year as 0. b. The total number of independent contractors to whom non -employee compensation was paid in the last month of the district's fiscal year as 4. c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $0. d. All compensation earned by or awarded to non -employee independent contractors, whether paid or accrued, regardless of contingency as $1,333,358.91. e. Each construction project with a total cost of at least $65,000 approved by the CRA that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such projects as: Wellness Park Construction and Observation Services for $1,346,663.95. f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final budget under Section 189.016(6), Florida Statutes, see Schedule of Revenues, Expenditures, and Changes in Fund Balance — Budget and Actual as presented in the financial statements for the year ended September 30, 2023. Page 35 of 54 Honorable CRA Board Community Redevelopment Agency City of Ocoee, Florida MANAGEMENT LETTER Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate non-compliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of This Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, federal and other granting agencies, the Honorable Mayor, and City of Ocoee Board of Directors and management, and is not intended to be, and should not be, used by anyone other than these specified parties. VPuu�v�S C-�� March 26, 2024 Ocala, Florida NA Page 36 of 54 MEMORANDUM TO: Honorable CRA Board FROM: Carolina Vaca, Redevelopment Program Manager Ginger Corless, CRA Administrator DATE: Tuesday, June 4, 2024 RE: Budget Adjustment for FY 2023-2024 On September 19, 2023, the budget for Fiscal Year 2023-2024 was adopted by Resolution No. 2023-002. The resolution contains an operative clause stating that the budget would be adjusted at a later time when final calculations regarding tax increment revenues and/or carried forward monies deposited were received. REVENUE On November 15, 2023, staff received the FY 2024 Computation of Ocoee and Orange County Payments to CRA from the Orange County Office of Management and Budget. The computation stated that the tax increment payments to be made by the City and Orange County into the CRA Trust Fund were $1,408,187.51 and $1,254,955.91, respectively. Subsequently, the rebate owed by the CRA back to Orange County —per the interlocal agreement —was $76,486.77. These values were less than those originally estimated during the budget adoption process, as follows: As previously shared at the March CRA Board meeting, there were two reasons for this change between estimated and actual values. First, the gross taxable value (DR422) in November 2023 was less than the value Orange County provided in June 2023, when we made our calculations. Second, there was an adjustment made by the Value Adjustment Board (VAB) on the 2022 Tax Roll resulting in an overpayment of $6,638 by the County last fiscal year. They deducted that $6,638 from this year's payment, resulting in the lower final value. ,1&1911r�=LAMA Page 37 of 54 In addition to the change in Tax Increment Revenue received, the estimated cash carried forward from Fiscal Year 2023 was adjusted to accurately reflect the audited year-end results of operations. Initially, staff budgeted $5,455,247 which is an estimated amount due to the total reconciliation being incomplete at that time of the year; however, a true up is necessary due to the final carryforward being $5,214,749, which requires the final adjustment of $240,498. ADJUSTMENTS Staff proposes, in accordance with Resolution No. 2023-002, that the shortfall in Tax Increment Revenue be deducted from line item 4900, Reserve for Contingency. Since Section 163.387 (7), Florida Statutes, dictates that money remaining in the trust fund at the end of the fiscal year be appropriated to specific redevelopment projects, staff proposes that the shortfall in cash carried forward be deducted from line item 6302, the O/d Winter Garden/Maguire intersection improvements project. Page 38 of 54 OTHER BUDGET TRANSFERS At this time, staff would also like to take the opportunity to make the following budget transfers: It should be noted that it is staff's intent to reallocate all funds deducted from Old Winter Garden Road/ Maguire Road Intersection Improvements back to this project in the Fiscal Year 2025 budget, bringing it back to its original amount of $830,617. In accordance with Section 189.016 (6) (c), Florida Statutes, the budget amendment will be adopted by resolution. Staff will bring Resolution No. 2024-001 before the CRA Board at the June 4, 2024 meeting. All changes outlined in this memo are reflected in Exhibit A of the resolution. Attachments: OCPA Estimated Taxable Value, dated June 1, 2023 FY 2024 Computation of Ocoee Payment to CRA and rebate to OC Ocoee Wellness Park Restroom Cost Estimate, Prepared by CPH Resolution No. 2024-001 Page 39 of 54 AMY MERCADO ORANGE COUNTY PROPERTY APPRAISER 200 S, Orange Avenue, Suite 1700 - Orlando, Florida 32801-3438 - (407) 836-5044 www.ocpafl.org City of Ocoee Robert Frank, City Manager 150 Lake Shore Drive Ocoee, FL 34761 As provided by Florida Statute 200.065(8), our estimate of 2023 Taxable Value for Rea', and Tangible Personal Property for the City of Ocoee is: City of Ocoee $4,593,974 1 7EFr Ocoee CRA 1 $458,849,08311 This information should assist you in your budget planning process and we look forwa to providing excellence in service to the City of Ocoee in the coming year. If you have a questions, please contact Mark Webster, Director of Tax Roll Services, at (407)836-5011 MR= 417 Amy Mercado, ITIBA Orange County Property Appraiser Page 40 of 54 Payment to the Ocoee CRA from the City of Ocoee TAX YEAR 2023 Fiscal Year 2024 Current year gross taxable value (DR 422) 456,939,901 Base year taxable value 157,484,822 Current year incremental taxable value 299,455,079 Incremental value / 1,000 299,455 Current year City of Ocoee millage 4.9500 Estimated incremental ad -valorem revenues 1,482,303 95% (per F.S. Chapter 163.387) 95% Current Year CRA Payment to the Ocoee CRA from the City of Ocoee $ 1,408,187.51 (1) The source for the current year City of Ocoee millage is the Property Appraiser's website Millage Rates. Prepared by OMB 1 of 2 11/8/2023 jt Page 41 of 54 Amended Orange County / City of Ocoee / Ocoee Community Redevelopment Agency Rebate Calculation City of Ocoee Current Year CRA Tax Increment Payment Orange County Current Year CRA Tax Increment Payment Total Tax Increment Payment and Amount to be Rebated by Ocoee CRA Pro-rata Contribution Share for the City of Ocoee Pro-rata Contribution Share for Orange County Rebate Distribution to Orange County (Rebate should be paid within 60 days of receipt of increment funding) Total Rebate Fiscal Year 2024 $1,408,187.51 $1,254,955.91 $2,663,143.42 52.8769% 47.1231 % $76,486.77 $76,486.77 Upon receipt of Orange County's payment as set forth in paragraph 5 (a) hereof, the City hereby agrees to rebate, or cause the CRA to rebate to Orange County each year, within sixty days of receipt of said payment, the following portion of the amount deposited by Orange County in the Community Redevelopment Trust fund established by the City pursuant to Section 163.387, Florida Statutes, for the particular year (such payment being herein referred to as the "Rebate") (1) Thirty percent (30%) of the amount in excess of $1,000,000.00 but less than or equal to $2,000,000.00, plus, (2) Fifty percent (50%) of the amount in excess of $2,000,000.00 Prepared by OMB 2 of 2 11/8/2023 jt Page 42 of 54 OR N[)8 0 RATE 6.650t! MILL CODE TOTAL 7 19.0598 8 18.0598 13 19.0598 22 18.1106 25 18.1106 26 18.1106 27 18.1106 28 18.0598 36 18.1106 71 18.0598 77 19.0598 78 18.0598 88 18.3440 89 18.3440 90 19.0963 91 19.2564 92 19.2564 93 19.0963 94 18.5041 95 18.1106 WINTER BARK... RATE ._-,.,._....�,�.,.. . 4.33#> MILL CODE TOTAL 2 15.3652 4 15.3652 6 15.3652 WINTER GARDEN 1i RATE 4.5000 MILL CODE TOTAL 11 15.9098 63 15.9098 64 15.9098 65 15.9098 APi}PA APK RATE 4.9 876 MILL CODE TOTAL 5 15.5974 11 15.5974 65 15.5974 MAITLANIDTL RATE 5.1484 MILL CODE TOTAL 6 16.1834 AMY MERCADO ORANGECOUNTY PROPERTY APPRAISER 2023 FINAL MILLAGE RATES {? i3EE 0 0 .. RATE 4�9500 MILL CODE TOTAL 35 16.4106 65 16.3598 YNINDERMERE.. WN© �w; RATE 3.74 6 MILL CODE TOTAL 35 15.2031 75 15.4559 .............. OALAN0 t0A RATE 6.3000 MILL CODE TOTAL 65 17.7098 EATONYILLE E1tL RATE 7.2938 , MILL CODE TOTAL 11 18.7036 34 19.0196 BAYf LASE BAY RATE 14850 MILL CODE TOTAL 70 22.3356 �LAKEUENAITA(LBO .... RATE 1.9243 MILL CODE TOTAL 35 13.3849 70 22.3749 BELLE t LE t ... RATE 44fl1Ff: MILL CODE TOTAL 10 15.8624 11 15.8116 20 16.3866 9. U1Itld: REEDY CREEK RC • • • RATE 1;804� MILL CODE TOTAL 70 22.2549 UNINJC0RPQjR TEQ OR9,) ..... RATE 4.4,47 MILL CODE TOTAL 10 15.5086 11 15.4578 12 16.7078 13 16.3572 14 16.3064 15 15.7640 16 15.7132 17 16.3191 18 17.5121 19 16.9189 20 16.0328 21 16.6635 23 15.9578 24 15.5086 29 15.5086 30 15.4578 31 16.8450 32 15.4578 33 15.4988 35 15.5086 37 15.6464 38 16.0778 39 17.4578 40 16.9672 41 17.9915 42 18.8401 43 18.2469 45 17.2175 47 16.5297 53 15.4749 54 15.4578 65 15.4578 66 16.1086 67 16.0578 68 16.3614 70 22.2549 75 15.7614 82 16.1123 83 18.4578 84 16.9609 85 16.3677 88 15.7420 89 15.7420 90 16.4943 92 16.6544 93 16.4943 94 15.9021 Page 43 of 54 DR-422 R. 5M3 CERTIFICATION OF FINAL TAXABLE VALUE Rule 12D- 16 002 Florida ArITTinistrative Code Effective 5113 Provisionai Year 2023 County ORANGE is VAB still in session? Yes No . . . ........... — ----- Principal Authority OCOEE Check type — ------ School District : County Municipality independent Special District Water Nbriagement District Taxing Authority OCOEE CRA I Check type Principal Authority MSTU Dependent Special Drstrict Water Managerrient District Basini SECTIONI: COMPLETED BY PROPERTY APPRAISER I Current year gross taxable value from Line 4, Form DR-420 459,165,913 2.1 Final current year gross taxable value from Form DR-403 Series 45fL939,901 :(2) Forcentage of change in taxable value 3, (Line 2 divided by Line 1, minus 1, multiplied by 10Q) -0,48 % (3) The taxing authority must complete this form and return it to the property appraiser by 5:00 pro, Property Appraiser Certification I certify the taxable values above are correct to the best of rrry know ledge. SIGN Signature of Property Appraiser X7 Date HERE, September 26, 2023 SECTIONII: COMPLETED BY TAXING AUTHORITY MILLAGE RATE ADOPTED BY RESOLUTION OR ORDINANCE AT FINAL BUDGET HEARING UNDER s,200.065(2)(d), F.S. If this portion of the form is not completed in full your taxing authority will be denied TRIM certification and possibly Isse its rrillage levy privilege for the tax year, if any line is inappicable, enter NA or -0-. Non -Voted Operating it age Rate (from resolution or ordinance) 4a- County or municipal principal taxing authority per $1,000 (4a) 4b, Dependent special district name ..... . ..... per $1,000 (4b) 4c. Municipal service taxing unit (MSTU) ---- - ---------- per $1,000 14c) 4d. Independent special district per $1,000 f4d) 4e., School district Required Local Effort per $1,000 f4e1 Caprtal Outlay per $1,000 D#screfionary Operating per $1,000 Discretionary Capital improvement per $1,000 Additional Voted M01age iii per $1, 000 etf. Water management district District levy per $1,000 (4f) Basin per $1,000 Are you going to adjust adopted millage? YES NO ff Alto, S'rop HERE, Sign and SUbMit. Continued on page 2 Page 44 of 54 22 Taxing Authority.- OCOEE CRA i DR-4 Rv 5113 Page 2 --- - --------- COUNTIES, MUNICIPALITIES, SCHOOLS, and WATER MANAGEMENT DISTRICTS may adjust the non -voted nillage rate only if the percentage on Line 3 is greater than plus or rninus 1%. (s.200.065(6). F.S. Unadjusted gross ad valorem proceeds 5. (Line I multiplied by Line 4a, 4e, or4fas applicable, divided by 1,00Q) $ '(5) ... .. ..... Adjusted milRage rate (Only if Line 3 is greater than plus or rninus 1 %) 6- (Line 5 divided byline 2, inuftipliedby 1,000) perS1000 1(6): ...................... I- - ; __ MSTUs, DEPENDENT SPECIAL DISTRICTS, and INDEPENDENT SPECIAL DISTRICTS may adjust the non -voted ritillage rate only if the percentage on Line 3 is greater than plus or rninus 3% (S,200.065(6), F S,) Unadjusted gross ad vabrent proceeds 7. (Line I multiplied byLine 4b, 4c, or4d as applicable, divided by 1,000) $ ------- — ------ -- - ------------- ... ...... ----------- ------ Adjusted miliage rate (Onlly if Line 3 is greater than plus or minus 3%) 8. (Line 7 divided by Line 2, multiplied by 1,0,00) per$1000 (8): I certify the collages and rates are correct to the best of rrry know ledge. The millages S Taxing Authority Certification comply w ith the provisions of s,200,065 and the provisions of either s.200,071 or s,200,081, F,S, G Signature of Chief Acirrinistrative Officer Date N Title Contact Name and Contact Title H E R hilading Address Physical Address E------- Cry, State, Zip Phone Number Fax Nurnber INSTRUCTIONS SECTION 1: Property Appraiser 1, initiate a separate DR-4 22 forrn for each DR-420, Certificate of Taxable Value, and DR-420S, Certificate of School Taxable Value, submitted. 2. Complete Section I and sign. 3. Send the original to the taxing authority and keep a copy- 1 . Complete Section Il and sign, 2. Return the original to the property appraiser. 3. Keep a copy for your records. 4. Send a copy to the tax collector. 5. Send a copy w ith the DR-487, Certification of Compliance, to the Department of Revenue at the address beiow. Send separately if the DR-487 w as previously sent to the Department, Florida Department of Revenue Property Tax Oversight - TRIM Section R 0, Box 3000 Tallahassee, Florida 32315 - 3000 All taxing authorities must complete Line 4, millages adopted by resolutiorcordinance at final budget hearing, Counties, rriunicipallties, schools, and water management districts moy complete Line 5 and Line 6 only w hen Line 3 is, greater than plus or minus 1%, (s. 20(l.065(6), F.S,), MSTLK, dependent special districts, and independent special districts may adjust the non -voted oiRage rate only w hen Line 3 is greater than plus or minus 3%, (s. 200,065(6), F.S,) other provisions of taw or the state constitution. Multi county and water management districts must complete a separate DR-422 for each county, Page 45 of 54 Computation of CRA Payment Ocoee CRA 0001-023-0420-8340 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 A. Current Year Taxable Value 2017 Tax Roll 2018 Tax Roll 2019 Tax Roll 2020 Tax Roll 2021 Tax Roll 2022 Tax Roll 2023 Tax Roll 1. OMB Estimate 223,660,883 246 629,193 308,108,005 ' 331 740,144 357,346,190 386,839,265 472,979,948 Percent Change 0.5%., 16.8% -1.1 %' 17% 1.0% 8.1 %, -3.0% 2. Prop. Appr. Best Estimate 224,774,360 288,134,454 304,744,290 337,474,204 360,772,423 418,232,320 458,849,083 Percent Change t0% -0.1 % 1.5% 1.9% -0.3% 0.6% 0.1 % 3. DR 420 227,014,355 287882,363 309318,357 343978,328 'i 359559,036 420,697,440 459,165,913 Percent Change -0A% -0.2°% -0.2% 0.7% 0.0% 0.0% -0.5% 4. DR 422 (1st Final Tax Roll) 226,684,067 287,187,411 308,595,483 346,265,688 359,516,046 420,650,968 456,939,901 Percent Change 0.0% 0.0% 0.0% 0.0% 0.0% -0A% 5. Post VAB (2nd Final Tax Roll) 226,681,244 287,146,323 308595,483 346265,688 359516,046 419,075,389 B. Base Year Taxable Value 157,484,822 157,484,822 157,484,822 157,484,822 157,484,822 157,484,822 157,484,822 C. Cur Yr Incremental Taxable Val. [A - B] 1. OMB Estimate 66,176,061 89,144,371 150,623,183 174 255,322 199,861,368 229,354,443 315,495,126 2. Prop. Appr. Best Estimate 67,289,538 130,649,632 147,259,468 179,989,382 203,287,601 260,747,498 301,364,261 3. DR 420 69,529,533 130,397,541 151833,535 186493,506 202 074,214 263,212,618 301,681,091 4, DR 422 69,199,245 129,702,589 151,110,661 188,780,866 202,031,224 263,166,146 299,455,079 5. Post VAB 69,196,422 129661,501 151110,661 188780,866 202,031,224 261,590,567 D. ,Current Year Countywide Millage 4.4347 4A347 4,4347 4.4347 4.4347 4A347 4,4347i E. Est. Incremental Tax Rev [(C/1000)'D] 1. OMB Estimate 293,471 395,329 667,969 772,770 886,325 1,017,118 1,399,126 2. Prop. Appr. Best Estimate 298,409 579,392 653,052 798,199 901,520 1,156,337 1,336,460 3. DR 420 308,343 578,274 673,336 827,043 896,139 1€,167,269 1,337,865 4, DR 422 306,878 575,192 670,130 837,187 895,948 1,167,063 1,327,993 5. Post VAB 306,865 575,010 670,130 837,187 895,948 1160,076 F. Amount Due to CRA [E`.95] 1. OMB Estimate 278,797 - 375,562 634,570 734,132 842,009 966,262 1,329,170 r 2. Prop. Appr. Best Estimate 283,488 550,422 620,399 758,289 856,444 1,098,520 1,269,637 3, DR 420 292,925 549,360 639,669 785,691 851,332 1,108,906 1,270,972 4. DR 422 291,534 546,432 636,624 795,327 851,150 1,108,710 1,261,594 5. Post VAB 291,522 546,259 636,624 795,327 851,150 ! 1102,072 G. Adj for Prior FY Over4Under-Payment (981) (12) (173) 0 0 0 (6,638) N. Payment Due [F + G] 1. OMB Estimate 277,816 375,550 634,397 734,132 842,009 966,262 1,322,532 Percent Change 1_7% 46.6% -2.2% 3.3% 1.7% 13.7% -4.5% 2. Prop. Appr. Best Estimate 282,507 550,410 620,226 758,289 856,444 1,098,520 1,262,999 Percent Change 3.3% -0.2% 3.1% 3.6% -0.6% M% 0.1% 3. DR 420 291,944 549,348 , 639,496 785,691 851,332 1,108,906 1,264,334 Percent Change -0.5%., -0.5% -0.5% 1.2%, 0.0% 0.0%, -0.7% 4. DR 422 290,553 546,421 636,451 795,327 851,150 1,108,710 1,254,956 Percent Chanae 0.0%. 0.0% 0.0%, 0.0%I 0.0% -0.6% 1. 'Budget Proposed (Workshop) Payment J. Budget Adopted (Based on DR 420) Payment K. Budget Required (Per DR 422) Payment L. Budget Adjustment Required [K - J] Payment M. Adjusted Current Budget [J + Q Payment N. Computation of Over -/Under -Payment Actual Paid Should Pay (Based on Post VAB) Amount Over-/ (Under-) Paid '...Taxable value arowth rate used for OMB est. 549,348 639,496 801,405 868,359 1,108,906 1,327,551 546,421 636,451 795,327 851,150 1,108,710 1,254,956 ,553 546,421 636,451 795,327 851,150 1,108,710 ,541 546,247 636,451 795,327 851,150 1,102,072 12 . 173 0 0 0 . 6,638 8.3% 8.8%I 7.3% 7.5%I 3.2% 7.6%12.44% Computation of CRA Payments (CRITR Trax)/Ocoee 11/8/2023 jw Page 46 of 54 Ocoee Wellness Park Restroom OPINION OF CONSTRUCTION COST - Concept Phase COST UNIT TOTAL DIV. ITEM UNIT OTY CODE COST 'COST ARCHITECTURAL / STRUCTURAL' $ 127,213.50 03 :Termite Treatment - Underslab SF 428 $ 0.80 $ 342.40 03 4x4-W4xW4 WWF o/10 mil VB SF 725 $ 7.00 $ 5,075.00 03 Concrete Foundation and Slab CF 515 $ 26.00 $ 13,390.00 03 'Precast Lintel 34843401250 LF 21 $ 19.00 $ 399.00 04 Concrete Masonry Wall - Reinforced SF 1,075 $ 25.00 $ 26,875.00 04 : Brick full size SF 730 $ 35.00 $ 25,550.00 06 Pre -engineer Wood Roof Truss 61753105050 EA 24 $ 300.00 $ 7,200.00 05 Miscellaneous Steel EA 0.00 $ - $ - 06 Miscellaneous Wood Blocking LF 250 $ 4.50 $ 1,125.00 07 Spray Applied closed cell Roof Insulation, R-25 SF 650 $ 3.50 $ 21275.00 07 Fluid Applied Membrane Air Barrier SF 726 $ 2.00 $ 1,452.00 07 Standing seam Metal Roof SF 663 $ 15.00 $ 9,945.00 07 Rigid Insulation, FG,R-5.6 (1.5") SF 726 $ 5.00 $ 3,630.00 07 Hardie Board and Batten 74623104100 SF 190 $ 7.69 $ 1,461.10 07 Joint Sealants LUMP 1 $ 3,000.00 $ 3,000.00 07 Aluminum Box Gutter, 4" X 4" LF 30 $ 20.00 $ 600.00 07 Aluminum Downspouts, 4" X 4" LF 11 $ 18.00 $ 198.00 07 Metal Panel Fascia LF 105 $ 12.00 $ 1,260.00 07 Custom Fabricated Metal LF 25 $ 15.00 $ 375.00 Powder Coated Paint on Custom Fabricated Metal Lump 1 $ 500.00 $ 500.00 08 ; Ext. hollow Metal Door / Single EA 3 $ 1,200.00 $ 3,600.00 08 Door Hardware EA 3 $ 900.00 $ 2,700.00 Access Door 83113104000 EA 1 $ 150.00 $ 150.00 09 Exterior Paint SF 190 $ 3.00 $ 570.00 09 Interior Paint SF 1,370 $ 3.00 $ 4,110.00 09 Sealed Concrete Flooring Finish SF 305 $ 2.00 $ 610.00 09 Walls - Ceramic Tile SF 150 $ 20.00 $ 3,000.00 09 Ceiling - Gypsum Board, Painted SF 300 $ 6.00 $ 1,800.00 10 Toilet Accessories - Soap Dispenser EA 2 $ 98.00 $ 196.00 10 Toilet Accessories - Toilet Paper Holder EA 2 $ 150.00 $ 300.00 10 Toilet Accessories - Grab Bars EA 4 $ 100.00 $ 400.00 10 Toilet Accessories-18"x36" mirrors EA 2 $ 125.00 $ 250.00 Toilet Accessories - Sanitary Napkin 10 Disposal EA 1 $ 125.00 $ 125.00 10 Toilet Accessories - Diaper Changing Station EA 2 $ 500.00 $ 1,000.00 10 Utility Shelf/ Mop Holder EA 1 $ 150.00 $ 150.00 10 Electric Hand Dryer EA 2 $ 1,450.00 $ 2,900.00 11 Signage - Room And Misc. EA 2 $ 150.00 $ 300.00 11 Building Signage - custom figures EA 2 $ 200.00 $ 400.00 FIRE PROTECTION $ 300.00 21 Fire Extinguisher EA 1 $ 300.00 $ 300.00 PLUMBING $ 19,750.00 22 :Plumbing Labor And Materials EA 1 $ 2,500.00 $ 2,500.00 22 Water Closet & Flush valve EA 2 $ 2,500.00 $ 5,000.00 22 Lavatory - Wall Mount & Faucet EA 2 $ 2,500.00 $ 5,000.00 22 Mop Sink EA 1 $ 2,000.00 $ 2,000.00 22 Drinking Fountain w/ bottle filler EA 1 $ 4,500.00 $ 4,500.00 22 Hose Bibbs EA 1 $ 750.00 $ 750.00 MECHANICAL $ 7,772.00 23 Mechanical Labor And Materials (Duct/Piping) SF 428 $ 11.50 $ 4,922.00 23 Ductwork LS 1 $ 750.00 $ 750.00 , 2/29/2024 1 OF 3 Page 47 of 54 Ocoee Wellness Park Restroom OPINION OF CONSTRUCTION COST - Concept Phase COST UNIT TOTAL DIV. ITEM UNIT QTY CODE COST `COST 23 Modular CHW/HHW AHUs - Common LS 0 $ - $ - 23 VAV Boxes LS 0 $ $ 23 CHW FCUs LS 0 $ $ 23 Louvers - Small LS 2 $ 700.00 $ 1,400.00 23 Exhaust Fans - Restrooms LS 1 $ 700.00 $ 700.00 ELECTRICAL $ 25,260.00 25 Utility Service (Estimate to be Coordinate)* LS 1 $ 6,000.00 $ 6,000.00 26 Electrical Service, Lighting And Power SF 428 $ 45.00 $ 19,260.00 CIVIL $ 86,794.00 32 Temporary Site Items LS 1 $ 20,000.00 $ 20,000.00 32 Demolition of natural features (1 Magnolia Tree) AC 0.5 $ 2,400.00 $ 1,200.00 32 Demo Existing curbs and aprons LS 1 $ 1,000.00 $ 1,000.00 33 Remove misc. Fencing, Storage shacks, trash, etc LS 1 $ 1,500.00 $ 1,500,00 33 Survey Services -Site Layout, Staking, and as-builts AC 0.5 $ 4,500.00 $ 2,250.00 Bldg. pad sub grade compaction and grading 33 (excludes bldg. pad sub base gravel/rock) LS 430 $ 0.50 $ 215.00 33 Erosion control temporary silt fencing LF 300 $ 3.00 $ 900.00 33 Erosion control silt fence inlet protection EA 2 $ 500.00 $ 1,000.00 Truck exit wash down area as need and/or required EA 1 $ 4,000.00 $ 4,000.00 Other - Erosion and sediment control LS 1 $ 4,000.00 $ 4,000.00 32 1" PE Water service LF 35 $ 9.00 $ 315.00 Wet Tapping Sleeve & Valve LS 1 $ 5,500.00 $ 5,500.00 32 8" X 1" Service Saddle and Corp. Stop EA 1 $ 700.00 $ 700.00 32 Ground Vault Hose Box EA 1 $ 175.00 $ 175.00 1" BFP Assembly EA 1 $ 3,000.00 $ 3,000.00 8" PVC-SDR35 LF 130 $ 26.00 $ 3,380.00 Clean outs EA 4 $ 600.00 $ 2,400.00 Connect to Existing System EA 1 $ 4,500.00 $ 4,500.00 Open Cut Roadway EA 1 $ 5,000.00 $ 5,000.00 Electrical Service* LS 1 $ 20,000.00 $ 20,000.00 Heavy duty asphalt (incl. base) SY 16 $ 65.00 $ 1,040.00 Standard duty concrete (incl. base) SY 15 $ 70.00 $ 1,050.00 Sidewalk Areas SY 16 $ 40.00 $ .$ 640.00 Curbing LF 85. $ 20.00 1,700.00 32 Paving & Entrace Contingency % 30% $ 4,430.00 $ 1,329.00 LANDSCAPE $ 32 Landscaping (by City) LS 0 _ $ - $ - 32 LS 0 $ $ 32 LS 0 $ $ 2/29/2024 2 OF 3 Page 48 of 54 Ocoee Wellness Park Restroom BUILDING AREA (SF) 428 TOTAL BUILDING COST / SF $ 421.25 TOTAL PROJECT COST / SF $ 780.05 Since CPH has no control over the cost of labor, materials, equipment or services furnished by others, or over the CONTRACTOR(s)' methods of determining prices, or over competitive bidding or market conditions, our opinions of probable project cost and construction cost are made on the basis of our experience and qualifications and represent our best judgment as an experienced and qualified professional, familiar with the construction industry; but CPH cannot and does not guarantee that proposals, bids, or actual project costs or construction costs will not vary from opinions of probable cost prepared by us 2/29/2024 3 OF 3 Page 49 of 54 CRA RESOLUTION NO.2024-001 A RESOLUTION OF THE OCOEE COMMUNITY REDEVELOPMENT AGENCY TO AMEND THE BUDGET FOR FISCAL YEAR 2023-2024; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE. WHEREAS, the Community Redevelopment Agency CRA is a dependent special district under Chapter 189, Florida Statutes, known as the Uniform Special District Accountability Act (the "Special District Act"); and WHEREAS, the Special District Act requires all special districts, including dependent special districts, such as the CRA, to adopt a budget for each fiscal year by resolution; and WHEREAS, Section 189.016(6), Florida Statutes, allows the governing board of a community redevelopment agency to amend its budget at any time within a fiscal year by resolution; and WHEREAS, the Fiscal Year 2023-2024 annual budget approved on September 19, 2023 includes an estimate of all revenue and expenditures for the year for the Ocoee Community Redevelopment Agency; and WHEREAS, the Executive Director of the CRA requests to amend or adjust the budget at this time, for the purpose of adjusting the actual Tax Increment Financing (TIF) amounts Page 50 of 54 received from the City of Ocoee and Orange County and amending unexpended balance from FY22-23. NOW, THEREFORE, BE IT RESOLVED BY THE OCOEE COMMUNITY REDEVELOPMENT AGENCY, AS FOLLOWS: SECTION 1. Authority. The CRA has the authority to adopt this Resolution pursuant to the Special District Act. SECTION 2. Amendment of Budget. The governing body of the CRA does hereby approve and adopt the amended CRA Budget for Fiscal Year 2023-2024 as attached hereto and incorporated herein in Exhibit A. SECTION 3. Severability. If any section, subsection, sentence, clause, phrase or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portion hereto. SECTION 4. Effective Date. This Resolution shall become effective immediately upon passage and adoption. PASSED AND ADOPTED this 4th of June, 2024. SIGNATURES TO FOLLOW F Page 51 of 54 ATTEST: Melanie Sibbitt, Secretary (SEAL) FOR USE AND RELIANCE ONLY BY THE OCOEE COMMUNITY REDEVELOPMENT AGENCY, APPROVED AS TO FORM AND LEGALITY This 41h day of June, 2024. FISHBACK DOMINICK, LLP C Richard S. Geller, CRA Attorney OCOEE COMMUNITY REDEVELOPMENT AGENCY Chair 3 Page 52 of 54 Exhibit A Page 53 of 54 Exhibit A Page 54 of 54