The WPB Downtown Development Authority (DDA) has released the proposed $8.5 million budget for 2021-2022. The DDA operations and associated expenses have been "restricted and/or limited" during the past two fiscal years due to the pandemic. This has created a "Covid Surplus" that could be a silver lining in this challenging time.
EXAMPLE OF SURPLUS
$730,000 of funds allocated to the trolley were not used because the trolley could not operate. The proposed budget "carries forward" these funds to existing work plan expenditures in 21-22.
But what if we could CAPTURE the "Covid Surplus" use it for separate, tangible Capital Projects in Downtown WPB?
The Downtown Neighborhood Association (DNA) has advocated for years to have shade trees planted in the empty tree pits. We have been told that the irrigation infrastructure is insufficient and there were no funds to address this. Perhaps now there are available funds and we can take action. This is just one example of many important Capital Projects we could accomplish. We want to hear from YOU!
To learn more about how the DDA uses your property tax dollars to create a vibrant Downtown, read the full 2019-2020 DDA Annual Report.
Q. How does the DDA interact with other City government departments?
A. The DDA strives to deliver outcomes above and beyond standard municipal services provided by the City of West Palm Beach within the Downtown District. The DDA works closely with the City of West Palm Beach and the Community Redevelopment Agency (CRA). The CRA is a tax increment funded agency that also serves Downtown by facilitating redevelopment to improve the economic vitality and quality of life in designated areas.
Q. How is the DDA funded?
A. If you own property within the Downtown District Boundaries, you pay a special tax equal to $1 for every $1,000 of property value (1 mil). For example, a condo assessed at $250,000 will pay $250 annually. If you rent a property, the owner of your building is paying the special tax.
The DDA is legally allowed to levy a 2nd mil of property tax; however, since 2006 the 2nd mil has been paid by the City’s Community Redevelopment Agency (CRA) through an "interlocal" agreement between the City, CRA, and the DDA.
Q. How much of the DDA budget is funded by the residents?
A. The assessed value of the DDA district is roughly 50% residential and 50% commercial.
Q. What are the dates of the DDA fiscal year?
A. October 1 - September 30
Q. How much revenue is shown in the proposed DDA budget?
A: Over $8.5 million including a $3.5 million Carryforward. The average annual Carryforward amount is $1.61 million.
Q. How were property tax revenues impacted by Covid?
A. Property tax revenues INCREASED last year. The Property Appraiser estimates DDA District Total Taxable Value for 2021 to be $2.58 billion.
Q. How much did Covid impact the DDA expenditures in fiscal year 20-21?
As of the beginning of the 4th fiscal Quarter, only 34.7% of the DDA Gross Annual Budget had been spent. Monies not spent are carried forward to the next budget year.
Q. How is the proposed $8.5 million budget allocated?
Source: FY 2021/2022 Proposed Budget July 17, 2020 Resolution No. 03-2021 Exhibit A