23% of the Deerfield Beach CRA budget goes to “other expenses.”
Our review of the Broward County study, “The Future of Redevelopment Funding,” as it pertains to the Deerfield Beach CRA, revealed $9.2M ($8.8M in…
Our review of the Broward County study, “The Future of Redevelopment Funding,” as it pertains to the Deerfield Beach CRA, revealed $9.2M ($8.8M in TIF) in revenue, and $16.2M in expenditures, with the $7M difference made up with loans and IOUs.
Like other “very expense heavy” CRAs, Deerfield’s is no different:
- $16.2M in expenses (excludes principal repayment)
- $2.5M on interest
- $11.7M on capital/projects
- $2.1M on “other” expenses
$2.1M is approximately 23% of the total budget; a very high overhead rate, likely eaten up mostly by salaries.
Luckily, Deerfield doesn’t plant tomato gardens, as done by the Lauderdale Lakes CRA.
While details on the $11.7M in capital improvements are lacking:
- In 2012, the CRA spent $8.6M against revenue of $2.1M (the $6.5M difference made up by past loan fund balances)
- Of that $8.6M spent, almost $7M went to capital and $700k transferred to the General fund for debt/interest
Details, as mentioned, were scarce, but we did note $6.8M in “streetscape” improvements. So, it’s hard to tell if the $18M bought any “solid capital improvements.”
Finally, the Deerfield Beach CRA has a fund balance of $2,659,188, which I would assume goes to debt service.