City of Port St . Lucie , Florida Community Redevelopment Agency Notes to the Financial Statements For the Year Ended September 30 , 2021
NOTE 1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ( CONTINUED )
I .
PROPERTY TAXES / INTERGOVERNMENTAL
The jurisdictions remitting tax increment revenue to the CRA include the City of Port St . Lucie and St . Lucie County . Pursuant to an Interlocal Agreement between the City and St . Lucie County Fire District , the St . Lucie County Fire District stopped remitting Tax increment Revenues to the CRA in Fiscal year 2007-2008 .
In both the Original CRA and East Lake Village , the participating taxing authorities levying property taxes within these areas are required to annually deposit an amount equal to 95 % of the incremental property tax revenues they receive from properties within those corresponding areas . In the CRA Expansion Area , the participating taxing authorities are required to annually deposit an amount equal to 95 % of the incremental property tax revenues they receive from properties within the CRA Expansion Area . However , this requirement is subject to the following major exception set forth by Section 163.387 ( 1 )( b )( 1 )( a ), Florida Statutes :
If the taxing authority imposes a millage rate that exceeds the millage rate imposed by the governing body that created the trust fund , the amount of the tax increment to be contributed by the taxing authority imposing the higher millage rate shall be calculated using the millage rate imposed by the governing body that created the trust fund .
Ordinance 12-30 set the tax increment at 50 percent of the difference the current valuation of all levied properties within the Southern Grove Community Redevelopment Area boundary compared to the base year valuation of the same properties . The ordinance established the base year as January 1 , 2012 , and the collection of tax increment revenue within the Southern Grove District of the Community Redevelopment Area began in Fiscal Year 2013-2014 .
NOTE 2 . STEWARDSHIP , COMPLIANCE , AND ACCOUNTABILITY
A .
BUDGET AND BUDGETARY ACCOUNTING
The CRA follows these procedures in establishing the budgetary data reflected in the financial statements :
a . The proposed operating budget is submitted by the City Manager to the City Council , and the CRA Director submits it to the CRA Board for the fiscal year commencing on October 1 . The operating budget includes proposed expenditures and means of financing them .
b . Public hearings are conducted to obtain taxpayer comments .
c . The budget is legally enacted through the passage of an ordinance by City Council ( acting as the CRA governing body ) on or before the thirtieth day of September of the fiscal year currently ending .
d . Revisions that alter the budgeted totals require approval of the City Council ( acting as the CRA governing body ). Unencumbered appropriations lapse at year-end .
e . Budgets are adopted on a basis consistent with generally accepted accounting principles , except that encumbrances are presented as expenditures .
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