HomeMy WebLinkAboutcocc _CRA mtg-agenda_031825 packetCITY OF CAPE CANAVERAL
COMMUNITY REDEVELOPMENT AGENCY (CRA)
REGULAR MEETING
City Hall Council Chambers
100 Polk Avenue, Cape Canaveral, Florida 32920
5:00 p.m.
Please email public comments before noon to: cityclerk@capecanaveral.gov
For remote options, please visit: Cape Canaveral FL
1.CALL TO ORDER
2.PLEDGE OF ALLEGIANCE
3.ROLL CALL
4.APPROVAL OF AGENDA AS WRITTEN OR WITH AMENDMENTS’
All agenda section times are estimates and are subject to change.
5.PUBLIC PARTICIPATION
Any member of the public may address any items that do not appear on the
agenda and any agenda item that is listed on the agenda for final official action by
the CRA, excluding public hearing items which are heard at the public hearing
portion of the meeting, ministerial items (for example approval of agenda, minutes,
informational items), and quasi-judicial or emergency items. Citizens will limit their
comments to three (3) minutes. The CRA will not take any action under the “Public
Participation” section of the agenda. The CRA may schedule items not on the
agenda as regular items and act upon them in the future.
6.CONSENT AGENDA - Approval of Minutesa.September 20, 2024 Regular Meeting and
b.December 17, 2024 Special Meeting
7.REPORTS – FY 2023-24 Annual Report
Receive and file the CRA FY 2023-24 Annual Report and accompanying CRA
refresher.
8.OLD BUSINESS
City of Cape Canaveral, Florida
CRA Regular Meeting · March 18, 2025
Agenda · Page 2 of 2
9.NEW BUSINESS
10.ADJOURNMENT
In accordance with §286.26, Florida Statutes and in accordance with the Americans with
Disabilities Act, any person requiring special accommodations and need assistance to
access and participate at this meeting which is accessible should contact the city clerk’s
office (321) 868-1220 x 206 or 207 at least forty-eight (48) hours in advance of the
meeting.
Pursuant to §286.0105, Florida Statutes, if a person decides to appeal any decision made
by the CRA with respect to any matter considered at this meeting or hearing, he or she
will need a record of the proceedings and ensure that a verbatim record of the
proceedings is made, which record includes the testimony and evidence upon which the
appeal is to be based. This notice does not constitute consent by the city for the
introduction or admission into evidence of otherwise inadmissible or irrelevant evidence,
or does it authorize challenges or appeals not otherwise allowed by law.
CITY OF CAPE CANAVERAL
COMMUNITY REDEVELOPMENT AGENCY (CRA) BOARD
MARCH 18, 2025 REGULAR MEETING · ITEM #6
Subject: CONSENT AGENDA
The CRA may approve en mass all or some items by one motion and vote. Any CRA Member may
request that an item be removed from the consent agenda. Upon such request, the item will be
removed from the consent agenda and considered immediately following the vote to approve the
remaining consent agenda items unless placed elsewhere on the agenda by CRA vote. Discussion
on consent agenda items will only be permitted on items removed from the consent agenda.
Department: City Clerk
Summary: Approval of Meeting Minutes
Approve or correct the following meeting minutes
a.September 17, 2024 Regular Meeting and
b.December 17, 2024 Special Meeting
Submitted by: Esther Coulson
Attachment: Meeting minutes
Financial Impact: Staff time/effort to prepare this Agenda Item.
Reviewed by Acting Administrative/Financial Services Director: Cheryl Puleo
The CRA Registered Agent recommends that the CRA Board take the following action:
Approve the consent agenda.
Approved by CRA Registered Agent: Interim City Manager John DeLeo
D R A F T CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY (CRA) BOARD MEETING City Hall Council Chambers, 100 Polk Avenue, Cape Canaveral FL 32920 September 17, 2024 5:00 p.m. MINUTES
CALL TO ORDER: The Vice-Chair called the Meeting to Order at 5:00 p.m. Board Member Davis led the Pledge of Allegiance.
ROLL CALL: Board Members Present: Chair Wes Morrison (arrived 5:06 p.m.), Vice-Chair Mickie Kellum, Kim Davis, Kay Jackson, and Don Willis.
Others Present: CRA Registered Agent Todd Morley, CRA Board Attorney Anthony Garganese (arrived 5:38 p.m.), CRA Director Brianna Soat, CRA Board Recording Secretary Mia Goforth, Administrative/Financial Services (AFS) Director John DeLeo, AFS Senior Accountant Joey Blacker, AFS Finance Manager Cheryl Puleo, AFS IT Manager Michael Schaffer, Deputy City Clerk Daniel LeFever, Assistant to the City Manager Lisa Day, Capital Projects Director Tim Carlisle, Community and Economic Development (CED) Deputy Director Brian Palmer, CED Chief Resilience Manager Zachary Eichholz, CED Senior Planner Kyle Harris, Parks, Recreation + Community Affairs (PRCA) Director Molly Thomas, PRCA Deputy Director John Mayberry, Public Works Services (PWS) Director June Clark, PWS Deputy Director Jessica Erdman, PWS IM Manager David Coulter, and Brevard County Sheriff’s Office Lieutenant Scott Molyneaux, and Canaveral Fire Rescue Chief Dave Sargeant.
APPROVAL OF AGENDA AS WRITTEN OR WITH AMENDMENTS: Discussion ensued. A motion was made by Board Member Willis, seconded by Board Member Davis, to adjust the order of Agenda Items to 1,2,5,3,4. Motion carried 4-1, with Chair Morrison absent.
PRESENTATION:
Receive information regarding the City of Cape Canaveral Community Redevelopment Agency (CRA) grant programs for FY 2023/24: CED Senior Planner Harris presented to the Board. Discussion ensued. Mr. Harris confirmed that postcards will be mailed out again to the community and Staff pre-application meetings will continue into the future. The Chair and Board thanked Mr. Harris.
PUBLIC PARTICIPATION: None.
CONSENT AGENDA:
1. Approve Minutes for the May 21, 2024 and August 20, 2024 Special Board Meetings.
2. Approve FY 2024/25 City of Cape Canaveral Community Redevelopment Agency (CRA)
Board Meeting Schedule and Financial Reporting Requirements.
A motion was made by Vice-Chair Kellum, seconded by Board Member Willis, to approve the
Consent Agenda. The motion carried 5-0.
NEW BUSINESS:
5. Resolution No. CRA-12; adopting a Budget for the Cape Canaveral Community
Redevelopment Agency for Fiscal Year 2024/25; providing for the repeal of prior inconsistent resolutions, severability, and an effective date: CRA Registered Agent Morley explained the Item.
City of Cape Canaveral, Florida DRAFT CRA September 17, 2024 Regular Board Meeting Minutes · Page 2 of 2
AFS Director DeLeo discussed the actions taken by the City Council at its Special Meeting on September 3, 2024 helped finalize the CRA Budget. Discussion ensued. A motion was made by Board Member Willis, seconded by Board Member Davis, to adopt Resolution No. CRA-12. The motion carried 5-0. OLD BUSINESS:
3. a. Approve FY 2023/24 CRA Budget expenditure in an amount not to exceed $223,000 for Engineered Design of Fillmore Avenue improvements within the boundary of the CRA to Kimley-Horn and Associates, Inc., and authorize City Manager to execute same; and
b. Recommend that City Council designate $76,900 of the City’s FY 2023/24 General Fund contingency for Engineered Design of Fillmore Avenue improvements outside of the boundary of the CRA to Kimley-Horn and Associates, Inc: CRA Registered Agent Morley explained the Item. Scott Mingonet, Sr. Vice President/Principal with Kimley-Horn and Associates, Inc. (KHA) introduced himself and Matthew Wansor, PE, Project Manager, made a presentation to
the Board, noting both the Fillmore Avenue and Civic Hub Projects focus on stormwater within
the Center Street Basin and can provide a benefit to the entire basin. Discussion ensued. CRA
Registered Agent Morley clarified that although this Item is already approved and in the Budget,
approval by the Board is required to sign the Agreement. A motion was made by Board Member
Davis, seconded by Vice-Chair Kellum, to approve Item 3a. and b. The motion carried 5-0.
4. Approve FY 2023/24 CRA Budget expenditure in an amount not to exceed $149,350 for the engineering design of Phase I of the Civic Hub to Kimley-Horn and Associates, Inc. and authorize City Manager to execute same: Mr. Mingonet discussed the benefit of doing both Projects at the same time and this Item is just for the underground stormwater Phase 1 portion of the Civic Hub. Discussion ensued. A motion was made by Board Member Davis, seconded by Board Member Willis, to approve Item 4, as written. Discussion ensued. The motion failed 2-3, with Board Member Jackson, Vice-Chair Kellum and Chair Morrison voting against. CRA Registered Agent Morley suggested an alternative motion to the Board to designate the funds for Presidential Streets and Stormwater within the CRA. A motion was made by Board Member Jackson, seconded by Vice-Chair Kellum, to designate $149,350 to the Presidential Streets and Stormwater in FY 2024/25. The motion carried 4-1, with Board Member Willis voting against.
ADJOURNMENT: There being no further business, Chair Morrison adjourned the meeting at 6:28 p.m.
_______________________________________________ Wes Morrison, Chair _______________________________________________ Mia Goforth, CRA Clerk/Recording Secretary
CITY OF CAPE CANAVERAL
COMMUNITY REDEVELOPMENT AGENCY (CRA) BOARD
MARCH 18, 2025 REGULAR MEETING · ITEM #7
Subject: Receive and file the CRA FY 2023-24 Annual Report and accompanying CRA refresher.
Department: Community and Economic Development
Summary: Florida Statute 163.387(8) requires that the City file an annual report of the CRA’s
financial activities with taxing authorities each year for the preceding fiscal year. Additionally, the
City and Brevard County entered into an Interlocal Agreement, recorded in July of 2018, establishing
additional reporting obligations addressed in each CRA Annual Report. This report serves to fulfill
reporting obligations for FY 2023-24 ending September 30, 2024.
Submitted by: Brianna Soat, CRA Director
Attachment: CRA FY 2023-24 Annual Report
Financial Impact: Staff time/effort to prepare this Agenda Item.
Reviewed by Acting Administrative/Financial Services Director: Cheryl Puleo
The CRA Registered Agent recommends that the CRA Board take the following action:
Receive and file the CRA FY 2023-24 Annual Report and accompanying CRA refresher.
Approved by CRA Registered Agent: Interim City Manager John DeLeo
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 1 of 16
MARCH 2025
City of Cape Canaveral
Community Redevelopment Agency
100 Polk Avenue
Cape Canaveral, FL 32920 (321) 868-1220
City of Cape Canaveral
Community Redevelopment
Agency (CRA) FY 23/24
Annual Report
/_
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 2 of 16
Table of Contents
Introduction, Mission, & Overview ....................................................................................................................................... 3
History ............................................................................................................................................................................................. 3
FY 23/24 CRA Officials ............................................................................................................................................................... 4
Staff ............................................................................................................................................................................................ 4
Governing Board Members ............................................................................................................................................... 4
Boundary Lines ............................................................................................................................................................................. 5
Figure 1. City of Cape Canaveral CRA Boundary .................................................................................................... 5
Projects Overview & Accomplishments .............................................................................................................................. 6
Financial Incentive Grant Program .................................................................................................................................. 6
Presidential Streets Master Plan & Implementation ................................................................................................ 6
C5 Acoustic/Resiliency Upgrades .................................................................................................................................... 7
Canaveral City Park Upgrades .......................................................................................................................................... 8
Civic Hub Redevelopment ................................................................................................................................................. 8
CAPE Center Upgrade .......................................................................................................................................................... 9
Bike Lane Striping ................................................................................................................................................................. 9
Financial Report ........................................................................................................................................................................ 11
Statement of Revenues, Expenditures, & Balance Sheet .................................................................................... 11
Summary of Projects, Grants, & Debt ......................................................................................................................... 12
Performance Information ...................................................................................................................................................... 13
Project Performance Summary ..................................................................................................................................... 13
Jobs Impact ........................................................................................................................................................................... 13
Assessed Valuation ............................................................................................................................................................ 14
Figure 2. Assessed Valuation as determined by the Brevard County Property Appraiser’s Office .. 14
Impact ..................................................................................................................................................................................... 15
Appendix A: Financial Statements, September 30, 2024
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 3 of 16
Introduction, Mission, & Overview
Florida Statute 163.387(8) requires that the City file an annual report of the CRA’s financial activities with
taxing authorities each year for the preceding fiscal year. Additionally, the City and Brevard County entered into an Interlocal Agreement, recorded in July of 2018, establishing additional reporting obligations addressed in each CRA Annual Report. This report serves to fulfill reporting obligations for Fiscal Year 23/24 ending September 30, 2024 and provides:
• the organization and membership of the CRA;
• contact information for current CRA Board members and administration;
• an introduction to the CRA and its mission and history;
• the CRA boundary;
• financial reports, statement of liabilities, and income/operating expenses; and
• an overview of public and private construction projects completed/underway within the CRA.
Between the years of 2007 and 2011, Cape Canaveral property valuation data collected by the Brevard
County Property Appraiser’s Office (BCPAO) indicated a 41% decline in assessed value of commercial
and industrial areas and 47% in residential areas. The City initiated “Envision Cape Canaveral” through
a public engagement process which ultimately led to the CRA’s creation. The CRA is a tool for the City
and property owners to help improve property values, business revenues and economic growth within
the City of Cape Canaveral. The CRA strives to provide comprehensive support for the community,
property owners and businesses.
History
Creation Date: The City and Brevard County entered into an Interlocal Agreement (Resolution No. 2012-10) to establish the City of Cape Canaveral’s CRA in 2012. Plan Amendment Dates: A CRA Plan Update is included in the Proposed FY 25/26 CRA Budget. Expiration Date: September 30, 2040 Applicable Resolutions & Ordinances: City Resolution No. 2012-10, City Ordinance No. 23-2012, and County Resolution No. 2012-269
For more information, please visit the CRA's webpage at capecanaveral.gov, which includes the CRA’s upcoming Board meeting agendas and attendance options as well as minutes from prior meetings. All CRA Board meetings are open to the public and held on a quarterly basis in the Council Chambers at City Hall (100 Polk Avenue, Cape Canaveral, Florida 32920). The City encourages all to attend!
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 4 of 16
FY 23/24 CRA Officials
Staff
Todd Morley
City Manager/CRA Registered Agent
(321) 868-1220
t.morley@cityofcapecanaveral.org
Brianna Soat, AICP
CRA Director
(321) 868-1220 x 118
b.soat@cityofcapecanaveral.org
Mia Goforth
CRA Clerk/Recording Secretary
(321) 868-1220
m.goforth@cityofcapecanaveral.org
Governing Board Members
Wes Morrison, Chairperson
w.morrison@cityofcapecanaveral.org
Mickie Kellum
m.kellum@cityofcapecanaveral.org
Kay Jackson
k.jackson@cityofcapecanaveral.org
Kim Davis
council.davis@cityofcapecanaveral.org
Don Willis
d.willis@cityofcapecanaveral.org
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 5 of 16
Boundary Lines
The CRA Boundary encompasses 766 acres or 56% of the City’s land area.
Figure 1. City of Cape Canaveral CRA Boundary (outlined in black)
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 6 of 16
Projects Overview & Accomplishments
The CRA adopted its Community Redevelopment Plan in FY12-13 through Tax Increment Financing (TIF)
revenues deposited into the Trust Fund to provide comprehensive support for property owners,
business owners, and visitors alike to catalyze business development and economic growth along the City’s major corridor, State Route A1A (SR A1A). The resulting Tax Increment Revenue allows for the continued expansion of public infrastructure and programs that positively impact the both the City and the County. In its 13th year of operation, the CRA has increased approximately $491 million in value since inception.
On April 26, 2024, the State of Florida passed HB 7013 revising Florida Statute (FS) § 189.0694 to require all special districts, including Community Redevelopment Agencies (CRAs), to establish goals and objectives for each undertaken program and activity and create performance measures and standards
to determine the achievement level of the established goals and objectives. Starting in 2025, special
districts must annually publish a report by December 1 each year describing the achievements and
unmet targets. Moving forward, the CRA Annual Report will aggregate this information.
Financial Incentive Grant Program
In an effort to increase awareness, economic productivity, and aesthetics within Cape Canaveral, the City
launched a series of grant programs to assist commercial and residential property owners in the CRA
District with making improvements to their properties. The funds are dedicated to making
improvements to both commercial and residential properties. Eligible projects include buildings/facades, signage, residential exterior paint projects, landscaping, and implementing Low Impact Development (LID) practices.
Goal/Objective(s): Provide tax increment financing funds generated by redevelopment projects to neighboring properties to augment further private investment in aesthetics, upkeep, stormwater management, and other means of community beautification to further attract more private redevelopment in an endless loop fashion.
Performance Measure/Standard(s): Award at least $40,000 by the end of FY 24/25.
FY 23/24 Completion Status: All $50,000 expended within the confines of the Grant Program;
presented a summary of awarded projects to the CRA Board at its Regular Meeting of 9/17/2024.
Presidential Streets Master Plan & Implementation
The City Council accepted the Presidential Streets Master Plan, a conceptual plan for a largely residential
area located in the CRA, which provides high-level policy guidance for the systematic redevelopment of
the City’s Presidential Streets via a design process involving community input, updated environmental,
demographic, and traffic analysis and incorporating the latest in future-ready resilient infrastructure. It
is intended to provide long range guidance for Staff and Council Members, with recommendations
intended to be implemented over the life of the CRA.
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 7 of 16
Goal/Objective(s): Lead by example as a community that embraces sustainability and resiliency in the
design and operation of its facilities, infrastructure, programs, services, budgets, and development
through forward-thinking policies, ordinances, and education.
Performance Measure/Standard(s): Complete the design/construction of one Presidential Street.
FY 23/24 Completion Status: Redesign of Fillmore Avenue underway.
C5 Acoustic/Resiliency Upgrades
The “C5” building was planned to serve as the City’s first Resilience Hub to serve as a post-disaster
logistics and recovery coordination center. Hardening its infrastructure to remain “storm-ready”
improves the city’s chances of resilience upon future natural disasters, as evidenced by lessons learns
after 2022’s Hurricanes Ian and Nicole.
Goal/Objective(s): Install protective metal flood barrier infrastructure at all first floor points of
ingress/egress to enhance the building’s capacity to withstand urban flood and storm surge events.
Install a lightning protection system (CMCE device) atop the roof to severely decrease lightning strike
impacts to the surrounding area, including the adjacent public Splash Pad and ball fields. Lessen echo
within building to improve communication levels and better facilitate activities.
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 8 of 16
Performance Measure/Standard(s):
• Install CMCE lightning protection system by 2025.
• Install metal flood barriers by 2025.
• Install acoustics padding by 2025.
FY 23/24 Completion Status: Complete except acoustics padding is on hand and will be installed
during the low season.
Canaveral City Park Upgrades
Canaveral City Park is the moss centrally located park in the city and the community has expressed
desire for upgrades to include playground enhancements, expanded lighting, additional fencing, and
electric access points.
Goal/Objective(s): Pursue proactive measures to preserve and enhance the community's appearance
as a distinctive small-town coastal community with open and natural environments, green spaces, parks,
beaches, and cultural assets, with distinctive and progressive design standards, and appealing public
spaces for multi-generational recreation and gatherings.
Performance Measure/Standard(s):
• Increase artificial light spread by 2025.
• Install electric access points per plan by 2026.
• Complete playground lighting and fence installation by 2027.
FY 23/24 Completion Status: On track for completion by September 2025.
Civic Hub Redevelopment
In line with the City's visioning plan that "transforms blighted and unfinished buildings into attractive
structures, offers City-wide green spaces, provides exceptional parks with ample shade", the opportunity
arose to purchase and redevelop the property at 7404 North Atlantic Avenue. Expansion of the City Hall
Plaza into a beautiful civic hub will promote resident/tourist engagement and redevelop an outdated
property into a place that completes the municipal campus for all to enjoy.
Goal/Objective(s): Pursue proactive measures to preserve and enhance the community's appearance
as a distinctive small-town coastal community with open and natural environments, green spaces, parks,
beaches, and cultural assets, with distinctive and progressive design standards, and appealing public
spaces for multi-generational recreation and gatherings.
Performance Measure/Standard(s): Create a newly activated public space for gathering, events, and
other community-building activities in a central, highly visible location within the city, to include extensive stormwater management infrastructure augmentation.
FY 23/24 Completion Status: Demolition of existing building/structures complete; scope of work refinement near completion.
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 9 of 16
CAPE Center Upgrade
The City’s Culture, Arts, Preservation + Enrichment (CAPE) Center is open to the public between 10:00 a.m. and 4:00 p.m. and has become a utilized space. The CRA seeks to support the Center throughsafety upgrades.
Goal/Objective(s): Provide a venue to connect the community with the larger world, historically,
artistically, and culturally, serving as a beacon of our collective community values and interactive catalyst
for individual growth and community entity. It also serves as an event space/conference center.
Performance Measure/Standard(s): Install additional fire safety infrastructure by 2025.
FY 23/24 Completion Status: Complete; received East Central Florida Regional Planning Council
(ECFRPC) Diamond Award for Health and Equity honoring the region’s most iconic urban planning and
development projects, promoting smart growth practices highlighting equity, healthy neighborhoods,
conservation, and economic vitality.
Bike Lane Striping
The City finds value in continuing efforts to complete its network of safe bicycle and pedestrian
infrastructure in order to provide safer travel experiences for residents, businesses, and visitors, alike, up
to the CRA’s boundaries, to which other jurisdictional efforts may connect multimodal transportation
systems.
ECFRPC.019
ECFRPC.org
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 10 of 16
Goal/Objective(s): Take steps to move the City into “Vision Zero” status as part of the statewide
initiative to reduce the number of transportation-related serious injuries and deaths across Florida to
zero.
Performance Measure/Standard(s): Install white and/or green Methyl Methacrylate MMA pavement
markings and thermals along North Atlantic Avenue and portions of West Central Avenue by 2025.
FY 23/24 Completion Status: Complete.
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 11 of 16
Financial Report
Attachment 1 to this report includes the CRA audit report prepared by an independent auditor which
certifies that TIF revenues were lawfully expended consistent with Florida Statutes. Statement of Revenues, Expenditures, & Balance Sheet
Cape Canaveral
CRA Fund Adjustments Government
Activities
Revenues
Intergovernmental & Grants 2,601,217 - 2,601,217 Other Revenues 9,238 - 9,238 Total Revenues 2,610,455 - 2,610,455 Expenditures Community Redevelopment 106,619 - 106,619 Capital Outlay 300,142 - 300,142 Total Expenditures 406,761 - 406,761
Net income before transfers 2,203,694 - 2,203,694
Other financing sources (uses) Transfers in from primary government 23,164 - 23,164 Transfers out to primary government (816,060) - (816,060) Total Other Financing Sources (Uses) (792,896) - (792,896)
Net change in fund balance/net position 1,410,798 - 1,410,798
Fund balance/net position, beginning of year (203,777) - (203,777)
Fund balance/net position, end of year $1,207,021 - $1,207,021
Source: City of Cape Canaveral Audited Annual Financial Report, Cape Canaveral Community Redevelopment Agency Fund for Fiscal Year ending
September 30, 2024.
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 12 of 16
Summary of Projects, Grants, & Debt
Reso luti on No. CRA-12
Budget Detail Exhibit '"A "
upe Canaveral Community Redevelopment Agency
Fund 106 -Dept O 16
2022-2023 2.023-2024 2,023-202,,I 1 ~~~
Revenue
1 06-000-000-300100 Cash Forward ~' 10096,
106-000-000-338000 Shared Revenue-Cape Canavera l 943,062 1,099,809 1.,383,,417 1.31U17 11,.&IM,6Z7 896
106-000~000-338001 Shared RE!Yenue-Brevard County 943,062 1.0S8.. S62 1.217JIOD 1,217Jl(JO UfiQ,2l6 12":la
106-000-000-342102 EV Charging 096,
106-000~000-361 100 I ntere5t from Investment 117 3,9 17 2.SCIIJ 2,,!iDO 8,.000 22096
106-000-000-381001 Transfer in from General Fu nd :I, 14 1.595 14 1.9!i8 1SD,ODO 11 SQOOO 500,000 23396
106-000~000-382100 Transfer in from S1Drmwater 000 0
Total Revenue $ 5,092,836 s 2,304.246 $ 2.75J..717 $ 2.153.717 3,857,843 409n
OpeQting
106--0 16-559-53 1000 Leg al Fees 1.209 1.307 3,200 3.20D um 096,
106-016-559-533000 Professional Sel'Yi ces 2 10 1SZ.OOO 52,000 -400..000 16396
106--0 16-559-53 1001 Admin is:tr.11:ive Fees 175 096,
106-016-559-540000 Travel & Per Die m 920 92D '!121) 096,
106-016-559-554000 Membership & Tra in ing 870 1.,ag5 1,Cll5 096,
Total Operating 1.419 s 2.352 $ 157.,215 $ 157.215 15!W&i
Capital Outlay
106-016-559-563000 Gr.ant Programs 18.744 so..aoo SQ.cm .§0.000 096,
106-016-559-563001 Capital In itiatives 4,813,681 123.688 16J)OD 10096,
106-016-559-563002 Mobility/Sb'iping/Sid-.ilk 1 16.071 096,
106-016-559-563003 Oa k Lane Improvements 5§0.00D 10096,
106-016-559-563008 Presidential Streets 36..225 30D.CJOIJ 30Q.ODO 1..2SO.DUD 3 1796
106-016-559-563009 C5 Construction/Resiliency Upgrades 69.027 9DJXID go,,ooa, -10096
106--0 16-559-563010 Nancy Hanson Rec Center It.ta int 100.000 10096,
106-016-559-563.22.6 Canaveral aw Part Upgr ade 75J1DO 75.CIOD 12.IIDD -84'\la
106--0 16-559-5632.27 G.ric Hub RedeYelopment 64.665 1SD.ODD SO.ODD JOI~ 10 1 q,.
106-016-559-563.22.8 CapeCenter 251.01 9 1]JJOD 1].QOD -10096
106--0 16-559-563231 Bike L..me Striping SD.ODD SQ.ODD -10096
106-016-559-563248 Canaveral aw Part. Concession Stand 10096,
Total Capital Outlay 4,832,425 660,6!Jl5 728.,(JGD 128.,0IIO ~ 256%
Debt Service
106--0 16-559-571000 Debt Service -Principill 729.000 738.000 8D2,A36 8112,436 &1UM1
106-016-559-572000 Debt Service -Interest &22 l4JJ60 M.OfiD
Total Debt Service 817,822 8fi6.A9fi lfi5.496 &511.1-16 -1%
other Expenses
106--0 16-581-591001 Transfer to General Fund 5 ·0.STo 3DQ..ODO
Total Other-Expenses 610.570
Contingency
106-016-559-5Q9000 Contingency 1m,.Omi 1,0112,005 0 -100%
Total Contingency 702JJOfi 1JID2.006 -1 00%
Total Commmlity Redevelopment Agency Fund Budget $ $ 2.15J..717 $ 2.153.717 409n
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 13 of 16
Performance Information
The following information is provided consistent with the Interlocal Agreement recorded in July 2018,
between the City and Brevard County.
Project Performance Summary
Started 4
Ongoing 2
Completed 1 Expended for Affordable Housing $0
Jobs Impact
Sector Construction Hospitality Total
Created: Temporary 200 20 220
Created: Full-time 0 75 75
Retained 100% 100% 100%
Numbers represent data-based approximations.
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 14 of 16
Assessed Valuation
CRA Enactment (2011): $230M
Current: $721M
Each year since the creation of the CRA, the BCPAO reported increases in the assessed value of all properties within the CRA area (see Assessed Valuation graph on page 6).
Figure 2. Assessed Valuation as determined by the Brevard County Property Appraiser’s Office
$800
$700
$600
$500
$400
$300
$200
$100
$0
CRA Valuation ($Millions )
$51 2
$457 -·
95
$362 '' ,.
$32 _, ,~4 -•
$266 ,-• '.-
$230 $234
Base
Year
2013 2014 2015 2016 2017 2018 2019 2020 2021
$721
$651
$572
2022 2023 2024
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 15 of 16
Impact
While CRA expenditures have exponential impact on all economic and social activity within its boundaries, the attracted, resulting projects serve vast benefit to areas throughout Brevard County and beyond. For example, hotels within Cape Canaveral’s CRA generate more revenue to the County per available room than any other jurisdiction in Brevard County according to the Brevard County Tourist Development Council (TDC). The County utilizes Cape Canaveral hotel tax revenue to fund projects
across the County. Similarly, the intense use of a new hotel in Cape Canaveral generates impact fees
paid to the County, which the County expends on, for example, transportation and Brevard County
Schools. Additionally, other uses within the CRA, such as car rental, cruise parking, and space industry
offices, form a strong cornerstone for the success and growth of Port Canaveral, a vital resource to the
region and the State. The construction of the Cocoa Brightline rail station on the other end of the
causeway will catalyze economic activity even further.
Hyatt Place, 9119 Astronaut Boulevard, Cape Canaveral, FL 32920
This privately-funded hotel and rooftop restaurant was nearing the end of construction at the conclusion
of FY 23/24 and received its final Certificate of Occupancy in March 2025. It is the first building to utilize
the City’s new ordinance expanding height limitations for rooftop amenities (recommended for approval
by the Planning and Zoning Board in FY 23/24 and later adopted by City Council).
City of Cape Canaveral • Community Redevelopment Agency • FY 23/24 Annual Report • Page 16 of 16
Hilton Garden Inn, 150 Imperial Boulevard, Cape Canaveral, FL 32920
This privately-funded hotel and ground-floor restaurant was nearing the end of construction at the
conclusion of FY 23/24 and is on track to receive its final Certificate of Occupancy in 2025.
Unnamed Hotel, 8955 Columbia Road, Cape Canaveral, FL 32920
The vacant property owner submitted discretionary planning applications for a new hotel with 150 rooms, pervious surface parking, and a rooftop restaurant taking advantage of the aforementioned rooftop amenities ordinance which will become the nearest hotel-top business to rocket launches and cruise embarkments, drawing in countless, widespread visitors.
CITY OF CAPE CANAVERAL COMMUNITY
REDEVELOPMENT AGENCY
FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
-ii -
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
TABLE OF CONTENTS
SEPTEMBER 30, 2024
Page
Number(s)
Independent Auditors’ Report 1 3
Management’s Discussion and Analysis 4 –6
Basic Financial Statements
Balance Sheet / Statement of Net Position 7
Statement of Revenues, Expenditures, and Changes in Fund Balance / Statement of
Activities 8
Notes to Financial Statements 9 12
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in Fund Balance –Budget and
Actual 14
Independent Auditors’ 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 15 –16
Independent Auditors’ Management Letter Required by Chapter 10.550, Rules
of the State of Florida Office of the Auditor General 17 –19
Independent Accountants’ Examination Report 20
- 1 -
INDEPENDENT AUDITORS’ REPORT
To the Governing Board,
City of Cape Canaveral Community Redevelopment Agency:
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major
fund of the City of Cape Canaveral Community Redevelopment Agency (the CRA), as of and for the year
ended September 30, 2024, and the related notes to the financial statements, which collectively comprise
the CRA’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the
respective financial position of the governmental activities and each major fund of the CRA, as of
September 30, 2024 and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
Basis of Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards (GAS),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
The CRA’s management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States of America;
this includes 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.
~ JAMESMOORE
- 2 -
Auditors’Responsibility
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 GAAS 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 GAAS 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 and required supplementary information, 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 required
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquiries of management about 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 information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.
- 3 -
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 10,
2025, 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 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 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.
Daytona Beach, Florida
February 10, 2025
- 4 -
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Cape Canaveral Community Redevelopment Agency’s (the CRA) management’s discussion
and analysis (MD&A)is designed to (a) assist the reader in focusing on significant financial issues, (b)
provide an overview of the CRA’s financial activity, (c) identify changes in the CRA’s financial position
(its ability to address the next and subsequent year challenges), (d) identify any material deviations from
the financial plan (the approved budget), and (e) identify individual fund issues or concerns.
Since the MD&A is designed to focus on current year activities, resulting changes,and currently known
facts, it should be read in conjunction with the CRA’s financial statements which follow this section.
Financial Highlights
The liabilities of the CRA exceeded its assets at September 30, 2024, by $1,207,021 (net position).
Of this amount, the entire balance (to the extent it is positive) was restricted for redevelopment
purposes. Deficits are classified as unrestricted net position.
As of September 30, 2024, the CRA’s reported ending fund balances of $1,207,021. Fund balance
saw a change of $1,410,798 when compared to the prior year.
The MD&A is intended to serve as an introduction to the CRA’s basic financial statements, which are
comprised of three components: 1) government-wide financial statements, 2) fund financial statements
and 3) notes to the financial statements.
Overview of the Financial Statements
This annual report consists of four components: 1)management’s discussion and analysis (this section),
2)government-wide and fund financial statements, 3)notes to the financial statements, and 4)required
supplementary information.
Government-wide Financial Statements
Government-wide financial statements provide readers with a broad overview of the CRA’s finances in a
manner similar to a private-sector business. The governmental activities of the CRA include reinvesting
within the community redevelopment district.
The statement of net position presents information on all of the CRA’s assets and liabilities, with the
difference between the two reported as net position. This statement serves a purpose similar to that of the
balance sheet of a private-sector business. Over time, increases or decreases in net position may serve as
one 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 fiscal year. All changes in net position are reported using the modified cash basis of
accounting.
Notes to the Financial Statements
The notes to the financial statements provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements.
- 5 -
Government-wide Financial Analysis
Statement of Net Position
The following is a summary of the CRA’s governmental activities net position for each of the past two
years:
Statement of Activities
The following is a summary of the changes in the CRA’s governmental activities net position for each of
the past two years:
Gove rnmental Activities
2024 2023
AS SE TS
Curre nt and other assets 1,277,277$ 98,390$
Total assets 1,277,277$ 98,390$
LIABILITIES
Curre nt liabilities 70,256$ 302,167$
Total liabilities 70,256$ 302,167$
NET POSI TION
Re stricted 1,207,021$ -$
Unrestricted - (203,777)
Total net position 1,207,021$ (203,777)$
Gove rnmental Activities
2024 2023
REVE NUES
Int ergo vernme ntal and grants 2,601,217$ 2,158,371$
Other revenues 9,238 3,917
Total revenues 2,610,455 2,162,288
EXPENSES
Commu ni ty Redevelopment 106,619 2,351
Capital outlay 300,142 660,695
Total expenses 406,761 663,046
Net income before transfers 2,203,694 1,499,242
Transfers from primary go vernme nt 23,164 141,958
Transfers to primary go vernme nt (816,060) (1,428,392)
Change in ne t position 1,410,798 212,808
Net position, beginni ng of year (203,777) (416,585)
Net position, end of year 1,207,021$ (203,777)$
- 6 -
Financial Analysis of the General Fund
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 the end of the current fiscal year, the CRA’s general fund reported an ending fund balance of
$1,207,021, a change of $1,410,798 in comparison with the prior year.This decrease was due to an
aggressive capital spending plan and will be made up by future tax increment revenues in excess of
expenditures.
At the end of the current fiscal year, the entire fund balance was unassigned (due to the fund balance
deficit, similar to the prior year).As the CRA is focused on reinvestment revenues into the CRA district
and does not have significant annual operational costs, the CRA does not maintain specific reserve levels
for operations.
General Fund Budgetary Highlights
There were no significant amendments between the original and the final CRA budget.
Actual expenditures in the general fund were $1,480,460 less than final budget amounts. The main reason
for this is due to the timing of capital projects and other one-time expenditures.
Budgetary comparisons between the final budget and actual results can be found on page 14 of this report.
Economic Factors and Next Year's Budget
There are many challenges facing local governments today. Property values have continued to increase in
recent years, contributing to related growth in the revenues of the CRA. While property values for the
subsequent fiscal year have increased, the future outlook of property values,and any potential impact they
will have on the CRA’s finances, are unknown.
Requests for Information
This report is designed to provide an overview of the CRA’s finances for those with an interest in this
area.Questions concerning any of the information found in this report, or requests for additional
information, should be directed to the City of Cape Canaveral.
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
BALANCE SHEET / STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
Statement of
Balance Sheet Net Position
General Governmental
Fund Adjustments Activities
ASSETS
Cash and cash equivalents 1,267,779$ -$ 1,267,779$
Total assets 1,267,779$ -$ 1,267,779$
LIABILITIES
Accounts payable and accrued liabilities 16,833$ -$ 16,833$
Due to primary government - - -
Advances from primary government 43,925 - 43,925
Total liabilities 60,758 - 60,758
FUND BALANCE / NET POSITION
Fund Balance:
Restricted for:
Community redevelopment 1,207,021 (1,207,021) -
Net Position:
Restricted for:
Community redevelopment - 1,207,021 1,207,021
Total fund balance / net position 1,207,021 - 1,207,021
Total liabilities and fund balance / net position 1,267,779$ -$ 1,267,779$
The accompanying notes to financial statements are an integral part of this statement.
- 7 -
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE /
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Statement of
Revenues,
Expenditures,
and Changes in Statement of
Fund Balance Activities
General Governmental
Fund Adjustments Activities
Revenues
Intergovernmental 2,601,217$ -$ 2,601,217$
Investment income 9,238 - 9,238
Total revenues 2,610,455 - 2,610,455
Expenditures / expenses
Current:
Community redevelopment 106,619 - 106,619
Capital outlay 300,142 - 300,142
Total expenditures / expenses 406,761 - 406,761
Excess (deficiency) of revenues over
expenditures / operating income (loss)2,203,694 - 2,203,694
Other financing sources (uses)
Transfers in from primary government 23,164 - 23,164
Transfers out to primary government (816,060) - (816,060)
Total other financing sources (uses)(792,896) - (792,896)
Net change in fund balance / net position 1,410,798 - 1,410,798
Fund balance / net position, beginning of year (203,777) - (203,777)
Fund balance / net position, end of year 1,207,021$ -$ 1,207,021$
The accompanying notes to financial statements are an integral part of this statement.
- 8 -
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
- 9 -
(1)Summary of Significant Accounting Policies:
The financial statements of the City of Cape Canaveral Community Redevelopment Agency (the CRA),
have been prepared in conformance with accounting principles generally accepted in the United States of
America as applicable to governmental units. The Governmental Accounting Standards Board (GASB) is
the accepted body for promulgating governmental accounting and financial reporting principles and the
CRA has adopted the GASB Codification. The following is a summary of the CRA’s significant
accounting policies:
(a)Reporting entityThe City of Cape Canaveral Community Redevelopment Agency was
created in 2016, by City Ordinance 2015-O-04 of the City of Cape Canaveral, Florida (the City),
pursuant to Florida Statute 163.387, to account for the receipt and expenditure of property tax
revenues from the tax increment financing district to support redevelopment in the designated
community redevelopment area. Since the City is financially accountable for the activities of the
CRA, its governing board is the same, and its relationship to the CRA is significant, the CRA is
considered to be a blended component unit in the City’s financial statements, where it is also
reported as a major special revenue fund.The CRA has determined there are no component units
that meet criteria for inclusion in the CRA’s financial statements.
(b)Government-wide and fund financial statementsThe government-wide financial
statements (i.e., the statement of net position and the statement of activities) report information on
all of the activities of the CRA. The CRA only has governmental activities and does not engage in
any business-type activity. Direct expenses are those that are clearly identifiable with a specific
function or segment. General revenues include ad valorem taxes and interest income. Fund financial
statements are presented for the CRA’s General Fund. The General Fund, which accounts for all
financial operations of the CRA,is considered to be a major fund and is the only fund of the CRA.
(c)Measurement focus, basis of accounting, and financial statement presentationThe
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. Grants and
similar items are recognized as revenue when all eligibility requirements imposed by the grantor
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 when
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 property revenues to be available if they are collected within 60
days of the end of the current period. Grants, other intergovernmental revenues, charges for services,
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. Expenditures generally
are recorded when a liability is incurred. However, expenditures related to long-term agreements are
recorded only when payment is due.
(d)Budgets and budgetary accountingThe governing board of the CRA adopts an annual
operating budget, which is prepared on a modified accrual basis and can be amended by the board
throughout the year. At the fund level, actual expenditures cannot exceed the budgeted amounts.
The accompanying budgeted financial statements for the General Fund reflect the final budget
authorization amounts, including all amendments.
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
- 10 -
(1)Summary of Significant Accounting Policies:(Continued)
(e)Deposits and investmentsThe CRA’s cash and cash equivalents include cash on hand,
demand deposits and short-term investments that are readily convertible to known amounts of cash.
Investments with original maturities of three months or less are considered to be cash equivalents.
(f)Receivables and payablesActivity between the CRA and the City has been classified as
amount due to/from the primary government on the balance sheet and statement of net position. All
trade and property tax receivables are reported net of an allowance for uncollectible accounts, which
is based upon management's analysis of outstanding balances and historical trends.At September
30, 2024, all of the CRA’s receivables were considered fully collectible.
(g)Prepaid itemsCertain payments to vendors reflect costs applicable to future accounting
periods and are recorded as prepaid items in both government-wide and fund financial statements.
(h)Capital assetsThe CRA does not own any capital assets. Any capital outlay expenditures
made by the CRA are deemed to be on behalf of the City who takes ownership of the assets along
with the perpetual maintenance obligation for those assets.
(i)Long-term obligationsThe CRA does not have any legal indebtedness. Any use of funds
for debt service, which is included in transfers to the primary governments,represents payments
toward long-term debt issued in the name of the City for which CRA revenues have been pledged.
The CRA does not have any employees. Any employees who provide services to the CRA are
employees of the primary government and do so at either no charge to the CRA, or any allocations
made to the CRA represent reimbursements by the CRA to the primary government for services
rendered (any items recorded to personnel expense accounts are only for ease of tracking the
reimbursement amounts). As a result, there is no compensated absences, other post-employment
benefits (OPEB), or pension liabilities recorded on the CRA’s financial statements.
(j)Fund balanceIn the fund financial statements, governmental funds report fund balance
classifications that comprise a hierarchy based primarily on the extent to which the CRA is bound to
honor constraints on the specific purposes for which amounts in those funds can be spent. Those
classifications are as follows:
Nonspendable –amounts not available to be spent or not in spendable form, such as inventory
and prepaid items.
Restricted –amounts constrained to specific purposes by their providers (such as grantors and
higher levels of government), through constitutional provisions or by enabling legislation.
Committed –amounts constrained to specific purposes based on actions taken by the CRA
governing board through ordinance.
Assigned –amounts the CRA intends to use for a specific purpose. Intent can be expressed by
the CRA governing board or by an official or body which the Board delegates authority.
Unassigned –amounts that are available for any purpose.
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
- 11 -
(1)Summary of Significant Accounting Policies:(Continued)
When an expenditure is incurred for purposes for which both restricted and unrestricted resources
are available; the CRA considers restricted funds to have been spent first. When expenditure is
incurred for which committed,assigned,or unassigned fund balances are available, the CRA
considers amounts to have been spent first out of committed funds, then assigned funds and finally,
unassigned funds, as needed.
(k)Net position flow assumptionSometimes the CRA will fund outlays for a particular
purpose from both restricted and unrestricted resources. In order to determine amounts reported as
restricted and unrestricted net position, it is the CRA’s policy to consider restricted net position to
have been used before unrestricted net position is applied.
(l)Use of estimatesManagement uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities, and the reported revenue and expenses. Actual results could vary from the estimates
assumed in preparing the financial statements.
(2)Reconciliation of Government-Wide and Fund Financial Statements:
(a)Explanation of certain differences between the governmental fund balance sheet and the
government-wide statement of net positionFollowing the governmental fund balance sheet is a
reconciliation between fund balance –total governmental funds and net position –governmental
activities as reported in the government-wide statement of net position. The CRA has no items
reported differently between these two statements.
(b)Explanation of certain differences between the governmental fund statement of revenues,
expenditures, and changes in fund balances and the government-wide statement of activities
Following the governmental fund statement of revenues, expenditures, and changes in fund
balances, there is a reconciliation between net changes in fund balances -total governmental funds
and changes in net position of governmental activities as reported in the government-wide statement
of activities. The CRA has no items reported differently between these two statements.
(3)Deposits and Investments:
The CRA is subject to the investment policy of the primary government and has no cash or investment
held outside of the CRA’s interest in the City’s pooled cash and investments. Additional accounts are held
for various other purposes, or to segregate cash balances for amounts which are restricted or held on
behalf of others.State statutes authorize the CRA to invest excess funds in time deposits, or obligations of
the principal and interest of which are unconditionally guaranteed by, the United States Government,
commercial paper, corporate bonds, repurchase agreements and/or the State Board of Administration
(SBA) Local Government Surplus Trust Fund Investment Pool or other investment vehicles authorized by
local ordinance.
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2024
- 12 -
(1)Summary of Significant Accounting Policies:(Continued)
As of September 30, 2024, all CRA deposits were covered by private bank acquired insurance, Securities
Investor Protection Corporation (SIPC) insurance, private broker/dealer acquired insurance, Federal
Depository Insurance Corporation (FDIC) insurance, and/or the State of Florida collateral pool
established under the Florida Security for Public Deposits Act (the Act). The Act established guidelines
for qualification and participation by banks and savings associations, procedures for administration of the
collateral requirements and characteristics of eligible collateral. Under the Act, the qualified depository
must pledge at least 50% of the average daily balance for each month of all public deposits in excess of
any applicable deposit insurance. Additional collateral, up to 125% may be required if deemed necessary.
All of the CRA’s deposits are held with public depositories and as of September 30, 2024, the CRA’s
deposits and investments were not subject to any substantial interest rate, credit, or concentration risks.
(4)Commitments and Contingencies:
The CRA is engaged in various liability claims incidental to the conduct of its general government
operations at September 30, 2024. The outcomes of established claims are included in these financial
statements. In the opinion of the CRA and the primary government’s legal counsel, no legal proceedings
are pending or threatened against the CRA which are not covered by applicable insurance which would
inhibit its ability to perform its operations or materially affect its financial condition.
The CRA is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; injuries to employees; and natural disasters, all of which is satisfactorily insured by
limited risk, high deductible commercial general liability insurance. Commercial insurance policies are
also obtained for other risks of loss, including employee health and accident insurance. Settled claims
resulting from these risks have not exceeded commercial insurance coverage in any of the past three years.
(5)Recent Accounting Pronouncements:
The Governmental Accounting Standards Board (GASB) has issued several pronouncements that have
effective dates that may impact future financial statements. Listed below are pronouncements with
required implementation dates effective for subsequent fiscal years that have not yet been implemented.
Management has not currently determined what, if any, impact implementation of the following will have
on the CRA’s financial statements:
(a)GASB issued Statement No.102, Certain Risk Disclosures, in December 2023. GASB
Statement No.102 amends GASB Statement No.62 regarding the disclosure of a
government’s vulnerability to risks related to certain concentrations and constraints that limit
its ability to acquire resources or control spending. The provisions for GASB 102 are effective
for fiscal years beginning after June 15, 2024.
(b)GASB issued Statement No.103, Financial Reporting Model Improvements, in April 2024.
The objective of GASB 103 improve key components of the financial reporting model to
enhance its effectiveness in providing information that is essential for decision making and
assessing a government’s accountability. The effective date for implementation is fiscal years
beginning after June 15, 2025, and all reporting periods thereafter.
- 13 -
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Variance with
Budgeted Amounts Final Budget -
Positive
Original Final Actual (Negative)
Revenues
Intergovernmental 2,601,217$ 2,601,217$ 2,601,217$ -$
Investment income 2,500 2,500 9,238 6,738
Total revenues 2,603,717 2,603,717 2,610,455 6,738
Expenditures
Current:
Community redevelopment 909,221 1,209,221 106,619 1,102,602
Capital outlay 678,000 678,000 300,142 377,858
Total expenditures 1,587,221 1,887,221 406,761 1,480,460
Excess (deficiency) of revenues over
expenditures 1,016,496 716,496 2,203,694 1,487,198
Other financing sources (uses)
Transfers in from primary government 150,000 150,000 23,164 (126,836)
Transfers out to primary government (1,166,496) (866,496) (816,060) 50,436
Total other financing sources (uses)(1,016,496) (716,496) (792,896) (76,400)
Net change in fund balances - - 1,410,798 1,410,798
Fund balances, beginning of year (203,777) (203,777) (203,777) -
Fund balances, end of year (203,777)$ (203,777)$ 1,207,021$ 1,410,798$
- 14 -
-15 -
INDEPENDENT AUDITORS’ 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
To the Governing Board,
City of Cape Canaveral Community Redevelopment Agency:
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to the financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States (Government Auditing Standards), the financial
statements of the governmental activities and each major fund of the City of Cape Canaveral Community
Redevelopment Agency (the CRA),as of and for the year ended September 30, 2024, and the related
notes to the financial statements, which collectively comprise the CRA’s basic financial statements and
have issued our report thereon dated February 10, 2025.
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 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. A material 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 CRA’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 over financial reporting was for the limited purpose described in the
first paragraph of this section and was not designed to identify all deficiencies in internal control over
financial reporting that might be material weaknesses or significant deficiencies. Given these limitations,
during our audit we did not identify any deficiencies in internal control over financial reporting that we
consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist
that were not identified.
~ JAMES MOORE
-16 -
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the CRA’s financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of 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 noncompliance 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 entity’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 entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Daytona Beach, Florida
February 10, 2025
~ lMHll ~ ~-f./_. u ' /
-17 -
INDEPENDENT AUDITORS’ MANAGEMENT LETTER REQUIRED
BY CHAPTER 10.550, RULES OF THE STATE OF FLORIDA
OFFICE OF THE AUDITOR GENERAL
To the Governing Board,
City of Cape Canaveral Community Redevelopment Agency:
Report on the Financial Statements
We have audited the basic financial statements of the City of Cape Canaveral Community Redevelopment
Agency (the CRA), as of and for the fiscal year ended September 30, 2024, and have issued our report
thereon dated February 10, 2025.
Auditors’ 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 Florida Auditor
General.
Other Reporting Requirements
We have issued our Independent Auditors’Report on Internal Control over Financial Reporting and
Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards;and Independent Accountants’Report on an examination conducted in
accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements
in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are
dated February 10, 2025,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 annual financial
audit report.No repeat findings exist from the second preceding audit or prior audit.
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 and each component unit of the reporting entity be disclosed in this
management letter, unless disclosed in the notes to the financial statements. The legal authority for the
CRA is disclosed in Note 1 of the basic financial statements.
~ JAMES MOORE
- 18 -
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
conditions 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.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial
condition assessment procedures for the CRA. 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 communicate any recommendations
to improve financial management. In connection with our audit, we had no such recommendations.
Property Assessed Clean Energy (PACE) Programs
The following items have been provided to us to comply with state reporting requirements and have not
been audited by us. We did not audit the following information within this section, nor were we required
to perform any procedures to verify the accuracy or the completeness of the information provided by
management. We do not express an opinion, a conclusion, nor provide any form of assurance on this data.
As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, the District did not have a property
assessed clean energy (PACE) program that finances qualifying improvements authorized pursuant to
Section 163.081 or Section 163.082, Florida Statutes, operated within the District’s geographical
boundaries during the fiscal year under audit.
Special District Component Units
Section 10.554(1)(i)5.c., 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; therefore, we did note any such component units that failed to provide the necessary
information, nor is any specific special district information required to be reported.
Specific Special District Information
The following items have been provided to us to comply with state reporting requirements and have not
been audited by us. We did not audit the following information within this section, nor were we required
to perform any procedures to verify the accuracy or the completeness of the information provided by
management. We do not express an opinion, a conclusion, nor provide any form of assurance on this data.
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 unaudited data:
a)The total number of district employees compensated in the last pay period of the district’s fiscal
year: -0-.
b)The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district’s fiscal year: -0-.
-19 -
c)All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency: $-0-.
d)All compensation earned by or awarded to nonemployee independent contractors, whether paid or
accrued, regardless of contingency: $-0-.
e)Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project as:
a.Civic Hub - $65,219
b.C5 Construction - $70,960
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 adopted budget under
Section 189.016(6), Florida Statutes, as follows: a summary of the budget amendments for the
CRA can be found on page 14.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance 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 have 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 Florida House of Representatives, the Florida Auditor
General, Federal and other granting agencies, the CRA’s governing board and applicable management,
and is not intended to be and should not be used by anyone other than these specified parties.
Daytona Beach, Florida
February 10, 2025
-20 -
INDEPENDENT ACCOUNTANTS’ EXAMINATION REPORT
To the Governing Board,
City of Cape Canaveral Community Redevelopment Agency:
We have examined the City of Cape Canaveral Community Redevelopment Agency’s (the CRA)
compliance with Section 218.415, Florida Statutes, Local Government Investment Policies,and Sections
163.387(6) and (7), Florida Statutes, Redevelopment Trust Fund (collectively, the “Statutes”),for the year
ended September 30, 2024. The City’s 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 for a direct examination
engagement established by the American Institute of Certified Public Accountants. Those standards
require that we obtain reasonable assurance by measuring (or evaluating) the City’s CRA against the
Statutes,and performing other procedures to obtain sufficient appropriate evidence to express an opinion
that conveys the results of our measurement or evaluation of the City’s compliance. The nature, timing,
and extent of the procedures selected depend on our judgment, including an assessment of the risks that
the City’s investment policies were not in accordance with the Statutes, in all material respects, 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.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with relevant ethical requirements relating to our examination engagement.
In our opinion, the City of Cape Canaveral Community Redevelopment Agency was in accordance with
aforementioned requirements for the year ended September 30, 2024, in all material respects.
Daytona Beach, Florida
February 10, 2025
~ JAMES MOORE