To order the Community Redevelopment Agency meeting of Monday, April 27, 2026, First Order of Business of the Pledge of Allegiance.

I ask everybody to please stand.

I pledge allegiance to the flag.

One nation under God, indivisible with liberty and justice for all.

Ms.

Sitten, could you please call the roll?

Chair Thompson.

I am here.

Vice Chair Drucker.

Here.

Commissioner Grow here.

Commissioner Perlman.

Here.

Commissioner Sippel.

Present, all present.

Mr.

Director, do we have any amendments to our agenda today?

Thank you, Mr.

Mayor.

I have no amendments to our agenda.

Okay, very good.

In that case, we can move on to the minutes.

I believe we have the one set of minutes from our regular meeting on the date of April 13th, 2026.

Did anybody have any revisions or corrections to those minutes?

Seeing none, I will accept a motion and a second to approve those minutes as presented.

So moved.

I suppose I can second that.

And with that, I think we can accept a voice vote to approve the minutes.

All in favor of approving those minutes, please say aye.

Aye.

Any opposed?

Great.

We can move on to presentations for which we have two.

The first one is the fiscal year 2024-2025 CRA annual financial statements.

Mr.

Director.

Thank you, Mr.

Mayor.

Our Deputy City Manager and CFO, Mr.

Service will make the presentation of both our annual financial statement as well as our auditor compliance report.

Yes, thank you, City Manager and Chairman.

The presentation on the financial statements is going to be conducted by our county manager, Judy Farmont.

So I would like to introduce Judy.

Good afternoon, everyone.

I am here to present the Boca Ratone Community Redevelopment Agency's financial statements for fiscal year 2025.

I would like to let you guys know that there is a lot of work that goes into preparing this financial statement, as well as the cities.

So I'd like to recognize some of our team members who are here with us, as well as Jim Zervis, our Deputy City Manager and CFO, and Carlisha Jenkins, our deputy CFO, Stephen Timberlake, Cormac Conahan, and the accounting staff.

The CRA financial statements comprise of different components, starts with our auditors' report, our management discussions and analysis, the financial statements, notes to the financial statements, other required supplemental information, and other information, like the budget.

On page six of the MDNA section, you'll see highlights of the CRA's net position, showing that we ended the fiscal year with just over 158 million in total assets, of which 48.1 million was in capital assets.

We ended the year with 867,000 in liabilities and 57.6 million in deferred inflows for leases.

The CRA ended the year with a net position of 99.5 million, of which 47.8 million was invested in capital assets, and 51.7 million was restricted for use in accordance with Florida's Community Redevelopment Act of FS 163.

It summarizes the change in net position.

All CRA activities are governmental activities.

And the change in net position for governmental activities was 15.59 million.

Continuing on page 7 of DN MDNA shows a chart of the governmental activities revenues by source.

There you'll see that the CRA collected over 22.6 million in property taxes and approximately 4.6 million in charges for services.

I would like to note that the increase in property tax revenues due to property values increasing, not the millage rate, and that charges for services increases due to the ground rent rent that we receive from our leases.

Continuing on NDNA on page 9, it shows uh budgetary comparison.

The CRA generated a favor favorable variance of approximately 24.406 million between the final adopted budget and the actual results of operations.

Actual revenues were greater than final budgeted revenues by 2.947 due to the increases in the ground rent revenue as previously discussed, and investment earnings.