CRA Financial Information
The Margate CRA is funded by Tax Incremental Funding (TIF). Essentially a TIF allows a CRA to leverage public funds with private dollars to make redevelopment happen.
Tax Incremental Financing (TIF) is based on property valuation. The dollar value of all real property in the Margate CRA is determined as of a fixed date, also known as the “frozen value.” In Margate, this rate was fixed at the 1997 value. The taxing authorities who contribute funds to the Margate Community Redevelopment Agency Trust Fund include Broward County, North Broward Hospital District, and the City of Margate. These three agencies continue to receive property tax revenues based on the frozen value. These frozen value revenues are available for general government purposes, however any tax revenues that accrue from increases in real property value, referred to as the “increment,” are deposited into the Margate Community Redevelopment Agency Trust Fund and are dedicated to the redevelopment area for uses allowed pursuant to F.S Chapter 163 Part III and the adopted Community Redevelopment Plan. Funds received from a tax increment financing area must be used for specific redevelopment purposes within the targeted area, and not for general governmental purposes.
- FY2011-2012 Approved Budget (PDF)
- FY2012-2013 Approved Budget (PDF)
- FY2013-2014 Approved Budget (PDF)
- FY2013-2014 Amended Budget (PDF)
- FY2014-2015 Approved Budget (PDF)
- FY2015-2016 Approved Budget (PDF)
- FY2016-2017 Adopted Budget (PDF)
- FY 2017-2018 Adopted Budget (PDF)
- Amendments to FY 1516 and FY 1617 Budgets (PDF)
- Amendment to FY 2017 Budget (PDF)