MCRA 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.
- FY 2018-2019 Adopted Budget (PDF)
- Amendments to FY 17-18 and FY 18-19 (PDF)
- FY 2019-2020 Adopted Budget (PDF)
- Amendments to FY 18-19 and FY 19-20 Budgets (PDF)
- Amendments to FY 2020 Budget
- FY 2020-2021 Adopted Budget (PDF)
- Amendments to FY 19-20 and FY 20-21 Budgets (PDF)
- FY2021-2022 Adopted Budget (PDF)
- Amendments to FY 20-21 and FY 21-22 Budgets (PDF)
- Adopted FY2022-2023 Budget (PDF)
- Amendments to FY 21-22 and FY 22-23 Budgets (PDF)
- Proposed FY 23-24 Budget (PDF)