FPRA staff presented a year-to-date financial report on March 31 showing an estimated $12 million in available resources for the Redevelopment Agency fund and roughly $6.44 million in projected resources over expenditures for the fiscal year.

Monies received year-to-date included approximately $13.3 million in tax revenues and roughly $177,000 in lease income from Cobb's Landing; staff said those totals produced $19.86 million in available resources at the time of the March 19 report. Expenditures year to date were described as about $7.9 million, primarily for debt service payments. Staff projected an ending fund balance of about $6.4 million for the fiscal year after accounting for realized revenue and spending.

Staff told the board FPRA currently owes the general fund roughly $3.7 million; the board has in prior years chosen not to pay the balance in a single lump sum and instead to pay approximately $1 million per year until the debt is retired. Staff said the $1 million annual transfer is already built into the current fiscal-year budget and that, absent changes, the board expects to continue that pace.

The board also discussed several project allocations and commitments. Staff said the agency has committed up to $2 million to Saint Lucie County through an interlocal agreement for waterways projects to be allocated on a project-by-project basis over four years (up to $500,000 per year). "We have committed $2,000,000 through an interlocal agreement with Saint Lucie County for a variety of waterways projects," FPRA staff said.

Staff identified two projects that freed up funds in the FPRA project list: a wayfinding/gateways project (roughly $300,000) that may not require expenditure, and a "wave finding" (wave-finding / public art) project budgeted at about $550,000 that staff expects to complete or encumber in the current fiscal year. The board also reviewed a state appropriation of $1.5 million and a proposed FPRA match of $1.5 million for the Avenue D resurfacing and reconstruction project.

Commissioners asked for more detailed, line-item financial reporting. Several members said they wanted either monthly line-item reports or clearer summaries and asked staff to make financial data accessible through the city's transparency portal. Staff said the FPRA will continue providing budgeted project lists and that staff are working to ensure the transparency portal displays current transactions.

The financial presentation was followed by a broader discussion about FPRA's role in funding downtown projects and the timing of project appropriations; staff said appropriations are made based on fund balance and projects may be delayed, redirected or reprioritized in subsequent budgets.