Keystone Heights CRA corrects city-increment error, approves amended FY25-26 budget

Keystone Heights' Community Redevelopment Agency approved an amended FY25-26 budget Thursday after staff identified a miscalculation in the city-increment revenue that had previously been recorded at roughly double its correct value. The staff presenter told the CRA that once the error was investigated with county offices and the property appraiser, the correct city-increment for the current year is "about half" of the previously estimated amount and "for this year, the number is actually $49,174." The council voted to adopt the amendment and forward budget documents to the city council.

The presenter said the miscalculation affected how the CRA's increment from city ad valorem taxes had been reported and recommended that the city take primary responsibility for calculating and notifying the county in future years to avoid similar discrepancies. He also clarified other revenue items included in the amendment: the annual CRA grant from the county was clarified at $17,694 and the county increment this year was roughly $111,000 (projected at $117,000 next year). A council member asked whether the money had been spent improperly; the presenter replied that the funds remained within city accounts and that the issue was an accounting/measurement error rather than an intentional violation.

"It had been miscalculated almost double," the presenter said, and later added, "what it actually should be is about half that. And so for this year, the number is actually $49,174." The article attributes those statements to the staff presenter known in the transcript as "Mr. U."