Is the Panama City CRA Overspending?

The Community Redevelopment Agency might be overspending the budgeted amount of money in Downtown Panama City

The district was allocated a little over $90,000 at the beginning of the fiscal year.

Right now, there's only $18,000 left.

After a commercial grant request on Harrison Avenue for $30,000 was presented before the CRA board this morning, one commissioner voiced his concerns about the budget tracking sheet.

CRA Board Director William Whitson says the money will even out in January when the district receives its tax increment financing funds.

Panama City Commissioner Mike Nichols posed the question, "Are we now approving money that's in your bank that's set aside for other banks for those projects?"

CRA Director William Whitson responded, "We are trying to make sure that the budget allocations, that we monitor it so that we don't get into a situation where you're approving grant funds where dollars don't exist."

CRA Board Members will revisit the budget in the next meeting when budget documents can be brought in and analyzed.


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