R24-223 1 RESOLUTION NO. R24-223
2
3 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
4 BOYNTON BEACH, FLORIDA, RATIFYING THE 2024-2025
5 ANNUAL BUDGET FOR THE BOYNTON BEACH COMMUNITY
6 REDEVELOPMENT AGENCY; AND FOR ALL OTHER PURPOSES.
7
8 WHEREAS, the Boynton Beach Community Redevelopment Agency was created by
9 Ordinance of the City Commission pursuant to Chapter 163, Florida Statutes. The Redevelopment
10 Agency has been designated a Florida Special District; and
11 WHEREAS, Florida Statutes 189.016 provides that the proposed budget of a dependent
12 special district must be contained within the general budget of the local governing authority to
13 which it is dependent and be clearly stated as the budget of the dependent district. However, with
14 the concurrence of the local governing authority, a dependent district may be budgeted
15 separately. The dependent district must provide any budget information requested by the local
16 governing authority at the time and place designated by the local governing authority; and
17 WHEREAS, a local governing authority may, at its discretion, review the budget or tax levy
18 of any special district located solely within its boundaries; and
19 WHEREAS, the Boynton Beach Community Redevelopment Agency's Fiscal Year 2024-
20 2025 budget was approved by the CRA Board on September 10, 2024, by Resolution No. R24-02;
21 and
22 WHEREAS, the City Commission, upon the recommendation of staff, has deemed it in the
23 best interests of the city's citizens and residents to ratify the adoption of the Boynton Beach
24 Community Redevelopment Agency's 2024-2025 annual budget.
25
26 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
27 BEACH, FLORIDA, THAT:
28 SECTION 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
29 being true and correct and are hereby made a specific part of this Resolution upon adoption.
30 SECTION 2. The City Commission of the City of Boynton Beach, Florida, does hereby
31 ratify the adoption of the Boynton Beach Community Redevelopment Agency's 2024-2025 annual
32 budget, in form and substance similar to that attached as "Exhibit A."
33 SECTION 3. This Resolution shall take effect in accordance with law.
34
35 s,
36 PASSED AND ADOPTED this �v day of__32024.
37 CITY OF BOYNTON BEACH, FLORIDA
38 YE NO
39 Mayor—Ty Penserga
40
41 Vice Mayor—Aimee Kelley
42
43 Commissioner—Angela Cruz
44 ✓
45 Commissioner—Woodrow L. Hay
46
47 Commissioner—Thomas Turkin
48
49 VOTE c-o
50 ATTE•
51N-
53
52 9 &Maylee 9- - us, MPA, MC Ty 'en - •= t Tr 7os`{
54 City Cler Mayor
55
56 APPROVED AS TO FORM:
57 (Corporate Seal) =OF Bp`�‘‘
58 % �\�••................
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60 ; /N�OR�` 1��i a ; Shawna G. Lamb
61 c1,9 i R9T " :0; CityAttorney
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RESOLUTION NO: R24-02
RESOLUTION OF THE BOYNTON BEACH COMMUNITY REDEVELOPMENT
AGENCY ADOPTING A BUDGET FOR THE FISCAL YEAR OCTOBER 1, 2024
TO SEPTEMBER 30, 2025, AND PROVIDING AN EFFECTIVE DATE.
WITNESSETH:
WHEREAS, the BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY
(BBCRA), in order to implement its Community Redevelopment Plan and provide for its
operating expenses, has prepared a Budget for the Fiscal Year beginning October 1,
2024,and ending September 30, 2025, attached hereto as Exhibit"I"; and
WHEREAS, the Board has determined that said Budget is in the public's interest
and is necessary to implement the BBCRA's goals and objectives.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The Budget attached hereto as Exhibit "I" for financial operations of the Boynton
Beach Community Redevelopment Agency for the period from October 1, 2024
through September 30, 2025 is hereby adopted.
2. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 10th day of September, 2024.
BOYNTON BEACH COMMUNITY
REDEVELOPMENT AG NCY
By: 4 ..r4
T s• :, Chair
T. Penserga ✓
A. Cruz
W. Hay
T. Turkin ✓
A. Kelley f
0055,570-1
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BOYNTON RI\
BEACH
COMMUNITY REDEVELOPMENT AGENCY
CRA FUNDING/USES FY24/25
Tax Increment Revenue 24,279,354
Boynton Harbor Marina Fuel Dock & Slips Revenue 1,300,000
Total Revenue 25,579,354
Debt & Operating Expenses
Debt Service 2,317,425
Operating Expenses 4,370,284 Approx. 18% of TIRFA
Marina 1,300,000
Sub-Total Debt & Operating Expenses 7,987,709
Tax Increment Revenue Funding Agreement (TIRFA)
Payments - Contractual Obligations
Preserve (75% Yrs 1-5; 25% Yrs 6-10) Year 10 37,131
500 Ocean (75% Yrs 1-4; 50% Yrs 5-7; 25% Yrs 8-10) Year 611- 402,118
Wells Landing Apartments LLC (100% 15 years) - Years 1-
14 $109,219, Year 15 $109,214 Year 11. 109,219
Ocean One - Phase One (75% Yrs 1-7; 50% Yr. 8)
Ocean One - Phase Two (75% Yrs 1-7; 50% Yr. 8)
Townsquare Funding (until FY 2044-2045) Year 6► 3,550,000
Sub-Total TI RFA Payments 4,098,468
Remaining Project Fund Budget for Allocation
(Revenue - Debt Service,Operating & TIRFA) 13,493,177
Total CRA contribution to Town Square
over 20 years = $83,850,000
NOTE: Database from Property Appraiser received 7/15/2024
BBCRA FISCAL YEAR 2024-2025 PROJECT FUND WORKSHEET
Allocation Amount $ 13,493,177
Estimated
CRA Plan District Pro ects: FY 2024-2025 FY 23/24 Rollover Project Fund Line Item
j Balances as of CRA Board Proposed Allocation Total
7/25/2024 FY 24/25 (including any Rollover
_ Project Fund Allocations as of 7/25/2024)
Master Interlocal Agreements-Jaycee Park Design($100k),Pence Park Design&Permit
($400k),Senior Center Design($100k),MLK Streetscape($550k),Harvey Oyer Park
($100k),Centennial Park Design($500k),Cottage District Rd Improvements Design
District Wide ($200k) $ 600,000 $ 1,350,000 $ 1,950,000
District Wide Engineer/Project Manager($160k with benefits per COBB Budget Mtg) $ 160,000 $ - $ 160,000
District Wide Joint Infrastructure Projects $ 165,750 $ 165,750
Heart of Boynton Future Grocery Store in District 2 $ 561,642 $ 838,358 $ 1,400,000
Heart of Boynton Local Match for stormwater $ 250,000 $ - $ 250,000
Heart of Boynton MLK Entry Feature $ 200,000 $ 200,000
Boynton Beach Blvd BB Boulevard Streetscape Improvement Project _ $ - $ 250,000 $ 250,000
Federal Highway Historic Woman's Club of BB,ongoing Renovations(ILA with City) $ 100,000 $ 110,000 $ 210,000
Downtown District Marina ERM Monitoring Wells and Potential Remediation $ 273,613 $ - $ 273,613
Downtown District Marina Seawall _ $ 500,000 $ 2,750,000 $ 3,250,000
District Wide Parking Garage $ 1,385,825 $ 614,175 $ 2,000,000
District Wide Property Acquisition $ 1,551,849 $ 5,729,790 $ 7,281,639
District Wide Property Maintenance for Ocean Ave Properties and Post Office $ 299,550 $ 450 $ 300,000
District Wide Neighborhood Officer Program(NOPs)6th year of program- $ 200,000 _ $ 658,406 $ 858,406
District Wide Commercial Economic Redevelopment Grants _ $ 468,934 $ 131,066 $ 600,000
District Wide Business Development&Promotions _ $ 212,222 $ 434,950 $ 647,172
District Wide Business Promotional Marketing _ $ 218,604 $ - $ 218,604
District Wide Site Work,Demolition&Environmental $ 207,141 $ 50,000 $ 257,141
District Wide Professional Development Services(Arch/Eng,Appraisals/Feasibility,etc.)" _ $ 248,150 $ 248,150
District Wide Ride Share $ - $ 400,000 $ 400,000
District Wide Development Project Related Legal Services"' $ 84,018 $ 175,982 $ 260,000
District Wide CRA Plan $ 300,000 $ - $ 300,000
District Wide Contingency $ 200,000 $ -_ $ 200,000
$ 8,187,298 $ 13,493,177 $ 21,680,475
ALLOCATION BALANCE REMAINING $ 0
Boynton Beach CRA
General Fund -Budget Summary-FY 2024-2025
♦ FY 2023-2024 2024-2025 vs.Prior Year
FY 2024-2025 Original Amended Increase/(Decrease)
REVENUES Budget Budget Budget Amount I %
Tax Increment Revenue(TIF) $ 24,279,354 (i) $ 21,496,558 $ 21,496,558 $ 2,782,796 11%
Marina Rents&Fuel Sales $ 1,300,000 $ 1,100,000 $ 1,100,000 $ 200,000 15%
Budget Amendment#1 2/13/2024 $ 1,678,357
Total Revenues $ 25,579,354 $ 22,596,558 $ 24,274,915 $ 1,304,439 5%
EXPENSES
CRA Board&Advisory Board $ 64,300 (ii) $ 79,750 $ 79,750 $ (15,450) -24%
Administration&Operations
Executive Department $ 621,490 $ 543,555 $ 525,736 $ 95,754 15%
Finance Department $ 313,955 $ 278,101 $ 278,101 $ 35,854 11%
Planning&Development Department $ 258,309 $ 229,052 $ 229,052 $ 29,257 11%
Marketing&Business Development $ 285,455 $ 261,367 $ 261,367 $ 24,088 8%
Business Development and Promotions Department $ 194,421 $ 159,608 $ 159,608 $ 34,813 18%
Taxes, Employee Benefits,Compensated Absences,
Workers Comp $ 773,000 (iii) $ 766,751 $ 784,570 $ (11,570) -1%
Sub-Total $ 2,446,630 $ 2,238,434 $ 2,238,434 $ 208,196 9%
Other General Fund Expenses
Insurances $ 400,494 $ 340,516 $ 340,516 $ 59,978 15%
Professional Services $ 339,000 $ 294,000 $ 294,000 $ 45,000 13%
Buildings,Grounds,Maintenance $ 917,000 $ 734,000 $ 734,000 $ 183,000 20%
Information Technology $ 102,860 (iv) $ 113,300 $ 113,300 $ (10,440) -10%
Contingency $ 100,000 $ 100,000 $ 100,000 $ - 0%
Sub-Total $ 1,859,354 $ 1,581,816 $ 1,581,816 $ 277,538 15%
Boynton Harbor Marina Fuel Dock&Slips Expenses $ 1,300,000 $ 1,100,000 $ 1,100,000 $ 200,000 15%
Total General Fund Operating $ 5,670,284 $ 5,000,000 $ 5,000,000 $ 670,284 12%
Operating Transfers Out
Transfer to Debt Service Fund $ 2,317,425 $ 2,135,817 $ 2,135,817 $ 181,608 8%
Transfer to Project Fund $ 17,591,645 $ 15,460,741 $ 17,139,098 $ 452,547 3%
Sub-Total $ 19,909,070 $ 17,596,558 $ 19,274,915 $ 634,155 3%
Total General Fund Expenses&
Transfers Out $ 25,579,354 $ 22,596,558 $ 24,274,915 $ (242,154) -1%
(i)Property values in CRA up 11%
(ii)Decrease due to ASL
(iii)Decrease due to decreasing workmen's comp
(iv)Decrease in Software
Boynton Beach CRA
Project Fund - Budget Summary
V
2024-2025 2023-2024 2024-2025 vs.Prior Year
Original Amended Increase/(Decrease)
'FUNDING SOURCES Budget Budget Budget Amount I %
1.Rollover FY 2023-2024(see Budget Overview) $ 8,187,298 $ 3,628,406 $ 3,628,406 $ 4,558,892 N/A
$ -
2.Transfers in from General Fund $ -
Other Financing Sources/Transfers In $ 17,591,645 $ 15,460,741 $ 15,460,741 $ 2,130,904 14%
$
3.Other Revenue/Financing Sources: $ -
1.Budget Amendment#1 2/13/2024 $ 1,678,357 $ (1,678,357)
Total Funding Sources/Revenues&Transfers In $ 25,778,943 $ 19,089,147 $ 20,767,504 $ 5,011,439 24%
2024-2025 2023-2024 2023-2024 vs.Prior Year
Original Amended Increase/(Decrease)
[EXPENSES Budget Budget Budget Amount
Professional&Other Expenses
Contingency $ 200,000 $ 200,000 $ 200,000 $ - 0%
Professional Services $ 1,008,150 $ 1,060,000 $ 1,060,000 $ (51,850) -5%
Legal Services $ 260,000 $ 250,000 $ 250,000 $ 10,000 4%
Sub-Total $ 1,468,150 $ 1,510,000 $ 1,510,000 $ (41,850) -3%
Capital Outlay
Property Purchases $ 7,281,639 $ 4,000,000 $ 5,128,357 $ 2,153,282 42%
BBWC Capital Improvements/Marina Seawall $ 3,733,613 $ 1,306,513 $ 1,306,513 $ 2,427,100 186%
Site Work&Demolition Fees $ 257,141 $ 300,000 $ 300,000 $ (42,859) -14%
Infrastructure&Streetscape $ 9,765,750 $ 8,597,467 $ 8,597,467 $ 1,168,283 14%
Sub-Total $ 21,038,143 $ 14,203,980 $ 15,332,337 $ 5,705,806 37%
Economic Development&Housing Rehab Program
Economic Development Grant Programs $ 600,000 $ 556,600 $ 556,600 $ 43,400 8%
Marketing Program $ 218,604 $ 245,000 $ 245,000 $ (26,396) -11%
DIFA-Economic Development $ 548,468 $ 661,167 $ 661,167 $ (112,699) -17%
Sub-Total $ 1,367,072 $ 1,462,767 $ 1,462,767 $ (95,695) -7%
Projects&Programs
Community Police Program $ 858,406 $ 695,000 $ 695,000 $ 163,406 24%
Ride Share $ 400,000 $ 400,000 $ 400,000 $ -
Business Development&Promotions $ 647,172 $ 574,000 $ 574,000 $ 73,172 13%
Sub-Total $ 1,905,578 $ 1,669,000 $ 1,669,000 $ 236,578 14%
Total Project Fund Expenses $ 25,778,943 $ 18,845,747 $ 19,974,104 $ 5,804,839 29%
BOYNTON BEACH CRA
FY 2024-2025
BUSINESS DEVELOPMENT BUDGET - 02-58400-445
EVENTS DATE 2024/2025
BUDGET
BOYNTON BEACH BUCKS A business promotional program to provide economic
support to local businesses through targeted
campaigns that will be promoted both digitally and in-
person at events.
Total Boynton Beach Bucks $53,604
PROMOTIONAL VIDEOS Videos to promote various BBCRA projects and
initiatives- Project Spotlights, Bon Appetit Boynton
Beach, Business Development Videos,Tutorial Videos
for Economic Development Toolkit
Total Promotional Videos $50,000
PROMOTIONAL PHOTOS Photos to capture BBCRA projects and initiatives,
business features, grand openings, etc.
Total Promotional Photos $25,000
BUSINESS BOOSTER PROGRAM A business development program to empower local
businesses with the knowledge and tools needed for
success and growth through workshops and other
specialized activations.
Total Business Booster Program $40,000
SOCIAL MEDIA OUTREACH PROGRAM A grant program to provide financial assistance to local
MARKETING GRANT businesses who would like to enhance their digital
marketing efforts.
Total Social Media Outreach Program $50,000
TOTAL COST OF MARKETING ► $218,604
BOYNTON BEACH CRA
FY 2024 -2025
BUSINESS PROMOTIONS BUDGET-02-58500-480
2024/2025
BUSINESS PROMOTIONS TENATIVE DATES BUDGET
ROCK THE BLOCK Saturday,October 12,2024
100 NE 4th Street
Total Rock the Block $40,000
HOLIDAY LIGHT/DECOR INSTALLATION December 2024
Dewey Park-100 NE 4th Street $13,000
Boynton Harbor Marina-735 Casa Loma Blvd. _ $14,000
Heart of Boynton District-MLK Jr.Blvd.&Secreast Blvd. $13,000
Total Holiday Light/Decor Installation $40,000
HOLIDAY BOAT PARADE Friday,December 13,2024
735 Casa Loma Boulevard
Total Holiday Boat Parade $40,000
BOYNTON BEACH SPRING MARKET Saturday,March 22,2025
Total Boynton Beach Spring Market $65,000
ROCK THE PLAZA
Ocean Palm Plaza-1600 N,Federal Highway
Saturday,April 26,2025 $30,000
Ocean Plaza-640 East Ocean Avenue Saturday,May 17,2025 $30,000
Heart of Boynton Shops-118 E.MLK Jr.Blvd. TBD $30,000
One Boynton-1351 S.Federal Highway Thursday,June 26,2025 $30,000
Total Rock the Plaza $120,000
ROCK THE MARINA&MARINA MONTH Saturday,June 7,2025
120 E.Ocean Avenue
Total Rock the Marina $50,000
BOYNTON BEACH NIGHT MARKET Friday,July 25,2025&Saturday,July 26,2025
120 E.Ocean Avenue
Total Boynton Beach Night Market $80,000
BON APPETIT BOYNTON BEACH-RESTAURANT
MONTH Launch in September 2025
Total Restaurant Month $58,000
EQUIPMENT&SUPPORT $61,950
RIBBON CUTTING/GROUND BREAKINGS $30,000
TOTAL COST OF BUSINESS
PROMOTIONS $584,950
ROLLOVER $62,222
TOTAL COST OF BUSINESS
PROMOTIONS $647,172
FY 2025 COMPREHENSIVE ANNUAL BUDGET-CRA NEIGHBORHOOD POLICING PROGRAM
Category FY 2024 QTY FY 2025 Notes
Personnel
Officer Salaries&Incentives* 350,913 4 442,098 Salary,Education Incentive
Officer Benefits-Pension 196,747 4 244,598 Pension
Officer Benefits 66,905 4 82,116 Healthcare,Dental,Vision, FICA
Officer Overtime 40,000 4 40,000
Total Personnel Costs $ 654,565 l $ 808,812
Cell Phones Service Plan 3,000 4 3,500 Cell Phones for CRA Officers
Office Supplies/Misc Supplies 2,500 2,500 Office Supplies(incl printer/copier)
Office Electric,Cable/Internet,water/sewage 12,000 12 12,000 Monthly Operating Cost
Office Space Monthly Maintenance 2,000 12 2,000 AC Filters/Repairs etc.
Office Cleaning 2,000 12 2,000 City Cleaning Crew
Uniform 2,250 4 2,500 uniforms,belts
Community Events/Promotions 5,000 1 6,000 Youth Programs
Training 8,000 4 8,500 CPTED,STEP academy
Total Operating Expense $ 36,750 $ 39,000
Misc. Equipment-As needed 3,000 1 4,000 Misc. Equipment
Volcanic 2024 Approach Patrol Bike 2 3,598
Volcanic Frame Bike Patrol Bags 4 716
Niterider Digital Patrol LED Police Bike Liight 4 2,000
Niterider Police Tail Light 4 280
Total Equipment Costs $ 3,000 $ 10,594
I I I
FY 2025 ILA Amount $ 858,406
NOTE:All amounts provided by Police Department with exception of Contingency and ILA amount for FY 2024-2025
*Salary and Benefits are subject to change as a result of an ongoing contract renegotiation.
Boynton Beach CRA
Debt Service Fund - Budget Summary
FY 2024-2025 FY 2023-2024
Original Amended
Dept.# Funding Source Budget Budget Budget
49900 Transfers In from
General Fund $ 2,317,425 $ 2,134,817 $ 2,134,817
Expenses
Series 2012 (formerly Series 2004& Series 2005A) - PNC Bank
59800-814 Principal $ 1,487,000 $ 1,512,000 $ 1,512,000
59800-824 Interest $ 77,235 $ 115,942 $ 115,942
Sub-Total $ 1,564,235 $ 1,627,942 $ 1,627,942
Series 2015 (formerly Series 2005B) - BB&T
59800-815 Principal $ 705,000 $ 445,000 $ 445,000
59800-826 Interest $ 47,190 $ 61,875 $ 61,875
Sub-Total $ 752,190 $ 506,875 $ 506,875
59800-830 Financial Agent Fees $ 1,000 $ 1,000 $ 1,000
Total Debt Service
Expenses $ 2,317,425 $ 2,135,817 $ 2,135,817
BOYNTON BEACH CRA
TAX INCREMENT REVENUE ("TIR") ESTIMATE - FY 2024-2025
As of: August 23, 2024
1. ASSESSED VALUATIONS
FY 2023-2024 FY 2024-2025
ASSESSED VALUES $ 2,147,054,539 $ 2,408,632,265 (a)
Estimate •
As of:6/27/2024
Chg.from Prior Year $ 261,577,726
12.2%
2. TAX INCREMENT REVENUE -ESTIMATED FOR NEW BUDGET YEAR
•
FY 2023-2024 FY 2023-2024 Estimates
Assessed Values $ 2,147,054,539 $ 2,408,632,265
Less Base Year Value $ 309,821,849 309,821,849
TIR Taxable Value $ 1,837,232,690 2,098,810,416
95%of Difference $ 1,745,371,056 $ 1,993,869,895
(Per Florida Statutes
Chapter 163.387(1)(a) Assumptions
Redevelopment Trust Fund) No Millage Change
City&County
Millage Rates
City 7.8500 7.8000
County 4.5000 4.5000
%of
Tax Increment Revenue Total TIR
City $ 13,701,163 $ 15,552,185 63%
County $ 7,854,170 $ 8,972,415 37%
Sub-Total $ 21,555,333 $ 24,524,600
1.0%for True-Up $ - $ 245,246 1.0%for True-Up
Net TIR $ 21,555,333 $ 24,279,354
A
Budgeted
Change from Prey.Year
Amount $ 2,724,021
12.6%
(a) The Property Appraiser will issue revisions to the CRA's taxable values at the end of
June 2024, and in early October 2024, with a final certified tax value in mid-2025.
The CRA's budgeted tax increment revenue will be based on the first, or May 28, 2024,
"Estimates of Taxable Values"with a 1% deduction for the final Property Appraiser
certified tax adjustments ("true-up") in mid-2025
Boynton Beach Community Redevelopment Agency
FY 2024-2025 Budget - Personnel
Personnel
Position FY 2023-2024 FY 2024-2025
No. No.
1 Executive Director 0 1
2 Assistant Director 1 1
3 Finance Director 1 1
4 Accounting and Finance Manager 1 1
5 Development Services Manager 1 1
6 Grants and Project Manager 1 1
7 Business Development and Promotions Manager 1 1
8 Business Promotions & Marketing Coordinator 1 1
9 Social Media Communications Specialist 1 1
10 Administrative Assistant 1 1
Total Personnel 9 10
Executive Director Position Vacant
Boynton Beach CRA Organization Chart FY 2024-2025
I
CRA Board
\ J
1
Executive
f \ Director
Administrative /
Assistant
\ / \
Assistant
Director
J
I
l \
Finance
r• Director
\ r
/ \ / \ / \ r \ / \
Development Accounting & Business Social Media &
Services .- Grants and 1 , Finance Development& Communications
Manager Project Manager Manager Promotions Specialist
\ , � ., J ` Manager J \ l
C- ■ \
Development / l
Services Business Promotions &
Specialist Marketing Coordinator
\ (unfunded) /
\ /