HomeMy WebLinkAbout03-05 RDA Resolution RESOLUTION NO. RDA 03-05
A RESOLUTION OF THE TEMECULA REDEVELOPMENT
AGENCY AMENDING THE FISCAL YEAR 2002-03 ANNUAL
OPERATING BUDGET
WHEREAS, each year a mid-year review is conducted of the Temecula Redevelopment
Agency (RDA) operating budget.
WHEREAS, the purpose of this review is to conduct an analysis of revenues and
expenditures to ensure that the RDA maintains a prudent and healthy fiscal position.
WHEREAS, the mid-year review has been completed and the recommended
adjustments are reflected in the attached schedules, hereto as Exhibit A.
The Board of Directors does hereby resolve as follows:
Section 1. That the Fiscal Year 2002-03 RDA operating budget is amended in
accordance with the attached schedules.
PASSED, APPROVED AND ADOPTED, by the Redevelopment Agency of the City of
Temecula, this 25th day of February, 2003. ~
Ron Roberts, Chairperson
ATTEST:
[SEAL]
R:/RDA Resos 2003/RDA 03-05 1
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, Secretary of the Temecula Redevelopment Agency of the City
of Temecula, do hereby certify that the foregoing Resolution No. RDA 03-05 was duly adopted
by the Board of Directors of the Temecula Redevelopment Agency at a regular meeting thereof
held on the 25th day of February, 2003, by the following vote:
AYES: 5 AGENCY MEMBERS: Comerchero, Naggar, Pratt, Stone, Roberts
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
ABSTAIN: 0 AGENCY MEMBERS: None
Cl~ecretary
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2002-03
REDEVELOPMENT AGENCY
MID-YEAR BUDGET
TEMECULA REDEVELOPMENT AGENCY
SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCES
m002_03 MID-YEAR OPERATING BUDGET
2002-03 2002-03 2002-03 Proposed %
2001-02 YTD Currant Proposed Increase Increase
Actual ~ 12/31/02 Budget Budget (Decrease) (Decrease)
Total Revenues by Fund:*
Low/Moderate Income Housing 2,625,203 266,928 2,482,000 2,592,098 110,098
Redevelopment 362,287 123,659 281,000 281,000
Debt Service 27,759,542 94,308 6,385,000 8,625,393 440,393
Total Revenues 30,747,032 484,895 11,148,000 11,698,491 550,491 4.9%
Total Non-CIP Expenditures by Fund*:
Low/Moderate Income Housing 446,042 210,243 662,381 863,521 1,140 0.1%
Redevelopment 721,669 212,069 1,059,728 1,289,728 230,000 21.7%
Debt Service 25,648,614 352,868 1,020,940 1,020,940
Total Expenditures 26~816~325 775~180 2~943,049 3~174~189 231~140 7.9%
Excess of Revenues Over (Under)
Expenditures 3,930,707 (290,265) 8,204,951 6,524,302 319,351
Other Financing Sources:
Deferred Passthrot~ghlinterest 5,603,000 5,978,381 375,381
Advances from Other Funds 72,932 32,241 65,000 65,000
of Revenues and Other Financing
(Under) Expenditures 4,003,639 (258,044) 13,872,951 14~567,683 ~
· Operating transfer between Debt Service and Redeve)opment funds is not reflected
REDEVELOPMENT AGENCY
REVENUE DETAIL
FY 2002-03 MIDYEAR BUDGET
F FY 01-02 FY 02"03 FY 02-03 YTD % FY 02"03 CHANGE %
165 LOW/MOD HOUSING FUND ACTUALS YTD.~12/31/02 ORIG EST OF BDGT REVISED EST IN EST CHANGE
I-Tax Inc~ement 2,125,311 2,049,000 2,159,098 110,098 5.4%
1051 .Donations 90
~060 Miscellaneous 19,060 -27 1,000 -2.7% 1,000
1065 .Investment Interest 187,522 83,301 200,000 41.7% 200,000
1066 -Loan Interest 17,586 25,573 32,000 79.9% 32,000
~075 .Rental Income 40,706 40,000 40,000
1076 .Reimbursements 572
t077 .Forgivable Loan Repayment 235,018 157,420 160,000 98.4% 160,000
TOTAL LOW/MOD HOUSING FUND 2,625,203 266,929 21482,00{~ 10.8% 2~592,098 110,098 4.4%
ACCT FY 01-02 FY 02-03 FY 02-03 YTD % FY 02-03 CHANGE %
.NO 280 REDEVELOPMENT FUND ACTUALS YTD ~12/31/02 ORIG EST ! OF BDGT REVISED EST IN EST CHAI~,GE
025 -Grants 90 50,00C 50,000
TOTAL REDEVELOPMENT FUND 11,49~,408 433~659 901,0001 48.1% 1,131,{~ 230,000 25.5%
!
380 DEBT SERVICE FUND ACTUALS YTD~12~31/02 ORIGEST OFBDGT , REVISEDEST INEST ~GE