HomeMy WebLinkAbout04-04 RDA Resolution
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RESOLUTION NO. RDA 04-04
A RESOLUTION OF THE TEMECULA REDEVELOPMENT
AGENCY AMENDING THE FISCAL YEAR 2003-04 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 2003-04 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 24th day of February, 2004.
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ATTEST:
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R:/ROA Resas 2004/ROA 04-04
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
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I, Susan W. Jones, CMC, Agency Secretary of the Temecula Redevelopment Agency of
the City of Temecula, do hereby certify that the foregoing Resolution No. RDA 04-04 was duly
adopted by the Board of Directors of the Temecula Redevelopment Agency at a regular meeting
thereof held on the 24th day of February, 2004, by the following vote:
AYES:
NOES:
4
AGENCY MEMBERS: Naggar, Roberts, Washington, Comerhcero
0
AGENCY MEMBERS: None
ABSENT:
ABSTAIN:
AGENCY MEMBERS: Stone
0
AGENCY MEMBERS: None
R:/ROA Resas 2004/ROA 04-04
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2003-04
TEMECULA REDEVELOPMENT
AGENCY
MID-YEAR BUDGET
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TEMECULA REDEVELOPMENT AGENCY
SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCES
13-04 MID-YEAR OPERATING BUDGET 2003.{)4 2003-04 2003.{)4 Proposed %
2002.{)3 YTD Current Revised Increase Increase
Actual @ 12/31/03 BudQet BudQet (Decrease) (Decrease)
Total Revenues by Fund:'
Low/Moderate Income Housing 2,828,077 95,613 2,640,871 2,640,871
Redevelopment 1,388,669 1,662,146 4,950,500 4,950,500
Debt Service 6,760,485 24,629 9,015,485 9,015,485
Total Revenues 12,977,231 1,782,388 16,606,856 16,606,856
Total Non-CIP Expenditures by Fund':
Low/Moderate Income Housing 1,443,006 2,813,866 7,609,762 7,609,762
Redevelopment 2,762,821 1,931,845 14,489,529 14,489,529
Debt Service 8,483,214 1,320,358 8,770,295 8,961,295 191,000 2.2%
Total Expenditures 12,689,041 6,066,069 30,869,586 31,060,586 191,000 0.6%
Excess of Revenues Over (Under)
Expenditures 288,190 (4,283,681) (14,262,730) (14,453,730) (191,000)
Other Financing Sources:
Deferred Passthroughilnterest
Advances from Other Funds
Excess of Revenues and Other Financing
Irces Over (Under) Expenditures 288,190 (4,283,681) (14,262,730) (14,453,730) (191,000)
. Operating transfer between Debt Service and Redevelopment funds is not reflected
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REDEVELOPMENT AGENCY
REVENUE DETAIL
FY2003-04 MIDYEAR BUDGET
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ACCT FY02.03 FYO3-04 FYO3-04 FY03-04 CHANGE %
NO 165 LOWIMOD HOUSING FUND ACTUALS YTD @ 12/31/03 REVISED EST ESTIMATES IN EST CHANGE
4015 -Tax Increment 2,189,970 1,044 2,223,871 2,223,871
4051 -Donetions 665
4060 -Miscellaneous 2,777 1,000 1,000
4065 -Investment Interest 168,133 27,363 170,000 170,000
4066 -Loan Interest 32,900 17,201 16,000 16,000
4075 -Rental Income 30,000 30,000 30,000
4076 -Reimbursements 572
4077 -Forgivable Loan Repeyment 403,059 49,985 200,000 200,000
TOTAL LOWIMOD HOUSING FUND 2828076 95613 2640871 2640871
ACCT FY02-03 FYO3-04 FYO3-04 FY 03-04 CHANGE %
NO 280 REDEVELOPMENT FUND ACTUALS YTD @ 12/31/03 REVISED EST ESTIMATES IN EST CHANGE
4025 -Grents #DIV/O!
4051 -Donetions 500
4058 -Miscellaneous
4060 -Miscellaneous Non Taxable 3,651
4062 -Recovery of Prior Year Expenses 10,676
4065 -Investment Interest 252,319 37,659 200,000 200,000
4066 -Loan Interest 14,109 6,036 12,000 12,000
4072 -Sale of Property 228,309
4075 -Rental Income 172,334 68,451 180,000 180,000
4076 -Reimbursements 10,000 10,000
4077 -Forgivable Loan Repayment
4090 -Operating Transfers In 676,771 1,550,000 4,549,500 4,548,500
4094 -Legal Set1Jement 30,000 #DIV/OI
TOTAL REDEVELOPMENT FUND 1369669 1 662 146 4950500 4950500
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ACCT FY02-03 FY03-04 FY 03-04 FY03-04 CHANGE %
NO 380 DEBT SERVICE FUND ACTUALS YTD @ 12/31/03 REVISED EST ESTIMATES IN EST CHANGE
4015 -Tax Increment 8,759,882 4,177 8,695,485 8,895,485
4065 -Investment Interest 603 6,877 55,000 55,000
4092 -Deferred Passthrough
4093 -Advances from Other Funds 13,575 65,000 65,000
4800 -Bond Prooeeds
TOTAL DEBT SERVICE FUND 8760465 24629 9015485 9015485
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