HomeMy WebLinkAbout05-01 RDA Resolution
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RESOLUTION NO. RDA 05-01
A RESOLUTION OF THE TEMECULA REDEVELOPMENT
AGENCY AMENDING THE FISCAL YEAR 2004-05 ANNUAL
OPERATING BUDGETS
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 2004-05 RDA operating budget is amended in
accordance with the attached schedules.
PASSED, APPROVED AND ADOPTED, by the Redevelopment Agency
Temecula, this 22nd day of February, 2005.
City of
Ron Roberts, Chairperson
ATTEST:
[SEAL]
R:/RDA Rasas 2005/RDA 05-01
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk/Agency Secretary of the Temecula Redevelopment
Agency of the City of Temecula, do hereby certify that the foregoing Resolution No. RDA 05-01
was duly adopted by the Board of Directors of the Temecula Redevelopment Agency at a
meeting thereof held on the 22nd day of February, 2005, by the following vote:
AYES: 5 AGENCY MEMBERS: Edwards, Comerchero, Naggar Washington,
Roberts
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
ABSTAIN: 0 AGENCY MEMBERS: None
R:/RDA Resas 2005/RDA 05-01
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2004-05 REDEVELOPMENT
AGENCY FUNDS
MID-YEAR BUDGET
TEMECULA REDEVELOPMENT AGENCY
I SUMMARY OF REVENUES, EXPENDITURES, AND CHANGE IN FUND BALANCES
2004-05 MIDYEAR PROJECTION
2003-04 2004-05 2004-05 2004-05 Praposed %
Current Current Year-ta-Date Revised Increase Increase
Budget Budget Actuals Budget (Decrease) (Decrease)
Tatal Revenues by Fund:*
Low/Moderate Income HousIng 2,872,709 2,786,800 1,481,465 2,941,100 154,300 5.5%
Redevelapment 1,449,146 1,442,100 567,007 1,442,100
Debt Service 9,541,249 9,698,200 5,055,944 10,070,800 372,600 3.8%
Total Revenues 13,863,104 13,927,100 7,104,416 14,454,000 526,900 3.8%
Tatal Nan-CIP Expenditures by Fund:
Law/Maderate Incame Hausing 3,340,439 1,041,762 283,433 1,014,362 (27,400) -2.6%
Redevelapment 4,135,980 1,174,100 282,134 1,491,500 317,400 27.0%
Debt Service 8,150,063 9,055,200 4,970,865 9,707,200 652,000 7.2%
Tatal Expenditures 15,626,482 11,271,062 5,536,432 12,213,062 942,000 8.4%
Excess af Revenues Over (Under)
Expenditures (1,763,378) 2,656,038 1,567,984 2,240,939 (415,100)
Other Financing Sources:
Transfers In (Out)
Excess af Revenues and Other Rnancing
Saurces Over (Under) Expenditures (1,763,378) 2,656,038 1,567,984 2,240,939 (415,100)
I * Transfer of $1,020,100 is Included between these funds
** Excess revenues aver expenditures are pragrammed and budgeted In the Capital Improvement Pragram
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REDEVELOPMENT AGENCY
REVENUE DETAIL
FY 2004~05 MIDYEAR BUDGET
ACCT FY 03-04 FY 04-05 FY 04-05 FY 04-05 CHANGE %
NO 155 LOW/MOO HOUSING FUND ACTUALS YTD IiJ) 12/31/04 REVISED EST ESTIMATES IN EST CHANGE
4015 -Tax Increment 2,379,316 1,259,528 2,400,800 2,510,200 109,400 4.6%
4051 ~Donations 4,450 1,000
4060 -Miscellaneous 10,044 1,000 1,000
4065 -Investment Interest 101,181 77,158 115,000 115,000
4066 ~Loan Interest 26,859 7,813 20,000 20,000
4075 -Rental Income 30,000 50,000 50,000
4076 -Reimbursements 4,903 4,900 4,900
4077 -Forgivable Loan Repayment 272,623 90,648 200,000 200,000
40BO ~Reimbursement-Cottages of Old Town 48,236 40,415 40,000 40,000
TOTAL LOW/MOD HOUSING FUND 2872 709 1 481 465 2 786 800 2941,100 154,300 5.5%
ACCT FY 03-04 FY 04-05 FY 04-05 FY 04-05 CHANGE %
NO 280 REDEVELOPMENT FUND ACTUALS YTD (@ 12/31/04 REVISED EST ESTIMATES IN EST CHANGE
4025 -Grants 250,000 250,000
4051 -Donations
4058 -Miscellaneous
4060 ~Miscellaneous Non Taxable 2,008 125
4062 -Recovery of Prior Year Expenses
4065 ~lnvestment Interest 127,716 48,949 150,000 150,000
4066 -loan Interest 12,033 5,957 12,000 12,000
4072 -Sale of Property
4075 -Rental Income 122,636 1,926
4076 ~Reimbu(sements 67,622 10,000 10,000
14077 -Forgivable Loan Repayment
14090 -Operating Transfers In 1,021,700 510,050 1,020,100 1,020,100
14094 -Legal Settlement
14550 -Gain on Assets 95,431
TOTAL REDEVELOPMENT FUND 1449146 567 007 1442100 1442100
ACCT FY 03-04 FY 04-05 FY 04-05 FY 04-05 CHANGE %
NO 380 DEBT SERVICE FUND ACTUALS YTD 1iJ)12131/04 REVISED EST ESTIMATES IN EST CHANGE
4015 ~ T ax Increment 9,517,262 5,038,111 9,603,200 10,040,800 437,600 4.6%
4065 -Investment Interest 23,986 17,833 30,000 30,000
4092 -Deferred Passthrough
4093 ~Advances from Other Funds 65,000 (65,000) ~100.0%
4800 ~Bond Proceeds
TOTAL DEBT SERVICE FUND 9541,248 5 055 944 9 698 200 10070800 372,600 3.8%