HomeMy WebLinkAbout07-01 RDA Resolution
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RESOLUTION NO. RDA 07-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA AMENDING THE FISCAL YEAR
2006-07 ANNUAL OPERATING BUDGETS
THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT
AGENCY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. That 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.
Section 2. Each year a mid-year review is conducted of the Temecula
Redevelopment Agency (RDA) operating budget.
Section 3. That the mid-year review has been completed and the
recommended adjustments are reflected in the scheduled attached hereto as Exhibit A.
Section 4. That the Fiscal Year 2006-07 RDA operating budget is amended in
accordance with the attached schedules.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 27th day of February, 2007.
~
a!)'ann Edwards, Chairperson
ATTEST:
[SEAL]
R:/RDA Resas 2007lRDS 07-01
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula
Redevelopment Agency of the City of Temecula, do hereby certify that the foregoing
Resolution No. RDA 07-01 was duly and regularly adopted by the Board of Directors of the
Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on
the 27th day of February, 2007, by the following vote:
AYES: 3
BOARD MEMBERS:
Naggar, Washington, Edwards
NOES: 0
BOARD MEMBERS:
None
ABSENT: 2
BOARD MEMBERS:
Comerchero, Roberts
ABSTAIN: 0
BOARD MEMBERS:
None
R:/RDA Resas 2007/RDS 07-01
2
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W. Jones, MMC
Board Secretary
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TEMECULA REDEVELOPMENT AGENCY
SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FY2006.2007. MIDYEAR BUDGET
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ALL REDEVELOPMENT AGENCY FUNDS. COMBINED
2005-06 2006-07 2006-07 2006-07 Proposed %
Audited Current YTD Revised Increase Increase
Actuals Budqet Actuals BudQet (Decrease) (Decrease)
Total Revenues by Fund:*
low/Moderate Inrome Housing 3,645,732 6,512,856 2,202,278 6,663,464 150,608 2.3%
Redevelopment 2,168,334 23,114,477 741,526 23,114,477 0.0%
Debt Service 12.427.249 12.222,363 6,869,718 12,824,796 602.433 4.9%
Total Revenues 18.241,315 41,849,696 9,813,521 42,602,737 753,041
Total Non-CIP Expenditures by Fund:
Low/Moderate Income Housing 4,109,269 8,515,096 801,587 8,490,096 (25,000) -0.3%
Redevelopment 1,451,831 971,690 372,108 1,021,690 50,000 5.1%
Debt Service 10,641,265 10,810,245 6,746,815 11,322,633 512.388 4.7%
Total Expenditures 16,202.365 20,297 .031 7,920,510 20,834,419 537 ,388
Excess of Revenues Over (Under) **
I Expenditures 2,038,950 21,552,665 1,893,011 21,768,318 215,653
Other Anandng Sources:
Transfers In (Out) (4.110.456) (2.800,000) (700,000) (2,800,000)
Excess of Revenues and Other Rnandng
Sources Over (Under) Expenditures (2.071.506) 18,752,665 1,193,011 18,968,318 215,653
* Transfer of $2,800,000 is induded between these funds
** Excess revenues over expenditures are programmed and budgeted in the Capital Improvement Program.
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SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FY2006.2007. MIDYEAR BUDGET
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Low/MoDERATE HOUSING FUND
2005-06 2006-07 2006-07 2006-07 Proposed 0/0
Audited Current YTD Revised Increase Increase
Actuals Budqet Actuals BudQet (Decrease) (Decrease)
Total Revenues 3,645,732 6,512,856 2,202,278 6,663,464 150,608 6.8%
T otai Expenditures 4,109,269 8.515.096 801.587 8,490,096 (25,000) -3.1%
Excess of Revenues Over (Under)
Expenditures (463,537) (2,002,239) 1,400,691 (1,826,631) 175,608
Operating Transfers Out
Excess of Revenues Over (Under)
I Expenditures and Operating
Transfers Out (463,537) (2,002,239) 1,400,691 (1,826,631) 175.608
Fund Balance, Beg. of Year 10,423,064 9.959.527 9,959.527 9.959,527
Fund Balance, End of Year 9,959.527 7,957.288 11,360,218 8,132.896
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TEMECULA REDEVELOPMENT AGENCY
SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FY2006.2007. MIDYEAR BUDGET
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CAPITAL PROJECTS FUND
Excess of Revenues Over (Under)
Expenditures
2005-06 2006-07 2006-07 2006-07 Proposed %
Audited Current YTD Revised Increase Increase
Actuals Budqet Actuals BudQet (Decrease) (Decrease)
2,168,334 23,114,477 741,526 23,114,477 0.0%
1,451.831 971.690 372,108 1.021,690 50,000 13.4%
716,503 22,142,787 369,418 22,092,787 (50,000)
2.013,356
Total Revenues
Total Expenditures
Operating Transfers Out
Excess of Revenues Over (Under)
Expenditures and Operating
Transfers Out
(1,296,853)
22,142,787
369,418
22,092,787
(50,000)
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Fund Balance, Beg. of Year
2.073.434
776.581
776,581
776,581
Fund Balance, End of Year
776.581
22.919,368
1,145,999
22.869,368
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TEMECULA REDEVELOPMENT AGENCY
SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FY2006.2007. MIDYEAR BUDGET
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DEBT SERVICE FUND
2005.06 2006-07 2006-07 2006-07 Proposed %
Audited Current YTD Revised Increase Increase
Actuals Budoet Actuals Budoet (Decrease) (Decrease)
Total Revenues 12,427,249 12,222,363 6,869,718 12,824,796 602,433 8.8%
Total Expenditures 10,641,265 10.810.245 6,746,815 11,322,633 512,388 7.6%
Excess of Revenues Over (Under)
Expenditures 1,785,984 1,412,118 122,903 1,502,163 90,045
Operating Transfers Out (2,097.1001 (2.800,000) (700.000) (2,800,000)
Excess of Revenues Over (Under)
I Expenditures and Operating
Transfers Out (311,116) (1,387,882) (577,097) (1,297,837) 90,045
Fund Balance, Beg. of Year 1,748.401 1,437,285 1,437,285 1.437,285
Fund Balance, End of Year 1.437,285 49.403 860,188 139.448
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, TEMECULA REDEVELOPMENT AGENCY
REVENUE DETAIL
FY2006.2007. MIDYEAR BUDGET
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ALL RDA FUNDS-REVENUE DETAIL
ACCT FY 05-06 FY 06.07 FY 06-07 FY 06-07 CHANGE %
165 LOW/MOD HOUSING FUND CURRENT REVISED IN
NO ACTUALS YTD @ 12/31/06 ESTIMATES E5TIMA TES ESTIMATES CHANGE
4015 .Tax Increment 3,091,658 1,486,139 2,822,210 2,972,818 150,608 5.34%
4051 -Donations 1,600 - 0.00%
4060 -Miscellaneous 10,032 299 - 0.00%
4065 . Investment Interest 312,547 164,520 100,000 100,000 - 0.00%
4066 -Loan Interest 7,384 5,083 . 0.00%
4075 -Rental Income 121,000 126,000 126,000 . 0.00%
4076 -Reimbursements 501,391 . 3,419,646 3,419,646 - 0.00%
4077 .Fornivable Loan Rena"ment 101 511 44 846 45 000 45 000 - 0.00%
TOTAL LOW MOD HOUSING FUND 3 645 732 2 202 278 6512856 6 663 464 150 608
ACCT FY 05.06 FY 06-07 FY 06-07 FY 06-07 CHANGE %
CURRENT REVISED iN
ND 280 REDEVELOPMENT FUND ACTUAL5 YTD ESTIMATES ESTIMATES ESTIMATES CHANGE
051 .Oonations 2,000 0.00%
060 -Miscellaneous Non Taxable 2,556 0.00%
062 -Recovery of Prior Year Expenses 2,767 0.00%
065 -Investment Interest 49,306 11,093 28,000 28,000 0.00%
4066 -Loan Interest 11,701 5,782 12,200 12,200 0.00%
4075 -Rental Income 2,905 1,851 2,800 2,800 0.00%
4076 -Reimbursements 20,000 20,000 20,000 0.00%
4090 -Operating Transfers In 2,097,100 700,000 2,800,000 2,800,000 0.00%
4800 -Bond Proceeds 20 251 477 20 251 477 20251477 0.00%
TOTAL REDEVELOPMENT FUND 2 168 334 741 526 23 114477 23 114477 0
ACCT FY 05-06 FY 06-07 FY 06-07 FY 0&-07 CHANGE %
CURRENT REVISED IN
NO 380 DEBT SERVICE FUND ACTUALS YTD @ 12 31 06 ESTIMATES ESTIMATES ESTIMATES CHANGE
4015 -Tax Inrrement 12,366,633 5,944,556 11,288,840 11,891,273 602,433 5.34%
4065 -Investment Interest 60,616 31,639 40,000 40,000 0.00%
4800 -Bond Proceeds 893 523 893 523 893 523 0.00%
TOTAL DEBT SERVICE FUND 12427249 6 869 718 12 222 363 12 824 796 602 433
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