The URL can be used to link to this page

Home My WebLink About08-01 RDA ResolutionRESOLUTION NO. RDA 08-01 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA AMENDING THE FISCAL YEAR 2007-08 ANNUAL OPERATING BUDGET Ci i, 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 amid-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 2007-08 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 26th day of~uary, 2008. ATTEST: Susan City CI [SEAL] R:/RDA Resos 2008/RDA 08-07 O 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 08-01 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 26th day of February, 2008, by the following vote: AYES: 4 BOARD MEMBERS: Comerchero, Edwards, Naggar, Washington NOES: 0 BOARD MEMBERS: None ABSENT: 1 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None Susan W. ones, MC City lerk/Bo rd Secretary R:/RDA Resos 2008/RDA 08-01 0 0 EXHIBrr A TEMECULA REDEYELOPMENT AGENCY FUNDS FY2007-08 M~o-Y~,vz BUDGET 0 TEMECULA REDEVELOPMENT AGENCY SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FY2007-2008 - Mto-YEAR BUDGET ALL REDEVELOPMENT AGENCY FUNDS -COMBINED 2006-07 2007-08 2007-OB 2007-06 Proposed % Audited Current Year-to-Oahe Revised Incense Ino~se Actuals Budcet Aduals t?uduet (Decease) (Decease) Total Revenues by Fund: (uw/Moderate Income Housing Redevelopment Debt Service Total Revenues Total Non{IP E~endihrres by Fund Low/MOderahe Income Housing Redevelopment Debt Service 0 Total Expenditures Excess of Revenues Over (Under) Expenditures Ottrer Fnaradng Sources: Transfers In Transfers Out 6,610,935 3,458,840 2,042,556 3,969,348 510,508 15% 20,903,231 9,808,318 10,074,227 9,808,318 - 0% 13,489,336 18,115,371 13,102,544 20,157,404 2,042,033 11% 41,003,501 31.382,529 25,219,327 33,935,070 2,552,541 26% 4,040,489 9,810,483 4,610,628 9,810,483 - 0% 913,865 625,265 302,569 825,265 - 0% 11.605,961 12,096,653 7,544,956 13,726,570 1,629,717 13% 16.560,315 22,732,601 12,458,153 24,362,318 1,629,717 7% 24,443,166 8,649,928 12,761,174 9,572,752 922,824 2,600,000 600,000 6,348 - (600,000) (2,747,993) (21,310,340) (1,112,619) (20,710,340) 600,000 Fxoess of Revenues and Other Finandng Sources Ova (Unda)Fxpenditures 24,295,194 (12,060,412) 11,654,903 (11,137,588) 922,824 Fund Balanoes, Beg. of Year 16,134,665 40,429,859 40,429,859 40.429,659 Fund Balances, End of Year 40,429,859 28,369,447 52,084,762 29,292,271 J 2 0 TEMECULA REDEVELOPMENT AGENCY SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FY2007.2008 -MID-YEAR BUDGET LOW/MODERATE HOUSING FUND 2006-07 zoo7-oe zoo7-oa 2ao7-os Proposed % Audited CLrrent Year-ro-Dabs Revised Increase Increase Aduals Budget Actuals Budget (Decease) (Decrease) Total Revenues 6,610,935 3,458,840 2,042,556 3,969,348 510,508 I6% Total Expenditures 4.040,489 9,810,483 4,610,628 9,810,483 0% Excess of Revenues Over (Under) Expenditures 2,570,446 (6,351,643) (2,568,072) (5,841,134) 510,508 15% Operatlng Transfers Out 0% Exoess of Revenues Over (Under) Expenditures and Operating ~Transfers0ut 2,570,446 (6,351,643) (2,568,072) (5,841,134) 510,508 Fund Balance, Beg. of Year 13,920,799 16,491,245 16.491,245 16,491,245 Fund Balance, End of Year 16,491,245 10,139,603 13,923,173 10,650,111 3 C TEMECULA REDEVELOPMENT AGENCY SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FY2007-2008 -MIDYEAR BUDGET CAPITAL PROJECTS FUND 2006-07 2007-08 2007-08 2007-OS Proposed % Audited Curran Year-to-Date Revised Increase Incense Achials Budget Acbrals Budget (Decease) (Decease) Toml Revenue 18,303,231 9,808,318 10,067,879 9,806,318 - 0% Total Expenditures 765,872 825,265 302,569 825,265 0% Exgess of Revenues Over (Under) Expenditure 17,537,359 8,963,053 9,765,310 8,983,053 - 0% Operating Transfers In 2,600,000 600,000 6,348 - (600,000) -100% Operating Transfers Out (147,993) (20,710,340) (1,106.271) (20.710,340) 0% Excess of Revenues Over (Under) Expenditure and Operating O Transfers Out F d B l B f Y 19,989,366 776 581 (11,127,287) 20 7 7 8,665,368 (11,727,287) 600,000 un a ance, eg. o ear , , 65,94 20,765,947 20,765,947 Fund Balance, End of Year 20,765,947 9.638,660 29,431,334 9.038,660 i 4 C TEMECULA REDEVELOPMENT AGENCY SUMMARY OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FY2OO7.2008 -MIDYEAR BUDGET DEBT SERVICE FUND Toml Revenues Total Expenditures Excess of Revenues Over (Under) Expenditures Operating Transfers Out Excess of Revenues Over (Under) Expenditures and Operating Transfers Out fund Balance, Beg. of Year Fund Balance, End of Year C 2006-07 2007-08 2007-OS 2007-08 Proposed % Audited Current Year-to-Dace Revised Increase Increase Actuals Budget Actuals Budget (Decrease) (Devease) 13,489,336 18,115,371 13,102,544 20,157,404 2,042,033 11% 11,605,961 12.096,853 7,544,956 13,726.570 1.629,717 13% 1,863,375 6,018,518 ~ 5,557,588 6,430,834 (2,600,000) (600,000) (6,348) (716,625) 5,418,518 5,551,240 412,316 -2% 600,000 0% 6,430,834 1,012,316 1,437,285 720,660 720,660 720,660 720,660 6,139,178 6,271,899 7,151,493 5 0 TEMECULA REDEVELOPMENT AGENCY REVENUE DETAIL . FY2007-2008 - MID~YE:AR BUDGET ALL RDA FUNDS-REVENUE DETAIL ACCT NO 165 LOW MOD HOUSING FUND FY 06-07 ACIUALS FY 07-OB YTD 1 1 07 FY 07-08 CURRENT ESTIMATES FY07-OB REWSED ESTIMATES CHANGE IN ESTIMATES % CHANGE 4015 -Tax Increment 3,126,735 1,761,745 3,007,107 3,517,615 510,508 16.98% 4051 -DOnatlons 2,025 - - - - 4060 -Miscellaneous 10,331 - - - - 4065+4545 -InvpSbneM Lmerest 397,899 173,796 280,733 280,733 - 4066 -Loan Interest 9,338 2,638 - - - 4075 -Rental Insane 126,000 - 126,000 126,000 - 4076 -Rehnbursements 2,854,901 81,250 - - - 4077 ivable Loan Rea nt 83 706 23 127 45 000 45 000 TOTAL LOW MOD HOUSING FUND 6 610 935 042 556 3 458 840 3 969 348 510 508 14.76% 0 ACCT NO 280 REDEVELOPMENT FUND FY 06-07 ACTUALS FY 07-OB YTD 1 31 07 FY 07-08 CURRENT ESTIMATES FY07-OB REVLSED ESTIMATES CHANGE IN ESTIMATES % OIANGE 4051 -Donatlons 2,500 - - - - 4060 -MLSCeIWneous Nan Taxable 1,902 - - - - 4065+4545 -Inveshnent InMree,t 613,049 314,035 20,000 20,000 - 4066 -lean Interest 11,515 5,557 13,000 13,000 - 4075 -Rental Insane 2,788 2,117 2,800 2,800 - 4076 -ReimbursEmerMS 20,000 - 20,000 20,000 - 4090 -Operating Transfers In 2,600,000 6,348 600,000 - (600,000) -100.0046 4800 -Bond Proceeds 20 251477 9 75 518 9752 518 9 752 518 TOTAL REDEVELOPMENT FUND 23 503 231 10 OBO 575 10 406 318 9808 318 600 000 -5.76% ACCT FY 06-07 FY 07-OB FY 07-08 FY07-OB CHANGE % CURRENT REVLSED IN NO 380 DEBT SERVICE FUND ACNALS YTD 1 31 07 ESTIMATES ESifMAlES ESTIMATES CHANGE 4015 -Tax InaemeM 12,506,938 7,096,978 12,028,429 14,070,462 2,042,033 16.98% 4065+4545 -Invesfiient Interest 88,875 18,084 49,460 49,460 - 4800 . -Bond Proceeds 893 523 6 037482 6037 482 6037 482 TOTAL DEBT SERVICE FUND 13 489 336 13 102 594 18 115 371 20 157 404 042 033 ~ 11.27% 0