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Home My WebLink About09-01 RDA ResolutionRESOLUTION NO. RDA 09-01 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA AMENDING THE FISCAL YEAR 2008-09 ANNUAL OPERATING BUDGETS 0 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 2008-09 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 24th day of February, 2009. Koberts,Uhairperson E ATTEST: Susan . !Bo s, MMC Secret [SEAL] R:/RDA Resos 2009/RDA 09-01 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 09-01 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 24th day of February, 2009, by the following vote: 0 AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Naggar, Washington, Roberts NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None Jones, MMC ird Secretary R:/RDA Resos 2009/RDA 09-01 2 ri 0 0 Exhibit A Temecula Redevelopment Agency FY2008-09 Mid-Year Budget , Low/Moderate Income Housing Fund Capital Projects/Redevelopment Fund Debt Service Fund Temecula Redevelopment Agency Summary of Revenues, Expenditures, and Changes in Fund Balances FY2008-2009 - Mid Year Budget Low/Moderate Income Housing Fund 2007-08 2008-09 2008-09 2008-09 Proposed % Audited Current Year-to-Date Revised Increase Increase Actuals Budget Actuals Budget (Decrease) (Decrease) Total Revenues 4,718,031 4,039,411 2,384,262 4,475,771 436,360 10.8% Total Expenditures 572,291 2,803,145 374,014 2,846,023 42,878 1.5% Excess of Revenues Over (Under) Expenditures 4,145,740 1,236,266 2,010,248 1,629,748 393,482 31.8% Capital Projects' 4,570,373 9,781,960 634,587 9,781,960 0.0% Excess of Revenues Over (Under) Expenditures and Operating Transfers Out (424,633) (8,545,694) 1,375,661 (8,152,212) 393,482 a Fund Balance, Beg. of Year 16,491,245 16,066,612 16,066,612 16,066,612 Fund Balance, End of Year 16,066,612 7,520,918 17,442,273 7,914,400 `Note: Programmed in the CIP Budget l Temecula Redevelopment Agency Summary of Revenues, Expenditures, and Changes in Fund Balances a FY2008-2009 - Mid Year Budget Capital Projects/Redevelopment Fund 2007-08 2008-09 2008-09 2008-09 Proposed % Audited Current Year-to-Date Revised Increase Increase Actuals Budget Actuals Budget (Decrease) (Decrease) Total Revenues 1,126,856 73,000 172,754 341,040 268,040 367.2% Total Expenditures 605,045 1,119,324 319,747 1,839,366 720,052 64.3% Excess of Revenues Over (Under) Expenditures 521,811 (1,046,324) (146,993) (1,498,346) (452,022) 43.2% Capital Projects' - 800,000 - 800,000 - 0.0% Operating Transfers In - 525,000 - 525,000 - 0.0% Operating Transfers Out (1,699,438) (19,325,049) (3,319,782) (19,325,049) 0.0% Excess of Revenues Over (Under) >penditures and Operating Uransfers Out Fund Balance, Beg. of Year Fund Balance, End of Year 'Note: Programmed in the CIP Budget (1,177,627) (20,646,373) (3,466,775) (21,098,395) (452,022) 23,365,947 22,188,320 22,188,320 22,188,320 22,188,320 1,541,947 18,721,545 1,089,925 0 Temecula Redevelopment Agency Summary of Revenues, Expenditures, and Changes in Fund Balances O , wo. FY2008-2009 - Mid Year Budget Debt Service Fund Total Revenues Total Expenditures Excess of Revenues Over (Under) Expenditures Operating Transfers Out Excess of Revenues Over (Under) Expenditures and Operating Transfers Out EFund Balance, Beg. of Year Fund Balance, End of Year 2007-08 2008-09 2008-09 2008-09 Proposed % Audited Current Year-to-Date Revised Increase Increase Actuals Budget Actuals Budget (Decrease) (Decrease) 31,234,500 15,018,341 8,265,664 16,366,518 1,348,177 9.0% 14,943,267 24,924,492 8,194,169 26,196,871 1,272,379 5.1% 16,291,233 (9,906,151) 71,495 (9,830,353) 75,798 -0.8% (3,431,355) (3,431,355) 0.0% 16,291,233 (13,337,506) 71,495 (13,261,708) 75,798 720,660 17,011,893 17,011,893 17,011,893 17,011,893 3,674,387 17,083,388 3,750,185 E Temecula Redevelopment Agency Revenue Detail FY2008-2009 - Mid Year Budget All RDA Funds-Revenue Detail ACCT NO 165 LOW/MOD HOUSING FUND FY 07-08 ACTUALS FY 08-09 YTD (nh 12/31/08 FY 08-09 REVENUE ESTIMATES CHANGE IN ESTIMATES REVISED ESTIMATES Change 4015 -Tax Increment 3,748,345 2,066,312 3,598,411 414,389 4,012,800 11.52% 4060 -Miscellaneous 2,782 - 0.000/. 4065+4545 -Investment Interest 346,024 156.981 258,000 - 258,000 0.000/0 4066 -Loan Interest 71,850 998 - 0.000% 4072 -Sale of Property 295,499 0.00% 4075 -Rental Income 139,250 138,000 138,000 - 138,000 0.00% 4076 -Reimbursements 81,250 21,971 21,971 21,971 0 4077 Forgivable Loan Repayment 33,031 45 000 45 000 0 TOTAL LOW/MOD HOUSING FUND 4,718,031 2,384,262 4,039,411 436,360 4,475,771 10.80°,% f7 ACCT NO 280 REDEVELOPMENT FIND FY 07-08 ACTUALS FY 08-09 YTD n 12/31/08 FY 08-09 REVENUE ESTIMATES CHANGE IN ESTIMATES REVISED ESTIMATES Chao Re 4051 -Donations 1,500 535 - 0.00% 4060 -Miscellaneous Non Taxable 1,299 - 0.00% 4065+4545 -Investment Interest 990,282 168,520 69,000 268,040 337,040 388.46% 4066 -Loan Interest 5,557 2,400 - 0.00% 4075 -Rental Income 4,517 4,000 - 4,000 0.00% 4077 -Forgivable Loan Repayment 125,000 0.00% 4090 -O emtin Transfers In 525,000 525,000 0.00% TOTAL REDEVELOPMENT FUND 1,126,856 172,754 598,000 268,040 866,040 44.82% ACCT FY 07-08 FY 08-09 FY 08-09 REVENUE CHANGE IN REVISED NO 380 DEBT SERVICE FUND ACTUALS YTD tip 12/31/08 ESTIMATES ESTIMATES ESTIMATES Change 4015 -Tax Increment 14,993,382 8,108,005 14,412,800 1,638,400 16,051.200 11.370/. 4065+4545 -Investment Interest 451,118 157,659 605,541 (290,223) 315,318 47.93% 4800 -Bond Proceeds 15.790.000 0.00% TOTAL DEBT SERVICE FUND 31,234,500 8,265,664 15.018,341 1,348,177 16,366,518 8.98% R