HomeMy WebLinkAbout10-03 RDA Resolution RESOLUTION NO. RDA 10 -03
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA AMENDING THE FISCAL YEAR
2009 -10 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 2009 -10 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 23rd day of February, 2010.
Michael S. Naggar,Chair n
ATTEST: gSecreta
Susan . Jon s, City CI kBoa d
[SEAL]
R: /RDA Resos 2010 /RDA 10 -03 1
' 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 10 -03 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 23rd day of February, 2010, by the following vote:
AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Roberts,
Washington, Naggar
NOES: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
Susan . Jones, MMC
ity Clerk/ and Secretary
R: /RDA Resos 2010 1RDA 10 -03 2
/C, `V IFM1_IF ,
' I Exhibit A
'Ig ryv u otY. fi•
Temecula Redevelopment Agency
FY2009 -10 Mid -Year Budget
Affordable Income Housing Fund
Capital Projects /Redevelopment Fund
Debt Service Fund
1
_ ,' °• Temecula Redevelopment Agency
y Summary of Revenues, Expenditures, and Changes in Fund Balances
FY2009 -2010 - Mid Year Budget
4 0
Affordable Income Housing Fund
2008 -09 2009 -10 2009 -10 2009 -10 Proposed %
Audited Current Year -to -Date Revised Increase Increase
Actuals Budget Actuals Budget (Decrease) (Decrease)
Total Revenues 4,860,661 4,953,134 2,097,224 18,381,435 13,428,301 271.1%
Total Expenditures 947,832 2,746,388 495,731 1,568,454 (1,177,934) -42.9%
Excess of Revenues Over (Under)
Expenditures 3,912,829 2,206,746 1,601,493 16,812,981 14,606,235 661.9%
Capital Projects 676,766 12,092,293 5,429,530 14,903,888 2,811,595 23.3%
Excess of Revenues Over (Under)
Expenditures and Capital Projects 3,236,063 (9,885,547) (3,828,037) 1,909,093 11,794,640
' Fund Balance, Beg. of Year 16,066,613 19,302,676 19,302,676 19,302,676
Fund Balance, End of Year 19,302,676 9,417,129 15,474,639 21,211,769
`Note: Programmed in the CIP Budget
Temecula Redevelopment Agency
Summary of Revenues, Expenditures, and Changes in Fund Balances
' FY2009 -2010 - Mid Year Budget
Capital Projects /Redevelopment Fund
2008 -09 2009 -10 2009 -10 2009 -10 Proposed %
Audited Current Year -to -Date Revised Increase Increase
Aotuals Budget Actuals Budget (Decrease) (Decrease)
Total Revenues 935,952 948,645 31,442 949,539 894 0.1%
Total Expenditures 725,085 3,106,442 510,261 3,058,623 (47,819) -1.5%
Excess of Revenues Over (Under)
Expenditures 210,867 (2,157,797) (478,819) (2,109,084) 48,713 -2.3%
Capital Projects 875,000 875,000 - 0.0%
Operating Transfers Out (12,715,255) (6,474,115) (6,566,426) (6,474,115) - 0.0%
Excess of Revenues Over (Under)
' Expenditures and Operating
Transfers Out (12,504,388) (9,506,912) (7,045,245) (9,458,199) 48,713
Fund Balance, Beg. of Year 22,188,320 9,683,932 9,683,932 9,683,932
Fund Balance, End of Year 9,683,932 177,020 2,638,687 225,733
'Note: Programmed in the CIP Budget
o rrreu F
Temecula Redevelopment Agency
Summary of Revenues, Expenditures, and Changes in Fund Balances
' FY2009 -2010 -Mid Year Budget
t �
Debt Service Fund
2008 -09 2009 -10 2009 -10 2009 -10 Proposed %
Audited Current Year -to -Date Revised Increase Increase
Actuals Budget Actuals Budget (Decrease) (Decrease)
Total Revenues 16,659,386 17,087,917 8,145,064 16,033,968 (1,053,949) -6.2%
Total Expenditures 26,546,613 15,843,783 8,201,527 15,139,954 (703,829) -4.4%
Excess of Revenues Over (Under)
Expenditures (9,887,227) 1,244,134 (56,463) 894,014 (350,120) -28.1%
Operating Transfers Out (525,000) (4,424,608) - (4,424,608) - 0.0%
Excess of Revenues Over (Under)
Expenditures and Operating
Transfers Out (10,412,227) (3,180,474) (56,463) (3,530,594) (350,120)
Fund Balance, Beg. of Year 17,011,893 6,599,666 6,599,666 6,599,666
Fund Balance, End of Year 6,599,666 3,419,192 6,543,203 3,069,072
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Temecula Redevelopment Agency
Revenue Detail
FY2009 -2010 - Mid Year Budget
All RDA Funds - Revenue Detail
ACCT FY 08 -09 FY 09 -10 FY 09 -10 FY 09 -10
ACTUAL YTD @ CURRENT MIDYEAR %
NO 165 AFFORDABLE HOUSING FUND REVENUE 12/31/09 BUDGET ESTIMATES $ CHANGE CHANGE
4015 -Tax Increment 4,063,121 2,030,576 4,263,400 3,994,600 (268,800) -6.30%
4060 - Miscellaneous 10,032 - 0.00%
4065 +4545 - Investment Interest 262,823 55,678 208,417 100,518 (107,899) - 51.77%
4066 -Loan Interest 47,663 2,498 23,682 26,180 2,498 10.55%
4072 -Sale of Property 316,185 314,635 314,635 - 0.00%
4075 - Rental Income 138,000 143,000 143,000 - 0.00%
4076 - Reimbursements 21,971 - 0.00%
4077 - Forgivable Loan Repayment 866 8,472 8,472 8,472 0.00%
4800 -Bond Proceeds 13,794,030 13,794,030 0.00%
TOTAL AFFORDABLE HOUSING FUND 4,860,661 2,097,224 4,953,134 18,381,435 13,428,301 271.11%
ACCT FY 08 -09 FY 09 -10 FY 09 -10 FY 09 -10
ACTUAL YTD@ CURRENT MIDYEAR %
NO 280 REDEVELOPMENT FUND REVENUE 12/31/09 BUDGET ESTIMATES $ CHANGE CHANGE
4051 - Donations 535 500 500 500 0.00%
4060 - Miscellaneous Non Taxable 1,449 300 300 300 0.00%
4065 +4545 - Investment Interest 404,168 28,242 48,645 43,939 (4,706) - 9.67%
4075 - Rental Income 4,800 2,400 4,800 4,800 0.00%
4090 -Operating Transfers I 525,000 900,000 900,000 - 0.00%
TOTAL REDEVELOPMENT FUND 935,952 31,442 948,645 949,539 894 0.09%
ACCT FY 08 -09 FY 09 -10 FY 09 -10 FY 09 -10
ACTUAL YTD @ CURRENT MIDYEAR %
NO 380 DEBT SERVICE FUND REVENUE 12/31/09 BUDGET ESTIMATES $ CHANGE CHANGE
4015 -Tax Increment 16,251,896 8,122,598 17,053,600 15,978,400 (1,075,200) - 6.30%
4065 +4545 - Investment Interest 407,490 22,466 34,317 55,568 21,251 61.93%
TOTAL DEBT SERVICE FUND 16,659,386 8,145,064 17,087,917 16,033,968 (1,053,949) -6.17%