HomeMy WebLinkAbout11-02 RDA Resolution RESOLUTION NO. RDA 11-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA AMENDING THE FISCAL YEAR
2010-11 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 2010-11 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 22" day of February, 2011.
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Michael S. Na gar, irperson
ATTEST:
Susan . J es, MMC
't erk/Bo d Secret
[SEAL]
R:/RDA Resos 2011/RDA 11-02 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 11-02 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 22" day of February, 2011, 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/ oard Secretary
R:/RDA Resos 2011/RDA 11-02 2
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Temecula Redevelopment Agency
FY2010-11 Mid-Year Budget
Affordable Income Housing Fund
Capital Projects/Redevelopment Fund �
Debt Service Fund
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� Temecula Redevelopment Agency
�� , Summary of Revenues, Expenditures, and Changes in Fund Balances
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Affordable Income Housing Fund
2009-10 2010-11 2010-11 2010-11 Proposed %
Audited Currem Year-to-Date Revised Increase Increase
Actuals Budqet Actuals Budget (Decrease) (Decrease)
Total Revenues 18,668,411 4,660,749 2,121,765 4,447,683 (213,066) -4.6%
Total E�enditures 1,438,089 3,302,708 943,777 2,446,050 (856,658) -25.9%
Excess of Revenues Over (Under)
E�enditures 17,230,322 1,358,041 1,177,988 2,001,633 643,592 47.4%
Capital Projects * 11,493,783 5,288,883 1,935,134 5,288,883 - 0.0%
Excess of Revenues Over (Under)
E�enditures and Capital Projects 5,736,539 (3,930,842) (757,146) (3,287,250) 643,592
Fund Balance, Beg. ofYear 19,302,677 25,039,216 25,039,216 25,039,216
Fund Balance, End ofYear 25,039,216 21,108,374 24,282,070 21,751,966
*Note: Programmed in the CIP Budget
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' Summary of Revenues, Expenditures, and Changes in Fund Balances
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Capital Projects/Redevelopment Fund
2009-10 2010-11 2010-11 2010-11 Proposed %
Audited Current Year-to-Date Revised Increase Increase
Actuals Budget Actuals Budget (Decrease) (Decrease)
Total Revenues 1,822,586 1,249,356 6,728 1,197,213 (52,143) -4.2%
Total E�enditures 7,133,768 2,850,924 586,978 2,798,743 (52,181) -1.8%
Excess of Revenues Over (Under)
Expenditures (5,311,182) (1,601,568) (580,250) (1,601,530) 38 0.0%
Capital Projects' 416,513 458,487 300,752 458,487 - 0.0%
Operating Transfers Out (6,566,426) (84,432) - (84,432) - 0.0%
Excess of Revenues Over (Under)
E�enditures and Operating
Transfers Out (12,294,121) (2,144,487) (881,002) (2,144,449) 38
Fund Balance, Beg. ofYear 9,683,932 (2,610,189) (2,610,189) (2,610,189)
Fund Balance, End ofYear (2,610,189) (4,754,676) (3,491,191) (4,754,638)
'Note: Programmed in the CIP Budget
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� .= Summary of Revenues, Expenditures, and Changes in Fund Balances
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Debt Service Fund
2009-10 2010-11 2010-11 2010-11 Proposed %
Audited Current Year-to-Date Revised Increase Increase
Actuals Budget Actuals Budget (Decrease) (Decrease)
Total Revenues 16,600,519 16,426,727 7,936,097 15,770,811 (655,916) -4.0%
Total E�enditures 15,722,422 15,606,851 8,312,329 14,993,310 (613,541) -3.9%
Excess of Revenues Over (Under)
E�enditures 878,097 819,876 (376,232) 777,501 (42,375) -5.2%
OperatingTransfersOut (4,730,980) (1,855,628) (153,362) (1,813,128) 42,500 -2.3%
Excess of Revenues Over (Under)
E�enditures and Operating
Transfers Out (3,852,883) (1,035,752) (529,594) (1,035,627) 125
Fund Balance, Beg. ofYear 6,599,667 2,746,784 2,746,784 2,746,784
Fund Balance, End ofYear 2,746,784 1,711,032 2,217,190 1,711,157
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r , Revenue Detail
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All RDA Funds—Revenue Detail
ACCT FY 09-10 FY 10-11 FY 10-11 FY 10-11
ACTUAL YTD @ CURRENT MID YEAR
NO 165 AFFORDABLE HOUSING FUND REVENUE 12/31/10 BUDGET ESTIMATES $ CHANGE % CHANGE
4015 -Tax Increment 4,136,815 1,982,445 4,100,600 3,939,000 (161,600) -3.94%
4060 -Miscellaneous 10,032 - 0.00%
4065+454 -Investment Interest 131,052 37,322 105,041 91,955 (13,086) -12.46%
4066 -Loan Interest 28,427 95,297 95,297 95,297 0.00%
4072 -Sale of Property 314,635 - - 0.00%
4075 -Rentallncome 143,000 149,000 149,000 - 0.00%
4076 -Reimbursements 133,922 306,108 172,186 (133,922) -43.75%
4077 -Forgivable Loan Repayment 15,528 6,701 245 245 0.00%
4800 -Bond Proceeds 13,755,000 - - 0.00%
TOTAL AFFORDABLE HOUSING FUND 18,668,411 2,121,765 4,660,749 4,447,683 213,066 -4.57%
ACCT FY 09-10 FY 10-11 FY 10-11 FY 10-11
ACTUAL YTD @ CURRENT MID YEAR
NO 280 REDEVELOPMENT FUND REVENUE 12/31/10 BUDGET ESTIMATES $ CHANGE % CHANGE
4051 -Donations 1,000 500 500 500 0.00%
4060 -Miscellaneous Non Taxable 5,489 - - 0.00%
4065+454 -Investment Interest 38,297 3,828 29,556 6,933 (22,623) -76.54%
4075 -Rentallncome 4,800 2,400 4,800 17,280 12,480 260.00%
4090 -Operatin Transfers In 1,773,000 1,215,000 1,172,500 (42,500) -3.50%
TOTAL REDEVELOPMENT FUND 1 822,586 6,728 1 249 356 1 197 213 52 143 -4.17%
ACCT FY 09-10 FY 10-11 FY 10-11 FY 10-11
ACTUAL YTD @ CURRENT MID YEAR
NO 380 DEBT SERVICE FUND REVENUE 12/31/10 BUDGET ESTIMATES $ CHANGE %CHANGE
4015 -Tax Increment 16,547,259 7,929,779 16,402,400 15,756,000 (646,400) -3.94%
4065+454 -Investment Interest 53,260 6 318 24 327 14 811 9,516 -39.12%
TOTAL DEBT SERVICE FUND 16,600 519 7 936 097 16 426 727 15,770,811 655 916 -3.99%