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Home My WebLink AboutD Res No. 493 - Redevelopment Agency Financial Plan FY 2004-2005REDEVELOPMENT AGENCY FINANCIAL PLAN FISCAL YEAR 2004-2005 Item 4 RESOLUTION NO. A RESOLUTION OF THE BOARD OF THE PALM DESERT REDEVELOPMENT AGENCY, PALM DESERT, CALIFORNIA, ADOPTING A PROGRAM AND FINANCIAL PLAN FOR THE FISCAL YEAR JULY 1, 2004 THROUGH JUNE 30, 2005 WHEREAS, the Board has received and considered the proposed Program and Financial Plan submitted by the Executive Director on June , 2004; and WHEREAS, after due notice, the Board held a public hearing on the proposed plan. NOW, THEREFORE, BE IT RESOLVED by the Board of the Palm Desert Redevelopment Agency, Palm Desert, California, that: 1. The amounts shown on Exhibit 1, "Estimated Revenues," are hereby accepted as the Estimated Revenues for the 2004-2005 Fiscal Year for each fund and revenue source. 2. The amounts shown on Exhibit 2, "Appropriations," are hereby appropriated to the departments and activities indicated. The Executive Director, or his duly appointed representative, will have the authority to approve intra-departmental budgeted line -item variations; additional appropriations or inter -departmental budget transfers will be specifically approved by further Redevelopment Board action during the 2004-2005 Fiscal Year as the need arises. 3. The amounts shown on Exhibit 3, "Continuing Appropriations, Existing Capital Projects," are hereby accepted as continuing appropriations from the 2003-2004 Fiscal Year. The amounts included in this exhibit include all unexpended amounts from purchase orders and contracts encumbered by June 30, 2004. PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert Redevelopment Agency held on this 24 day of June, 2004, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: ROBERT A. SPIEGEL, MAYOR ATTEST: RACHELLE KLASSEN, CITY CLERK CITY OF PALM DESERT, CALIFORNIA H:1WP511Bud 04-05Ves-rdafrnplan0405.wpd PALM DESERT ESTIMATED REVENUES, Exhibit 1, Res#04- 1 st Year 2nd Year Actual Adopted Projected Budget Budget CATEGORY / FUND FY 02-03 FY 03-04 FY 03-04 FY 04-05 FY 05-06 Prolect Area 1 Fund: 1. Reimbursements 10,176 535,000 - - 2. Interest 510,243 400,000 400,000 400,000 400,000 3. Transfers In 1,461,187 1,200,000 700,000 700,000 700,000 Total Protect Area 1 Fund 1,981,606 2,135,000 1,100,000 1,100,000 1,100,000 Project Area 2 Fund: 1. Reimbursements 1,109 2. Interest 93,435 50,000 50,000 50,000 50,000 3. Transfers In 16,487,261 255,000 Total Protect Area 2 Fund 16,581,805 305,000 50,000 50,000 50,000 Prolect Area 3 Fund: 1. Transfers In 93,963 41,000 41,000 185,000 190,550 Total Prolect Area 3 Fund 93,963 41,000 41,000 185,000 190,550 Protect Area 4 Fund: 1. Interest 395,323 2. Transfers In 90,433 82,000 130,200 186,000 191,580 Total Project Area 4 Fund Debt Service 1 Fund: 1. Tax Increment 2. Interest 3. Reimbursement fm COD/County Total Debt Service 1 Fund Debt Service 2 Fund: 1. Tax Increment 2. Interest 3. Transfers In 485,756 82,000 130,200 186,000 191,580 30,408,663 301,624 456,915 30,776,616 100,000 485,000 32,461,619 652,535 485,000 33,435,860 34,438,900 697,000 640,000 753,312 500,000 31,167,202 31,361,616 33,599,154 34,886,172 35,578,900 10, 837, 614 10, 639, 031 11, 721, 300 12, 483, 000 13,294,600 108,462 40,000 290,000 225,000 225,000 1,104,363 Total Debt Service 2 Fund 12,050,439 10, 679,031 12,011,300 12, 708,000 13, 519, 600 Debt Service 3 Fund: 1. Tax Increment 1,419,653 1,381,841 2,040,800 2,102,000 2,165,000 2. Interest 23,736 15,000 44,000 50,000 50,000 3. Transfers In Total Debt Service 3 Fund Debt Service 4 Fund: 1. Tax Increment 2. Interest 1,443,389 1,396,841 2,084,800 2,152,000 2,215,000 7,583,916 7,394,463 8,028,200 8,269,000 8,517,100 23,980 30,000 40,000 35,000 50,000 Total Debt Service 4 Fund Housing Fund: 1. Transfers In 2. Reimbursements 3. Interest 7,607,896 7,424,463 8,068,200 8,304,000 8,567,100 24, 877,909 10,038,390 11,014, 345 14, 775,403 14, 775,403 172.176 282,521 Total Housing Fund 25,332,606 10,038,390 11,014,345 14,775:403 14,775,403 FUND NAME APPROPRIATIONS FY 2004-2005 REDEVELOPMENT AGENCY FUNDS Project Area #1 Project Area #2 Project Area #3 Project Area #4 Debt Service PJ Area #1 Debt Service PJ Area #2 Debt Service PJ Area #3 Debt Service PJ Area #4 Housing Set Aside Total Redevelopment Agency Funds 2,894,950 489,608 185,000 10,605,000 31,660,943 14,474,185 1,645,652 8,045,926 14,968,390 84,969,654 REDEVELOPMENT AGENCY CAPITAL IMPROVEMENT PROGRAM Exhibit 3 NO. EXISTING PROJECTS IN FISCAL YEAR 2003-04 CONTINUED TO FY 2004-2005 ,41 PROJECT TITLE ESTIMATED PROJECT TOTAL FOR LIFE OF PROJECT ACCOUNT NUMBERS FUNDING SOURCES FY 2003-04 to FY04-05 ' SEE NOTE Trust Fund Homme/Adams Park 600,000 880-0000-239.91-00 Trust Fund 880 512,262 RDA Protect Area #1 Fund 850 Undergrounding-Major Arts 1,931,000 850-4255-464.40-01 RDA PJ Area#1 576,978 Undergrounding-Neighborhood 3,000,000 850-4256-464.40-01 RDA PJ Area#1 88,606 Entrada El Paseo-12 Acre 8,211,899 850-4358-433.40-01 RDA PJ Area#1 5,459,516 Fred Waring Street Improvement 9,165,000 850-4384-433.40-01 RDA PJ Area#1 782,993 Palms to Pines East Glasser 1,400,000 850-4435-464.40-01 RDA PJ Area#1 1,400,000 Palms to Pines - Central 800,000 850-4364-433.40-01 RDA PJ Area#1 800,000 Perimeter Landscaping 96,634 RDA PJ Area#1 96,634 Lot - San Marion 145,000 8,484 COD Pool 454,987 Architectural Review Loan Program Continuing 850-4800-454.30-90 RDA PJ Area#1 92,750 RDA Project Area #2 Fund 851 Desert Willow Pads Continuing 851-4640-454.40-01 RDA PJ Area#2 60,942 DW Parking - For Condition of Approval/Lakes 1,314,715 Perimeter Landscaping 252,845 CVWD Well Site Development -Desert Willow 2,097,364 851-4619-433.40-01 RDA PJ Area#2 1,324,662 RDA Protect Area #3 Fund 853 RDA PJ Area#3 450,000 42nd Avenue Sidewalks Perimeter Landscaping RDA PJ Area#3 16,304 Corp Yard RDA PJ Area#3 75,000 Merle Street Sewers RDA PJ Area#3 21,689 RDA Protect Area #4 Fund 854 RDA Project -Fred Waring 2,000,000 Regional Park 7,250,000 854-4670-454.40-01 RDA PJ Area#4 5,547,398 RDA SR Housing Fund 870 Palm Village Apartments 3,834,452 870-4349-433.40-01 Housing Fund 870 3,544,796 Home Improvement Program 350,000 870-4473-464.40-01 Housing Fund 870 380,000 Home Improvement Program Continuing 870-4493-464.40-01 Housing Fund 870 325,689 Property Acquisition Continuing 870-4495-464.40-01 Housing Fund 870 2,000,000 TOTAL EXISTING PROJECTS NOTE: APPROPRIATIONS AND/OR ENCUMBRANCES FOR REBUDGET/CARRYOVER FROM FISCAL YEAR 2003-04 TO 2004-05 Continuing appropriations are amounts which have been appropriated in FY 2003-04 and are not expected to be expended by June 30, 2004. These funds are primarily for capital budgets and specific programs that overlap fiscal years. When authorized, continuing appropriation amounts are added to the new fiscal year budget amounts in order to track all approved spending. The exact amount of appropriations for carryover in each fund indicated will be determined at the end of the fiscal year during the preparation of financial statements. This amount will include: 1) purchase orders and contracts encumbered totals and 2) unencumbered balances as of June 30, 2004 for appropriations approved by the Agecny Board through the last meeting in June, 2004. $27,587,250