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Home My WebLink AboutRDA RES 043RESOLUTION NO. 43 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY OF PALM DESERT, CALIFORNIA, APPROVING THE BUDGET FOR THE FISCAL YEAR 1976-77. WHEREAS, a Budget for the fiscal period of July l, 1976, through June 30, 1977, has been submitted by the Executive Director of the Redevelopment Agency; and WHEREAS, the Redevelopment Agency Members have examined said Budget and conferred with the Executive Director and all Department Heads; and WHEREAS, the Redevelopment Agency has, after due deliberation and consideration, made such amendments in the Budget as they considered desirable. NOW, THEREFORE, BE IT RESOLVED by the Palm Desert Redevelopment Agency as follows: Section 1. That the 1976-77 Budget Appropriation Summary attached heret0 and made a part hereof is hereby approved and effective July 1, 1976. Section 2. That the Executive Director is authorized to transfer appropriation within the activities, provided no change is made in the total amount provided for any one activity. PASSED, APPROVED, and ADOPTED on this 28th day of October, 1976, by the following vote: AYES: McPherson, Mullins, Newbrander & Brush NOES: None ABSENT: Seidler ABSTAIN: None _, . _.. , l;lld ATTEST: -. M TIN J. U , Executive Director PALM DESERT REDEVELOPMENT AGENCY Appropriation Summary By Activity Budget, Fiscal 1976-77 Inception To Date 1975-76 1976-77 Code Cost Accounts/Projects 1/75-1/76 Actual Activity Account Survey & Planning 1401.02 Consultants: Stone & Youngberg Grunwald & Associates Total Survey & Planning Administrative 1410.01 Reimbursement to City For Salary & Benefits 1410.02 Mileage Allowance 1410.03 Meetings & Travel: 1 Trip to Washington D. C. 2 Trips to Sacramento 2 Other Meetings In California Misc. Meetings & Luncheons 1410.04 Publications & Dues 1410.06 Office Supplies 1410.07 Equipment Maintenance & Repairs 1410.08 Postage, Freight & Express 1410.09 Telephone 1410.12 Advertising & Public Relations 1410.13 Special Agency Expenses 1475.00 Non-Expendible Equipment Total Administrative $ 6,658 $ 6,658 5 83 $ 2,000 70,100 $72,100 55,000 1,500 600 400 400 300 5 300 83 200 50 100 500 500 200 1,100 61,150 Legal Fees & Expenses 1415.01 Contract Attorney 9,661 3,626 2,500 1415.02 Property Acquisition or Disposal 5,000 Total Legal Fees & Expenses 7,500 Interest Expense 1420.01 To the City of Palm Desert 11,943 11,943 38,000 Total Interest Expense 38,000 Real Estate Acquisition Expense 1440.01 Acquisition Appraisals 1440.02 Real Estate Purchases: San Pablo Right of Way Various Mid-Block Parking Access 1440.03 Title & Closing Costs Total R. E. Acquisition Expense Miscellaneous Income 1449.01 Interest Earned Total Operating Costs Site Improvement Costs E1 Paseo Landscaping Alessandro Street Improvement San Pablo Extension/Hwy 111 & E.P. Hwy 111 Circulation System & Engineering Plans/Specs Com'1 Development Plans/Specs Traffic Signal Hwy 111/Ave 44 Construct Various Mid-Block Parking Access 1,000 1,000 1,000 60,000 75,000 2,000 137,000 (1,870) (1,870) 44,274 44,274 138,953 138,953 2,825 2,825 40,000 38,000 65,000 70,000 40,000 Totals $315,750 Appropritation Summary By Activity Budget, Fiscal 1976-77 (Continued) Inception To Date 1/75-1/76 Streetscape Improvements Alley Improve�ent, Las Palms To Monterey Total Site Improvement Costs 1975-76 , 1976-77 Actual Activity Account Totals Total Operating and Site Improvement Budget $284,835 $231,980 $ 21,250 45,000 $319,250 $635,000 PALM DESERT REDEVELOPMENT AGENCY Budget Transmittal Message Fiscal 1976-77 HONORABLE CHAIRMAN AND I�MBERS OF THE PALM DESERT REDEVELOPMENT AGENCY: Presented herewith is the budget for the fiscal year 1976-77. In rev� the budget, please bear in mind that the Aqency operates in a"debt ft position because it relies on future tax increments as its sole fundin source. All estimated expenditures will be provided for by money to b borrowed and scheduled to be repaid from future tax increments. To th that the City is in a position to advance money to the Agency, the Cit expected to be the primary lender. The budget is the plan of action for the Agency during the fiscal year as such, describes the operating costs and site improvement costs nece to undertake proposed projects for the betterment of the Community. A it is a budget for the Redevelopment Agency, many members of the City were of necessity involved in its preparation and will ultimately be i in carrying out the programs, projects, and service levels established The budget forms the policy guide used by the Executive Director to im programs and utilize the resources available to him. It must be recoq as a document with sufficient foresight to meet the needs of the citiz of Palm Desert, yet with enough flexibility to allow modifications dur year which respond to changing conditions and circiunstances. OVERVIEW This budget is designed to implement projects needed to correct prab] circulation, traffic, parking, and access in the core area of Palm p� The total budget is $635,000. As of June 30, 1976, the Agency also � the City of Palm Desert $433,000 for a combined total of $1,068,000 funds. These monies will be provided by anticipated resources durir year totaling $568,000; plus borrowed funds on June 30, 1977 of $50 The Funding Plan on Page 3 shows a more detailed explanation of the RESOU RCES The total anticipated resources are $568,000. Of these, $410,000 expected 1976-77 tax increment payment, $4,000 is interest on cer of deposits, and $154,000 is the unobligated cash on hand. LIABILITIES The total anticipated liabilities are $1,068,000. Of this amout is the repayment to the City of Palm Desert; $23,000 the unpaid to the City; $315,750 the 1976-77 operating budget; and $319,2� site improvement budget. CITY OF PALM DESERT The Palm Desert Redevelopment Agency and the City of Palm Des separate and distinct entities, and their budgets and account separately. The only exception to this is the inclusion, in of salaries for the Agency staff, which are in turn reimburs Since the establishment of the Agency in December 1974, the borrowed funds from the City. These monies, together with � staff support and services plus interest at 8 percent will City by the Agency from tax increment payments expected in These payments were estimated to be $371,000 in the City b as a result of later information from the State and County tax increment has been increased to $410,000. YEAR-END DEBT POSITION The total anticipated debt position on June 30, 1977 is expected to be 5500,000. Of this amount, $23,000 will be the remaining unpaid obligation to the City and $477,000 will consist of expected new loans from the City during the fiscal year 1976-77. The majority of this debt will be repaid in fiscal year 1977-78 by tax increments estimated to be $473,000. Respectfully submit . /� - MARTIN . SOUMAN Executive Director jes c � � PALM D�SLRT R�D�VELOPI�NT A� Funding Plan, Fiscal 1976-� i��.J�' � . � • . � Resources 1976-77 Tax Increment (Payable early 1977) Interest on CD's Unobligated Cash on Hand Tbtal Anticipated Working Capital Liabilities " Repayment to City of Palm Desert Unpaid Obligation to City of Palm Desert 1976-77 Operating Budget '- 1976-77 Site Improvement Budqet Zbtal Anticipated Liabilities Liabilities In Excess of Resources $410,000 4,000 $410,000 23,000 315,750 319,250 4 3:: 635,0 i� Debt Position on June 30, 1977 Unpaid Obligation to City Loans from City (1976-77) Estimated 1977-78 Tax Increment (Payable Early 1978) � $ 23,000 477,000 � 500,00 � $473, �