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Home My WebLink AboutRDA RES 545RESOLUTION NO. 545 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY, PALM DESERT, CALIFORNIA, AMENDING THE FISCAL YEAR 2007-08 BUDGET AS A RESULT OF MID -YEAR ADJUSTMENTS WHEREAS, as a result of Mid -Year review of the budget, it is desirable to revise the 2007-08 Budget; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency, Palm Desert, California, that the 2007-08 Budget is hereby revised as follows: 1. The amount shown in the column entitled "Revised Appropriations" in the table entitled "Palm Desert Redevelopment Agency, Mid -Year 2007-08 Budget Review, Revised Appropriations Operating Budget', attached hereto as Exhibit "A", are hereby appropriated to the departments, activities, and projects identified therein as the Operating Budget for 2007- 08. 2. The amounts shown in the column entitled "Revised Estimated Revenues" in the tab entitled "Palm Desert Redevelopment Agency, Mid -Year 2007- 08 Budget Review, Revised Estimated Revenues", attached hereto as Exhibit "B", are hereby accepted as the Estimated Revenues for the 2007- 08 Fiscal Year for each fund and revenue source. PASSED, APPROVED AND ADOPTED, at the regular meeting of the Palm Desert Redevelopment Agency held on this 14th day of February 2008, by the following vote to wit: AYES: FERGUSON, FINERTY, KELLY, SPIEGEL, and BENSON NOES: NONE ABSENT: NONE ABSTAIN: NONE 1 . -.,2-e Y V ilcAtl'v`-' JEAN M. BENSON HAIRMAN ATTEST: RACHEL LE D. KLASSI=1"L SECRETA Y PALM DESERT REDEVELOPMENT AGENCY W:Wgenda Items t2008-02-14\HA RDA Mid Year Bdgt Adjustments\RDA Reso.doc PALM DESERT REDEVELOPMENT AGENCY MID -YEAR 2007-2008 BUDGET REVIEW REVISED APPROPRIATIONS OPERATING BUDGET FUND/ ACCOUNT DEPARTMENT DESCRIPTION Fund 850 - Project Area/PI/Administration 850 4195 466 3650 Phone Fund 850 - ProJect Area #11Capital Improvements 850 4416 414 3881 El Paseo Courtesy Carts 850 4341 433 4001 Alessandro Improvements 850 4495 468 4001 Property Acquisition Fund 860 - ProJect Area #1/Debt Service 860 4195 466 3644 Premium Expense 860 4195 466 3647 Pass Thru Payments 860 4199 499 5036 03-1 Prin 860 4199 499 5037 03-1int 860 4199 499 5090 Transfer Out to UM Fund 861 - ProJect Area #2/Debt Service 861 4195 466 3647 Pass Thru Payments 861 4199 499 5047 06-2 Prin 861 4199 499 5090 Transfer Out to UM Fund 863 - Project Area #31Debt Service 863 4195 466 3647 Pass Thru Payments 863 4199 499 5090 Transfer Out to L/M Fund 864 - ProJect Area #41Debt Service 864 4195 466 3647 Pass Thru Payments 864 4199 499 5090 Transfer Out to UM Fund 870 - Low & Mod Set-Aside/Capital Improvements 870 4384 433 3901 Fred Waring Street lmp's 870 4490 464 3902 Workforce Housing Grant 870 4495 464 3901 Property Acquisition 870 4688 464 4001 Rental Assistance Fund 390 - Financing Authority 390 4790 477 3635 Interest Expense 390 4790 477 3645 Principle Expense CHANGE ORIGINAL INCREASE/ REVISED APPROP (DECREASE) APPROP 2,500 2,000 2,500 2,000 4�500 220,000 4,882,248 2,550,000 7,652,248 18,246,395 950,000 9,419,601 28,615,998 6,801,715 907,438 3,326,781 11,035,934 1,491,958 688,884 2,180,842 6,699,617 2,498,821 9,198,438 5,733,000 54,142 150,000 5,937,142 19,950,002 10,577,438 30,527,440 10,000 1,478,524 1,500,000 2,988,524 Resolution No. 545 Exhibit "A" EXPLANATION 4,500 Increased phone charges 230,000 Increased maintenance due to age 6,360,772 Potential property acquisition 4,050,poo Potential property acquisition 10, 640,772 1,679,486 1,679,486 1,543,888 19,790,283 (950,000) 950,000 950,000 323,965 9.743,566 3.547,339 32,163,335 Set -Aside Required to Call Bonds Increase In Tax Increment Correct original budget posting Correct original budget posting Increase in Tax Increment 787,713 7,589,428 Increase In Tax Increment 40,000 947,438 Increase due to Accreted Interest Value 199,479 3,526,260 Increase in Tax Increment 1,027„192 12,063,126 469,164 89,643 558,807 513,508 182,049 695,557 (5,733,000) 83,995 2,550,000 300,000 (2,799,005) 1,961,122 Increase in Tax Increment 778,527 Increase In Tax Increment 2,739,649 7,213,125 increase in Tax Increment 2,880,870 Increase In Tax Increment 9,893,995 - Amount Budgeted in Error 138,137 Award of 2006 WFH Grant 2,550,000 Potential Property Acquisitions 450,000 Relocation Assistance 3,138,137 (950,000) 19,000,002 Correct Account Posting 990,000 11,567,438 Correct Account Posting 40000 30,567,440 1 FUND/ DEPARTMENT Fund 860 - ProJect Area #1 860 0000 317 860 0000 317 PALM DESERT REDEVELOPMENT AGENCY MID -YEAR 2007-2008 BUDGET REVIEW REVISED APPROPRIATIONS OPERATING BUDGET ACCOUNT DESCRIPTION ORIGINAL APPROP 1000 Tax Increment PA 1 Original 9,248,518 1100 Tax Increment PA 1 Annex 37,849,490 47,098,006 Fund 861 - Project Area #2 861 0000 317 1000 Fund 863 - Project Area #3 863 0000 317 1000 Fund 864 - Project Area #4 864 0000 317 1000 Fund 870 - Housing Set -Aside 870 0000 391 1011 870 0000 391 1012 870 0000 391 1013 870 0000 391 1014 FINANCING AUTHORITY 390 0000 391 0000 Tax Increment PA 2 Tax Increment PA 3 Tax Increment PA 4 Tax Increment 20%-PA 1 Tax Increment 20%-PA 2 Tax Increment 20%-PA 3 Tax Increment 20%-PA 4 Op Tr In CHANGE INCREASE/ REVISED (DECREASEI APPROP 2,181,268 2,181,268 Resolution No. 545 Exhibit "t3" EXPLANATION 9,248,516 40,030,758 Increase In Tax Increment 49,279,274 16,633,905 1,146`017 17,779.922 Increase in Tax Increment 16,633,905 1 146.017 17,779.922 3,444,419 480,123 3,924,542 Increase in Tax Increment 3 444,419 480,123 3,924,542 12,494,103 1.023`949 12,494,103 1,0233949 9,119,601 3,028,694 688,884 2,498`1321 15,336,000 623,965 497,566 89,643 182,049 1,393.223 13,518,052 Increase In Tax Increment 13.5181052 9,743,566 3,526,260 778,527 2`980,870 16,729,223 Increase in Tax Increment Increase in Tax Increment Increase in Tax Increment Increase in Tax Increment 30,527,440 40`300 30,567,440 Increase in Total Debt Service 30,527,440 40,000 30,567d440 1