HomeMy WebLinkAboutRDA RES 554RESOLUTION NO. 554
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY, PALM DESERT, CALIFORNIA, AMENDING THE FISCAL
YEAR 2008-09 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 2008-09 Budget;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency, Palm
Desert, California, that the 2008-09 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 2008-09
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 2008-
09.
2. The amounts shown in the column entitled "Revised Estimated Revenues"
in the tab entitled "Palm Desert Redevelopment Agency, Mid -Year 2008-
09 Budget Review, Revised Estimated Revenues", attached hereto as
Exhibit "B", are hereby accepted as the Estimated Revenues for the 2008-
09 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 8th day of January 2009, by the
following vote to wit:
AYES: BENSON, FERGUSON, FINERTY, BELLY, and SPIEGEL
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
/7<7-‘enit4-7';
Robert A. Spiegel, chai,4man
ATTEST:
Rachelle D. K assen `Secretary
Palm Desert Redevelopment Agency
C
G \rda\Veronica Tapia\Word Files\Staff Reports\2008-09 RDA Midyear Budget Resolution doc
PALM DESERT REDEVELOPMENT AGENCY
MID -YEAR 2008-2009 BUDGET REVIEW
REVISED APPROPRIATIONS
OPERATING BUDGET
FUND/ ACCOUNT
DEPARTMENT DESCRIPTION
Fund 850 - Project Area #1/Capital Improvements
850 4341 433 4001 Alessandro Improvements
850 4358 433 4001 Entrada del Paseo
Fund 860 - Project Area #llDebt Service
860 4195 466 3636
860 4195 466 3644
860 4195 466 3647
860 4195 466 3649
860 4199 499 5010
860 4199 499 5090
Interest -City Advance
Premium Expense
Pass Thru Payments
ERAF
Interfund Op Transfer Out
Transfer Out UM Set -Aside
Fund 861 - Project Area #2/Debt Service
CHANGE
ORIGINAL INCREASE/ REVISED
APPROP (DECREASE) APPROP
5,621,095 330,688
1,651,190 (330,688)
7,272,285 -
700,000 (200,000)
1,525,971 (1,525,971)
19,821,469 849,573
- 3,164,869
- 4,748,464
9,928,360 293,464
31,975,800 7,330,399
861 4195 466 3636 Interest -City Advance 840,000 (340,000)
861 4195 466 3647 . Pass Thru Payments 7,586,262 240,198
861 4195 466 3649 ERAF - 1,105,434
861 4199 499 5090 Transfer Out UM Set -Aside 3,592,726 258,455
12,018,988 1,264,087
Fund 863 - Project Area #3/Debt Service
863 4195 466 3647 Pass Thru Payments 1,995,010 332,305
863 4195 466 3649 ERAF 213,173
863 4199 499 5090 Transfer Out UM Set -Aside 794,797 140,383
2,789,807 685,861
Fund 864 - Project Area #41Debt Service
864 4195 466 3649 ERAF
Fund 870 • Low & Mod Set-AsidelCapltal Improvements
870 4199 499 5010 Interfund Op Transfer Out
870 4498 464 4001 Apartment Rehab
4,000,000
4,000,000
767,020
Resolution No. 554
Exhibit "A"
EXPLANATION
5,951,783 Reimburse City for acquisitions
1,320,502 Reduce to offset increase to Alessandro
7,272,285
500,000
20,671,042
3,164,869
4,748,464
10,221,824
39,306,199
Reduction to Interest Rates
Correct original budget posting
Increase in Tax Increment
AB 1389 ERAF Shift
Correct original budget posting/to call bonds
Increase in Tax Increment
500,000 Reduction to Interest Rates
7,826,460 Increase in Tax Increment
1,105,434 AB 1389 ERAF Shift
3,851,181 Increase in Tax Increment
13,283,075
2,327,315 Increase in Tax Increment
213,173 AB 1389 ERAF Shift
935,180 Increase in Tax Increment
3,475,668
767,020 AB 1389 ERAF Shift
767,020 767,020
3,655,001
(3,655,001)
3,655,001 Transfer cash to HA for construction
344,999 Reduce to offset transfer for construction
4,000,000
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Resolution No. 554
Exhibit 'B"
FUND/
DEPARTMENT
Fund 860 - Project Area #1
860 0000 317 1000
860 0000 317 1100
PALM DESERT REDEVELOPMENT AGENCY
MID -YEAR 2008-2009 BUDGET REVIEW
REVISED APPROPRIATIONS
OPERATING BUDGET
ACCOUNT
DESCRIPTION
Tax Increment PA 1 Original
Tax Increment PA 1 Annex
Fund 861 - Project Area #2
861 0000 317 1000 Tax Increment PA 2
Fund 863 - Project Area #3
863 0000 317 1000 Tax Increment PA 3
Fund 870 - Housing Set -Aside
870 0000 391 1011 Tax Increment 20%-PA 1
870 0000 391 1012 Tax Increment 20%-PA 2
870 0000 391 1013 Tax Increment 20%-PA 3
FINANCING AUTHORITY
390 0000 391 0000 Op Tr In
ORIGINAL
APPROP
9,189,714
40,452,086
49,641,800
CHANGE
INCREASE/ REVISED
(DECREASE) APPROP
289,486 9,479,200
1,177,834 41,629,920
1,467,320 51,109,120
17,963,630 1,292,274
EXPLANATION
Increase in Tax Increment
Increase in Tax Increment
19,255,904 Increase in Tax Increment
17, 963, 630 1,292,274 19, 255, 904
3,973,983 701,916 4,675,899 Increase in Tax Increment
3,973,983 701,916 4,675,899
9,928,360
3,592,726
794,797
14,315,883
31,136,850
31,136,850
293,464
258,455
140,383
692,302
10,221,824
3,851,181
935,180
15,008,185
Increase in Tax Increment
Increase in Tax Increment
Increase in Tax Increment
4,748,464 35,885,314 Tranfer in from Debt Service to call bonds
4,748,464 35,885,314
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