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Home My WebLink AboutRES. No. 540 REDEVELOPMENT AGENCY FINANCIAL PLAN FISCAL YEAR 2007-2008 Item 4 RESOLUTION NO. 540 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, 2007 THROUGH JUNE 30, 2008 WHEREAS, the Board has received and considered the proposed Program and Financial Plan submitted by the Executive Director on June 1, 2007; 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 2007-2008 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 authoriry 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 2007-2008 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 2006-2007 Fiscal Year. The amounts included in this exhibit include all unexpended amounts from purchase orders and contracts encumbered by June 30, 2007. PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert Redevelopment Agency held on this 28 day of June, 2007, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: _ RICHARD KELLY, MAYOR ATTEST: RACHELLE KLASSEN, CITY CLERK CITY OF PALM DESERT, CALIFORNIA res-rdaiinplen0708.wpd X PALM DESERT ESTIMATED REVENUES, Exhibit 1 Actual Actual Adopted Projected Budget CATEGORY/FUND FY 04-OS FY 05-06 FY 06-07 FY 06-07 FY 07-08 Proiect Area 1 Fund: 1. Reimbursements 115,420 5,001 - - - 2. Interest 380,753 584,143 175,000 969,371 650,000 3.Transfers In 6,044,716 5,424,665 - 38,390,074 - Total Proiect Area 1 Fund 6,540,889 6,013,809 175,000 39,359,445 650,000 Proiect Area 2 Fund: 1. Reimbursements 435,368 7,628,359 51,163,159 2. Interest 146,103 219,483 50,000 1,047,711 600,000 Total Proiect Area 2 Fund 581,471 7,847,842 50,000 52,210,870 600,000 Proiect Area 3 Fund: 1. Interest 68,846 114,917 35,000 319,200 100,000 2.Transfers In 4,323 2,670,006 - 13,903,863 - Total Proiect Area 3 Fund 73,169 2,784,923 35,000 14,223,063 100,000 Proiect Area 4 Fund: 1. Interest 288,720 634,693 150,000 484,154 200,000 2. Transfers In 5,210,617 1,379,767 - 17,821,567 - Total Proiect Area 4 Fund 5,499,337 2,014,460 150,000 18,305,721 200,000 Debt Service 1 Fund: 1.Tax Increment 36,861,769 45,766,926 41,192,533 44,804,391 47,098,006 2. Interest 712,883 884,256 350,000 1,500,000 1,500,000 3. Reimbursement fm COD/County 515,343 490,431 753,300 574,000 488,700 Total Debt Service 1 Fund 38,089,995 47,141,613 42,295,833 46,878,391 49,086,706 Page 1-34 PALM DESERT ESTIMATED REVENUES, Exhibit 1 Actual Actual Adopted Projected Budget CATEGORY/FUND FY 04-05 FY 05-06 FY 06-07 FY 06-07 FY 07-08 Debt Service 2 Fund: 1.Tax Increment 13,184,843 15,218,315 14,450,581 15,714,508 16,633,905 2. Interest 90,000 317,722 90,000 501,719 400,000 Total Debt Service 2 Fund 13,274,843 15,536,037 14,540,581 16,216,227 17,033,905 Debt Service 3 Fund: 1.Tax Increment 2,371,983 3,442,565 3,063,731 3,400,747 3,444,419 2. Interest 48,712 88,588 27,000 100,000 100,000 Total Debt Service 3 Fund 2,420,695 3,531,153 3,090,731 3,500,747 3,544,419 Debt Service 4 Fund: 1.Tax Increment 9,595,403 12,596,184 10,794,690 12,105,349 12,494,103 2. Interest 85,345 88,489 35,000 100,000 100,000 Total Debt Service 4 Fund 9,680,748 12,684,673 10,829,690 12,205,349 12,594,103 Housinp Fund: 1.Transfers In 13,075,471 16,454,413 13,900,307 22,617,399 15,336,000 2. Reimbursements 827,382 142,323 120,070 120,000 3. Interest 566,118 717,827 150,000 - 500,000 Total Housinq Fund 14,468,971 17,314,563 14,050,307 22,737,469 15,956,000 Page 1-35 Exhibit 2 - RES s4o PALM DESERT REDEVELOPMENT AGENCY APPROPRIATIONS FOR FISCAL YEAR 2007-2008 FUND NAME APPROPRIATIONS FY 2007-2008 REDEVELOPMENT AGENCY FUNDS Project Area #1 11,519,480 Project Area #2 17,273,750 Project Area #3 8,880,000 Project Area #4 5,736,000 Debt Service PJ Area #1 41,712,976 Debt Service PJ Area #2 16,377,258 Debt Service PJ Area #3 3,135,865 Debt Service PJ Area #4 11,295,486 Housing Set Aside 16,489,900 Total Redevelopment A enc Funds 132,420,715 REDEVELOPMENT AGENCY Exhibit 3 CAPITAL IMPROVEMENT PROGRAM N0.540 EXISTING PFOJECTS IN FISCAL YEAR 2006-07 CONTINUED TO FY 2007-2008 PROJECT TITLE ESTIMATED nCCout�rr FUNDING Flr 200�0� PROJECT NUMBERS SOUFCES to FY07-OB TOTAL FOR •see Note UFE OF PROJECT Trust Fund Homme/Adams Park 600,000 880-0000-239.91-00 Trust Fund 880 267,250 RDA Proiect Area Nl Fund 850 Neighborhood Undergrounding 4,500,000 850-4256-464.40-01 RDA PJ Areaal 970,000 AIes88ndro AlleyWay 5,520,462 850-4341-433.40-01 RDA PJ Area#1 4,697,399 Entrada Del Paseo Continuing 850-4358-433.40-01 RDA PJ Area#1 555,630 Portola Bridge Widening 6,000,000 850-4359-433.40-01 RDA PJ Area#1 3,835,811 Fred Waring Widening Conti�uing 850-4384-433.40-01 RDA PJ Area#1 668,385 Catalina Recreation Facility 1,309,000 850-4433-433.40-01 RDA PJ Area#1 80,450 PreSidBnYs Plaza 1,200,000 850-4436-422.40-01 RDA PJ Area#1 1,200,000 EI Paseo Image Extension 1,650,000 850-4679-464.40-01 RDA PJ Area#1 1,650,000 RDA Proiect Area#2 Fund 851 Monterey�I-10 2,000,000 851-4389-433.40-01 RDA PJ Area#2 2,000,000 No.Sphere Infrastructure 2,097,364 851-4619-433.40-01 RDA PJ Areatf2 1,323,189 DW Parking-For Condition of Approval/Lakes Continuing 851-4663-454.40-01 RDA PJ Area#2 751,085 Freedom Park 2,827,425 851-4670-454.40-01 RDA PJ Area#2 238,911 RDA Prolect Area X3 Fund 853 Cook Street Improvements 3,000,000 853-4385-433.40-01 RDA PJ Areak3 3,000,000 Falcon/Hovley Perimeter Landscaping 250,000 853-4388-433.40-01 RDA PJ Area#3 250,000 RDA Prolect Area+Y4 Fund 854 Underground Neighborhood 9,000,000 854-4256-464.40-01 RDA PJ Area#4 9,000,000 Fred Waring Street Improvements Continuing 854-4384-433.40-01 RDA PJ Area#4 3,717,022 Casey's Restaurant Continuing 854-4495-499.40-10 RDA PJ Areak4 151,420 Freedom Park 8,542,000 854-4670-454.40-01 RDA PJ Area#4 266,369 TOTAL EXISTING PROJECTS $34,622,921 ' NOTE: APPROPRIATIONS AND/OR ENCUMBRANCES FOR REBUDGET/CARRYOVER FROM FISCAL YEAR 2006-07 TO 2007-08 Continuing appropriations are amounts which have been appropriated in FY 2006-07 and are not expected to be expended by June 30,2007. These iunds are primarity lor cap'Ral budgets and specifk programs that overlap iiscal years. When authorized. continuing appropriation amounts are added to the new fiscal year budget amounts in order to hack all approved spending. The exact amount o/appropriations lor carryover in each fund indicated will be determined at ihe end o/the liscal year during the preparation ot linancial statements. Thrs amount will include: 1)purchase orders and conhacts encumbered totals and 2)unencumbered balances as ol June 30,2007/or appropriations approved by the Agency through the last meeting in June,2007. AMOUNT ARE SUBJECT TO CHANGE DUE TO PROJECTS THAT THE COUNCIL APPROVES PRIOR TO JUNE 30,2007 Note:Above amounts are as of June 15,2007