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Home My WebLink AboutRES. No. 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 day of 2008, by the following vote to wit: AYES: NOES: ABSENT: ABSTAIN: Jean M. Benson, Chairperson ATTEST: Rachelle D. Klassen, Secretary G \rda\Veronica I apia\Word Fdes\Staff Reportst2007-08 RDA Midyear Budget Resolution doc PALM DESERT REDEVELOPMENT AGENCY MID -YEAR 2007-2008 BUDGET REVIEW REVISED APPROPRIATIONS OPERATING BUDGET FUND/ ACCOUNT DEPARTMENT DESCRIPTION Fund 850 - Project Area #1/Administration 850 4195 466 3650 Phone Fund 850 - Project Area #1/Capital Improvements 850 4416 414 3681 El Paseo Courtesy Carts 850 4341 433 4001 Alessandro Improvements 850 4495 466 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 03-1 Int 860 4199 499 5090 Transfer Out to L/M CHANGE ORIGINAL INCREASE/ REVISED APPROP (DECREASE) APPROP 2,500 2,000 2,500 2,000 220,000 10,000 4,882,248 1,478,524 2,550,000 1,500,000 7,652,248 2,988,524 Resolution No. 545 Exhibit "A" EXPLANATION 4,500 Increased phone charges 4,500 230,000 Increased maintenance due to age 6,360,772 Potential property acquisition 4,050,000 Potential property acquisition 10,640,772 1,679,486 1,679,486 18,246,395 1,543,888 19,790,283 950,000 (950,000) 950,000 950,000 9,419,601 323,965 9,743,566 28,615,996 3,547,339 32,163,335 Fund 861 - Project Area #2/Debt Service 861 4195 466 3647 Pass Thru Payments 6,801,715 787,713 7,589,428 861 4199 499 5047 06-2 Prin 907,438 40,000 947,438 861 4199 499 5090 Transfer Out to UM 3,326,781 199,479 3,526,260 11,035,934 1,027,192 12,063,126 Fund 863 - Project Area #3/Debt Service 863 4195 466 3647 Pass Thru Payments 1,491,958 469,164 863 4199 499 5090 Transfer Out to UM 688,884 89,643 2,180,842 558,807 Fund 864 - Project Area #4/Debt 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 Imp'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 6,699,617 513,508 2,498,821 182,049 9,198,438 695,557 Set -Aside Required to Call Bonds Increase in Tax Increment Correct original budget posting Correct original budget posting Increase in Tax Increment Increase in Tax Increment Increase due to Accreted Interest Value Increase in Tax Increment 1,961,122 Increase in Tax Increment 778,527 Increase in Tax Increment 2,739,649 7,213,125 Increase in Tax Increment 2,680,870 Increase in Tax Increment 9,893,995 5.733,000 (5,733,000) - 54,142 83,995 138,137 2,550,000 2,550,000 150,000 300,000 450,000 5,937,142 (2,799,005) 3,138,137 19,950,002 (950,000) 10,577,438 990,000 30,527,440 40,000 Amount Budgeted in Error Award of 2006 WFH Grant Potential Property Acquisitions Relocation Assistance 19,000,002 Correct Account Posting 11,567,438 Correct Account Posting 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 1000 Tax Increment PA 1 Original 1100 Tax Increment PA 1 Annex 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 ORIGINAL APPROP 9,248,516 37,849,490 47,098,006 16,633,905 16,633,905 CHANGE INCREASE/ REVISED (DECREASE) APPROP 2,181,268 2,181,268 Resolution No. 545 Exhibit "B" EXPLANATION 9,248,516 40,030,758 Increase in Tax Increment 49,279,274 1,146,017 17,779,922 Increase in Tax Increment 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 12,494,103 9,119,601 3,028,694 688,884 2,498,821 15,336,000 30,527,440 30,527,440 1,023,949 13,518,052 Increase in Tax Increment 1,023,949 13,518,052 623,965 497,566 89,643 182,049 1,393,223 9,743,566 3,526,260 778,527 2,680,870 16,729,223 Increase in Tax Increment Increase in Tax Increment Increase in Tax Increment Increase in Tax Increment 40,000 30,567,440 Increase in Total Debt Service 40,000 30,567,440 1