HomeMy WebLinkAboutRES. No. 549REDEVELOPMENT AGENCY
FINANCIAL PLAN
FISCAL YEAR 2008-2009
Item 4
RESOLUTION NO. 549
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, 2008 THROUGH JUNE 30, 2009
WHEREAS, the Board has received and considered the proposed Program and Financial Plan
submitted by the Executive Director on June 2, 2008; 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 2008-2009 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 authority 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 2008-2009 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 2007-2008 Fiscal Year.
The amounts included in this exhibit include all unexpended amounts from purchase orders
and contracts encumbered by June 30, 2008.
PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert
Redevelopment Agency held on this 26 day of June, 2008, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
JEAN BENSON, MAYOR
ATTEST:
RACHELLEKLASSEN, CITY CLERK
CITYOFPALMDESERT,CALIFORNIA
res-rdafinp1an0809 w
PALM DESERT ESTIMATED REVENUES, Exhibit 1
CATEGORY / FUND
Proiect Area 1 Fund:
1. Reimbursements
2. Interest
3. Transfers In
Total Proiect Area 1 Fund
Actual Actual Adopted Projected Budget
FY 05-06 FY 06-07 FY 07-08 FY 07-08 FY 08-09
5,001 55,000 -
584,143 2,394,758 650,000
5,424,665 50,382,639
6,013,809 52,832,397 650,000
Proiect Area 2 Fund:
1. Reimbursements 7,628,359 52,952,980 -
2. Interest 219,483 2,558,740 600,000
Total Proiect Area 2 Fund 7,847,842 55,511,720 600,000
Proiect Area 3 Fund:
1. Interest
2. Transfers In
Total Proiect Area 3 Fund
Proiect Area 4 Fund:
1. Interest
2. Transfers In
Total Proiect Area 4 Fund
Debt Service 1 Fund:
1. Tax Increment
2. Interest
3. Reimbursement fm COD/County
Total Debt Service 1 Fund
114,917
2,670,006
2,784,923
634,693
1,379,767
2,014,460
45, 766, 926
884,256
490,431
47,141,613
991,271 100,000 -
13, 923, 580 -
14,914,851 100,000
1,409,732 200,000
18, 240, 063
19,649,795 200,000
48,895,277 47,098,006 49,279,274 49,641,800
2,223, 024 1,500,000
506,990 488,700
51,625,291 49,086,706 49,279,274 49,641,800
Page 1-34
PALM DESERT ESTIMATED REVENUES, Exhibit 1
CATEGORY / FUND
Debt Service 2 Fund:
1. Tax Increment
2. Interest
Total Debt Service 2 Fund
Debt Service 3 Fund:
1. Tax Increment
2. Interest
Total Debt Service 3 Fund
Debt Service 4 Fund:
1. Tax Increment
2. Interest
Total Debt Service 4 Fund
Housing Fund:
1. Transfers In
2. Reimbursements
3. Interest
Total Housing Fund
Actual Actual Adopted Projected Budget
FY 05-06 FY 06-07 FY 07-08 FY 07-08 FY 08-09
15,218,315 17,072,105 16,633,905 17,779,922 17,963,630
317,722 472,204 400,000
15, 536, 037 17, 544, 309 17, 033, 905 17, 779, 922 17, 963, 630
3,442,565 3,563,031 3,444,419 3,924,542 3,973,983
88,588 155,454 100,000 -
3,531,153 3,718,485 3,544,419 3,924,542 3,973,983
12, 596,184 13, 336, 924 12, 494,103 13, 518, 052 13, 665, 890
88,489 156,357 100,000
12,684,673 13, 493, 281 12,594,103 13, 518, 052 13, 665, 890
16,454,413
142,323
717,827
17,314,563
70,285,006 15,336,000 32,065,223 17,049,061
181,896 120,000
1,701,614 500,000
72,168, 516 15, 956, 000 32, 065, 223 17, 049, 061
Page 1-35
Exhibit 2 - RES #549
PALM DESERT REDEVELOPMENT AGENCY APPROPRIATIONS
FOR FISCAL YEAR 2008-2009
FUND NAME
APPROPRIATIONS
FY 2008-2009
IREDEVELOPMENT AGENCY FUNDS
Project Area #1 9,086,805
Project Area #2 6,297,688
Project Area #3 180,000
Project Area #4 286,000
Debt Service PJ Area #1 45,120,430
Debt Service PJ Area #2 17,927,931
Debt Service PJ Area #3 3,681,980
Debt Service PJ Area #4 12,369,664
Housing Set Aside 14,211,733
(Total Redevelopment Agency Funds
109,162,231 I
REDEVELOPMENT AGENCY
CAPITAL IMPROVEMENT PROGRAM
Exhibit 3
NO.549
EXISTING PROJECTS IN FISCAL YEAR 2007-08 CONTINUED TO FY 2008-2009
PROJECT TITLE
ESTIMATED ACCOUNT FUNDING FY 2007-08
PROJECT NUMBERS SOURCES to FY08-09
TOTAL FOR * SEE NOTE
LIFE OF
PROJECT
Trust Fund
Homme/Adams Park 600,000 880-0000-239.91-00 Trust Fund 880
RDA Proiect Area #1 Fund 850
Neighborhood Undergrounding
Alessandro Alleyway
Entrada Del Paseo
Monterey/Country Club to G. Ford
Fred Waring Widening
President's Plaza
Property Acquisition
El Paseo Image Extension
Historical Society
Police Academy (COD)
4,500,000 850-4256-464.40-01 RDA PJ Area#1 3,470,000
5,520,462 850-4341-433.40-01 RDA PJ Area#1 6,165,187
Continuing 850-4358-433.40-01 RDA PJ Area#1 1,219,098
1,000,000 850-4363-433.40-01 RDA PJ Area#1 1,000,000
Continuing 850-4384-433.40-01 RDA PJ Area#1 668,385
1,200,000 850-4436-422.40-01 RDA PJ Area#1 1,200,000
Continuing 850-4495-464.40-01 RDA PJ Area#1 1,605,591
3,300,000 850-4679-464.40-01 RDA PJ Area#1 3,300,000
100,000 850-4800-454.38-94 RDA PJ Area#1 100,000
500,000 850-4800-454.39-04 RDA PJ Area#1 500,000
RDA Proiect Area #2 Fund 851
North Sphere Fire Station 4,000,000 851-4270-422.40-01 RDA PJ Area#2 4,000,000
Portola @ 1-10 4,300,000 851-4351-433.40-01 RDA PJ Area#2 4,300,000
Monterey/Country Club to G. Ford**** 1,000,000 851-4363-433.40-01 RDA PJ Area#2 1,000,000
Monterey Ave Ramp Modification**** 1,000,000 851-XXXX-XXX-XXXX RDA PJ Area#2 1,000,000
Monterey @ 1-10 2,000,000 851-4389-433.40-01 RDA PJ Area#2 211,889
Aquatic Facility 6,000,000 851-4549-454.40-01 RDA PJ Area#2 6,000,000
No. Sphere Infrastructure 2,097,364 851-4619-433.40-01 RDA PJ Area#2 1,323,189
DW Parking - For Condition of Approval/Lakes Continuing 851-4663-454.40-01 RDA PJ Area#2 759,060
Police Academy (COD) 500,000 851-4800-454.39-04 RDA PJ Area#2 500,000
RDA Proiect Area #3 Fund 853
Portola @ 1-10
Cook Street Improvements
Falcon/Hovley Perimeter Landscaping
Police Academy (COD)
RDA Proiect Area #4 Fund 854
Underground Neighborhood
Fred Waring Street Improvements
Casey's Restaurant
Police Academy (COD)
TOTAL EXISTING PROJECTS
8,200,000 853-4351-433.40-01 RDA PJ Area#3 8,200,000
3,000,000 853-4385-433.40-01 RDA PJ Area#3 2,806,251
250,000 853-4388-433.40-01 RDA PJ Area#3 250,000
500,000 853-4800-454.39-04 RDA PJ Area#3 500,000
14,000,000 854-4256-464.40-01 RDA PJ Area#4 13,980,000
Continuing 854-4384-433.40-01 RDA PJ Area#4 1,251,992
Continuing 854-4495-499.40-10 RDA PJ Area#4 142,920
500,000 854-4800-454.39-04 RDA PJ Area#4 500,000
NOTE: APPROPRIATIONS AND/OR ENCUMBRANCES FOR REBUDGET/CARRYOVER
FROM FISCAL YEAR 2007-08 TO 2008-09
Continuing appropriations are amounts which have been appropriated in FY 2007-08 and are not expected to be expended by
June 30, 2008. These funds are primarily for capital budgets and specific programs that overlap fiscal years. When authorized,
continuing appropriation amounts are added to the new fiscal year budget amounts in order to track all approved spending.
The exact amount of appropriations for carryover in each fund indicated will be determined at the end of the fiscal year during the
preparation of financial statements. This amount will include: 1) purchase orders and contracts encumbered totals and
2) unencumbered balances as of June 30, 2008 for appropriations approved by the Agency through the last meeting in
June, 2008.
I $65,953,562 I
AMOUNTS ARE SUBJECT TO CHANGE DUE TO PROJECTS APPROVED BY COUNCIL PRIOR TO JUNE 30, 2008
Nnro•ehnva amounts are as of February 29. 2008