HomeMy WebLinkAboutAmending FY 2006/07 Budget/Res 543PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: ADOPTION OF RESOLUTION OF THE REDEVELOPMENT
AGENCY AMENDING THEIR FISCAL YEAR 2006-2007
BUDGETS
SUBMITTED BY: PAUL S. GIBSON, DIRECTOR OF FINANCE
DATE: SEPTEMBER 13, 2007
CONTENTS: AGENCY RESOLUTION NO.543
Recommendation:
By Minute Motion, that the Redevelopment Agency Board adopt Resolution No.
543 , amending the Fiscal Year 2006-2007 budget as a result of Year -End
Adjustments.
Executive Summary:
The adoption of these resolutions will adjust the budgets for the Redevelopment Agency
to reflect the projected changes in revenues and expenditures of both entities.
Discussion:
Staff has completed a year-end analysis of the Redevelopment Agency, Housing
Authority and Financing Authority budgets, as well as the budgets for the El Paseo
Assessment District, Shopper Hopper, and Facade Enhancement. Staff is proposing
adjustments to the Redevelopment Agency Debt Service budgets to reflect changes in
projected revenues and expenditures. The adjustments include higher than anticipated
tax increment revenues, which will necessitate higher pass -through payments and
housing set -aside transfers.
Debt Service Funds:
Staff is proposing increases to the Debt Service Funds to reflect the higher pass -
through payments, changes to debt service payments, and Housing Set -Aside transfers.
The following increases are recommended:
Project Area No. 1 Pass -Through Payment $ 2,470,000
Debt Service Payments 8,492,524
Housing Set -Aside Transfer 818,178
Interest on City Loan 234,760
Administration — Larkspur Land Purchase 5,161,161
G:\Finance\Niamh Ortega\Staff Reports\adoption of Res of RDA amending 06-07 budget.doc
Staff Report
Adoption of Resolution of the Redevelopment Agency amending the Fiscal Year 2007-
2007 Budget
September 13, 2007
Page 2 of 2
Project Area No. 2 Pass -Through Payment $ 313,345
Debt Service Payments 1,798,199
Housing Set -Aside Transfer 271,519
Project Area No. 3 Pass -Through Payment $ 316,280
Debt Service Payments 19,717
Housing Set -Aside Transfer 32,457
Project Area No. 4 Pass -Through Payment $ 998,350
Debt Service Payments 418,495
Housing Set -Aside Transfer 246,315
Attached are the resolution and the exhibit for the Redevelopment Agency, which
amend the budget.
Submitted by:
Paul S. Gibson
Finance Director/City Treasurer
Approval:
llxe_�
Carlos L. Ort9ga
Executive Director
PSG:nmo
Approval:
ti
JyincCarthysy M
ana r/Re evelopment
David yen
Direct of Redevelopment/Housing
BY RDA )1-d��
ON 9-10-01)
VERIFIED BY k�',O)k M J/1-1
Original on file with City Clerk's Office
A RESOLUTION
AGENCY, PALM
YEAR 2006-07
ADJUSTMENTS
RESOLUTION NO.543
OF THE PALM DESERT REDEVELOPMENT
DESERT, CALIFORNIA, AMENDING THE FISCAL
BUDGET AS A RESULT OF YEAR END
WHEREAS, as a result of Year -End review of the budget, it is desirable to revise
the 2006-07 Budget;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency, Palm
Desert, California, that the 2006-07 Budget is hereby revised as follows:
1. The amount shown in the column entitled "Revised Appropriations" in the
table entitled "Palm Desert Redevelopment Agency, Year -End 2006-07
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 2006-
07.
PASSED, APPROVED AND ADOPTED, at the regular meeting of the Palm
Desert Redevelopment Agency held on this 13th day of September 2007, by the
following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Rachelle D. Klassen, Secretary
Richard S. Kelly, Chairman
H tWP51xBud 05-0612006-07 RDA year Budget Resolution.doc
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