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Home My WebLink AboutRes. No. 560 - Redevelopment AgencyRESOLUTION NO. 56o` 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, 2009 THROUGH JUNE 30, 2010 WHEREAS, the Board has received and considered the proposed Program and Financial Plan submitted by the Executive Director on June 25, 2009; 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 2009-2010 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 2009-2010 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 2008-2009 Fiscal Year. The amounts included in this exhibit include all unexpended amounts from purchase orders and contracts encumbered by June 30, 2009. PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert Redevelopment Agency held on this 25 day of June, 2009, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: ROBERT SPIEGEL, MAYOR ATTEST: RACHELLE KLASSEN, CITY CLERK CITY OF PALM DESERT, CALIFORNIA res-rdafinplan09-10 w PALM DESERT ESTIMATED REVENUES, Exhibit 1 Resolution No. 550 Actual Actual Budget Projected Budget CATEGORY/FUND FY 06-07 FY 07-08 FY 08-09 FY 08-09 FY 09-10 Project Area 1 Fund: 1. Keirnbursements 55,000 55,000 - - - 2.Interest 2,394,758 2,394,758 - - - 3. Transfers In 50,382,639 50,382,639 - - - Total Proiect Area 1 Fund 52,832,397 52,832,397 - - - Proiect Area 2 Fund: 1. Reimbursements 52,952,980 52,952,980 - - - 2.Interest 2,558,740 2,558,740 - - - Total Project Area 2 Fund 55,511,720 55,511,720 - - - Proiect Area 3 Fund: 1. I nterest 991,271 991,271 - - - 2. Transfers In 13,923,580 13,923,580 - - - Total Proiect Area 3 Fund 14,914,851 14,914,851 - - - Proiect Area 4 Fund: 1. I nterest 1,409, 732 1,409, 732 - - - 2. Transfers In 18,240,063 18,240,063 - - - Total Proiect Area 4 Fund 19,649,795 19,649,795 - - - Pagel-34 Resolution No. 560 PALM DESERT ESTIMATED REVENUES, Exhibit 1 Actual Actual Budget Projected Budget CATEGORY/FUND FY 06-07 FY 07-08 FY 08-09 FY 08-09 FY 09-10 Financin4 Authoritv RDA: 1. Transfer In 22,683,605 31,338,594 - 36,192,151 34,145,777 2. Bond Issued/Premiums 292,155,269 - - - - 3.lnterest 911,476 523,406 - 108,000 - Total Debt Service 1 Fund 315,750,350 31,862,000 - 36,300,151 34,145,777 Debt Service 1 Fund: 1. Tax Increment 48,895,277 52,304,574 49,641,800 51,699,719 48,232,687 2.Interest 2,223,024 2,079,371 - - - 3. Reimbursement fm COD/County 506,990 468,379 - - - Total Debt Service 1 Fund 51,625,291 54,852,324 49,641,800 51,699,719 48,232,687 Debt Service 2 Fund: 1. Tax Increment 17,072,105 18,819,502 17,963,630 19,354,131 18,152,420 2.Interest 472,204 418,899 - - - Total Debt Service 2 Fund 17,544,309 19,238,401 17,963,630 19,354,131 18,152,420 Debt Service 3 Fund: 1. Tax Increment 3,563,031 4,352,724 3,973,983 4,677,965 4,147,762 2.Interest 155,454 161,559 - - - Total Debt Service 3 Fund 3,718,485 4,514,283 3,973,983 4,677,965 4,147,762 Debt Service 4 Fund: 1. Tax Increment 13,336,924 14,450,888 13,665,890 13,643,526 12,573,199 2.Interest 156,357 212,866 - - - Total Debt Service 4 Fund 13,493,281 14,663,754 13,665,890 13,643,526 12,573,199 Housing Fund: 1. Transfers In 70,285,006 33,436,935 17,049,061 17,666,860 16,621,213 2. Reimbursements 181,896 219,988 - - - 3.Interest 1,701,614 2,659,448 - - - Total Housinq Fund 72,168,516 36,316,371 17,049,061 17,666,860 16,621,213 Page 1-35 FUND NAME I I APPROPRIATIONS I I I FY 2009-2010 �REDEVELOPMENT AGENCY FUNDS 1 Project Area #1 4,932,195 Project Area #2 848,500 Project Area #3 153,000 Project Area #4 352,000 Debt Service PJ Area #1 44,458,222 Debt Service PJ Area #2 18,388,096 Debt Service PJ Area #3 3,905,304 Debt Service PJ Area #4 11,780,504 Housing Set Aside 18,746,224 Total Redevelopment Agency Funds f 103,564,045 REDEVELOPMENT AGENCY Exhibit 3 CAPITAL IMPROVEMENT PROGRAM NO. EXISTING PROJECTS IN FISCAL YEAR 2008-09 CONTINUED TO FY 2009-2010 PROJECT TITLE ESTIMATED ACCOUNT FUNDING FY 2008-09 PROJECT NUMBERS SOURCES to FY09-10 TOTAL FOR SEE NOTE LIFE OF PROJECT Trust Fund Homme/Adams Park 600,000 880-0000-239.91-00 Trust Fund 880 276,518 RDA Project Area #1 Fund 860 Fire Station #33 Renovation 900,000 850-4220-464.40-01 RDA PJ Area#1 900,000 Alessandro Alleyway 7,384,212 850-4341-433.40-01 RDA PJ Area#1 5,351,155 Entrada del Paseo Continuing 850-4358-433.40-01 RDA PJ Area#1 907,848 Monterey Widening (CC to Ford) 1,000,000 850-4363-433.40-01 RDA PJ Area#1 1,000,000 Property Acquisition Continuing 850-4495-464.40-01 RDA PJ Area#1 883,312 RDA Projects (Portola Properties/Adobe Villas) 220,000 850-4627-466.40-01 RDA PJ Area#1 203,990 El Paseo Revitalization 5,000,000 850-4679-464.40-01 RDA PJ Area#1 4,430,210 Police Academy (COD) 500,000 850-4800-454.39-04 RDA PJ Area#1 500,000 RDA Project Area #2 Fund 851 Fire Station #71 Renovation 900,000 851-4220-464.40-01 RDA PJ Area#2 900,000 NS Fire Station 7,174,924 851-4270-422.40-01 RDA PJ Area#2 7,174,924 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 8514363-433.40-01 RDA PJ Area#2 1,000,000 Monterey @ 1-10 2,000,000 851-4389-433.40-01 RDA PJ Area#2 1,180,578 Aquatic Facility 6,000,000 851-4549-454.40-01 RDA PJ Area#2 6,000,000 NS Infrastructure (DW Well Sites) 2,097,364 851-4619-433.40-01 RDA PJ Area#2 1,323,189 Section 4 - Desert Willow Renovation (Greens) Continuing 851-4663-454.40-01 RDA PJ Area#2 759,006 Police Academy (COD) 600,000 851-4800-454.39-04 RDA PJ Area#2 500,000 RDA Project Area #3 Fund 853 Portola @ 140 8,200,000 853-4351-433.40-01 RDA PJ Area#3 8,200,000 Cook Street Improvements 3,000,000 853-4385-433.40-01 RDA PJ Area#3 2,709,171 Falcon/Hovley Perimeter Landscaping 250,000 853-4388-433.40-01 RDA PJ Area#3 250,000 Police Academy (COD) 500,000 853-4800-454.39-04 RDA PJ Area#3 500,000 RDA Project Area #4 Fund 854 Underground Neighborhood 13,380,000 854-4256-464.40-01 RDA PJ Area#4 13,380,000 Casey's Restaurant Continuing 854-4495-499.40-10 RDA PJ Area#4 119,119 Police Academy (COD) 500,000 854-4800-454.39-04 RDA PJ Area#4 500,000 TOTAL EXISTING PROJECTS $63,249,020 * NOTE: APPROPRIATIONS AND/OR ENCUMBRANCES FOR REBUDGET/CARRYOVER FROM FISCAL YEAR 2008-09 TO 2009-10 Continuing appropriations are amounts which have been appropriated in FY 2008-09 and are not expected to be expended by June 30, 2009. 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, 2009 for appropriations approved by the Agency through the last meeting in June, 2009. AMOUNTS ARE SUBJECT TO GRANGE DUE TO PROJECTS APPROVED BY COUNCIL PRIOR TO JUNE 30, 2009 Note:Above amounts are as of March 23, 2009