HomeMy WebLinkAbout09C Admin Budgets Jan 1-Jun 31 and Jul 1-Dec 31SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: APPROVE THE ADMINISTRATIVE BUDGETS FOR THE
PERIODS OF JANUARY 31, 2012 THROUGH JUNE 30, 2012,
AND JULY 1, 2012 THROUGH DECEMBER 31, 2012
SUBMITTED BY: Janet M. Moore, Director of Housing
DATE: March 22, 2012
CONTENTS: Administrative Budgets (1/1/12 — 6/30/12) & (7/1/12-92/31/12)
Recommendation
By Minute Motion that the Successor Agency Board:
1) Approve the administrative budgets as required under AB 1X 26 for the
periods January 1, 2012 through June 30, 2012 and July 1, 2012 through
December 31, 2012; and
2) Authorize staff to forward to the Oversight Board for approval.
Backqround
Pursuant to Health and Safety Code Section 34177, the Successor Agency is required
to prepare an administrative budget for each six month period and submit to the
Oversight Board for approval. The administrative budget includes operating costs such
as auditing, legal services, trustee services, personnel costs, meeting costs and costs
attributable to the wind-down of the redevelopment agency that would not have
otherwise been incurred. The amounts are listed on the Recognized Obligation
Payment Schedule (ROPS) and have either been approved by the former
redevelopment agency as part of its operating budgets or will be approved as part of the
second ROPS which covers the period of July 1, 2012 through December 31, 2012.
The second ROPS (ROPS2} is being recommended for approval by the Successor
Agency in a separate action.
Attached are the required administrative cost budgets for both the periods of January 1,
2012 through June 30, 2012 and July 1, 2012 through December 31, 2012. Because
the Oversight Board just recently had enough members for a quorum and their first
meeting was March 14, 2012, this is the first opportunity for the administrative budgets
to be presented although they are for both the current and forward looking six month
periods. The budgets show the estimated cost allowance for the respective periods
Staff Report
Approving the Administrative Budget
March 22, 2012
Page 2 of 2
based on AB 1 X 26, however, the actual amount will depend on the amount of property
tax allocated to the Successor Agency for each fiscal year and availability of funds after
all other obligations are met.
Staff recommends that the Successor Agency Board authorize staff to submit the
administrative budgets to the Oversight Board for approval.
Fiscal Analvsis
The administrative budgets are in furtherance of allowing the Successor Agency to pay
administrative obligations of the former redevelopment agency.
Submitted by: Department Head:
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Jan M. Moore, Director of Housing J ti McCarthy, Assistan
Manager
Approval:
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` Paul S. Gibson, Director of Finance
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Successor Agency to the
Palm Desert Redevelopment Agency
January 1, 2012 through December 31, 2012
BASED ON FIRST HALF APPORTIONMENT RECEIVED Jan 1- Jun 30, 2012
Estimated @ 5%
Administrative Cost Allowance 1,118,807
ADMINISTRATIVE COSTS
Auditing Services
Bank Fees
Consulting Services
Legal Services
Meeting Costs
O�ce Expenditures
Personnel Expenditures
TraininglEducation
Travel Expenditures
Total Administrative Costs
Jul 1- Dec 31, 2012
Estimated @ 3%
671,284
RDA Adopted Budget SA Budget SA Budget
Jan 1- Jun 30, 2012 Jan 1- Jun 30, 2012 Jul 1- Dec 31, 2012
7,500 7,500 7,500
13,639 13,639 13,639
127,111 127,111 25, 861
126,500 ,63,145 106,500
2,750 2,750 1,750
74,350 74,350 13,415
1,408,655 � 1,074,263 922,198
10,500 ,10,500 3,000
1,775 1,775 625
1,765,280 1,375,033 1,094,488
D- Administrative Allowance, E- Redevelopment Properfy Tax Trust Fund
Source of
Payment
E
E
E
E
D,E
D,E
D,E
D,E
D,E
Costs related to items identified by "E" may be considered part of the administrative cost Allowance depending on interpretation of
A61X26 by the Department of Finance.
Due to the enactment of A61 X26, a portion of these costs are attributable to the wind-down of the redevelopment agency and would not
have otherwise been incurred. These costs, therefore may be consdiered part of the administrative cost allowance; however, the
legislation is silent on this issue.
311312012
Admin Budget 10:24 AM