HomeMy WebLinkAboutRDA AG PKT 2011-06-27 #2 REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE: June 27, 2011
TO: Honorable Chair and Board Members
THRU: Jill R. Ingram, Executive Director
FROM: Robbeyn Bird, Director of Administrative Services/Treasurer
SUBJECT: FISCAL YEAR 2010 -11 YEAR END BUDGET
AMENDMENTS - REDEVELOPMENT AGENCY
SUMMARY OF REQUEST:
Staff requests that the City Council adopt Resolution No. 11 -07 approving Budget
Amendment No. RDA 11 -12 -01 to revise various appropriations.
BACKGROUND AND ANALYSIS:
Staff has completed the Year End Budget review of the FY 2010 -11
Redevelopment Agency budget. Resolution No. 11 -07 provides changes to
revenues and appropriations based on analysis and discussions with Department
Directors. The following provides additional information for the most significant
changes:
Revenue:
• Proceeds of Advance - Revenue was increased by $1.2 million due to a
loan for certain property acquisition and related legal fees from the sewer
fund.
Appropriations:
• Property Acquisition — Riverfront — This account was increased by
$900,000 for the settlement between the City and Bay City Partners.
• Attorney Services — Attorney services were $640,000 higher than
originally budgeted in the Redevelopment Agency Fund. The increase
was almost entirely due to litigation between the City and Bay City
Partners.
• Transfer Out — Tax Increment Fund — This account was increased by
$1,591,800 due to an error in the 2009/11 budget. Debt Service will
receive a transfer in for $726,200 and the Riverfront Capital Project Fund
will receive $865,600.
Agenda Item 2
Page 2
FINANCIAL IMPACT:
Based on the Year End Budget review, revenues will increase by $1.2 million and
expenditures will increase by $3,307,300 in the Redevelopment Agency funds.
RECOMMENDATION:
It is recommended that the City Council adopt Resolution No. 11 -07 approving
Budget Amendment No. RDA 11 -12 -01 to revise various appropriations.
SUBMITTED BY: NOTED AND APPROVED:
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Robbeyn ird, /7 R. Ingram, E li tive Director
Director of Administrative Services/Treasurer
Attachment:
A. Resolution No. 11 -07
RESOLUTION NUMBER 11 -07
A RESOLUTION OF THE SEAL BEACH REDEVELOPMENT AGENCY
AUTHORIZING A BUDGET AMENDMENT IMPLEMENTING
THE FISCAL YEAR 2010 -11 YEAR -END BUDGET REVIEW
WHEREAS, the fiscal year 2010 -11 budget requires budgetary amendments as outlined below:
THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
REVISED/
ADOPTED PROPOSED BUDGET (dill) EXPLANATION
DESCRIPTION ACCOUNT BUDGET BUDGET AMENDMENT FOR CHANGE
RIVERFRONT REDEVELOPMENT FUND
Revenues
Loan agreement between City &
Proceeds of Advance 063 - 000 -30024 0 1,200,000 1,200,000 RDA
Total Change In RDA Riverfront Fund Revenues 1,200,000
EXPENDITURES
RDA Riverfront Fund
Contract Prof Services 063 -081 -44000 107,000 207,000 100,000 Bay City Partners
Property Acquisition 063 - 081 -47020 0 900,000 900,000 Bay City Partners
Legal Services 063 - 081 -49800 10,000 650,000 640,000 Bay City Partners
Total Change in RDA Riverfront Fund 1,640,000
RDA Debt Service Fund
Contract Professional Services 065 - 081 -44000 6,500 10,000 3,500 Original budget correction
Total Change in RDA Debt Service 3,500
Riverfront Proiect Area Tax Increment Fund
Property Tax Admin Fee 067 -081 -44005 0 22,000 22,000 Original budget correction
Low/Mod Housing 20% Set Aside 067 -081 -45050 400,000 450,000 50,000 Original budget correction
Transfers Out 067 - 081 -47000 0 1,591,800 1,591,800 Original budget correction
Total Riverfront Project Area
Tax Increment Fund 1,663,800
Total Redevelopment Fund Increase in appropriations 3,307,300
PASSED, APPROVED AND ADOPTED by the City Council of the City of Seal Beach
on 27th day of June 2011 by the following vote:
AYES: Councilmembers
NOES: Councilmembers
ABSENT: Councilmembers
ABSTAIN: Councilmembers
REVISED/
ADOPTED PROPOSED BUDGET (cliff) EXPLANATION
DESCRIPTION ACCOUNT BUDGET BUDGET AMENDMENT FOR CHANGE
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE }
CITY OF SEAL BEACH }
I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify that the
foregoing resolution is the original copy of Resolution Number 11 -07 on file in the office of the
City Clerk, passed, approved, and adopted by the City Council of the City of Seal Beach,
at a regular meeting thereof held on the 27th day of June, 2011.
City Clerk