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Home My Public Portal AboutResolution CRA 05-8601 1 RESOLUTION NO. CRA 05 -860 A RESOLUTION OF THE TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY ADOPTING THE ANNUAL BUDGET FOR THE FISCAL YEAR COMMENCING JULY 1, 2005 AND ENDING JUNE 30, 2006 WHEREAS, the Executive Director has prepared, after consultation with its Members, a budget for the TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY ( "Agency ") to carry out redevelopment activities of the Rosemead Boulevard Redevelopment Project and a housing program per the State Mandate requirement for development; and WHEREAS, the annual funding of housing activities is not disproportionate to the cost of producing, improving, or preserving such housing; and WHEREAS, appropriations made pursuant to the budget of the Agency are exempt from provisions of Article XIIIB of the California Constitution where used for redevelopment and housing activities; NOW, THEREFORE, BE IT RESOLVED by the Temple City Community Redevelopment Agency as follows: SECTION 1. That the budget for the Agency for the fiscal year commencing on July 1, 2005 and ending June 30, 2006, as prepared and submitted by the Executive Director, is hereby approved and adopted as the budget of the Agency for said fiscal year (hereinafter "budget "). A copy of said budget is attached hereto, marked "Exhibit A" and is incorporated herein by this reference. The Agency staff is authorized (by these appropriations) to expend such sums without further Agency approval, subject, however, to any state laws or City ordinances. SECTION 2. That from the effective date of said budget, to wit: July 1, 2005, the several amounts stated herein as proposed expenditures shall be and become appropriated to the Agency for the respective objects and purposes therein set forth, subject to expenditures pursuant to the provisions of all applicable statutes of the State. SECTION 3. That the Agency hereby finds and determines: A. That the expenditures authorized by this budget and the appropriations pursuant thereto are from tax allocation proceeds as specified in Subdivision B of Section 33670 of California Health & Safety Code, proceeds of bonds which are secured solely by such tax allocation proceeds; and special assessments; and B. That all of the expenditures and appropriations pursuant to the budget for redevelopment activities are consistent with California Health & Safety Code Section 33678 in that they are for carrying out the Rosemead Boulevard Redevelopment Project, and related redevelopment activities, as defined in California Health & Safety Sections 33020 and 33021, and primarily benefit the project area included in the above Project. C. That all of the planning and administrative expenditures and appropriations pursuant to the budget to be paid from the Low and Moderate Housing Fund are consistent with California Health Code Section 33334.3 in that they are necessary for the production, improvement, or preservation of low and moderate income housing and are not disproportionate to the amounts budgeted for the costs of production, improvement, or preservation of that housing. SECTION 4. That the Agency Secretary shall certify to the passage and adoption of this resolution and the same shall thereupon take effect and be in force. Resolution No. CRA 05 -860 Page 2 PASSED, APPROVED AND ADOPTED on this 21st day of June, 2005. CHAIRMAN ATTEST: Agency Secretary I hereby certify that the foregoing resolution, Resolution No. CRA 05 -860, was duly passed, approved and adopted by the Temple City Community Redevelopment Agency at a regular meeting held on the 21st day of June, 2005 by the following vote: AYES: Member - Gillanders, Wilson, Wong, Capra, Arrighi NOES: Member -None ABSENT: Member -None ABSTAIN: Member -None Agency Secr tary 1 1 1 IBIT A TEMPLE CITY REDEVELOPMENT AGENCY ANNUAL BUDGET FY 2005 - 2006 STATEMENT OF ESTIMATED FUND BALANCES AS OF JUNE 30, 2005 AND JUNE 30, 2006 FUND ESTIMATED LOAN ESTIMATED ESTIMATED ESTIMATED LOAN ESTIMATED ESTIMATED BALANCE REVENUES FROM EXPENDITURES FUND REVENUES FROM EXPENDITURES FUND 7/1/2004 FY 04 -05 CITY FY 04 -05 6/30/2005 FY 05 -06 CITY FY 05 -06 6/30/2006 Capital Project Fund (50,778) 16,000 283,000 ** 248,150 72 6,000 289,000 ** 294,400 672 Low & Moderate Housing Fund 652,519 150,000 150,405 652,114 151,000 355,215 447,899 Debt Service Fund 717,137 * 554,000 523,815 747,322 554,000 446,535 854,787 * Due to reporting changes from implementing GASB34, the Financial Statements reflect a $3,736,547 deficit fund balance. This is due to the requirement of recording the Agency's debt to the City of Temple City ($4,453,684) as a liability in the Debt Service Fund. It is anticipated that the Agency should have sufficient funds to make an annual $100,000 payment in FY 05 -06 for outstanding loans. ** It is anticipated that loans from the City of Temple City's General Fund in the amounts not to exceed $283,000 for FY04 -05 and $289,000 for FY05 -06 are needed. TEMPLE CITY REDEVELOPMENT AGENCY ANNUAL BUDGET FY 2005 -2006 ESTIMATED REVENUES BY SOURCE Actual Budget Estimated Estimated 2003 -04 2004 -05 2004 -05 2005 -06 CAPITAL PROJECT FUND Interest -LAIF 2,540 2,000 2,000 2,000 91- 860 -37 -3701 Interest -WFIP 2,000 3,000 3,000 91- 860 -37 -3702 Interest - Others 10,000 91- 860 -37 -3703 Misc. Income 1,000 1,000 1,000 91- 870 -38 -3816 Advance From City 91- 870 -38 -3818 TOTAL REVENUE 3,540 4,000 16,000 6,000 LOW & MODERATE HOUSING FUND Tax Increment 130,967 145,000 139,000 140,000 93- 810 -32 -3212 Interest -LAIF 7,538 2,000 1,000 1,000 93- 860 -37 -3701 Interest -WFIP 8,000 10,000 10,000 93- 860 -37 -3702 Grant Repayment 93- 870 -38 -3821 Loan Repayment 93- 870 -38 -3823 Program Income 93- 870 -38 -3824 TOTAL REVENUE 138,505 155,000 150,000 151,000 DEBT SERVICE FUND Tax Increment 523,868 550,000 550,000 550,000 96- 810 -32 -3212 Interest -LAIF 2,844 2,500 1,000 1,000 96- 860 -37 -3701 Interest -WFIP 2,500 3,000 3,000 96- 860 -37 -3702 Advance From City 96- 870 -38 -3818 TOTAL REVENUE 526,712 555,000 554,000 554,000 TEMPLE CITY REDEVELOPMENT AGENCY ANNUAL BUDGET FY 2005 -2006 DEPARTMENT: REDEVELOPMENT AGENCY DIVISION :: REDEVELOPMENT AGENCY PROGRAM: PROJECT IMPLEMENTATION ACCOUNT NO: 91- 910 -91 SUMMARY OF EXPENDITURES FY 03 -04 FY 04 -05 FY 04 -05 FY 05 =06 ACTUAL BUDGET ESTIMATED: BUDGET PERSONNEL - - - - i OPERATING EXPENSES 140,993 142,200 245,150 291,400 CAPITAL OUTLAY 3,168 2,800 3,000 3,000 TOTAL 144,161 145,000 248,150 294,400 FUNDING SOURCE Temple City Redevelopment Agency 294,400 (Capital Project Fund) TEMPLE CITY REDEVELOPMENT AGENCY ANNUAL BUDGET FY 2005 -2006 DEPARTMENT: REDEVELOPMENT AGENCY DIVISION: REDEVELOPMENT AGENCY PROGRAM: HOUSING ACCOUNT NO: 93- 930 -93 SUMMARY OF EXPENDITURES FY 03 -04 FY 04 -05 FY 04 -05 FY 05 -06 ACTUAL BUDGET ESTIMATED BUDGET PERSONNEL - - - - OPERATING EXPENSES 4,518 217,500 82,000 286,800 CAPITAL OUTLAY 68,515 68,650 68,405 68,415 TOTAL 73,033 286,150 150,405 355,215 FUNDING SOURCE Temple City Redevelopment Agency 355,215 (Low & Moderate Housing Fund) TEMPLE CITY REDEVELOPMENT AGENCY ANNUAL BUDGET FY 2005 -2006 DEPARTMENT: REDEVELOPMENT AGENCY DIVISION: REDEVELOPMENT AGENCY. PROGRAM: DEBT SERVICE ACCOUNT NO: 96- 960 -96 SUMMARY OF EXPENDITURES . . FY 03 -04 FY 04 -05 FY 04 -05 FY 05-06 ACTUAL BUDGET ESTIMATED ..BUDGET PERSONNEL - - - - OPERATING EXPENSES 64,691 26,980 100,520 27,000 CAPITAL OUTLAY 434,803 425,810 423,295 419,535 TOTAL 499,494 452,790 523,815 446,535 SOURCE Temple City Redevelopment Agency 446,535 (Debt Service Fund)