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HomeMy Public PortalAboutResolution CRA 08-9411 1 1 RESOLUTION NO. CRA 08 -941 A RESOLUTION OF THE TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY ADOPTING THE ANNUAL BUDGET FOR THE FISCAL YEAR COMMENCING JULY 1, 2008 AND ENDING JUNE 30, 2009 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, 2008 and ending June 30, 2009, 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, 2008, 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. APPROVED AND ADOPTED this 17th day of June, 2008. 6Ltki, Zil:Li.22A--)2) CHAIRMAN Agency Members Resolution No. CRA 08 -941 Page 2 ATTEST: Agency S- etary I hereby certify that the foregoing resolution, Resolution No. CRA 08 -941 was adopted by the Temple City Community Redevelopment Agency at its regular meeting held on the 17th day of June 2008 by the following vote: AYES: Member - Gillanders, Vizcarra, Wong, Capra, Wilson NOES: Member -None ABSENT: Member -None ABSTAIN: Member -None Agency Sec tary 1 1 1 (Revise' TEMPLE CITY REDEVELOPMENT AGENCY ANNUAL BUDGET FY 2008 -2009 STATEMENT OF ESTIMATED FUND BALANCES AS OF JUNE 30, 2008 AND JUNE 30, 2009 FUND ESTIMATED ESTIMATED LOAN ESTIMATED ESTIMATED ESTIMATED ESTIMATED BALANCE REVENUES EXPENDITURES PAYMENT FUND REVENUES EXPENDITURES FUND 7/1/2007 FY 07 -08 FY 07 -08 TO CITY 6/30/2008 FY 08 -09 FY 08 -09 6/30/2009 Capital Project Fund 2,924,300 141,000 Low & Moderate Housing Fund 1,287,797 126,230 2,939,070 197,900 420,250 126,000 567,400 2,497,670 1,065,447 175,000 431,110 809,337 Debt Service Fund 1,058,969 * 582,700 678,240 963,429 562,500 689,900 836,029 * Due to reporting changes from implementing GASB34, the Financial Statements reflect a $3,357,488 deficit fund balance. This is due to the requirement of recording the Agency's debt to the City of Temple City ($4,416,457) as a liability in the Debt Service Fund. It is anticipated that the Agency should have sufficient funds to make an annual $200,000 payment in FY 08 -09 for outstanding loans.