HomeMy Public PortalAbout2011.045 - LRA (10-18-11)RESOLUTION NO. 2011.045
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
LYNWOOD APPROVING THE PROPOSED BUDGET ADJUSTMENTS AND HEREBY
AMENDING THE LYNWOOD REDEVELOPMENT AGENCY'S ADOPTED FISCAL
YEAR 2010 -2011 OPERATING BUDGET AND ADOPTED FISCAL YEAR 2011 -2012
OPERATING BUDGET
WHEREAS, the City operates on a modified accrual basis for our budgeting and
accounting systems in accords with the Generally Accepted Accounting Principles
(GAAP); and
WHEREAS, the Fiscal Year 2010 -2011 (FY 11) ended on June 30, 2011 in
which the City has 60 days thereafter to record all services rendered and financial
transactions that occurred in FY 11 into the City's financial system; and
WHEREAS, in order to close the City's books for FY 11, staff has identified
several budget adjustments that must be made to the FY 11 Adopted Budget in order to
preserve the City's fiscal integrity and mitigate against audit findings; and
WHEREAS, the Board (the "Agency ") adopted the Lynwood Redevelopment
Agency's Fiscal Year 2011 -2012 (FY 12) Operating Budget on June 7, 2011; and
WHEREAS, staff presents to the Board annually a First Quarter fiscal update to
report the Agency's fiscal performance ending FY 11 based on actual figures, and to
revisit any FY 12 financial assumptions with regard to year -end performance as
necessary; and
WHEREAS, as a result, staff has identified items incorrectly budgeted and other
fiscal issues that need to be addressed which require further budget adjustments to the
FY 12 Adopted Budget.
NOW, THEREFORE, THE LYNWOOD REDEVELOPMENT AGENCY DOES
HEREBY RESOLVE AND DETERMINE AS FOLLOWS:
Section 1 . By adoption of this resolution, the Agency approves the Proposed
FY 11 Budget Adjustments hereto attached as Exhibit A and hereby amends the FY
2010 -11 Adopted Budget.
Section 2 . Further, by adopting this resolution, the Agency approves the FY 12
Proposed Budget Adjustments hereto attached as Exhibit B and hereby amends the FY
2011 -12 Adopted Budget.
Section 3. The Executive Director or his designee is hereby authorized to
approve any transfer between accounts, provided that they are within the same
department and the same fund.
Section 4. This Resolution shall go into effect immediately upon its adoption.
Section 5. The Secretary shall certify as to the adoption of this Resolution.
PASSED, APPROVED and ADOPTED this 18 day of October, 2011.
ATTEST:
Maria Quinonez, Secretary
APPROV D AS TO FORM:
Fred Galante, Agency Counsel
Ai e Castro, Chair
L� �-
Roger L. Haley, Executive Director
APPROVED AS TO CONTENT:
Robert S. Torrez, Assi
Manager
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the foregoing Resolution was passed and adopted by the Agency at its
regular meeting held on the 18 th day of October, 2011.
AYES: MEMBERS FLORES, RODRIGUEZ, SANTILLAWBEAS, MORTON AND
CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Maria Quinonez, ecretary
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No.
2011.045 on file in my office and that said Resolution was adopted on the date and by
the vote therein stated. Dated this 18 th day of October, 2011.
Maria Quinonez, Secretary
Exhibit A
Lynwood Redevelopment Agency
FY 11 Budget Adjustments
Expenditures
FY 11
PROPOSED
FY 11
ACCOUNT
DESCRIPTION
CURRENT
AMENDMENT
REVISED
BUDGET
BUDGET
1019.75.208.67600
Debt Issuance and
$0
$652,860
$652,860
Management Costs
1020.75.209.67600
Debt Issuance and
$0
$289,015
$289,015
Management Costs
Revenues
FY 11
PROPOSED
FY 11
ACCOUNT
DESCRIPTION
CURRENT
AMENDMENT
REVISED
BUDGET
BUDGET
1019.75.37135
Bond Proceeds
$0
$18,480,000
$18,480,000
1020.75.37135
Bond Proceeds
$0
$5,660,000
$5,660,000
Exhibit B
Lynwood Redevelopment Agency
FY 12 Budget Adjustments
Transfers Out
FY 12 PROPOSED FY 12
ACCOUNT DESCRIPTION ADOPTED AMENDMENT REVISED
BUDGET BUDGET
1019.95.991.68020 Transfer Out - CIP $0 $100,000 $100,000
Expenditures
FY 12
PROPOSED
FY 12
ACCOUNT
DESCRIPTION
ADOPTED
AMENDMENT
REVISED
BUDGET
BUDGET
1012.75.206.67601
Debt Svc - Principal
$335,000
($39,000)
$296,000
1012.75.206.67605
Debt Svc - Interest
$1,241,240
$437,475
$1,678,715
1013.75.207.67605
Debt Svc - Interest
$360,728
$231,082
$591,810
1014.75.206.67601
Debt Svc - Principal
$45,000
($9,000)
$36,000
1014.75.206.67605
1 Debt Svc - Interest
$56,228
($8,978)
$47,250