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Home My Public Portal About18 Redevelopment Agency FundsREDEVELOPMENT AGENCY FUNDS TWO YEAR BUDGET FY 2005-2006 • FY 2006-2007 ~, e„ ~ . _ _~, ~u _. fi ,~~., _. -'`_ -~<_~° ~~~ ,,` ~ ~ g x ~ ~~ 1 ~ ~ ~r F ~ x~F `~~A~~~.1 Y ~d ,;Ki d {a` CITY OF RAtYC C) M)RAGE ~ ~ REDEVELOPMENT AGENCY FUNDS SUMMARY PROGRAM DESCRIPTION The purpose of the Redevelopment Agency is to provide economic stimulus within the City's two redevelopment project areas. The Whitewater and Northside project areas comprise approximately 62% of the City's overall geographic area. The Agency's overall goals are to assist with the revitalization of the community through the elimination of blight, capital improvement and infrastructure projects, economic development and the creation of affordable housing. Each project area has separate debt service and capital projects funds. The debt service funds account for tax increment revenue generated in each project area and are used to pay debt service an outstanding bond issues as well as required pass-through payments to other taxing agencies and the 20% set-aside for affordable housing. 20% of the Redevelopment Agency's tax increment is required to be used for low-and moderate-income housing purposes. The Agency transfers 20% set-aside funds to the City's Housing Authority. The remaining tax increment revenue is transferred to each respective project area's capital project fund to be used for operating expenditures (including personnel costs and reimbursement to the General Fund), capital projects and economic development activities. In recent years the City of Rancho Mirage has emphasized the importance of economic development. While Rancho Mirage is well known for its residential community, the level of many of the City's delivered services would not be possible without a prosperous business community and strong economic base. Asa "no-property tax" municipality, Rancho Mirage derives approximately 50% or about $10.6 million of the City's General Fund operating revenue from transient occupancy tax (the bed-tax) and sales tax. The use of redevelopment monies for economic development efforts is an effective means to facilitate a healthy commercial and business environment in Rancho Mirage. BUDGET HIGHLIGHTS FY 2005-2006 • Total estimated property tax increment revenue for FY 2005-06 for both project areas is $27,776,000 of which 20% or $5,555,200 is set-aside for affordable housing activities. This assumes a 4% growth in existing assessed value and assessed value increases from new projects in the Whitewater and Northside Project Areas. $945,714 of tax increment is anticipated to be available for transfer to the Northside Capital Projects Fund after meeting obligations for debt service, housing set-aside, pass-through and ERAF payments. No increment is anticipated to be available to transfer to the Whitewater Capital Projects Fund. $0 is budgeted for new capital projects. Capital projects have been budgeted in previous fiscal years. 395 FY 2006-2007 • Total estimated property tax increment revenue for FY 2006-07 for both project areas is $29,209,000 of which 20% or $5,841,800 is set-aside for affordable housing activities. This assumes a 4% growth in existing assessed value and assessed value increases from new projects in the Whitewater and Northside Project Areas. • $2,274,218 of tax increment is anticipated to be available for transfer to the two capital. projects funds. Based on existing law, ERAF payments do not continue beyond FY 2005-06 which make the transfers to both capital projects funds possible. However, if the State requires payments beyond FY 2005-06 the amounts available to be transferred will decline. • $2,500,000 is budgeted for the Frank Sinatra I?rive Low Water Crossing in the Northside Capital Projects Fund from proceeds of the 2003 tax allocation bond issue. STAFFING SUMMARY Title/Ran~e Number Economic Development Director (45) Management Analyst (36) Total Positions FY 04-OS Authorized Positions 1 1 2 396 FY OS-06 Requested Positions 1 1 2 FY 06-07 Requested Positions 1 1 2 BaNNCHO I~QRAGE RFDEVELOPMENf AGENCi' W9ITEWATE9 P80JECf AREA BEVEN~ES AND EXPENDITORES 2001102 2002/03 2003/04 2004/05 2005/06 2006/07 Actual Actual Actual Estimate Budget Budget Gross Tax Increment 10,593,402. 12,367,668 13,12:1,972 13,908,000 14,750,000 15,406,000 20% Housing Set-Aside (2,118,680) (2,473,534) (2,624,394) (2,781,600) (2,950,000) (3,081,200) Pass Through Payments. to Other (5,177,097) (6,341,855) (6,828,387) (7,343,855} (7,904,835) (7,405,365) Agencies and Library Fund Debt Service. on Bonds (2,645,023} (3.,15$,348) (3,242,933) (3,545,197) (3,542,765) (3,756,574) Interest on General Fund Loan (281,697) (229,227) (Z 13,334) (199,740} (210,835) (227,050} Interest Revenue in Debt .Service Fund 222,141. 170,171 161,630 263,680 212,160 177,660 ERAF Ship - (283,572). (479,646) (891,673) (948,032) - Other Expenditures in Debt Service Fund (152,091 } (167,327) (169,923) (193,730} (206,600) (217,075) Net Tax Increment Available for - - - - 896,396 Transfer to Capital Projects Fund from Debt Service Fund Reimbursement to General Fund for (409,267} (426,520} (414,814} (462,823) (527,359) (539,936) Staff Support Loan Repayment to General Fund (2,624,000) (1,013,020) (572,681) _ _ - Other Expenditures in Capital Project Fund (300,357) (436,271) (243,121) (400,174) (414,434) (416,307) Net Tax Increment Available for Capital - - - - - - Projects from Debt- Service Fund Transfer • General Fund Loan Proceeds in 4,691,010 l 2,436,005- - - - - CapitalProjects Fund Receipt of Bond Proceeds in .10,170,000 - 6,106,940 - - - Capital Projects Fund 397 6ANCH0 MIRAGE REDEVEI,OPI~ff.N'f AGENCY N091HSmE PSOJECf A6EA BEVENOE3 AND EXPENDITORES 2001 /02 2002/03 2003104 2004105 Actual_ Actual Actual Estimate Gross Tax Increment 7,731,073 9,010,086 10,452,928 12,085,000 ZO% Housing Set-Aside (1,546,215) (1,802,017) (2,090,586) (2,417,000) Pass•Through Payments to Other (2,369,163) (2,817,804) (3,274,347) (3,531,375) Agencies and Library Fund Debt Service on Bonds (6,418,820) (3,662,406) (4,027,760) (5,127,104) Interest Revenue in Debt Service Fund 139,514 179,532 304,005 495,160 ERAF Shift - - (303,951) (514,028) (1,043,389) Other Expenditures in Debt Service Fund (181,601) (503,951) (213,510) (274.,280) Net Tax Increment Available for - 807,697 656,463. 756,748 Transfer to Capital Projects Fund from Debt Service Fund Reimbursement to General Fund for. (409,267) (42.6,520). (414,814) (462,823) Staff Support Other Expenditures in Capital Projects Fund (142,323} (146,995) (241,707) (342,466) Net Tax Increment Available for Capital - 234,182. - - Projects from Debt Service Fund Transfer Receipt of Bond Proceeds in 33,044,435 - 22,108,677 - CapitalProjects Fund 2005106 2006107 Budget Budget 13,026,000 13,803,000 (2,605,200) (2,760,600) (3,808,250) (4,035,350) (5,130,37b) (5,526,508) 305,300 215,360 (1,136,807) - (298,570) (318,080) 945,714 1,377,822 (527,359) (539,936) (403,487) (408,007) 14,868 429,879 398 RESOLUTION N0. 2005-RA-196 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE RANCHO MIRAGE REDEVELOPMENT AGENCY ADOPTING THE TWO-YEAR BUDGET FOR FISCAL YEARS 2005-2006 AND 2006-2007. WHEREAS, Government Code Section 37208 (B) states that warrants or checks drawn in payment of certified demands need not be audited by the Board of Directors if the budget is adopted by Resolution; and WHEREAS, the Board of Directors reviewed the Two-Year Redevelopment Agency Budget for Fiscal Years 2005-2006 and 2006-2007. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Rancho Mirage Redevelopment Agency that the. Board of Directors hereby adopts the Two-Year Redevelopment Agency Budget for Fiscal Years 2005-2006 and 2006-2007 by the adoption of this Resolution. PASSED APPROVED and ADOPTED this 7th day of July 2005. CITY OF RANCHO MIRAGE REDEVELOPMENT AGENCY ;; :~ ,~ Alan Seman Chairman ATTEST: Lena Keeran, CMC Agency Secretary APPROVED AS TO FORM: y~~ ~ ~;~.~ j,,._ ~ "~ is/jam ~///;-; Steven B. uintanilla Agency C "u~sel 399 i. ... • ' .,~ • , CITY 4E R NCH MIRAGE • s~ _ .. o~`~ ~ . r,~ ~ ~ e~ 1995 ~ C~ UMlTS RA~lON RO Legend ~ ~ Northside PrO;eCt A~e'1 ... • . . 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Pursuant to redevelopment law, 20% of the tax increment revenue generated is to be expended for low- and moderate- income housing purposes. The remaining 80% is available for debt service on Redevelopment Agency indebtedness, required sharing of tax increment revenue with other taxing agencies pursuant to formal agreements (commonly known as pass-through agreements), Redevelopment Agency operating costs such as 50% of the salary and benefits of the Economic Development Director and Management Analyst (the other 50% is paid by Northside), Riverside County's fee to collect tax increment revenue, the reimbursement to the General Fund for staff support and capital projects. Budgeted tax increment revenue for the Whitewater Debt Service Fund is reported at gross. Twenty percent (20%) of this gross is transferred to the Redevelopment Agency's Low Cost Housing Fund and subsequently to the Housing Authority. After addressing other requirements for debt service, pass-through payments and identified operating costs, available tax increment is transferred to the Whitewater Capital Projects Fund. EXPENDITURE SUMMARY FUND EXPENDITURE SUMMARY 2003/04 2004/05 2004/05 2005/06 2006/07 470 WIiITEWATER DEBT SERVICE FUND Actual Budget Estimate Budget Budget Professional & Technical Services 169,923 183,440 193,730 206,600 217,075 ERAF Shift 479,646 891,673 891,673 948,032 0 Debt Service Expenditures 3,456,267 3,759,197 3,744,937 3,753,600 3,983,624 Pass-throughs 6,828,387 7,359,125 7,343,855 7,904,835 7,405,365 20% Transfer to Low & Mod. Fund 2,624,394 2,784,600 2,781,600 2,950,000 3,081,200 Transfer to Capital Project Fund 0 0 0 0 896,396 Total Expenditures 13,558,617 14,978,035 14,955,795 15,763,067 15,583,660 Change in Budget 5.24% -1.14% BUDGET HIGHLIGHTS Fv ~nns_nh • Total estimated property tax increment for FY 2005-06 is $14,750,000, of which 20% or $2,950,000 is set aside for housing purposes. This assumes a 4% estimated growth in assessed values. Total principal and interest for debt service on the bonds for FY 2005-06 is $3,542,765. This is based on the debt service schedules for the 1994, 1997, 2001, 2002 and 2003 tax allocation bonds. In December 2003, the Rancho Mirage Redevelopment Agency issued $7,394,378 of tax allocation 401 bonds. ~ addition, $210,835 is budgeted for interest on the loan from the General Fund. Total amount budgeted for debt service expenditures is $3,753,600. • No tax increment is projected to be .available. for transfer to Whitewater Capital Projects Fund. Were there no ERAF shift, the transfer would be $948,032. • In FY 2003-04, the Whitewater Debt Service Fund paid $479,646 for the ERAF (Educational Revenue, Augmentation Fund) shift of tax increment revenue to K-12 schools and community colleges. It is estimated that $891,673 will be paid in FY 2004-05. For budgeting purposes, it is projected that $948,032 will be aid p in FY 2005-06. This projection is based on projected growth in assessed value compared to FY 2004-OS assessed value.. According to existing law, EFAF payments do not, continue beyond FY 2005-06. For this reason, no ERAF payment is budgeted in FY 2006-07. FY 2006-07 • Total estimated property tax increment for FY 2006-07 is $15,406,000, of which 20% or $3,081,200 is set aside for housing purposese This assumes a 4% estimated growth in assessed: values. • Total principal and interest for debt service on the bonds for FY 2006-07 is $3,756,574. This is based on the debt service. schedule. s for the 1994,1997, 2001, 2002 and 2003 tax allocation bonds. In addition, $227,050 is budgeted for interest on the loan from the General Fund. Total. amount budgeted. for debt service is $3,983,624. • $896,396 of tax increment is projected to be available for transfer to the Whitewater Capital Projects Fund. However, if the State requires ERAF payments beyond FY 2005.06, the amount available to be transferred will decline. • At June 30, 2004, the Whitewater Project Area owed the General Fund $6,487,222. No principal repayment is anticipated for FY 2004-05 or the following two fiscal years. • The decreased pass-through payment to Riverside County. of $5,328,520 is the result of what is known as the "catch-up".provision of the 1984 pass-through agreement between Riverside County and the Redevelopment Agency. Briefly, this provision requires that Riverside County not lose any property tax revenue as a result of the creation of the Whitewater Project Area. Based on staff analysis, with which Riverside County concurs,. Riverside County is projected to be "made whole" in FY 2006-07. Accordingly, the pass-through payment is anticipated to decline approximately $930,000 to the $5,328,520 budgeted and will continue at a reduced level from then on. 402 RANC90 IbBpGE 6EDEVEI.OPI~M1' AGENCY FOND FINANCIAL SOMMARY FUHD 470 ~ WBITEWATER DEBT S~RYICE FUHD CITY Or: R nC 0 MIRAGE 0 ~ ~ FY 03-04 FY 04-OS FY 04-OS FY 05-06 FY 06-07 Ac, foal Budget Est Bud et Budget Beginning Fund Balance Reserve for Debt Service on Escrowed Bonds Reserve Fund Requirement Total Beginning Fund Balance Revenues. Tax Increment Interest City Investments Interest Trustee Investments Others -Bond Proceeds Transfer from Capital Project Fund Total Revenues Expenditures Bond Servicing ERAF Shift County Property Tax Collection Fee Principal on Bonds Interest on Bonds Interest on Loan from General Fund Pass-Through Payments: County Superintendent of Schools Riverside County CVWD CV Mosquito Abatement CV Recreation & Park District CV Cemetery District PS Cemetery District CV Resource Conservation Library Fund Transfer to Capital Project Fund Transfer to Low Cost Housing Fund Total Expenditures Ending Fund Balance Reserve for Debt Service on Escrowed Bonds Reserve Fund Requirement Total Ending Fund Balance $ - 243,532 243,532 5,109 - 4,029,419 4,813,774 4,813,774 4,813,774 4,813,774 4,029,419 5,057,306 5,057,306 4,818,883 4,813,774 13,121,972 13,923,000 13,908,000 ' 14,750,000 15,406,000 22,450 4,000 31,520 34,530 36,270 139,180 226,000 232,160 177,630 141,390 542,086 - - - - 760,816 825,035 545,692 795,798 - 14,586,504 14,978,035 14,717,372 15,757,958 15,583,660 23,521 25,000 27,850 28,400 28,975 479,646 891,673 891,673 948,032 - 146,402 158,440 165,880 178,200 188,100 1,150,000 1,315,000 1,315,000 1,365,000 1,635,000 2,092,933 2,230,197 2,230,197 2,177,765 2,121,574 213,334 214,000 199,740 210,835 227,050 149,882 161,723 158,516 180,730 193,100 5,108,664 5,512,120 5,520,872 5,928,100 5,328,520 943,310 1,017,406 1,016,230 1,084,650 1,137,890 165,529 177,624 177,400 190,110 200,000 31,850 34,716 32,465 37,015 39,550 5,226 5,696 5,327 6,070 6,490 11,904 ~ 12,818 12,682 14,460 15,450 431 461 455 550 615 .411,591 436,561 419,908 463,150 483,750 - - - - 896,396_ 2,624,394 2,784,600 2,781,600 2,950,000 3,081,200 13,558,617 14,978,035 14,955,795 15,763,067 15,583,660 243,532 - 5,109 - - 4,813,774 5,057,306 4,813,774 4,813,774 4,813,774 $ 5,057,306 5,057,306 4,818,883 4,813,774 4,813,774 403 BEVENOE ACflV17Y DETAIL For Flscai Years 2005A6 enO 200b07 ~OIND 470 a ~I?~AIAT~R D~R'~ s~Ri~C~ BOND Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 4036 Tax Increment Incremental growth in property tax revenue generated subsequent to formation of a redevelopment project area. $ 14,750,000 $ 15,406,000 FY 04/OS BUDGET AMOUNT $13,923,000 TOTAL $ 14,750,000 $ 15,406,000 5800 Interest Interest earned on cash investments. Assumption: Based on 3.25% interest rate for FY 2005-06 and 3.5 % for FY 2006-07. $ 34,530 $ 36,270 FY 04/05 BUDGET AMOUNT $ 4,000 TOTAL $ 34,530 $ 36,270 5810 Interest Trustee Interest earned on cash and investments held by the City's trustee. Assumption: Based on specific reserve -fund investments.. $ 177,630 $ 141,390 FY 04/OS BUDGET AMOUNT $ 226,000. TOTAL $ 177,630 $ 141,390 6400 Transfer from Amount needed for excess of expenditures over .sources of Capital Project revenues including cash set aside with escrowed bond Fund proceeds to be used for debt service .until bond proceeds are released. a $ 795,798 $ - FY 04/OS BUDGET AMOUNT $ 825,035 TOTAL $ 795,798 $ - FUND TOTAL $ 15,757,958 $ 15,583,660 404 EXPENDI'IOBE ACTIVITY DEIAQ. For ~scai Veen zoos ana zae~o7 FOND 470 • WBITEWAT~R DEBT SERVICE FOND. Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME JUSTIFICATION FOR STAFF RE UESTS AMOUNT AMOUNT 7440 Bond Servicing Fees for trustee and arbitrage calculation services. $ 28,400 $ 28,975 FY 04/OS BUDGET AMOUNT $1S,ooo TOTAL $ 28,400 $ 28,975 759.0 ERAF Shift Mandated sharing of tax increment with the state for K-12 {Educational Revenue schools and community colleges. Based on ratio of FY 04-OS Augmentation Fund) actual payment to assessed value {AV) applied to budget year's projected AV. $ 948,032 $ - FY 04/OS BUDGET AMOUNT $ 891,673 TOTAL $ 948,032 $ - 7863 County Processing Riverside County charge for collecting property tax. $ .178,200 $ 188,100 Fee FY 0405 BUDGET AMOUNT $158,440 TOTAL $ 178,200 $ 188,100 8200 Principal Payment Amount of scheduled principal payments on outstanding bond issues. $ 1,365,000 $ 1,63$,000 FY 04/OS BUDGET AMOUNT $1,315,000 TOTAL $ 1,365,000 $ 1,635,000 8205 Interest Payment Amount of scheduled interest payments on outstanding bond issues. $ .2,177,765 $ 2,121,574 •~ FY 04/05 BUDGET AMOUNT $1,130,197 TOTAL $ 2,177,765 $ 2,121,574 8245 Interest on Loan Amount of projected interest payments on outstanding loan from the General Fund. Interest rate is based on City's overall portfolio rate of return. $ 210,835 $ 227,050 FY 04/OS BUDGET AMOUNT $114,000 TOTAL $ 210,835 $ 227,050 8300 Pass-through -Co. Amount of tax increment passed through pursuant to pass Superintendent of through agreement. $ 180,730 $ 193,100 SCh001S FY 04/OS BUDGET AMOUNT $161,713 TOTAL $ 180,730 $ 193,100 8310 Pass-through - Amount of tax increment passed through pursuant, to pass Riverside County through agreement. FY 06-07 budgeted pass-through is less the final projected adjustment of $929,940 based on the catch- up provision due to the Cit}~s withdrawal from Riverside City and County Public Library System. $ 5,928,100 $ 5,328,520 FY 04/05 BUDGET AMOUNT $ 5,512,110 TOTAL $ 5,928,100 $ 5,328,520 405 EXPEI~ITOBE ACf1V[[Y DEIAd F0~ flSt81 YCBR zoosob ~a zoo~oa FOND 470 A WBITEWATER DEBT SERVICE FOND Budget Budget ....... Al;l; l ACI;UU N T F~ Y 2UUS-U6 F~ Y 2UU6-U / N0. NAME JUSTIFICATION. FOR STAFF RE UESTS AMOUNT AMOUNT 831 S Pass-through - Amount of tax increment passed. through pursuant to pass CVWD through agreements $ 1,084,650 $ 1.,137,890 FY 04/05 BUDGET AMOUNTS 1,017,406 TOTAL $ 1,084,650 $ 1,137,890 8320 Pass-through - Amount of tax increment passed through pursuant to pass CV Mosquito through agreement. $ 190,110 $ 200,000 Abatement FY 04/OS BUDGET AMOUNT $177,624 TOTAL $ 190,110 $ 200 000 , 8330 Pass-through - Amount of tax increment passed through pursuant to pass CV Rec. ~i Park through agreement. $ 37,01 S $ 39,550 FY 04/05 BUDGET AMOUNTS 34,716 TOTAL $ 37,01 S $ 39,550 8335 Pass-through - Amount of tax increment passed through pursuant to pass CV Cemetery through agreement. $ 6,070 $ 6,490 FY 04/05 BUDGET AMOUNT $ 5,646 TOTAL $ 6,070. $ 6,490 8340 Pass-through - Amount of tax increment passed through pursuant to PS Cemetery pass through agreement. $ 14,460 $ 15,450 FY 04/OS B(IDGET AMOUNT $12,818 TOTAL $ 14,460 $ 15,450 8345 Pass-through ~ Amount of tax increment passed through pursuant. to pass CV Resource through agreement.. $ 550 $ 615 Conservation FY 04/05 BUDGET AMOUNT ~ 461 TOTAL SSO $ 61 S 8360 Transfer to the Amount of tax increment contributed to Library Fund (through Community the Community Services District). following withdrawal from Services District for Riverside City and County Public Library System. pass-through to the $ 463,150 $ 483,750 Library Fund FY 04/05 BUDGET AMOUNT $ 436,561 TOTAL $ 463,1 SO $ 483,750 881 S Transfer. to Capital Amount of excess tax increment available for capital- projects. Projects Fund $ - $ 896,396 FY 04/OS BUDGET AMOUNT $ 0 TOTAL $ - $ 896,396 8825 Transferto Low 20% of gross taxincrement revenue transferred to Low Cost Cost Housing -Fund Housing Fund. $ 2,950,000 . $ 3,081,200 FY 04/OS BUDGET AMOUNTS 2,784,600 TOTAL $ 2,950,000 $ 3,081,200 FUND TOTAL $ 15,763,067 $ 15,583,660 406 ClTV OF RAMC O i~11RAGE ~ ~ FUND 370 WHITEWATER CAPITAL PROJECTS FUND REDEVELOPMENT AGENCY PROGRAM DESCRIPTION The Whitewater Capital Projects Fund is one of two capital projects funds of the Redevelopment Agency's five Funds; the other is the Northside Capital Projects Fund. This Fund is used to account for resources used to finance a variety of capital projects, an economic incentive program and various operating costs such as the annual reimbursement to the General Fund for staff support. Fifty percent of staff costs related to the Economic Development Director and Management Analyst positions are charged directly to this Fund. The remaining 50% is charged to the Northside Capital Projects Fund. This Fund relies on three sources of funding. The first source is the annual transfer of tax increment from the Whitewater Debt Service Fund. The second and third sources of funding are bond proceeds and associated interest earnings. All proceeds from the 1997, 2001 and 2002 tax allocation bonds have previously been spent. In December 2003, the Rancho Mirage Redevelopment Agency issued a total of $7,394,378 of Whitewater Tax Allocation Bonds for the purpose of financing certain improvements in the Whitewater Project Area, funding an escrow for future improvements in the Project Area, funding a reserve for the Bonds and paying the costs of issuing the Bonds. EXPENDITURE SUMMARY FUND EXPENDITURE SUMMARY 2003/04 2004/05 2004/05 2005/06 2006/07 370 WHITEWATER CAPITAL PROJECTS FUND Actual Budget Estimate Budget Budget Personnel 133,873 150,039 150,039 162,297 167,559 Operations & Maintenance 773,000 671,604 712,958 779,496 788,684 General Fund Loan Repayment 572,681 0 0 0 0 Transfer to Debt Service Fund 760,816 825,035 545,692 795,798 0 Capitallmprovements 257,750 579,186 612,266 0 0 Total Expenditures 2,498,120 2,225,864 2,020,955 1,737,591 956,243 Change in Budget -21.94% -44.97% ~£ BUDGET HIGHLIGHTS FY 2005-06 • No tax increment is projected to be available for transfer from the Whitewater Debt Service Fund. • Budgeted operating expenditures (which include personnel and operations & maintenance) totaling $941,793 are increasing $78,796 (9.13%) from $862,997 due primarily to the increase of $12,574 in professional/technical services and the increase of $64,536 in reimbursement to the General Fund for staff support. • Nothing has been budgeted for the repayment of the loan from the General Fund in FY 2005-06. At June 30, 2006, the loan balance is projected to remain unchanged at $6,487,222. 407 • $795,798 is projected to be available for transfer to the Debt Service Fund. This transfer back to the Debt Service Fund has been necessary in recent years because of the ERAF payment made by the Debt Service Fund. used on current law, no ERAF payment is budgeted in FY 2006-07 and, accordingly, nothing is transferred back to the Debt Service Fund. • Nothing has been budgeted for capital. improvement projects from the 2003 whitewater tax allocation bonds. FY 2006-07 • $896,396 tax increment is projected to be available for transfer from the Whitewater Debt Service Fund. • The whitewater Capital :Projects Fund was owed $6.1 milli®n by the, Riverside County Transportation Commission (RCTC) for the prior widening of Highway 111. Of this amount, $1.6 million was paid in FY 2003-04. $1.8 million was collected in FY 04-05. Future repayment is scheduled. to occur as follows: $l.9 million in FY 2005-06 and $800,400 in FY 2006-07. These payments have been budgeted as revenue in the. Capital Projects Fund. • On July 15, 2004, the Redevelopment Agency hoard approved the Bob Hope Extension project with an estimated cost of $430,000 of which $300,000 is to be reimbursed by various property owners as follows:. $75,000 in FY 2004-05, $111,000 in FY 2005-06 and $114,000 in FY 2006-07. These payments. have been budgeted as revenue in the Capital Projects Funde • Nothing has been budgeted for the repayment of the loan from. the General Fund in FY 200607 At June 30, 2007, the loan balance is projected to remain at $6,487,222. • Budgeted. operating expenditures totaling $956,243 area increasing $14,450 (1.53%) from $941,793 primarily due to the increase of $12,577 increase in the amount budgeted for reimbursement to the General Fund for staff support and the increase of $958 in professionaUtechnical services. 408 RANC901~ORAGE REDEVELOPI~NT AGENCY ~otm ~nricw. suru~anr FONDS 310 WHITEWATER CAPITAL PRO~CTS FOND cirr of R nc o miRacE 0 ~ ~ FY 03-04 FY 04-05 FY 04-OS FY 05-06 FY 06-07 Ac- foal Budget Est_ to Bu_ diet Budget Beginning Fund Balance Reserve for encumbrances Reserve for continuing appropriations Reserve for undesignated bond proceeds Reserve for receivable Advance Payable to the General Fund Undesignated fund balance Total Beginning Fund Balance Revenues Interest on investments Interest on bond proceeds Transfer from Debt Service Fund Reimbursements for Capital Projects Loan Repayment and Interest Bond Proceeds Miscellaneous Total Revenues Expenditures Capital improvements projects from loan proceeds/fund balance: Current year's budget Reserve for encumbrances/ continuing appropriations Bond Issuance Costs Transfer to Debt Service Fund General Fund loan repayment Other expenditures Total Expenditures Ending Fund- Balance Reserve for encumbrances Reserve for continuing appropriations Reserve for undesignated bond proceeds Reserve for receivable Advance Payable to the General Fund Undesignated fund balance Total Ending Fund Balance $ 291,173 246,729 246,729 - - 644,820 3,663,460 3,663,460 3,422,150 - 23,734 1,761,302 .1,761,302 1,238,153 1,281,543 860,146: 847,939 847,939 547,939 547,939 (7,059,903) (6,487,222) (6,487,222) (6,487,222) (6,487,222) 21.,542 2,447 2,447 1,091,537 1,401,946 (5,218,488) 34,655 34,655 (187,443) (3,255,794) 27,395 10,000 31,700 34,900 36,870 814 138,000 25,440 43,390 32,930 - - - - 896,396 1,600,000 1.,875,000 1,875,000 2,011,000 914,000 - - 322,000 - - 6,106,940 - - - - 16,114 2,100 2,100 2,100 2,100 7,751,263 2,025,100 2,25b,240 2,091,390 1,882,296 24,219 579,186 612,266 - - 233,53 I 3,910,189 457,383 3,422,150 - 165,562 - - - - 760,816 825,035 545,692 795,79.8 - 572,681 - ~ - - - 741,311 821,643 862,997 941,793 956,243 2,498,120 6,136,053 2,478,338 5,159,741 956,243 246,729. - - - 3,663,460 - 3,422,150 - - 1,761,302 1,320,11 b 1,238,153 1,281,543 1,314,473 847,939 847,939 547,939 547,939 547,939 (6,487,222) (6,487,222) (6,487,222) (6,487,222) (6,487,222) 2,447 242.,869 1,091,537 1,401,946 2,295,069 $ 34,655 (4,076,298) (187,443) (3,255,794) (2,329,741) 409 BEVENOE ACTIVITY DETAII. For Fiscal Years 2005.OG an0 ZOOb07 FiI~iD 370 ~ WRIT~W~T~R CAPiT~, PROJ~~TS FMID Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 5800 Interest Interest earned on cash investments... Assumption; Based on 3.25% interest rate. for FY 2005-06 and 3.5 % for FY 2006-07. $ 34,900 $ 36,870 FY 04/05 BUDGET AMOUNT $10,000 TOTAL $ 34,900 $ 36,870 5810 Interest Trustee Interest earned on cash and investments held by the City's trustee.. Assumption: Based on specific reserve fund investments. $ 43,390 $ 32,930 FY 04/OS BUDGET AMOUNT $138,000 TOTAL $ 43,390 $ 32,930 5335 Reimbursement. Reimbursement. from RCTC for Highway 111 widening from Other project. Total amount owed is $6.1 million; $1.6 million Agencies was paid in FY 2003-04; $1.8 million is estimated to be paid in FY 2004-05; $1.9 million will be repaid in FY 2005- . 06 and $0.8 million in FY 2006-07. $ 1,900,000 $ 800,000 FY 04/05 BUDGET AMOUNT $1,800,000 TOTAL $ 1,900,000 $ 800,000 5351 Reimbursement for Reimbursement from developers for Bob Hope extension Capital Projects project. Total mount -owed is $300,00; $75,000 is estimated from Non- to be paid in FY 2004-05; $111,000 will be reimbursed in Governments FY 20.05-06 and $89,000 in FY 2006-07. In addition, a $25,000 letter of credit collected in 2001 will be applied in FY 200b-07. $ 111,000 $ 114,000 FY 04/05 BUDGET AMOUNT $ 75,000 TOTAL $ 111,000 $ 114,000 6140 Rent Monthly rental ($175) from Fairway Outdoor Advertising. $ 2,100 $ 2,100 FY 04/05 BUDGET AMOUNT $ 2,100 T®TAL $ 2,100. $ 2,100 6435 Transfer from Debt Service Amount of excess tax increment transferred from the whitewater Debt Service Fund. Assumption: Residual balance of available tax increment revenue FY 04/05 BUDGET AMOUNT $ 0 TOTAL $ - $ 896,396 - $ 896,396 FUND TOTAL $ 2,091,390 $ 1,882,296 410 EXPEND1798E ACfMTY DETAII, For FlsCel Yeats 200506 antl 200607 FUND 3?0 • WHITEWATER CAPITAL PROJECTS FUND Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME NSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7100 Salaries - Redevelopment Agency Board of Directors $ 1,800 $ 1,800 Full Time '/z of Economic Development Director's salary 64,436. 65,988 '/z of Redevelopment Analyst's. salary 34,881 36,625 FY 04/OS BUDGET AMOUNT $ 97s ~9 TOTAL $ 101,117 $ 104,413 7200 Benefits Benefits paid by City including group insurance, retirement and other benefits ('/z of Economic Development's benefits). $ 58,877. $ 60,352 FY 04/05 BUDGET AMOUNTS 50,089 TOTAL $ 58,877 $ 60,352 7250 Workers' Premium for Redevelopment Agency employees. $ 2,303 $ .2,794 Compensation ~'Y 04/05 BUDGET AMOUNT $ 2,371 TOTAL $ 2,303 $ 2,794 7400 Professional/ Costs for professional services; such as legal and financial Technical advisory services. $ 216,120 $ 217,020 FY 04/05 BUDGET AMOUNT $178,250 TOTAL $ 216,120 $ 217,020 7432 Auditing Services Annual financial audit of the Redevelopment Agency. $ 2,312 $ 2,370 FY 04/05 BUDGET AMOUNT ~ 2,244 TOTAL $ 2,312 $ 2,370 7803 Car Allowance '/7 of $343/month for use of Economic Development Director's personal car for attendance at meetings, seminars, etc.. in the Coachella Valley. $ 2,058 $ 2,058 FY 04/OS BUDGET AMOUNT $1,800 TOTAL $ 2,058 $ 2,058 7806 Meetings & Travel Workshops and conferences for groups such as International Council of Shopping Centers, (ICSC) League of California Cities, California Redevelopment Association, International City Management Association (ICMA), and Coachella Valley Economic Partnership (CVEP). $ 5,000 $ 5,000 FY 04/05 BUDGET AMOUNT $ 5,000 TOTAL $ 5.,000. $ 5,000 7818 Dues & Memberships and subscriptions with International Council Subscriptions of Shopping Centers (ICSC), International City Management Association (ICMA), California Redevelopment Association (CRA), Municipal Management Assistants of Southern California (MMASC), Wheeler's Desert Letter and Shopping Centers Today. $ 10,800 $ 11,100 FY 04/05 BUDGET AMOUNT $ 8,000 TOTAL $ 10,800 $ 11,100 411 EXPENDCfORE ACTIVITY DETAIL For Ffseal Years 2005.06 antl 2011607 Fi1ND 370 ~ W~IT~AIAT~R ~APITA~ PRO~~'s FUHD Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7839 Reproduction ~ Printing for special projects. $ 12,000 $ 10,000 Printing FY 04/05 BUDGET AMOUNT $ 4,000 TOTAL $ 12,000 $ 10,000. 8000 Supplies Miscellaneous office supplies. $ 1,200 $ 1,200 FY 04/05 BUDGET AMOUNT $1,200 TOTAL $ 1,200 $ 1,200 8500 General Fund Reimbursement for General Fund staff support + 15% Reimbursement overhead. $ 527,359 $ 539,936 FY 04/05 BUDGET AMOUNT $ 462,823 TOTAL $ 527,359 $ 539,936 8800 Transfer to Debt Amount needed in the debt service fund for excess of Service Fund expenditures over sources of revenues including amount used in escrow bonds for debt service payments. $ 795,798 $ - FY 04/05 BUDGET AMOUNT $ 825,035 TOTAL $ 795,798 $ - 8816 Transfer to Other Amount of transfer to the Bridge Tax Fund in fiscal year Funds 2005-06 to cover its projected. negative fund balance and to enable this fund to be closed. $ 2,647 $ _ FY 04/05 BUDGET AMOUNT $ 0 TOTAL $ 2,647 $ - FUND TOTAL $ 1,737,591 $ 956,243 412 CITY OF RAMC O h1lRAGE FUND 371 WHITEWATER ECONOMIC DEVELOPMENT FUND REDEVELOPMENT AGENCY PROGRAM DESCRIPTION The Economic Development Department is a maj or component of the City's redevelopment efforts aimed at actively pursuing new quality commercial and retail development to diversify and strengthen Rancho Mirage's economic base. Under the direction of the Economic Development Director, this important function of the Redevelopment Agency is responsible for the overall management of the City's efforts directed at attracting, retaining and expanding businesses. FY 2003-04 ACCOMPLISHMENTS • Facilitated the opening of new businesses at The River such as Piero's Acqua Pazza, Johnny Rocket's, Rocky Mountain Chocolate Factory, Plain Jane's, and several other specialty retail shops. • Managed the implementation of several Disposition and Development Agreements that furthered the development of the Monterey Marketplace including new businesses such as Linen N Things, Pacific Sales, and an $,000 S.F. multi-tenant building. • Provided development support for the construction of new commercial development projects on the Highway 111 corridor, including White Brothers Center, City Centre, Waterfront (Mimi's Cafe & Ruby's Diner), Patios Plus, Desert Square and the Palm Springs Desert Convention & Visitors' Authority. • Facilitated the master planning necessary for the redevelopment of the south side of Highway 111 at the Bob Hope Drive intersection that included formulating road improvement plans to extend Bob Hope Drive to connect with the mid-block roadway and the approval of two Development Agreements to help assist with the development of several new commercial office projects at this key location. • Participated in the planning and development of Country Club Village, a 10-acre neighborhood shopping center that was jointly developed by Albertson's Inc. and Laurich Retail properties. , • Managed the process for a Redevelopment Plan Amendment that merged the City's two Redevelopment Project Areas. • Pursued special projects aimed at furthering economic development efforts, including the implementation of a quarterly Available Commercial Space Report, upgrading the City's Economic Development PR/marketing program, and significantly updating the City's Web Site related to redevelopment and economic development activities. 413 • Actively worked with the Restaurant Association in promoting the restaurant industry by helping fund special programs such as the annual Bits and Bites, event and an expansion of the restaurant marketing program in Rancho Mirage. • Continued to work closely with the Chamber of Commerce to enhance the Rancho Mirage, business environment, including assuming a lead role in the Business Expo and the Mayor's breakfasthunch programo FY 2004-OS ACCOMPLISHMENTS • Participated with the J.H. Snyder Company in seeking full occupancy and the stabilization of the 30- acre. waterfront entertainment/retail center The River at Rancho 1~Iirage, including opening the Cheesecake Factory restaurant, -six new specialty .retail shops, and initiating plans for the. construction of a new 350-space parking structure at The River.. • Facilitated the further development of the Monterey Marketplace with new business openings such as the Red Robin restaurant and Clark's Nutrition & Natural Foods Market. • Provided development support for the construction of new cornrnercial projects on Highway 111 such as Indian Trail Plaza, Mirage Plaza, Bath ~ Kitchen Elegance, .and Builders' Showcase Interiors. • Redeveloped the area south of Highway 111 at Bob Hope. Drive including the installation. of new road improvements which extended Bob ,Hope Drive to provide better access to the commercial businesses along Highway 111, as well as implementing Development Agreements for two new commercial office projects-Desert Pearl ,Prudential California Realty. and 111 Partners LLC. • Facilitated the planning for the redevelopment of the area at the southwest corner of .Highway 111 and Rancho Las Palmas by formulating a Development Agreement with the Alamo. Group,; a developer that is pursuing a development plan called One 11 Plaza that will remove an existing blighted strip center to make way for a new shopping development to be anchored by a Bing Crosby's Restaurant. • Supported the development of additional medical and professional offices on the Bob Hope and Country Club Drive corridors, as well as a $320 million expansion/upgrade of the Eisenhower Medical Center.. • Continued to work closely with the Chamber of Commerce to enhance the Rancho Mirage business community through new programs such as the Team Rancho Mirage lunch program. that allows for Rancho Mirage businesses to meet. on an informal basis .with the Mayor, City. Manager, Economic .Development Director and other City staff on a variety. of issues relevant to the community. GOALS AND OBJECTIVES FY 2005-2006 • Completion of the new parking structure at The River at Rancho Mirage. • Work with the Investwest Group in formulating a Disposition & Development Agreement that will develop the final 10-acres at the .Monterey Marketplace.. • Facilitate the implementation of .the. Development Agreement with the Alamo Group to redevelop the area at the southwest .corner of Highway 111 and Rancho Las Palmas with a new upscale shopping development called One 11 Plaza. 414 • Provide development support for the completion of a variety of commercial projects on Highway 111 including Windermere Realty, Dyson & Dyson Real Estate, Prosser Piano, Indian Trail Plaza, Armstrong Garden Center and an expansion of Plaza Agua Blanca. • Work closely with the owners of an undeveloped 17-acre site on East Highway 111 (next to the animal hospital and across from the new Library) in pursuing amixed-use, open-air development project worthy of this prime,location. • Continue to promote .business retention efforts by exploring cost-effective ways. to improve Rancho Mirage ,businesses, including ideas such as formulating a facade enhancement loan program for commercial businesses located on Highway 111 and creating a "Shop in Rancho Mirage" marketing program.. • Actively pursue the reuse or elimination of vacant buildings along the Highway 111 corridor. • Facilitate the continued growth of the City's presence. in the medical health care industry with the completion of projects such as American Medical Office Properties,. the Institute for Critical Care Medicine, Vuthoori Medical, the Rancho Mirage Rehabilitation Center and the building of the new $125 million hospital. pavilion at Eisenhower Medical Center. • Remain active partners. with the Chamber of Commerce and the. Restaurant Association. FY 2006-2007 • Facilitate the construction and opening of the final phase of development at the Monterey Marketplace. • Support the master planning efforts of several proposed large, mixed-use development projects (Monterey Commons and Desert Shores Townsquare) in the northern section of the City. • Assist the property owners of two large undeveloped properties on the West Highway 111 corridor (Palapas and MCO Properties) with the marketing and formulation of feasible development plans. • Seek quality commercial development opportunities to further enhance the revitalization of the Highway 111 corridor. • Strive to further diversify the City's economy by facilitating quality office development. • Continue to work with the Chamber of Commerce and the Restaurant Association to promote Rancho Mirage as a quality place to do business. 415 RANC90 FORAGE 6EDEVEI.OPMENT AGENCY FOND FINANCIAI. SOMMABY FONDS 3Tl WH[TEWATER ECONOMIC DEY~I,OPMENT FUND CITY OF R nC 0 MIRAGE 0 FY 03-04 FY 04-05 FY 04-05 FY 05-Ob FY Ob-07 Ac= Budget Est= Bu~ diet Bu_ dget Beginning- Fund Balance Reserve for encumbrances Reserve for continuing appropriations Reserve for undesignated bond proceeds Reserve for receivable Undesignated fund balance Total Beginning Fund Balance Revenues Interest on investments Interest on bond proceeds Loan repayment and interest Bond proceeds Total Revenues Expenditures Capital improverrients projects from loan proceeds/fund balance: Current year's budget Reserve for encumbrances/ continuing appropriations Bond issuance costs Total Expenditures Ending Fund Balance $ 165,000 445,000 445,000 - - 1,175,000 716,373 716,373 701,623 350,812 - 656,443 656,443. 663,643 671,043 726,294 421,784 421,784 421,784 421,784 .(164,719) 520,614 520,614 582,614 607,114 1,901,575 2,760,214 2,760,214 2,369,664 2,050,753 32,445 30,000 40,000 24,500 20,000 4,417 4,600 7,200 7,400 7,600 348,378 22,000 22,000 - - 745,352 - - - 1,130,592 56,600 69,200 31,900 27,600 60,107 - - - - 178,627 1,161,372 459,750 350,812 350,812 33,219 - - - - 271,953 1,16.1,372 459,750 350,812 350,812 Reserve for encumbrances 445,000 - _ _ _ Reserve for continuing appropriations 716,373 - 701,623 350,812 - Reserve for undesignated bond proceeds 656,443 - 663,643 671,043 678,643 Reserve for receivable 421,784 421,784 421,784 421,784 421,784 Undesignated fund balance 520,614 1,233,658 582,614 607,114 627,114 Total Ending Fund Balance $ 2,760,214 1,655,442 2,369,664 2,050,753 1,727,541 416 REVENUE ACf1VITY DE7All. Far flseal Years 200506 enU ZOOb07 FUND 371 • WHITEWATER ECONOMIC DEYE~OPMENT FUND Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 5800 Interest. Interest earned on cash investments.. Assumption: Based on 3.5% interest rate for FY 2005-06 and 3.3 % for FY 2006-07 $ 24,500 $ 20,000 FY 04/05 BUDGET AMOUNT $ .0,000 TOTAL $ 24,500 $ 20,000 5810 Interest Trustee Interest earned on cash and investments held by the City's trustee. ' Assumption: Based on specific reserve fund investments. $ 7,400 $ 7,600 FY 04/05 BUDGET AMOUNT $ 4,600 TOTAL $ 7,400 $ 7,600 FUND TOTAL $ 31,900 $ 27,600 417 418 CITY OF RAtyC O MIRAGE FUND 472 NORTHSIDE DEBT SERVICE FUND REDEVELOPMENT AGENCY PROGRAM DESCRIPTION The Northside Debt Service Fund accounts for the receipt of property tax revenue known as tax increment revenue generated by the Northside Project Area of the Redevelopment Agency. Pursuant to redevelopment law, 20% of the tax increment revenue generated is to be expended for low-and moderate-income housing purposes. The remaining 80% is available for debt service on Redevelopment Agency indebtedness, required sharing of tax increment revenue with other taxing agencies pursuant to formal agreements (commonly known as pass-through agreements), Redevelopment Agency operating costs such as 50% of the salary and benefits of the Economic Development Director and Management Analyst (the other 50% is paid by Whitewater), Riverside County's fee to collect tax increment revenue, the reimbursement to the General Fund for staff support and capital projects. Budgeted tax increment revenue for the Northside Debt Service Fund is reported at gross. Twenty percent (20%) of this gross is transferred to the Redevelopment Agency's Low Cost Housing Fund and subsequently to the Housing Authority. After addressing other requirements for debt service, pass- through payments and identified operating costs, available tax increment is transferred to the Northside Capital Projects Fund. EXPENDITURE SUMMARY FOND EXPENDITURE SUMMARY 2003/04 2004/05 2004/05 2005/06 2006/07 472 NORTBSIDE DEBT SERVICE FUND Actual Budget Estimate Budget Budget Professional & Technical Services 213,511 241,800 274,280 298,570 318,080 ERAF Shift 514,028 1,043,389 1,043,389 1,136,807 0 Debt Service Expenditures 4,027,760 5,127,102 5,127,104 5,130,376 5,526,508 Pass-throughs 3,274,347 3,686,734 3,531,375 3,808,250 4,035,350 20% Transfer to Low & Mod. Fund 2,090,586 2,220,200 2,417,000 2,605,200 2,760,600 Transfer to Capital Project Fund 656,463 705,806 756,748 945,714 1,377,822 Total Expenditures 10,776,695 13,025,031 13,149,896 13,924,917 14,018,360 Change in Budget 6.91 % 0.67% BUDGET HIGHLIGHTS FY 2005-06 • Total estimated property tax increment for FY 2004-OS is projected to increase to $13,026,000 of which 20% or $2,605,200 is set aside for housing purposes. This amount assumes a 4% estimated growth in tax increment revenue over the prior year. 419 Total. principal and interest for the fiscal year is $5,130,376. This is based on debt service schedules for the 1994, 1999, 2001 and 2003 tax allocation bonds. In December 2003, the Rancho Mirage Redevelopment Agency issued $25,801,027 of tax allocation bonds. • $945,714 of tax increment is projected to be available for transfer to the Northside Capital Projects Fund. Were there no ERAF shift, the transfer would be $2,082,521. • In FY 2003-04, the Northside Debt Service Fund paid $514,028 for the ERAF (Educational Revenue Augmentation Fund) shift of tax increment revenue to K.-12 schools and community colleges. It is estimated that. $1,043,389 will be paid in FY 2004-05. For budgeting purposes, it is projected that $1,136,807 will be paid in FY 2005-06. Based on existing law, ERAF payments do not continue beyond FY2005-06. For this reason, n® ERAF payment is budgeted in. FY 2006-07. FY 2006-07 • Total estimated property tax increment for FY 2004-05 is $13,803,000 of which 20% or $2,760,600 is set aside for housing purposes. This amount assumes a 4% estimated growth in tax increment revenue over the prior year. • Total principal and interest for debt service for the fiscal year is $5,526,508. This is based. on debt service schedules f®r the 1994,1999, 2001 and 2003 tax allocation bonds. • $1,377,822 of tax increment is projected to be available for transfer to the Northside Capital Projects Fund. However, if the State requires ERAF payments beyond FY 2005-06 the amount available to be transferred will. decline. 420 BANC901~RAGE REDEVELOPUff,MI' AGENCY FOND FalANC1AL SOMMARY FUND 472 - NORTflSIDE -DEBT SERVICE FUND CITY OF R fIC 4 MIRAGE 0 ~ ~ FY 03-04 FY 04-05 FY 04-05 FY 05-06 FY 06-07 Ac_ foal Bu_ dget Estes Budget Budget Beginning Fund Balance Reserved for Debt Service on Escrowed Bonds $ - 1,163,353 1,163,353 593,617 Reserve Fund Requirement 4,725,067 4,882,008 4,882,008 4,882,008 4,882,008 Total Beginning Fund Balance Revenues 4,72.5,067 6,045,361 6,045,361 5,475,625 4,882,008 Tax Increment 10,452,928 11,101,000. 12,085,000 13,026,000 13,803,000 Interest City Investments 101,151 125,000 118,470 130,000 145,000 Interest Trustee Investments 202,854 355,000 376,690 175,300 70,360 Operating Transfer In 1,340,056 - - - - Total Revenues 12,096,989 11,581,000 12,580,160 13,331,300 14,418,360 Expenditures Bond Servicing 1.7,262 26,000 . 26,620 27,150 27,700 ERAF Shift S 14,028 1,043,389 1,043,389 1,136,807 - County Property Tax Collection Fee 196,249 215,800 247,660 271,420 290,380 Principal on Bonds 690,000 . 1,055,000 1,055,000 1,100,000 1,540,000 Interest on Bonds 3,337,760 4,072,102 .4,072,104 4,030,376 3,986,508 Pass-Through Payments: County Superintendent of Schools 340,122 389,033 362,690 391,130 414,460 PS Unified School District 1;744,573 1,983,199 1,899,930 2,048,900 2,171,090 College of the Desert 625,166 715,062 6.66,655 718,930 761,800 Library Fund 564,486 599,440 602,100 649,290 688,000 Transfer to Capital Project Fund 656,463 705,806 756,748 945,714 1,377,822 Transfer to Low Cost Housing Fund 2,090;586 2,220,200 2;417,000 2,605,200 2,760,600 Total Expenditures 10,776,695 13,025,031 13,149,896 13,924,917 14,018,360 Ending Fund Balance Reserved for Debt Service on Escrowed Bonds 1,163,353 - 593,617 - - Reserve Fund Requirement 4,8.82,008 4,601,330 4,882,00$ 4,882,008 4,882,008 Total Ending Fund Balance $ 6,045,361 4,601,330 5,475,625 4,882,008 4,882,008 421 BEVENOE ACfMTY DETAIL For fiscal Years 2005.06 anU 2006-07 FOHD 4T2 • NORTR~~D~ DST s~R~IC~ F~1D Budget Budget ACCT ACCOUNT F~ 2005-06 FY 2006-07 N0. NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 4036 Tax Increment Incremental growth in property tax revenue generated subsequent to formation of a redevelopment project area. $ 13,026,000 $ .13,803,000 FY 04/05 BUDGET AMOUNT $11,101,000 TOTAL. $ 13,026,000 $ 13,803,000 5800 Interest Interest earned. on cash and investments. Assumption:. Based on 3.25% and 3.5% interest rates for FY 2005-Ob and FY 2006-07. $ 130,000 $ 145,000 FY 04/05 BUDGET AMOUNT $125,000 TOTAL $ 130,000 $ 145,000 5810 Interest Trustee Interest earned on cash and investments held by the City's trustee. Assumption: Based on specific reserve fund investments ~ ~ ~ ~ znn ~ ~n ~ ~n FY 04/05 BUDGET AMOUNT $.355,000 TOTAL $ 175,300 $ 70,360 FUND TUTAI, $ 13,331,300 $ 14,018,360 422 IXPENDIfO6E ACf1VIfY DEIAd F01' FiSC81 YC8f5 zoos~oe ana 200~0~ FON11472 • NORTHSIDE DEBT SERVICE FOHD Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME NSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7440 Bond Servicing Fees for trustee and, arbitrage calculation services $ 27,150 $ 2.7,700 FY 04/05 BUDGET AMOUNT $ 26,000 TOTAL $ 27,150 $ 27,700 7590 ERAF Shift Mandated sharing of tax increment with the State for K-12 (Educational Revenue schools and community colleges. Based on FY 2004-OS Augmentation Fund) actual payment. Based on existing law, EFAF payments are scheduled to cease after FY 2005-06 $ 1,136,807 $ - FY 04/OS BUDGET AMOUNT $1,043,389 TOTAL $ 1,136,807 $ - 7863 County Processing Riverside County charge for collecting property tax $ 271,420 $ 290,380 Fee FY 0405 BUDGET AMOUNT $ 215,800 TOTAL $ 271420 $ 290 380 8200 Principal Payment Amount of scheduled principal payments on outstanding bond issues $ 1,100,000 $ 1,540,000 FY 04/05 BUDGET AMOUNT $1,055,000 TOTAL $ 1,100,000 $ 1,540,000 8205 Interest Payment Amount of scheduled interest payments on outstanding bond issues $ 4,030,376 $ 3,986,508 FY 04/05 BUDGET AMOUNT $ 4,072,101 TOTAL $ 4,030,376 $ 3,986,508 .8300 Pass-through - Amount of tax increment passed through pursuant to pass- Co.Sup. of through agreement $ 391,130 $ 414,460 Schools FY 04/OS BUDGET AMOUNT $ 389,033 TOTAL $ 391,130 $ 414,460 8305 Pass-through - Amount of tax increment passed through pursuant to pass- PSUSD through agreement $ 2,048,900 $ 2,171,090 FY 04/OS BUDGET AMOUNTS 1,983,199 TOTAL $ 2,048,900. $ 2,171,090 8325 Pass-through - Amount of tax increment passed through pursuant to pass- College of the through agreement $ 718,930 $ 761,800 Desert FY 04/OS BUDGETAMDUNT $ 715,Ob2 TOTAL $ 718,930 $ 761,800 8360 Transfer to Amount of tax increment contributed to Library Fund Community (through the Community Services District) following Services District withdrawal from Riverside City and County Public Library for pass-through System $ 649,290 $ 688,000 to the Library Fund FY 04/05 BUDGET AMOUNTS 599,440 TOTAL $ 649,290 $ 688,000 423 E)~ENDIT06E ACIIVIfY DETAII. For Fiaeel Years 2005.06 antl 200fr07 ~~ ~~~ ~ ~oiQi~1)®~ D~'f SERVICE ~~ Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 8815 Transfer to Capital Amount of excess tax increment available for capital projects Projects Fund $ 945,7.14 $ 1,377,822 FY 04/05 BUDGET AMOUNT $ 705,806 TOTAL $ 945,714 $ 1,377,822 8825 Transfer to Low 20% of gross tax increment transferred to RDA Low Cost Cost Housing Fund Housing Fund $ 2,605,200 $ 2,760,600 FY 04/05 BUDGET AMOUNT $ 2,220,200 - TOTAL $ 2,605,200 $ 2,760,600 FUND TOTAL $ 13,924,917 $ 14,01.8,3b0 424 CITY C>~ RANCI O f~IRAGC ~ ~ FUND 372 NORTHSIDE CAPITAL PROJECTS FUND REDEVELOPMENT AGENCY PROGRAM DESCRIPTION The Northside Capital Projects Fund is the second capital projects fund of the Redevelopment Agency. This Fund is used to account for resources used to finance a variety of capital projects and various operating costs such as the annual reimbursement to the General Fund for staff support. Fifty percent of staff costs related to the Economic Development Director and Management Analyst are charged directly to this Fund. The remaining 50% is charged to the Whitewater Capital Projects Fund. This Fund relies on three sources of funding. The first source is the annual transfer of tax increment from the Northside Debt Service Fund. The second and third sources of funding, specifically for capital projects, are available bond proceeds from the 1999, 2001 and 2003 Northside tax allocation bond issues and associated interest earnings. In December 2003, the Rancho Mirage Redevelopment Agency issued a total of $25,801,027 Northside Tax Allocation Bonds for the purpose of financing certain improvements in the Northside Redevelopment Project, funding an escrow for future improvements in the Project Area, funding a reserve for the Bonds and paying the costs of issuing the Bonds. EXPENDITURE SUMMARY FUND EXPENDITURE SUMMARY 2003/04 2004/05 2004/05 2005/06 2006/07 372 NORTflSIDE CAPITAL PROJECTS FUND Actual Budget Estimate Budget Budget Personnel 133,874 150,039 150,039 162,297 167,559 Operations & Maintenance 921,111 639,412 655,250 768,549 780,384 Bond Issuance Costs 582,521 0 0 0 0 Transfer to Other Funds 2,771,786 0 0 0 0 Capitallmprovements 7,837,369 937,200 762,000 0 2,500,000 Total Expenditures 12,246,661 1,726,651 1,567,289 930,846 3,447,943 Change in Budget -46.09% 270.41 % :, BUDGET HIGHLIGHTS FY 2005-06 • $945,714 of tax increment is projected to be available for transfer from the Northside Debt Service Fund. This amount will fluctuate based on the size of the actual ERAF shift. • Budgeted operating expenditures (which include personnel and operations & maintenance) totaling $930,846 are increasing $125,557 (15.59%) from $805,289 primarily due to the increase of $64,536 in reimbursement to the General Fund for staff support and the $56,550 increase in technical, professional and miscellaneous services. 425 o Nothing -has been budgeted for capital improvement projects from the tax allocation bonds. • The Sunny Lane park site was projected to be sold for $1.5 million. In the early 1990s, the Northside Capital Project paid $845,000 to acquire, the site and this amount of revenue was budgeted as reimbursement for the earlier expenditure in FY 2004-05. The sale is expected not to transpire in FY 2004-OS but projected to occur in FY 2005-06. The reimbursement amount of $845,000 is therefore re-budgeted as revenue in FY 2005-06. FY 2006-07 • $1.,377,822. of tax increment is projected to be available for transfer from the Northside Debt Service Fund. This amount will fluctuate based on the size of the actual ERAF shift. • budgeted operating: expenditures (which include personnel and operations & maintenance) totaling $947,943 are increasing $17,097 (1.84%) from $930,.846 primarily due to the. increase of $12,577 in reimbursement to the General Fund for staff support, and a $4,500 net increase in salaries, benefits and professional services. • $2,500,000 is budgeted for the Frank Sinatra Drive Low water Crossing from the 2003 tax allocation bond issue. 426 RANCHO MIRAGE REDEVELOPMENT AGENCY FUND FINANCIAL SUMMARY cm of a nc o miaace a FOND 3T2 NORTHSmE CAPITAL PROTECTS FOND ~ ~ FY 03-04 FY 04-05 FY 04-05 FY 05-06 FY 06-07 Ac~ Bu_ diet Est= Budget Budget Beginning Fund Balance Reserve for encumbrances Reserve for continuing appropriations Reserve for undesignated bond proceeds Reserve for loans receivable Undesignated fund balance $ 42,.188 106,085 33,579,392 30,277,154 3,035,406 18,650,583 775,000 710,592 (332) (136,732) 37,431,854 49,607,682 106,085 30,277,1.54 18,650,583 710,592 136,732 49,607.,682 13,288,141 - 21,193,793 21,786,799 695,592 695,592 (85,562) 802,106 35,091.,964 23,284,497 Total Beginning Fund Balance Revenues Interest on investments Interest on bond proceeds Transfer from Debt Service Fund Proceeds from Land Sale Reimbursements for Capital Projects Loan Repayment and Interest Bond Proceeds Total Revenues Expenditures Capital improvements, projects from bond proceeds/fund balance: Current .year's budget Reserve for encumbrances/ ' continuing appropriations Transfer to Library Capital Project Fund Bond Issuance Costs Other Expenditures Other Transfers Out Total Expenditures Ending Fund Balance - 20,860 27,800 33,720 645,664 469,000 747,746 5.93,006 175,943 656,463 705,806 756,748 945,714 1,377,822 - 845,000 - 845,000 - 962,277 63,793 63,793 - - 49,408 - - - - 22,108,677 - - - - 24,422,489 2,083,599 1,589,147 2,411,520 1,587,485 6,027,712 937,200 762,000. - 2,500,000 1,809,657 27,672,051 14,537,576 13,288,141 - 1,178,065 - - - - 582,521 - - - - 1,054,985 789,451 805,289 930,846 947,943 1,593,721 - - - - 12,246,661 29,398,702 16,104,865 14,218,987 3,447,943 Reserve for encumbrances 106,085 - - - - Reserve for continuing appropriations 30,277,154 2,711,130 13,288,141 - - Reserve for undesignated bond proceeds 18,650,583 18,182,383 21,193,793 21,786,799 19,462,742 Reserve for loans receivable 710,592 710,592 695,592 695,592 695,592 Undesignated fund balance (136,732) 688,474 (85,562) 802,106 1,265,705 Total Ending Fund Balance $ 49,607,682 22,292,579 35,091,964 23,284,497 21,424,039 427 6EVENOE ACTIVITY DE'fA1L For Ffscal Years 200506 eutl 200607 Fi11dD 372 ~ 1~OR~'HS®E CAP~rA~ PROj~~f 3 ~M~D Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME DESCRIPTIONS AND ASSIJNIPTIONS AMOUNT AMOUNT 5800 Interest Interest earned on cash and investments. Assumption: Based on 3.25% and 3.5% interest rates for FY 2005-06 and FY 2006-07 $ 27,800 $ 33,720 FY 04/05 BUDGET AMOUNT $ D TOTAL $ 27,800 $ 33,720 5810 Interest Trustee Interest earned on cash and investments held by Agency's trustee. Assumption: Yields for specific investments purchased $ 593,006 $ 175,943 FY 04/OS BUDGET AMOUNT S 469,000 TOTAL $ 593,006 $ 175,943 6435 Transfer from Amount of excess tax increment transferred from the Debt Service . Northside Debt Service Fund. Assumption: Residual balance of available tax increment revenue $ 945,714 $ 1,377,822. FY 04/OS BUDGET AMOUNT $ 705,806 TOTAL $ 945,714 $ 1,377,822 6501 Proceeds. from Reimbursement from sale of Sunny Lane Park site for Land Sale previous cost. of acquisition. It was originally budgeted in FY 2004-OS but actual sale is projected to transpire in FY 2005-06. $ 845,000 $ - FY D4/OS BUDGET AMOUNT $ 845,000 TOTAL $ 845,000 $ - FUND TOTAL $ 2,411,520 $ 1,587,485 428 EXPENDI'IU6E ACf1Vf1Y DETAIL For fiscal Years 2005.06 antl 200bo7 FUND 372 • NORTBSIDE CAPITAL PROJECTS FUHD Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006.07 N0. NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7100 Salaries - Redevelopment Agency Board of Directors $ 1,800 $ 1,800 Full Time % of Economic Development Director's salary 64,436 65,9.88 '/z of Redevelopment Analyst's salary 34,881 36,625 FY 04/OS BUDGET AMOUNT $ 97,59 TOTAL $ 101,117 $ 104,413 7200 Benefits Benefits paid by City including group insurance, retirement and other benefits ('/z of Economic Development benefits).. $ 58,877 $ 60,352 FY 04/OS BUDGET AMOUNT $ 50,089 TOTAL $ 58,877 $ 60,352 7250 Workers' Premium for Redevelopment Agency employees. $ 2,303. $ 2,794 Compensation FY 04~OS BUDGET AMOUNT $ 2,371 TOTAL $ 2 303 $ 2 794 7400 ProfessionaU ,~ Costs for professional services;. such as legal and financial Technical advisory services. $ 207,820 $ 208,720 FY 04/OS BUDGET AMOUNT $146,000 TOTAL $ 207,820 $ 208,720 7432 Auditing Services Annual financial audit of the Redevelopment Agency.. $ 2,312 $ 2,370 FY 04/OS BUDGET AMOUNT $ 2,244 TOTAL $ 2,312 $ 2,370 7803 Car Allowance '/z of $343/month for use of Economic Development Director's personal car for attendance at meetings, seminars, etc. in the Coachella Valley.. $ 2,058 $ 2,058 FY 04/OS BUDGET AMOUNT $ l soo TOTAL $ 2,058 $ 2,058 7806 Meetings & Travel Workshops and conferences for groups such as International Council of Shopping Centers (ICSC), League of California Cities, California Redevelopment Association (CRA), International City Management Association (ICIVIA), and Coachella Valley Economic Partnership (CVEP). $ 5,000 $ 5,000 FY 04/OS BUDGET AMOUNT $ S,ooo TOTAL $ 5,000 $ 5,000 78.18 Dues & Memberships and subscriptions with International Council Subscriptions of Shopping. Centers (ICSC), International City Management Association (ICMA), California Redevelopment Association (CRA), Municipal Management Assistants of Southern California (MMASC), Wheeler's Desert Letter and Shopping Centers Today. $ 10,800 $ 11,100 FY 04/OS BUDGET AMOUNT $ 8,000 TOTAL $ 10,800 $ 11,100 429 EXPENDITORE Al7'IVffY DETAIL For Ffscal Yarn zoosoe ana zoo~o7 F1IND 3T2 • NORTBS®E CAPITAF PROjECf S FUND Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7839 Reproduction & Printing for special projects. $ 12,000 $ 10,000 Printing FY 04/05 BUDGET AMOUNT $ 4,000 TOTAL $ 12,000 $ 10,000 8000 Supplies Miscellaneous office supplies. $ 1,200 $ 1,200 FY 04/OS BUDGET AMOUNT $1,200 TOTAL $ 1,200 $ 1,200 8500 General Fund Reimbursement for General Fund staff support + 1.5% Reimbursement overhead. $ 527,359 $ 539,936 FY 04/05 BUDGET AMOUNT $ 462,823 TOTAL $ 527,359 $ 539,936 90301 Frank Sinatra Refer to the Capital Improvement section of this document Drive Low Water for a project description. Crossing $ - $ 2,500,000 FY 04/05 BUDGET AMOUNT $0 TOTAL $ - $ 2, S 00,000 FUND TOTAL $ 930,846 $ .3,447,943 430 cizV o~ RAnc o miRACE FUND 373 NORTHSIDE CAPITAL PROJECTS TAXABLE BOND FUND REDEVELOPMENT AGENCY PROGRAM DESCRIPTION The Northside Capital Projects Taxable Bond Fund is used to budget for the taxable portion of the 2003 Tax Allocation Bonds and associated interest earnings. The bonds were issued by the Rancho Mirage Redevelopment Agency in December 2003 for the purpose of financing certain improvements in the Northside Redevelopment Project and paying the costs of issuing the bonds. A separate fund is established for the taxable portion of the bonds to comply with Internal Revenue Service requirements on taxable bonds. 431 RANC901~RAGE BEDEVEI,OP(~N'1' AfiENCY FOND FAIANCIAL SUMMARY ciN of a nc o miaACE _ a FONDS 373 NORTBSIDE CAPITAL PROJECT TAXABLE BOND FUND ~ ~ FY 03-04 FY 04-05 FY 04-05 FY 05-06 FY 06-07 Aco foal Budget Est~im_a, t_e Bu_ diet Budget Beginning Fund Balance Reserve for undesignated bond proceeds $ - 3,562,606 3,562,60b 3,709,618 3,798,088 Total Beginning Fund Balance - 3,562,606 3,562,b06 3,709,618 3,798,088 Revenues Interest on bond proceeds Band Proceeds Transfers In Total Revenues Expenditures Bond Issuance Costs Transfers Out Total Expenditures 1,802 87,500 138,300 88,470 56,590 4,540,000 - - - - - - 15,462 - - 4,541,802 87;500 153,762 88,470 56,590 131,546 - 6,750 - 847,650 - - - - 979,,196 - 6,750 - - Ending Fund Balance Reserve for undesignated bond proceeds 3,562,606 3,650,106 3,709,618 3,798,088 3,854,678 Total Ending Fund Balance $ 3,562,606 3,650,106 3,709,618 3,798,088 3,854,678 432 REVENGE ACfM'IY DETAII. For Fiscal Years 2005.06 ~IIU 2006.07 FUHD 373 • HORTHSmE CAPITAL PROJECTS TAXABLE BOND FUND Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 5810 Interest Trustee Interest earned on cash and investments held by the City's trustee. Assumption: Based on specific reserve fund investments. $ 88,470. $ 56,590 FY 04/05 BUDGET AMOUNT $ 87,soo TOTAL $ 88,470 $ 56,590 FUND TOTAL $ 88,470 $ 56,590 433 434 c~~Y of ~Anc o miRACE FUND 270 LOW COST HOUSING FUND REDEVELOPMENT AGENCY PROGRAM DESCRIPTION The Low Cost Housing Fund is used to budget for the 20% of annual tax increment revenue that is required to be used for low and moderate income housing purposes pursuant to State redevelopment law. After accounting for relatively minor operating costs, the annual balance of tax increment revenue is then transferred to the Housing Authority, a separate legal entity, where it is used for the retention, development and other related costs of affordable housing projects/purposes. In December 2003, the Rancho Mirage Redevelopment Agency issued $34,565,000 of tax allocation housing bonds for the purpose of financing certain improvements for low-and moderate-income housing projects. 435 RANC9017~NGE REDEVEI.OPI~Nf AfiENCY Form ~nr~cw, soau~nsr CITY OF R IYC 0 MIRAGE FOND 2T01,OW COST HOUSING FOND ° ~ ~ FY 03-04 FY 04-05 FY 04-05 FY 05-06 FY 06-07 Actual Budget Estoimate Bu_._dget Bud et Beginning Fund Balance Bond Proceeds Reserved for Capital Projects $ 34,680,682 34,680,682 33,139,147 32,200,677 Remaining Fund Balance - 1.,415,422 1,415,422 - - Total Beginning Fund Balance - 36,096,104 36,096,104 33,139,147 32.,200,677 Revenues Interest City Investments - - 49,920 60,000 66,000 Interest Trustee Investments 472,663 909,200 989,890 827,000 . 752,000 Other -Bond Proceeds 34,565,000 - - - - OriginalIssue Premium 481,240 - - - - Operating Transfer In 4,714,980 5,004,800 5.,198,600 5,555,200 5,841,800 Total Revenues 40,233,883 5,914,000 6,238,410 6,442,200 6,659,800 expenditures Bond Servicing - - 4,500 4,590 4,680 County Property Tax Collection Fee 85,663 93,400 100,620 108,850 115,470 Principal on Bonds - - - 1,025,000 1,045,000 Interest on Bonds ~ 483,370 1,487,294. 1,487,294 1,487,294 1,4b6,794 Bond Issuance Costs 910,093 - - _ _ Other Expenditures 400 756 3,002 3,272 3,391 Transfer to Housing Authority 2,658,253 3,423,369 7,599,951 4,751,664 6,672,516 Total Expenditures 4,137,779 5,004,819 9,195,367 7,380,670 9,307,851 Ending Fund Balance Bond Proceeds Reserved for Capital Projects 34,680,682 - 33,139,147 32,200,677 29,552,626 Remaining Fund Balance 1,415,422 37,005,285 - - Total Ending Fund Balance $ 36,096,104 37,005,285 33,139,147 32,200,677. 29,552,626 436 R6VENOE ACRVI7Y DETAIL For Flscal Years zooso~ anu X07 FUHD 270 ~ LOW COST HOUSING FUND Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 5800 Interest Interest earned on cash and investments. Assumption: Based on 3.25% and 3.5% .interest rates for FY 2005-06 and FY 2006-07. $ 60,000 $ 66,000 FY 04/05 BUDGET AMOUNT $ 0 TOTAL $ 60,000 $ 66,000 5810 Interest Trustee Interest earned on cash and investments held by Agency's trustee. ' Assumption: Yields for specific investments purchased $ 827,000 $ 752,000 FY 04/05 BUDGET AMOUNT $ 909,200 TOTAL $ 827,000 $ 752,000 6400 Transfer. from Amount of 20% of tax increment revenue received by the Whitewater Debt Redevelopment Agency transferred from Whitewater Debt .Service Fund Service Fund. $ 2,950,000 $ 3,081,200 FY 04/05 BUDGET AMOUNT $ 2,784,600 TOTAL $ 2,950,000 $ 3,081,200 6400 Transfer from Amount of 20% of tax increment revenue received by the Northside Debt Redevelopment Agency transferred from Northside Debt Service Fund Service Fund. $ 2,605,200 $ 2,760,600 FY 04/05 BUDGET AMOUNT $ 2,120,200 TOTAL $ 2,605,200 $ 2,760,600 FUND TOTAL $ 6,442,200 $ 6,b59,800 437 EXPENDI'NBE ACfMTY DETAIL For Ffscel Peers wos~oe ana zoo~oa FUND 2T0 ~ LOW COST DOUSUVG FUND Budget Budget ACCT ACCOUNT FY 2005-06 FY 2006-07 N0. NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7432 Auditing Services Annual financial audit of the Redevelopment Agency $ 772 $ .791 FY o4ios BUDGET ~4MOUNT $ 737 TOTAL $ 772 $ 791 7400 ProfessionaU Costs for professional financial services. $ 2,500 $ 2,600 Technical FY 0405 BUDGET AMOUNT $ D TOTAL $ 2,500 $ 2,600 7440 Bond Servicing Fees- for trustee and arbitrage calculation services $ 4,590 $ 4,680 FY 04/05 BUDGET AMOUNT $ 0 TOTAL $ 4,590 $ 4,680 7863 County Processing Riverside County charge for collecting property tax $ 108,850 $ 115,470 Fee FY 04~OS BUDGET AMOUNT $ 43,400 TOTAL $ 108,850 $ 115,470 8200 Principal Payment Amount of scheduled principal payments on outstanding bond issues $ 1,025,000 $ 1,045,000 FY 04/05 BUDGET AMOUNT $ o TOTAL $ 1,025,000 $ 1,045,000 8205 Interest Payment Amount of scheduled interest payments on outstanding bond issues $ 1,487,294 $ 1,466,794 FY 04/05 BUDGET AMOUNT $1,487,294 TOTAL $ 1,487,294 $ 1,466,794 8820 Transfer. to Reimbursement to the Housing Authority for housing- Housing Authority related capital projects from bond proceeds of the Redevelopment Agency Low Cost. Housing Fund $ 2,986,194 $ 3,272,465 FY 04/05 BUDGET AMOUNT $0 TOTAL $ .2,986,194 $ 3,272,465 8820 Transfer to Tax increment transferred to the Housing Authority from Housing Authority the Redevelopment Agency Low Cost Housing Fund. Assumption:. Based on 20% of tax increment received by the Redevelopment Agency less debt service payments $ 1,765,470 $ 3,400,051 FY 04/05 BUDGET AMOUNT $ 3,423,369 TOTAL $ 1,765,470 $ 3,400,051 FUND TOTAL $ 7,380,670 $ 9,307,851 438 RESOLUTION N0.2005-197 A RESOLUTION OF THE RANCHO 1VIIRAGE REDEVELOPMENT AGENCY ADOPTING A SCHEDULE OF CITY STAFF TIME ALLOCATION AND PROVISIONS FOR REIMBURSEMENT TO THE. CITY OF RANCHO MIRAGE FOR FISCAL YEAR 2005-2006 AND FISCAL YEAR 2006-2007. WHEREAS, the Redevelopment Agency agrees to the reimbursement for services performed by the City for the Agency; and WHEREAS, said reimbursement requires a schedule of activity and reimbursement provisions; NOW, THEREFORE, BE IT RESOLVED that the following schedule and reimbursement provisions be adopted: Title Allocation Percentage Allocated Salary FY 05/06 Allocated Benefits FY 05106 Total Allocation FY 05/06 Allocation Percentage Allocated Salary FY 06/07 Allocated Benefits FY 46/07. Total Allocation FY 06107 City Clerk 20% $ 13,647 $ 9,326 $ 22,972 20% $ 13,647 $ 9,418 $ 23,066 Deputy City Clerk 20% 11;544 8,822 20,366 20% 12,121 9,044 21,165 Records Management Coordinator 20% 8,796 8,165 16,961 20% 9,236 8,336 17,572 Records Technician II ZO% 5,503 .5,910 11,413 20% .7,873 8,002 15,876 Office Assistant III 15% 6,578 3,578 10,156 15% 6,775 3,669 10,444 Office Assistant III 15% S,I88 5,786 10,975 15% 5,448 5,889 11,337 Records Imaging Technician 20% 7,021 7,630 ]4,651 . 20% 7,247 7,735 14,982 City Manager 40% 67,692 . 27,337 95,028 40% 67,692 27,765 95,456 Director of Management Services 5% 6,371 2,196 8,566 5% 6,562 2,282 8,844 Management Analyst 5% 4,254 1,686 5,940 5% 4,254 1,713 5,966 Contract Specialist 20% 14,032 9,418 23,449 20% 14,711 9,679 24,390 Public Information Officer 10% 7,192 4,696 11,888 10% 7,408 4,796 12,204 Executive Assistant 15% 8,996 6,698 15,694 15% 9,266 6,826. ~ 16,092 Executive Assistant 5% 2,895 2,180 . 5,075 5% 2,982 2,221 .5,202. Director of Administrative Services 20% 27,715 12,704 40,419 20% 27,715 12,881 40,596 Personnel Off cer 5% 4,924 2,660 7,585. 5% 4,924 2,692 7,616 AccountingManager 40% 31,321 12,840 44,161 40% 32,261 . 13,266 45,527 Accounting Technician II 20% 10,968 8,415 19,383 20% 10,968 8,489 19,457 Accounting Technician II 20% 10,968 8,525 19,493 20% 10,968 8,b02 19,5 70 Accounting Technician II 15% 7,243 6,195 13,439 15% 7,460 6,298 13,758 Information Services Manager 10% 11,401 5,758 17,159 10% 11,401. 5,832 17,233 Network and Support Specialist 10% 5,654 4,383 10,037 10% 5.,824 4,464 10,288 Director of Community Development 15% 19,796 6,750 26,547 15% 19,796 6,872 26,669 Planning Manager 15% 15,317 8,210 23,528 15% 15,777 8,423 24,200 Senior Planner 15% 13,990 7,591 21,581 15% 14,069 7,699 21,768 Associate Planner 5% 4,234 2,528 6,762 5% 4,361. 2,587 6,.948 Assistant Planner 5% 2,770. 1,331 4,100 5% 2,908 1,382 4,291 Planning Technician 5% -3,174 2,275 5,449 5% . 3,174 2,296 5,470 Department Secretary 10% 5,829 4,370 10,199 10% 6,004 4,452 10,456 Office Assistant III 5% 1,857 1,959 3,816 5% 1,950 1,996 3,946 Office Assistant I 10% 2,910 3,671 6,581 10% 3,055 3,728 6,781 Building Official 15% 15,582 8,191 23,773 15% 16,049 8,405 24,454 Senior Building Inspector 5% 3,858 2,405 6,264 5% 3,858 2,430 6,289 Building Inspector II 5% 3,251 2,293 5,543 5% 3,348 2,339 5,687 Building Inspector I 5% 2,406 2,091 4,497 5% 2,526 2;137 4,664 Building Permit Specialist 10% 4,267 3,996 8,263 10% 4,480 4,07$ 8,5 58 Director of Public Works 50% 65,619 29,901 95,519 50% 65,988 30,407 96,3 95 City Engineer 35% 43,992 21,153 65,145 35% 43,992 21,436 65,428 Senior Civil Engineer 20% 21,205 11,134 32,339 20% 21,715 11,398 33,1 13 Civil Engineering Assistant 5% 3,658 2,390 6,048 5% 3,767 2,442 6,209 439 'title Allocation Percentage Allocated Salary FY Q5106 Allocated ~enef is FY 05/06 7Cotal Allocation FY 05106 Allocation Percentage Allocated .Salary FY 06107_ Allocated l~enef is FY 06107 T®tal Allocation FY 06/07 Project Manager 70% 43,318 31,576 74,894 70% 45,484 32,405 77,889 Public Works Inspector 5°/® 3,448 2,307 5,755. 5% 3,.551 2,355 5,9.07 Engineering Technician II 5% 2,897 2,181 5,078 5% 3-,033 2,233 5,266 Department Secretary 25% 12,008. 10,284 22,292 25% 12,608 10,513 23,121 Office Assistant III 10°/® 4,732 4,097 8,828 10% 4,.737 4,130 8,867 'total Allocation $ 579,553 $ 3379593 $ 917,146 ~_____ $ 592,973 $ 346,046 $ 939,019 Reimbursement to the City of Rancho Mirage is also agreed to and authorized for other City positions. not identified in the above list on an hourly rate for actual time spent. Those City positions not identified -above shall be required to identify time spent on Redevelopment Agency projects on the employee time sheet used for payroll purposes. The Department of Admmistrative Services shall use these time sheets for the purpose of calculating actual reimbursement by the Redevelopment Agency to the City. Reimbursement to the Ci is also agreed to and authorized for the salary-related cost of retirement, health insurance, workers' tY compensation insurance and other insurance benefits in the same proportion that the salary costs of the above enumerated employees and officers bear to the total City salary costs subject to retirement, health insurance, workers' compensation costs. reimbursement to the Cit is als® agreed to and authorized for 15% ®f the salaries and benefits above t® cover general overhead costs Y incurred by the City. PASSED, APPROVED, AND ADOPTED this 7th day of July 2005. RANCHO MIRAGE REDEVELOPMENT AGENCY ~--- ~f- - ,- ~ ~~,,~~ ,~ `,--~' 1 _. Alan Seman Chairman ATTEST: Elena Keeran, CMC Agency Secretary APPROVED AS TO FORM: ~'":.'' ..Steven B. Quintan~ a:~' Agency Counsel , - ~~~ 440