HomeMy Public PortalAbout23 Bridge Tax FundBRIDGE TAX FUND
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BRIDGE TAX FUND
FUND 230 BRIDGE TAX FUND
PROGRAM DESCRIPTION
C1T~ OF RAMC ~ MIRAGE
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The Bridge Tax was a development fee on new construction prior to 1990 when the Development Fee was
adopted, combining all the various developments into one fee. The purpose of the Bridge Tax was to
provide funding for projects such as the widening of the Bob Hope Bridge and low-water crossings such
as the crossing of the Whitewater River at Frank Sinatra.
The continuing use of the Fund is to pay the City's share of the Monterey Bridge/Interstate 10 intersection
in annual payments to CVAG over ten years totaling $498,240. The City will be making its eighth annual
payment of $50,000 in FY 2003-04 and its ninth annual payment of $50,000 in FY 2004-05.
Once the final payment of $48,240 is made in FY 2005-06 any residual balance in
transferred to the Whitewater Capital Project Fund for the final reimbursement of the
projects on Highway 111. The Fund will then be closed.
the Fund will be
bridge widening
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QTY OF RANCBO MIRAGE
FOND FINpNC1AL SUMMARY
FOND 230 DRIDGE TAX FOND `~Ty of R "` o M~Ra~ o
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FY 01-02 FY 02-03 FY 02-03 FY 03-04 FY 04-OS
Actual Bu° dget Estes to Budget Bud et
Beginning Fund Balance
Reserve for Monterey/I10 Overpass $ 2.28,992 189,348 186,568 141,368 95,368
Revenues 7,576 10,000 4,800 4,000 2,700
Expenditures 50,000 50,000 50,000 50,000 50,000
Ending Fund Balance o
Reserve for Monterey/I10 Overpass $ 186,568 149,348 141.,368 95,368 48,06.8
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REVENUE ACf1V11'1(DETAIL
For Eisfal Years
2110304 and 2004.05
FUHD 230 • BRIDGE TAX FUND
Budget Budget
ACCOUNT ACCOUNT FY 2003-2004 FY 2004-2005
I~ftTMBER NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT
5800 Interest Interest earned on cash and investments.
Assumption: Based on 3.5% and 3.3% interest rates
for FY 2003-04 and FY 2004-OS $ 4,000 $ 2,700
TOTAL $ 4,000 $ 2,700
FUND TOTAL $ 4,000 $ 2,700
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EXPENDITORE ACf1VITY DE7AIl.
For FisC81 YP,3f5
2003.04 antl 2110405
FUND 230 ~ BRIDGE TAX FUND
Budget Budget
ACCOUNT ACCOUNT FY 2003-2004 FY 2004-2005
NUMBER NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT
90030 Monterey/I10 Refer to the Capital Improvement Section of this
Overpass document for a project description. $ 50,000 $ 50,000
TOTAL $ 50,000 $ 50,000
FUND TOTAL $ 50,000 $ 50,000
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