HomeMy Public PortalAbout35 Low Cost Housing FundLOW COST
HOUSING FUND
CITY OF RAMC O MIRAGE
.- ~
LOW COST HOUSING FUND ~.
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.
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RANC90U~RAGE REDEVELOPI~NTAfiENCY
FOND FINANCLIL SOMMARY
FOND 210 LOW COST NOOSING FUND
CITY OF R (1C 0 hIIRAGE
0
~ ~
Beginning Fund Balance
Revenues
Expenditures
Transfer to Housing Authority
Other Expenditures
Total Expenditures
Ending Fund Balance
FY 01-02 FY 02-03 FY 02-03 FY 03-04 FY 04-05
Actual Bud~,et Est,=mate ,Bud et Budget
$ 0 0 0 0 0
3,664,895 4,200,000 4,200,000 4,582,400 4,899,200
3,589,696 4,122,400 4,118,928 4,494,281 4,805,063
75,199 77,600 81,072 88,119 94,137
3,664,895 4,2.00,000 4,200,000 4,582,400 4,899,200
$ 0 0 0 0 0
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REVENGE ACf1VfIY DETNL
For Fiscal Years
2003.04 aotl 2004.05
FUND 2~0 • ioW COST HOUSING FUND
Budget Budget
ACCOUNT ACCOUNT FY 2003-2004 FY 2004-2005
NUMBER NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT
6400 Transfer from Amount of 20% of tax increment revenue received
Whitewater Debt by the Redevelopment Agency transferred from
Service Fund Whitewater Debt Service Fund. $ 2,611,200 $ 2,730,800
TOTAL $ 2,611,200 $ 2,730,800
6400 Transfer from Amount of 20% of tax increment revenue received
Northside Debt by the Redevelopment Agency transferred from
Service Fund Northside Debt Service Fund. $ 1,971,200 $ 2,168,400
TOTAL $ 1,971,200 $ 2,168,400
FUND TOTAL $ 4,582,400 $ 4,899,200
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EXPENDITURE ACf1VITY DEfA1L
Fot Fiscal Years
2003.04 and 201W~05
FUND 270 ~ LOW COST floUSllVG FUHD
Budget Budget
ACCOUNT ACCOUNT F Y 2003-2004 FY 2004-2005
NUMBER NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT
7432 Auditing Services Annual financial audit of the Redevelopment
Agency $ 719 $ 737
TOTAL $ 719 $ 737
7863 County Processing Riverside County charge for collecting property tax $ 87,400 $ 93,400
Fee TOTAL $ 87,400 $ 93,400
8820 Transfer to Housing Transfer of tax increment to Housing Authority $ 4,494,281 $ 4,805,063
Authority TOTAL $ 4,494,281 $ 4,805,063
FUND TOTAL $ 4,582,400 $ 4,899,200
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