HomeMy Public PortalAbout08-26-2004LRA_addendum~~`~°d LYNINOOD REDEVELOPMENT AGENCY
o,,'~~~: 11330 Bl1LLIS ROAD LYNWOOD, CALIFORNIA 90262-3845 (310) 603-0220
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LOUIS Byrd, CHAIRMAN
Leticia Vasquez, VICE CHAIRMAN
Fernando Pedroza, MEMBER
Ramon Rodriguez, MEMBER
Maria T. Santillan, MEMBER
This Agenda contains a brief general description of each item to be considered. Copies of the Staff
reports or other written documentation relating to each item of business referred to on the Agenda are on
file in the Office of the City Clerk and are available for public inspection. A person who has a question
concerning any of the agenda items may call the City Manager at (310) 603-0220, ext. 200.
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ADDENDUM ~` ~ ~'~
AGENDA
LYNWOOD REDEVELOPMENT AGENCY
AUGUST 26, 2004
SPECIAL MEETING
2:00 P.M.
SEC ~~v~
CITY OF LYNI^JOOD
AUG 2, 5 2004
AM
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LYNWOOD CITY HALL, 11330 BULLIS ROAD
LOUIS BYRD
CHAIRMAN
LETICIA VASQUEZ FERNANDO PEDROZA
VICE CHAIRMAN MEMBER
RAMON RODRIGUEZ MARIA T. SANTILLAN
MEMBER MEMBER
INTERIM EXECUTIVE DIRECTOR DEPUTY DIRECTOR
JOSEPH WANG LOUIS MORALES
AGENCY COUNSEL
RONALD N. WILSON
OPENING CEREMONIES:
A. Call Meeting to Order.
B. Roll Call (PEDROZA-RODRIGUEZ-SANTILLAN-VASQUEZ-BYRD)
C. Certification of Agenda Posting by Secretary
PUBLIC ORAL COMMUNICATIONS
(Regarding Agenda Items Only)
PUBLIC ORAL COMMUNICATIONS
ITEMS FOR CONSIDERATION
DISCUSSION ITEM- PRESENTATION
CONSENT ITEMS
F.Y. 2004/05 BUDGET AMENDMENTS.
Comments:
The purpose of this item is to have the Agency Chairman and board Members adopts
the attached resolution amending the Agency's Operating Budget for FY 2004/05 to
reflect line-item budget changes in revenue and expenditures..
Recommendation:
Staff respectfully recommends that the Agency Chairman and Board Members adopt
the attached resolution entitled: "A RESOLUTION OF THE LYNWOOD
REDEVELOPMENT AGANCY OF THE CITY OF LYNWOOD AUTHORIZING AND
APPROVING AMENDMENTS TO THE OPERATIONS BUDGET FOR FISCAL YEAR
2004/05.
ADJOURNMENT
THE NEXT REGULAR MEETING WILL BE HELD ON SEPTEMBER 7, 2004 AT 5:00 P.M. IN
THE COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD, LYNWOOD,
CALIFORNIA.
DATE: August 26, 2004
TO: The Honorable Chairman and Members of the Board
FROM: Joe Wang, Interim Executive Director
BY: Alfretta F. Earnest, Assistant Executive Director 'l./
SUBJECT: F.Y. 2004/05 BUDGET AMENDMENTS
PURPOSE:
The purpose of this item is to have the Agency Chairman and Board Members adopt the
attached resolution amending the Agency's Operating Budget for FY 2004/05 to reflect
line-item budget changes in revenue and expenditures.
BACKGROUND:
On July 1, 2003, the City Council adopted the biennial operating budget for 2003/05.
The biennial budget reflected a broad range of concerns relative to commercial
revitalization and housing development. The FY 2004/05 budget includes expenditures
for commercial rehab grants, debt service, and project areas administration costs
During the May 10, 2004 year-end review workshop, staff informed the Agency that due
to the State's budget crisis, more than $180,000 in tax increment funds would be taken
away by the State. In addition, budget changes have been proposed to reflect the
change in operations. These changes include reduction in housing personnel costs and
hiring a housing consultant to assist Redevelopment Housing personnel.
In addition, Redevelopment staff recently received a $2 million loan repayment
(forgivable grant based on meeting specific conditions for Plaza Mexico Project
Improvements). According to Redevelopment staff, the repayment of loan funds will
again be used to fund Plaza Mexico project improvements based on specific conditions
outlined in the DDA.
ANALYSIS:
The detail of budget amendments to reflect changes in revenue and expenditures are as
follows:
AG~~:La I x'~..
_ 1__
Description Expenditures Expenditures Revenue
Amount Amount
20-5100 Project Improvements $ 2,000,000
26-5010 Admin. Support (11,150)
26-5012 Salaries & Benefits (111,600)
28-5010 Admin. Support (11,150)
26-5012 Salaries & Benefits (111,600)
20-4132 Loan Repayment/ 2,000,000
Plaza Mexico
TOTAL 1,754,500 2,000,000
RECOMMENDATION:
Staff respectfully recommends that the Agency Chairman and Board Members adopt the
attached resolution entitled: "A RESOLUTION OF THE LYNWOOD
REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD AUTHORIZING AND
APPROVING AMENDMENTS TO THE OPERATIONS BUDGET FOR FISCAL YEAR
2004/05.
RESOLUTION NO.
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY
OF THE CITY OF LYNWOOD AUTHORIZING AND APPROVING
AMENDMENTS TO THE OPERATING BUDGET FOR FISCAL YEAR 2004/05
WHEREAS, the Agency Board Members adopted the Biennial Budget on
July 1, 2003; and
WHEREAS, the budget serves as an allocation plan for redevelopment
administration, programs and projects; and
WHEREAS, certain budget amendments are requested to reflect changes
in revenues and expenditures.
NOW, THEREFORE, the Agency Chairman and Board Members of the
Lynwood Redevelopment Agency do hereby find, order, and resolve as follows:
Section 1. That amendments to the FY 2004/05 Operating Budget for fiscal year
ending June 30, 2005 are approved.
Section 2. That the Executive Director, or his designee is hereby authorized to
make the following budget amendments for FY 2004/05:
DESCRIPTION ACCOUNT NO. BUDGET AMENDMENT ~
Project Improvements 20-5100 $2,000,000
Admin Support 26-5010 ( 11,150)
Salaries 8 Benefits 26-5012 (111,600)
Admin Support 28-5010 ( 11,150)
Salaries/Benefits 28-5012 (111,600)
Loan RepaymenU
Plaza Mexico 20-4132 $2,000,000
Section 3. This resolution shall go into effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this day of 2004.
LOUIS BYRD, CHAIRMAN
Lynwood Redevelopment Agency
ATTEST:
Andrea L. Hooper
Secretary
APPROVED AS TO FORM
Agency Counsel
APPROVED AS TO CONTENT:
Joe Wang, Interim Executive Director