The URL can be used to link to this page

Home My Public Portal About01-23-2006LRA_spQLYNWOOD REDEVELOPMENT AGENCY 11330 BULLIS ROAD LYNWOOD, CALIFORNIA 90262-3845 (310) 603-0220 Let~c~a Vasquez, CHAIR Reverend AIfredd~e Johnson, Jr, ViCE CHAIRMAN Lou~s Byrd, MEMBER Femando Pedroza, MEMBER Maria T. Santdlan, MEMBER This Agenda contains a brief general descnphon of each item to be consldered Cop/es of the Staff repo~s or other written documentation relating to each ¢tem of business referred to on the Agenda are on file/n the Off/ce of the City Clerk and are available for public inspect/on A person who has a quest/on concemlng any of the agenda/tems may call the City Manager at (31 O) 603-0220, ext 200 AGENDA LYNWOOD REDEVELOPMENT AGENCY JANUARY 23, 2006 SPECIAL MEETING CITY ( P '"; '¥,,'00 r~ BATEMAN HALL, 11331 ERNESTINE AVE~IUE LETICIA VASQUEZ CHAIR REV. ALFREDDIE JOHNSON, JR. VICE CHAIRMAN LOUIS BYRD MEMBER FERNANDO PEDROZA MEMBER MARIA T. SANTILLAN MEMBER EXECUTIVE DIRECTOR N. ENRIQUE MARTINEZ INTERIM DEPUTY EXECUTIVE DIRECTOR KIRK PELSER AGENCY COUNSEL RONALD N. WILSON OPENING CEREMONIES: A B C. Call Meebng to Order Roll Call (BYRD-JOHNSON-PEDROZA-SANTILLAN-VASQUEZ) Cerbflcat~on of Agenda Posting by Secretary PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) ITEMS FOR CONSIDERATION DISCUSSION ITEM FY 2005-06 MID-YEAR BUDGET AMENDMENTS Comments- The purpose of th~s ~tem ~s to request the LRA Board of D~rectors approval of amendments to the FY 2005-06 budget for the Lynwood Redevelopment Agency, based on the analys~s of key revenues and expenditures and the forecast of needs through the year-end. Recommendation Staff recommends that the LRA Board of D~rectors approve the proposed amendments to the FY 2005-06 budget of the Lynwood Redevelopment Agency, by approwng the attached resolution btled, '% RESOLUTION OF THE BOARD OF DIRECTORS OF THE LYNWOOD REDEVELOPMENT AGENCY AMENDING THE FISCAL YEAR 2005-06 BUDGET." CLOSED SESSION NONE ADJOURNMENT THE NEXT REGULAR MEETING WILL BE HELD ON FEBRUARY 7, 2006 AT 5'00 P.M IN THE COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD, LYNWOOD, CALIFORNIA AGENDA STAFF REPORT DATE: TO: APPROVED BY: FROM: SUBJECT: January 23, 2006 Honorable Chairperson & LRA Board Me~/l:),,.~. N Enrlque Martlnez, Executive Dlrecto¢/¢6'.// Mananna Marysheva, Asststant City Manager-F~nan...~__., FY 2005-06 Mid-Year Budget Amendments Recommendation Staff recommends that the LRA Board of D~rectors approve the proposed amendments to the FY 2005-06 budget of the Lynwood Redevelopment Agency, by approwng the attached resolubon btled, '% RESOLUTION OF THE BOARD OF DIRECTORS OF THE LYNWOOD REDEVELOPMENT AGENCY AMENDING THE FISCAL YEAR 2005-2006 BUDGET" Background The LRA Board of D~rectors adopted the FY 2005-06 budget for the Lynwood Redevelopment Agency on June 21, 2005 However, since the budget adopbon, add~bonal mformabon became available on the LRA's revenues (based on the actual collecbon s~nce July 1, 2005) and expenditures (based on the actual spending during July 1, 2005 and December 31, 2005), and the forecast of needs through the year-end Based on th~s add~bonal mformabon and staff's analysis, amendments to the FY 2005- 06 budget of the LRA are proposed Discussion & Analysis Staff has performed analys~s of the LRA's key revenue sources and key expenditure bne ~tems Based on th~s analys~s of the actual results - including the revenue collecbon and spending between July 1, 2005 and December 31, 2005 - as well as the projecbon of needs through the end of th~s fiscal year 0 e through June 30, 2006), amendments to the LRA budget are proposed The amendments are for both the revenues and expenditures, across the vanous funding sources The key amendments to the budget are summarized below, and detaded m Exhibit A Revenue Changes The LRA revenues remain strong ~n one project area, but have weakened ~n the other Specifically, the tax ~ncrement revenue for the Redevelopment Area "A" ~s proposed to be ~ncreased by $400,000, wh~e the Alameda Project Area tax ~ncrement ~s being decreased by $400,000 As a result of the tax increment revenue changes, adjustments are being made to the transfers to the Low and Moderate Housing funds for the two project areas These transfers equal 20 percent of the gross tax ~ncrement, and are FY 2005-06 Mid-Year Budget Amendments - LRA Page being adjusted up or down based on the tax ~ncrement changes for the corresponding project area In add~bon to the revenue changes driven by the tax increment growth, adjustments to the transfers into the project funds for both Alameda and Area "A" are being made to accommodate the add~bonal needs ~denbfled m those areas, as d~scussed below Expenditure Chan.qes Adjustments to the LRA budget are mainly proposed w~th~n three funds project funds for Alameda and Area "A" and the Low and Moderate Housing fund for Area "A" Specifically, $625,605 in additional funding ~s sought for the Area "A" projects, $10,000 for the Alameda projects, and $1,433,438 for housing investments w~thm Area "A" In add~bon, adjustments are made to the transfers out from the two proiects' tax increment funds, to accommodate the add~bonal needs Fiscal Impact The overall change to the LRA tax ~ncrement revenue ~s zero, as a result of the $400,000 ~ncrease m the Area "A" revenue and a corresponding decrease m the Alameda revenue Combined with the proposed changes to the transfers ~n, as d~scussed above, the net revenue change for the LRA ~s $569,119 Changes to the expenditures and transfers out, combined, total $2,638,162 The above changes wdl impact fund balances ~n 0) the Area "A" Tax Increment fund, where $275,605 In add~bonal fund balance drawdown is proposed, 00 the Alameda Tax Increment fund, where an add~bonal $293,514 wdl be drawn down, (H0 the Area "A" Low and Moderate Housing fund, w~th $1,383,438 In add~bonal draw, and 0v) the Alameda Low and Moderate Housing fund, w~th $116,486 m add~bonal draw All of the above funds can accommodate the add~bonal transfer of resources Coordinated with Execubve D~rector's Office Agency Counsel Redevelopment Department Attachments: Budget Amendment Resolubon Exhibit "A" FY 2005-06 M~d-Year Amendments to the LRA Budget FY 2005-06 M~d-Year Budget Amendments - LRA Page 2 Budget Amendment Resolution FY 2005-06 Mid-Year Budget Amendments - LRA Page 3 RESOLUTION NO. A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LYNWOOD REDEVELOPMENT AGENCY AMENDING THE FISCAL YEAR 2005-2006 BUDGET WHEREAS, the Board of Directors of the Lynwood Redevelopment Agency reviewed amendments to the LRA's F~scal Year 2005-2006 budget, as presented ~n Exhibit A attached harem and made a part of th~s resolubon through th~s reference, and WHEREAS, the Board of D~rectors held a special meeting on January 23, 2006, to rewew and d~scuss the FY 2005-2006 budget amendments, and WHEREAS, the agenda for the January 23, 2006 special meeting of the Board of D~rectors was duly posted, and all materials were made avadable to the interested parhes NOW, THEREFORE, THE BOARD OF DIRECTORS FOR REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AND FOLLOWS: THE LYNWOOD DETERMINE AS Section I The Lynwood Redevelopment Agency budget for F~scal Year 2005- 2006 ~s hereby amended as detaded m the attached Exhibit A, which ~s ~ncorporated as a part of th~s Resolubon by th~s reference Section 2 The LRA Execuhve D~rector or h~s designee shall be authorized to carry out any transacbons necessitated by the adoption of th~s Resolubon Section 3. Th~s Resolution ~s to be g~ven effect ~mmed~ately upon adoption PASSED, APPROVED AND ADOPTED th~s day of ,2006 ATTEST LETICIA VASQUEZ CHAIRPERSON ANDREA HOOPER, SECFRETARY APPROVED AS TO FORM RON WILSON, AGENCY COUNSEL FY 2005-06 M~d-Year Budget Amendments - LRA Page 4 Exhibit "A" FY 2005-06 Mid-Year Amendments to the LRA Budget FY 2005-06 MID-YEAR AMENDMENTS TO THE LRA'S BUDGET Summary of Budqet Amendments Revenue Chan.qes (from FY 2005-06 bud.qet) By Fund 14 - Tax Increment Area "A" 24 - Tax Increment Alameda 12 - Projects Area "A" 22 - Projects Alameda 26 - Low-Mod Housing Area "A" 28 - Low-Mod Housing Alameda Total Expenditure Chanqes {from FY 2005-06 bud.qet) B,/Fund 14 - Tax Increment Area "A" 24 - Tax increment Alameda 12 - Projects Area "A" . 22 - Projects Alameda 26 - Low-Mod Housing Area "A" Total Budget Recap: Impact on Fund Balances 12 - Prelects Area "A" Revenues & Transfers In Expenditures & Transfers Out Impact on the Fund Balance FY 2005-06 Beginning Fund Balance (per A ud~t) Plus above impact on Fund Balance FY 2005-06 Ending Fund Balance 14 - Tax Increment Area "A" Revenues & Transfers In Expenditures & Transfers Out Impact on the Fund Balance FY 2005-06 Beginning Fund Balance (per Aud/t) Plus above impact on Fund Balance FY 2005-06 Ending Fund Balance $400,000 ($400,000) $625,605 $10,000 $50,000 ($116,486) $569,119 $675,605 ($106,486) $625,605 $10,000 $1,433,438 $2,638,162 Imtlal Adopted Mid-Year Budqe_t Amended Budqet $1,368,750 $1,994,355 $1,368,750 $1,994,355 $o $o $1,327,028 $o $o $1,327,028 ~;~':'~' Inlbal Adopted M~d-Year Budget Amended Budqet $2,683,100 $3,083,100 $3,065,900 $3,741,505 ($382,800) ($658,405) $1,646,153 '' ~. $1~646,153~ ($382,800) ($658,405) FY 2005-06 Mid-Year Budget Amendments - LIRA Page 6 L~ynwood Re,,de~,elqp_~me~t Agen~cy_(C~,ntihue~d)_,~ 22 - Prolects AJameda Revenues & Transfers In Expenditures & Transfers Out Impact on the Fund Balance FY 2005-06 Beginning Fund Balance (per Audit) Plus above ~mpact on Fund Balance FY 2005-06 Ending Fund Balance 24 - Tax Increment Alameda Revenues & Transfers In Expenditures & Transfers Out Impact on the Fund Balance FY 2005-06 Beginning Fund Balance (per Audit) Plus above ~mpact on Fund Balance FY 2005-06 Ending Fund Balance 26 - Low-Mod Hous~n.q Area "A" Revenues & Transfers In Expendffures & Transfers Out Impact on the Fund Balance FY 2005-06 Beginning Fund Balance (per Audit) Plus above ~mpact on Fund Balance FY 2005-06 Ending Fund Balance 28 - Low-Mod Hous~n(l Alameda Revenues & Transfers In Expenditures & Transfers Out Impact on the Fund Balance FY 2005-06 Beginning Fund Balance (per Audit) Plus above ~mpact on Fund Balance FY 2005-06 Ending Fund Balance Imbal Adopted Mid-Year Bud(let Amended Budqet $700,500 $710,500 $700,500 $710,500 $0 $0 $o ?~ $0 $0 Imbal Adopted Bud(let $961,300 $948,800 $1~500 $84~489 $12,500 $861,989 M~d-Year · Amended Bud(let $561,300 $842,314 ($281,014) ($281,014) Inlbal Adopted Budqet $1,919,100 $310,650 $1,60&450 $4,51&I01 $1,608,450 $6,126,551 M~d-Year . Amended Budqet $1,969,100 $1,744,088 $22~012 $225,012 Inlbal Adopted Budqet $199,200 $166,200 $3&000 $1,176,812 $33,000 $1,20~812 Mid-Year . Amended Bud.qet $82,714 $166,200 ($8&48~ ($83,486) FY 2005-06 Mld-Year Budget Amendments - LRA Page 7 Lynwood Redevelopment Agency Budget Amendments FY 2005-2006 Mid-Year Budget Rewew _Lynwood Redevelopment Aqency Detads IACCOUNT NO ACCOUNT AMENDMENT COMMENTS I DESCRIPTION AMOUNT 14-4010 Tax Increment $400,000 Add~bonal tax ~ncrement based on County assessment data and appl,cable transfers [Eunrl Total ~, ~, %1 -~¥~'~ ~ :~ .~00~00~ ~¢~- ~;~?~ TAX !NCR~T AREA ~A~ 12-4180 Transfer In (14) $025 605 Increased transfer ~n from Fund 14 to cover needs below 26-4180 Transfer In 14 $50.000 Increased transfer ~n from Fund 14 due to ~ncreased tax ~ncrement ]Fund ~aI /~ ~ ~ ~ ~0,~ ~:~ ~ ~;; ~ COW. MOD~HOUSIN~ ~ ~R~ "A~?~ 24-4010 Tax Increment ($400.000) Loss of tax ~ncmment due to the depa~um of business (McWha~er Manufactunn~) 22-4180 Transfer In ;10,000 Increased transfer ~n from Fund 24 to cover needs below 28~4180 Transfer In (24) ($t 16,486) Decreased transfer In from Fund 24 due th decreased tax increment ITotal $569,119 IACCOUNT NO ACCOUNT AMENDMENT DESCRIPTION AMOUNT 14-5180 Transfer to Housing $50,000 (Fund 26) COMMENTS Additional transfer due to increase in tax increment revenue above 14-5180 Transfer to Projects $625,605 Additional transfer to cover add~bonal needs m Fund 12 below (Fund 12) 12-5018 M~scellaneous $167,000 Addrbonal funding for mortgage payments and secunty svcs for SELAC. conbngency for possible addd~onal office design / furnishings, other m~sc charges 12-5032 Planning Serwces $133,605 C~ty Counctl has approved the Long Beach Blvd Specific Plan Concept, as well as a contract wth the consultant hrm, LSA The work is ~n the redevelopment project area and contnbutes to the redevelopment effods 12-5020 Legal Serwces $250 000 Add~bonal funding for legal fees associated w,th various redevelopment projects (Ron Wdson, Kane Ballmer & Berkman and special hbgat~on consulbnq) 12-5031 Financial Services $10,000 Additional funding for fees associated ~th the use of financial consultant (Katz Holhs) 12-5032 Planning Serwces $30,000 Add~bonal funding for fees associated ~th the use of planmng/real estate consulting services, through year-end 12-5037 Fees for other $35 000 Funding for fees associated wth the use of consulbng services for the Services interim Redevelopment Director and potential chamber allocation ~TOTAJ; ~ ~,~ '$625~605~ ~ ~PRO~IECT$~*AREA?A, ~, ~U~ ~ FY 2005-06 M~d-Year Budget Amendments- LRA Page 8 24-5150 Transfer to Housing ($116,486) Decreased transfer due to decreased tax increment (Fund 28) 24-5180 Transfer to Projects $10,000 Add~bonal transfer to cover additional needs ~n Fund 22 below (Fund 22) 22-5018 M~scellaneous $5,000 Funding for mall/courier services, cell phone charges and other spec~ahzed services and or incidentals 22-5037 Fees for other $35,000 Funding for fees associated with the use of consulting services for the Services Intenm Redevelopment Director and poter~t~al Chamber a~k)catlon 22-5020 Legal Services ($30,000) Decrease ~n funding for legal services as these are not ubl~zed ~n the Alameda project area 26-5100 Project Improv Cost $106,300 Funding for the reimbursement for construchoa cost (SELAC Semor Housing Project) 26-5040 Real Estate Purchase $1,260,000 Funds for properly purchases for the Wh~spenng Glen Housing Project per DDA - AbeI-Helou 26-5097 Project Improv Loans $47,138 Account reimbursement/payments through fiscal year 2005~06 for R~ck O'Hara & Associates (mortgage payments for 11300 Atlanbc Avenue - Senmr Housing Project) $2,638~162 FY 2005-06 Mtd-Year Budget Amendments - LRA Page 9