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Home My Public Portal About20 Redevelopment Agency Funds0 3DV?JIW OHDIJA 10 AID • LLOZ Ai • 1100001V0NNn SNfld AONBOV 1N3WdO13A30321 ;CITY OF RAIICHO]MIRAGC' PROGRAM DESCRIPTION REDEVELOPMENT AGENCY REDEVELOPMENT AGENCY FUNDS SUMMARY The purpose of the Redevelopment Agency is to provide economic stimulus within the City's two merged redevelopment project areas. The Whitewater and Northside merged 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. With the exception of Housing Authority (financed by the Redevelopment Agency) staff and the Redevelopment Analyst position, staffing for capital projects and the general administration of the Agency is provided from various City departments with the related costs reimbursed by the Redevelopment Agency based upon an adopted reimbursement schedule. Project descriptions, 2009 -10 Accomplishments and 2010 -11 Goals & Objectives are detailed within the individual budgets of the Redevelopment Agency and Capital Improvement Projects sections of the budget. 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. As a "no- property tax" municipality, the City's General Fund derives a significant portion of its operating revenue from transient occupancy tax (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. Although the two project areas were merged in February 2004, each project area continues to receive tax increment revenues based on assessed valuation in its respective project area. Additionally, each project area continues to have separate pass - through agreements with various taxing agencies in the Coachella Valley As a result, each project area continues to budget and account for its revenues and expenditures separately with separate debt service and capital projects funds as well. The debt service funds account for tax increment revenue generated in each project area and are used to pay debt service on 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 affordable housing purposes. After deducting expenditures for housing bond debt service and some other relatively minor annual costs, the Agency transfers the balance of the 20% to the City's Housing Authority After deducting expenditures for bond debt service, pass - through payments, the 20% of tax increment revenue for affordable housing purposes and other relatively minor annual costs, the two debt service funds transfer their remaining tax increment revenue to each respective project area's capital projects fund to be used for operating expenditures (including personnel costs and reimbursement to the General Fund for staff support), capital projects and economic development activities. In Fiscal Year 2009 -10, the Redevelopment Agency borrowed $12,583,600 from the Housing Authority to make the Educational Revenue Augmentation Fund (ERAF) payment to the State. That payment was made by the May 10, 2010 deadline and an additional ERAF payment is anticipated in FY 2010 -11 of $2,588,369 These 399 two payments are not refundable from the State and the Housing Authority is required to be repaid by June 30, 2015. BUDGET HIGHLIGHTS. FY 2010 -11 • Total estimated property tax increment revenue for FY 2010 -11 for both project areas is $34,830,000 of which 20% or $6,966,000 is required to be set aside for affordable housing activities. This assumes no growth in existing assessed value in the Whitewater Project Area. Although assessed value in the Northside Project Area will continue to grow, its receipt of tax increment revenue is limited to no more than $ 15,500,000 per fiscal year. In FY 2006 -07, that limit was reached. • $2,803,662 of tax increment is anticipated to be available for transfer from the Whitewater Debt Service Fund to the Whitewater Capital Projects Fund. No remaining tax increment is available for transfer from the Northside Debt Service Fund to the Northside Capital Projects Fund. • $6,464,900 is budgeted for new capital projects. Capital projects have been budgeted in previous fiscal years as well and unspent appropriations are termed continuing appropriations. STAFFING SUMMARY Title/Ranae Number Economic Development Director (45) Redevelopment Analyst (36) Total Positions 0 2 In Fiscal Year 2008 -09 the cost of Salaries and Benefits for the Economic Development Director and Redevelopment Analyst were transferred to the General Fund's new Economic Development Division but were transferred back to the Agency in Fiscal Year 2009 -10. Based upon anticipated projects in 2010 -11 these costs for the Economic Development Director will be accounted for in the General Fund with an 80% Agency reimbursement and predetermined overhead factor of 31.4 %. to reflect the Director's involvement in projects located within the merged redevelopment project areas. The salary and benefits for the Redevelopment Analyst remain in the Agency's accounts. 400 FY 08 -09 FY 09 -10 FY 10 -11 Authorized Authorized Proposed Positions Positions Positions 0 1 0 0 1 1 RANCHO MIRAGE REDEVELOPMENT AGENCY WHITEWATER PROJECT AREA REVENUES AND EXPENDITURES Net Tax Increment Available for Transfer to Capital 2,401,227 880,577 1,215,328 1,478,874 2,803,662 Projects Fund from Debt Service Fund Gross Tax Increment 17,583,646 19,394,944 20,071.825 19,330,000 19,330,000 20% Housing Set -Aside (3,516,729) (3,878,989) (4,014.365) (3,866,000) (3,866,000) Pass Through Payments to Other Agencies (7,905,568) (10,923,973) (9,718,262) (8,822,083) (8,822,083) and Library Fund Debt Service on Bonds (3,690,562) (3,700,670) (3,697,085) (3,694,489) (3,692,604) Interest on General Fund Loan - - Interest Revenue in Debt Service Fund 115,330 103,022 110,000 85,000 75,000 Bond Proceeds & Premium on Debt Issuance - - - Bond Issuance Cost and Escrowed Bond Proceeds (500) - - ERAF Shift - - - - - Transfer from Capital Projects Fund to Debt Service Fund - - - - Other Expenditures in Debt Service Fund (179,087) (145,525) (195,530) (212,700) (217,100) Reimbursement to General Fund for Staff Support (637 425) (665,597) (1,837,806) (835,383) (943,992) Loan Repayment to General Fund - - Other Expenditures in Capital Projects Fund (710,589) (1,176,740) (3,117,686) (4,043,977) (1,906,270) 401 2006 -07 2007 -08 2008 -09 2009 -10 2010 -11 Actual Actual Actual Estimate Budget RANCHO MIRAGE REDEVELOPMENT AGENCY NORTHSIDE PROJECT AREA REVENUES AND EXPENDITURES 2006 -07 2007 -08 2008 -09 2009 -10 Actual Actual Actual Estimate Gross Tax Increment 15,500,000 15,500,000 15,500,000 15,500,000 20% Housing Set -Aside (3,100,000) (3,100,000) (3,100,000) (3,100,000) Pass Through Payments to Other Agencies (4,992,075) (4,962,341) (5,346,038) (5,332,800) and Library Fund Debt Service on Bonds (5,465,106) (5,461,914) (6,944,470) (6,946,228) Interest Revenue in Debt Service Fund 156,497 163,721 190,513 275,000 Bond Proceeds & Premium on Debt Issuance - 22,040,000 Bond Issuance Cost and Escrowed Bond Proceeds (500) - (652,906) ERAF Shift - - (12,583,600) Transfer from Other Funds - (11,242) Other Expenditures in Debt Service Fund (229,371) (230,074) (353,642) (362,800) Reimbursements to Other Funds Transfer to Other Capital Projects Funds - - - - Net Tax Increment Available for Transfer to Capital 1,841,400 1,763,344 (6,348,357) (89,487) Projects Fund from Debt Service Fund Reimbursement to General Fund for Staff Support (637,425) (665,597) - (835,383) Other Expenditures in Capital Projects Fund (755,202) (557,329) (8,627,746) (18,771,422) 402 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE RANCHO MIRAGE REDEVELOPMENT AGENCY ADOPTING THE BUDGET FOR FISCAL YEAR 2010 -2011. 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 Redevelopment Agency Budget for Fiscal Year 2010 -2011. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Rancho Mirage Redevelopment Agency that the Board of Directors hereby adopts the Redevelopment Agency Budget for Fiscal Year 2010 -2011 by the adoption of this Resolution. ATTEST: PASSED APPROVED and ADOPTED this 1 day of July 2010. a I(.0 * ; Cyrt hia Scott Agency Secretary APPROVED AS TO FORM: CW/( Steven B. Qu' anilla Agency Cou RESOLUTION NO. 2010 -RA -224 403 CITY OF RANCHO MIRAGE REDEVELOPMENT AGENCY CP1.g� Richard "W. Kite Chairman Legend Acres 451 a Northside 4717 Project Area Whitewater 5076 Project Area ;.I "%% Toe -Slope 3 Section Numbers Source: R M. 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PROGRAM DESCRIPTION The Whitewater Debt Service Fund accounts for receipt of property tax revenue known as tax increment revenue generated by the Whitewater Project Area of the Redevelopment Agency Pursuant to redevelopment law, 20% of the tax increment revenue generated is to be expended for affordable 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 Redevelopment Analyst and RDA Board of Directors (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, other relatively minor operating costs 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, the balance of available tax increment is transferred to the Whitewater Capital Projects Fund. EXPENDITURE SUMMARY FUND EXPENDITURE SUMMARY 470 WHITEWATER DEBT SERVICE FUND FY 2010 -11 REDEVELOPMENT AGENCY WHITEWATER DEBT SERVICE FUND FUND 470 2008/09 2009/10 2009/10 2010/11 Actual Budget Estimate Budget Professional & Technical Services 195,530 200,000 212,700 217,100 Debt Service Expenditures 3,697,085 3,694,489 3,694,489 3,692,604 Pass- throughs 9,718,262 8,827,000 8,822,083 8,822,083 20% Transfer to Low & Mod. Fund 4,014,365 3,860,000 3,866,000 3,866,000 Transfer to Capital Project Fund 1,215,328 2,348,649 1,478,874 2,803,662 Total Expenditures 18,840,570 18,930,138 18,074,146 19,401,449 • Total estimated property tax increment for FY 2010 -11 is $19,330,000, of which 20% or $3,866,000 is set aside for housing purposes. This assumes no estimated growth in tax increment revenue from the FY 2009- 10 estimate. 405 % Change in Budget 2.49% • Total principal and interest for debt service on outstanding tax allocation bonds for FY 2010 -11 is $3,692,604. This is based on the debt service schedules for the 2001, 2002, 2003 and 2006 tax allocation bonds. • Tax increment is projected to be available for transfer to Whitewater Capital Projects Fund in the amount of $2,803,662. • $3,696,155 is projected to be available at June 30, 2011 for FY 2011 -12 debt service. This sets aside 100% of next year's debt service. 406 FUND 470 - WITEWATER DEBT SERVICE FEND Beginning Fund Balance Reserved for following year's Debt Service Revenues Tax Increment Interest City Investments Interest Trustee Investments Total Revenues Expenditures Professiona]Technical Bond Servicing County Property Tax Collection Fee Principal on Bonds Interest on Bonds 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 Reserved for following year's Debt Service RANCHO MIRAGE REDEVELOPMENT AGENCY FUND FINANCIAL SUMMARY FY 08 -09 Actual $ 956,045 2,351,750 2,351,750 3,692,604 407 20,071,825 19,300,000 19,330,000 19,330,000 164,421 92,000 85,000 75,000 29 - - - 20,236,275 19,392,000 19,415,000 19,405,000 15,745 179,785 1,785,000 1,912,085 270,283 7,047,237 1,412,595 270,471 55,004 9,025 21,651 981 631,015 1,215,328 4,014,365 18,840,570 $ 2,351,750 CN4 OF RANCHO MIRAGE S `le FY 09 - FY 09 -10 FY 10 -11 Budget Estimate Budget 600 15,000 22,100 22,100 185,000 190,000 195,000 1,850,000 1,850,000 1,920,000 1,844,489 1,844,489 1,772,604 266,900 267,900 267,900 6,260,800 6,170,383 6,170,383 1,348,500 1,432,300 1,432,300 258,900 259,300 259,300 54,400 52,200 52,200 9,000 8,600 8,600 21,400 21,700 21,700 1,000 1,000 1,000 606,100 608,700 608,700 2,348,649 1,478,874 2,803,662 3,860,000 3,866,000 3,866,000 18,930,138 18,074,146 19,401,449 2,813,612 3,692,604 3,696,155 FUND 470 - WBITEWATER DEBT SERVICE FUND REVENUE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget ACCT ACCOUNT DESCRIPTIONS AND FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 NO. NAME ASSUMPTIONS ACTUAL BUDGET ESTIMATE AMOUNT 4036 Tax Increment Incremental growth in property tax revenue generated subsequent to formation of a redevelopment project area. $ 19,330,000 TOTAL $ 20,071,825 $ 19,300,000 $ 19,330,000 $ 19,330,000 5800 Interest Interest earned on cash and investments. Assumption: Based on 2.6% interest rate. $ 75,000 TOTAL $ 164,421 $ 92,000 $ 85,000 $ 75,000 408 FUND TOTAL $ 19,405,000 FUND 470 - WBiTEWATER DEBT SERVICE FUND ACCT ACCOUNT NO. NAME 8300 Pass - through - Co Superintendent of Schools 8310 Pass - through - Riverside County 8315 Pass- through - CVWD 8320 Pass- through - CV Mosquito & Vector Control District 8340 Pass - through - PS Cemetery District EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010 -2011 JUSTIFICATION FOR STAFF REQUESTS 7440 Bond Servicing Fees for trustee and arbitrage calculation services TOTAL $ 15,745 $ 7863 County Processing Riverside County charge for collecting property tax Fee 8200 Principal Payment 8205 Interest Payment 409 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 ACTUAL BUDGET ESTIMATE AMOUNT 15,000 $ 22,100 $ TOTAL $ 179,785 $ 185,000 $ 190,000 $ Amount of scheduled principal payments on outstanding bond issues $ TOTAL $ 1,785,000 $ 1,850,000 $ 1,850,000 $ Amount of scheduled interest payments on outstanding bond issues $ TOTAL $ 1,912,085 $ 1,844,489 $ 1,844,489 $ Amount of tax increment passed through pursuant to pass through agreement TOTAL $ 270,283 $ 266,900 $ 267,900 $ Amount of tax increment passed through pursuant to pass through agreement. $ TOTAL $ 7,047,237 $ 6,260,800 $ 6,170,383 $ Amount of tax increment passed through pursuant to pass through agreement. $ TOTAL $ 1,412,595 $ 1,348,500 $ 1,432,300 $ Amount of tax increment passed through pursuant to pass through agreement. TOTAL $ 270,471 $ 258,900 $ 259,300 $ 8330 Pass - through - Amount of tax increment passed through pursuant to pass - through agreement. $ CV Rec. & Park TOTAL $ 55,004 $ 54,400 $ 52,200 $ 8335 Pass- through - Amount of tax increment passed through pursuant to pass - through agreement. $ CV Cemetery TOTAL $ 9,025 $ 9,000 $ 8,600 $ Amount of tax increment passed through pursuant to pass - through agreement. $ 22,100 22,100 195,000 195,000 1,920,000 1,920,000 1,772,604 1,772,604 267,900 267,900 6,170,383 6,170,383 1,432,300 1,432,300 259,300 259,300 52,200 52,200 8,600 8,600 21,700 TOTAL $ 21,651 $ 21,400 $ 21,700 $ 21,700 FUND 470 - WBITEWATER DEBT SERVICE FUND ACCT ACCOUNT NO. NAME 8345 Pass- through - CV Resource Conservation 8360 Transfer to the Community Services District for pass - through to the Library Fund 8815 Transfer to Whitewater Capital Project 8825 Transfer to Low Cost Housing Fund EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010 -2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Amount of tax increment passed through pursuant to pass - through agreement. TOTAL $ 981 $ 1,000 $ Amount of tax increment contributed to Library Fund (through the Community Services District) following withdrawal from Riverside City and County Public Library System. [see related Revenue under Account # 4650 in Fund 217] TOTAL $ 631,015 $ 606,100 Amount of excess tax increment available for capital projects. [see related Revenue under Account # 6435 in Fund 370] TOTAL $ 1,215,328 $ 20% of gross tax increment revenue transferred to Low Cost Housing Fund. [see related Revenue under Account # 6400 in Fund 270] $ 1,000 1 ,00 0 $ 1,000 $ 608,700 $ 608,700 $ 608,700 $ 2,803,662 2,348,649 $ 1,478,874 $ 2.803,662 $ 3,866,000 TOTAL $ 4,014,365 $ 3,860,000 $ 3,866,000 $ 3,866,000 410 FUND TOTAL $ 19,401,449 LIT? OF R4NCFta:MIRAGE: o PROGRAM DESCRIPTION The Whitewater Capital Projects Fund is one of two capital projects Funds of the Redevelopment Agency; the other is the Northside Capital Projects Fund. 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 salary and benefit costs related to the Redevelopment Analyst and RDA Board of Directors are also charged directly to this Fund in 2010 -11. 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 interest earnings. EXPENDITURE SUMMARY FUND EXPENDITURE SUMMARY REDEVELOPMENT AGENCY Personnel Operations & Maintenance Reimbursement to General Fund Transfer to Northside Cap Proj Capital Improvements Total Expenditures WHITEWATER CAPITAL PROJECTS FUND FUND 370 2008/09 2009/10 2009/10 2010/11 370 WffiTEWATER CAPITAL PROJECT FIND Actual Budget Estimate Budget 2,670 162,110 160,274 77 227 265,934 106,995 92,945 94,096 1,837,806 835,383 835,383 943,992 743,336 419,242 1,734,947 429,163 500,000 500,000 2,535,572 2,347,824 2,007,844 2,850,262 % Change in Budget 21 40% BUDGET HIGHLIGHTS. FY 2010-11 • $2,803,662 is projected to be available for transfer from the Whitewater Debt Service Fund. • The reimbursement to the General Fund for staff support is increasing 13.0% (from $835,383 in FY 2009 -10 to $943,992 in FY 2010 -11). • No tax- exempt bond proceeds are available. Projected taxable bond proceeds total $318,549 411 • Beginning in FY 2009 -10, the Fund began subsidizing the Northside Capital Projects Fund from any portion of undesignated balance remaining. The transfer for FY 2010 -11 is anticipated to be $1,734,947 This subsidy was anticipated in order to maximize the size of the July 2008 Northside bond issue. 412 FUNDS 370 WHITEWATER CAPITAL PROJECTS HIND RANCHO MIRAGE REDEVELOPMENT AGENCY FUND FINANCIAL SUMMARY CIN OP NCHO MIRAGE l v " FY 08 -09 FY 09 -10 FY 09 -10 FY 10 -11 Actual Budget Estimate Budget Beginning Liability and Fund Balance Reserve for encumbrances $ 42,095 289,686 289,686 - Reserve for continuing appropriations 3,165,995 2,582,200 2,582,200 Reserve for receivables 546,512 546,512 546,512 546,512 Reserve for undesignated bond proceeds, tax - exempt 764,040 (195,478) (195,478) (170,478) Reserve for undesignated bond proceeds, taxable 812,757 815,549 815,549 318,549 Undesignated fund balance 2,269,879 - Total Beginning Liability and Fund Balance 7,601,278 4,038,469 4,038,469 694,583 Revenues Interest on investments 55,492 - 25,000 43,000 Interest on tax- exempt bond proceeds 93,742 25,000 Interest on taxable bond proceeds 15,432 16,500 3,000 20,000 Transfer from Debt Service Fund 1,215,328 2,348,649 1,478,874 2,803,662 Miscellaneous 4,725 3,600 3,600 3,600 Total Revenues 1,384,719 2,368,749 1,535,474 2,870,262 Expenditures Capital improvements projects from loan proceeds /fund balance: Current year's budget 429,163 500,000 500,000 - Reserve for encumbrances/ continuing appropriations 2,419,920 2,871,516 2,871,516 - Special Contributions 200,000 - Transfer to Northside Capital Projects Fund - 743,336 419,242 1,734,947 Reimbursements to General Fund 1,837,806 835,383 835,383 943,992 Other expenditures 68,603 269,105 253,219 171,323 Total Expenditures 4.955,492 5,219,340 4,879,360 2,850,262 Ending Liability and Fund Balance Reserve for encumbrances 289,686 - - Reserve for continuing appropriations 2,582,200 Reserve for receivables 546,512 546,512 546,512 546,512 Reserve for undesignated bond proceeds, tax - exempt (195,478) (170.478) (170,478) Reserve for undesignated bond proceeds, taxable 815,549 356,863 318,549 338,549 Undesignated fund balance 284,503 Total Ending Liability and Fund Balance $ 4,038,469 1,187,878 694,583 714,583 413 FUND 370 - WRITEWATER CAPITAL PROJECTS FOND REVENUE ACTIVITY DETAIL For Fiscal Year 20102011 Budget ACCT ACCOUNT DESCRIPTIONS AND FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 NO. NAME ASSUMPTIONS ACTUAL BUDGET ESTIMATE AMOUNT 5800 Interest Interest earned on cash and investments. Assumption: Based on 2.6% interest rate. $ 43,000 TOTAL $ 55,492 $ 5810 Interest Trustee - Interest earned on cash and investments held by the City's trustee. Tax Exempt Bonds Assumption: Based on trustee fund investments. TOTAL $ 93,742 $ 16,500 $ 25,000 $ - 5810 Interest Trustee - Interest earned on cash and investments held by the City's trustee. Taxable Bonds Assumption: Based on trustee fund investments. $ 20,000 TOTAL $ 15,432 $ $ 3,000 $ 20,000 6140 Rent Monthly rental ($300) from Fairway Outdoor Advertising $ 3,600 TOTAL $ 4,725 $ 3,600 $ 3,600 $ 3,600 6435 Transfer from Debt Amount of excess tax increment transferred from the Whitewater Debt Service Service Fund. Assumption: Residual balance of available tax increment revenue. [see related Expenditure under Account #8815 in Fund 470] $ 2,803,662 TOTAL $ 1,215,328 $ 2,348,649 $ 1,478,874 $ 2,803,662 414 $ 25,000 $ 43,000 FUND TOTAL $ 2,870,262 FOND 370 - WRITEWATER CAPITAL PROJECTS FOND ACCT ACCOUNT NO. NAME 7100 Salaries - Full Time 7200 Benefits 7212 Health Insurance Reimbursement 7250 Workers' Compensation 7400 Professional/ Technical 7432 Auditing Services 7444 Temporary Agency 1) Services 7803 Car Allowance EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Redevelopment Agency Board of Directors $ 1,800 h of Economic Development Director's salary h of Redevelopment Analyst's salary 48,576 TOTAL $ 1,515 $ 113,617 $ 113,617 $ 50,376 Benefits paid by City including group insurance, retirement and other benefits $ 22,907 TOTAL $ 912 $ 42,511 $ 40,533 $ 22,907 Provides for portion of reimbursement of medical expenses for Board of Directors $ 3,252 TOTAL $ 226 $ 4,500 $ 4,642 $ 3,252 Premium for Redevelopment Agency employee $ 692 TOTAL $ 17 $ 1,482 $ 1,482 $ 692 1) Contracted services of law firm to provide counsel for the general municipal affairs of the City Portion charged to RDA is estimated at approximately 9% of total costs for legal services provided to City, Housing Authority, Redevelopment Agency and Library 2) Portion of costs related to services of Contract Financial Analyst. Balance charged to Fund 372- Northside Capital Projects and General Fund Division 1500- Administration. 3) Miscellaneous contracted services $ 30,000 15,000 20,000 65,000 $ 65,000 TOTAL $ 34,708 $ 65,000 $ Annual financial audit of the Redevelopment Agency. $ 2,645 TOTAL $ 2,376 $ 2,435 $ 2,435 $ 2,645 Portion of costs for providing temporary assistance with accounting duties as a result of a vacant position in Finance. Costs are shared with General Fund (80 %) and Housing Authority Fund (5 %). 2) Portion of costs for providing temporary assistance in the Information Services Division. Costs are shared with General Fund (90 %) and Housing Authority Fund (5 %). TOTAL $ 415 3,763 $ 3,730 $ For Economic Development Director ($428.82 /month) for use of personal vehicle to attend meetings, seminars, conferences $ TOTAL $ - $ 2,830 $ 2,830 $ $ 3,776 1,375 3,730 $ 5,151 FIND 370 - WRITEWATER CAPITAL PROJECTS FOND ACCT ACCOUNT NO. NAME 7806 Meetings, Training & Travel 7818 Dues & Subscriptions 7839 Reproduction & Printing 7842 Advertising[ Publishing 8000 Supplies 8500 General Fund Reimbursement 8819 Transfer to RDA Capital Project Fund 90000 Capital Improvement Projects EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010.2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Workshops and conferences for groups such as California Redevelopment Association (CRA) and Coachella Valley Economic Partnership (CVEP). $ 5,500 TOTAL $ 1,315 $ 5,500 $ 3,500 $ 5,500 Memberships and subscriptions with California Redevelopment Agency ($9 765) for the Agency's annual membership and miscellaneous trade publications (i.e. Shopping Centers magazine, Business Press, etc.). $ 12,500 TOTAL $ 21,497 $ 25,000 $ 12,500 $ 12,500 Printing for special projects. $ 2,500 TOTAL $ 2,019 $ 2,000 $ 2400 $ 2,500 Advertising and publishing as required. $ 500 TOTAL $ $ - $ 300 $ 500 Miscellaneous office supplies. $ 300 TOTAL $ 256 $ 500 $ 150 $ 300 Reimbursement for General Fund staff support + 31.406% overhead. [see related Revenue under Account # 5305 in Fund 101] $ 943,992 TOTAL $ 1,837,806 $ 835,383 $ 835,383 $ 943,992 Transfer to the Northside Capital Project Fund to maintain a $0 undesignated fund balance. [see related Revenue under Account # 6438 in Fund 372] $ 1,734,947 TOTAL $ - $ 743,336 $ 419,242 $ 1,734,947 Prior years' Capital Improvement Project continuing appropriations. TOTAL $ 2,849,083 $ 3,371,516 $ 3,371,516 $ 416 FUND TOTAL $ 2,850,262 CITY OFR 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 affordable 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 Redevelopment Analyst and the RDA Board of Directors (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 FUND EXPENDITURE SMART 472 NORTBSBIE DEBT SERVICE FUND Professional & Technical Services 298,710 320,500 307,000 316,500 Debt Service Expenditures 6,944,470 6,946,228 6,946,228 6,945,612 Pass - throughs 5,400,970 5,213,141 5,388,600 5,388,600 20% Transfer to Low& Mod. Fund 3,100,000 3,100,000 3,100,000 3,100,000 Transfer to Capital Project Fund 0 70,747 0 0 Total Expenditures 15,744,150 15,650,616 15,741,828 15,750,712 BUDGET HIGHLIGHTS: FY 2010 -11 REDEVELOPMENT AGENCY MIRA6e NORTHSIDE DEBT SERVICE FUND FUND 472 % Change in Budget 0.64% 2008/09 2009/10 2009/10 2010/11 Actual Budget Estimate Budget • The Northside Project Area reached its tax increment maximum limit of $15,500,000 in FY 2006 -07 and will receive no more than this amount annually through the end of the project area's life. Twenty percent or $3,100,000 will be set aside for housing purposes. 417 • Total principal and interest for the fiscal year is $6,945,612. This is based on debt service schedules for the 2001, 2003, 2006 and 2008 tax allocation bonds. In July 2008, the Rancho Mirage Redevelopment Agency issued $22,040,000 of tax allocation bonds. • Projected pass - through payments total $5,388,600 — the same as the FY 2009 -10 estimate. • No tax increment is projected to be available for transfer to the Northside Capital Projects Fund. Instead, the Northside Debt Service Fund requires a transfer from the Northside Capital Projects Fund of $10,591 in order to maintain fund balance equivalent to a full year's debt service. • $6,945,491 is projected to be available at June 30, 2011 for FY 2011 -12 debt service. This sets aside 100% of the next year's principal and interest. 418 FEND 472 • NORTBSIDE DEBT SERVICE FUND Beginning Fund Balance Reserved for following year's Debt Service Revenues Tax Increment Interest City Investments Interest Trustee Investments Transfer from Capital Projects Fund Total Revenues Expenditures Professional / Technical Bond Servicing County Property Tax Collection Fee Principal on Bonds Interest on Bonds Pass - Through Payments: County Superintendent of Schools PS Unified School District DS Unified School District College of the Desert Library Fund Fire Tax Fund General Fund Transfer to Northside Capital Projects Fund Transfer to Low Cost Housing Fund Total Expenditures Ending Fund Balance Reserved for following year's Debt Service RANCHO MIRAGE REDEVELOPMENT AGENCY FUND FINANCIAL SUMMARY FY 08 -09 FY 09 -10 FY 09 -10 FY 10 -11 Actual Budget Estimate Budget $ 2,058,496 6,822,953 6,822,953 6,945,612 419 15,500,000 142,039 48,474 4,855,813 20,546,326 18,025 280,685 2,480,000 4,464,470 506,666 2,679,800 203,088 931,284 841,425 183,775 54,932 3,100,000 15,744,150 CITY MCHO MIRAGE v o 15,500,000 15,500,000 15,500,000 90,000 185,000 150,000 60,000 90,000 90,000 89,487 10,591 15,650,000 15,864,487 15,750,591 4,000 4,000 18,500 20,000 18,500 298,000 283,000 298,000 2,220,000 2,220,000 2,300,000 4,726,228 4,726,228 4,645,612 506,539 506,100 506,100 2,683,512 2,661,000 2,661,000 112,000 210,100 210,100 931,051 930,200 930,200 841,239 840,300 840,300 106,500 185,100 185,100 32,300 55,800 55,800 70,747 3,100,000 3,100,000 3,100,000 15,650,616 15,741,828 15,750,712 $ 6,822,953 6,822,338 6,945,612 6,945,491 FUND 472 - NORTBSIDE DEBT SERVICE FUND ACCT ACCOUNT NO. NAME 4036 Tax Increment 5800 Interest 5810 Interest Trustee 6400 Transfer from Northside Capital Project Fund REVENUE ACTIVITY DETAIL For Fiscal Year 2010 -2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 ASSUMPTIONS ACTUAL BUDGET ESTIMATE AMOUNT DESCRIPTIONS AND Incremental growth in property tax revenue generated subsequent to formation of a redevelopment project area. TOTAL $ 15,500,000 $ 15,500,000 $ 15,500,000 $ 15,500,000 Interest earned on cash and investments. Assumption: Based on 2.6% interest rate. $ 150,000 TOTAL $ 142,039 $ 90,000 $ 185,000 $ 150,000 Interest earned on cash and investments held by the City's trustee. Assumption: Based on trustee fund investments. TOTAL $ Transfer from the Northside Capital Project Fund to maintain sufficient Fund Balance reserved for a full- year's debt service. [see related Expenditure under Account # 8800 in Fund 372) TOTAL $ 4,855,813 $ - $ 89,487 $ 10,591 420 48,474 $ 60,000 $ $ 15,500,000 $ 90,000 90,000 $ 90,000 $ 10,591 FUND TOTAL $ 15,750,591 FEND 472 - NORTHER DEBT SERVICE FEND ACCT ACCOUNT NO. NAME 7400 Professional / Technical 7440 Bond Servicing 7863 County Processing Fee 8200 Principal Payment Amount of scheduled principal payments on outstanding bond issues. TOTAL $ 2,480,000 $ 2,220,000 $ 2,220,000 Amount of scheduled interest payments on outstanding bond issues. TOTAL $ 4,464,470 $ 4,726,228 $ 4,726,228 Amount of tax increment passed through pursuant to pass - through agreement. 8205 Interest Payment 8300 Pass - through - Co. Sup. of Schools 8305 Pass - through - PSUSD 8325 Pass - through - College of the Desert 8350 Pass - through - DSUSD 8360 Transfer to Community Services District for pass - through to the Library Fund EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Costs for professional services such as legal and financial advisory services. TOTAL $ - $ 4,000 $ 4,000 $ Fees for trustee and arbitrage calculation services. TOTAL $ 18,025 $ Riverside County charge for collecting property tax. TOTAL $ 280,685 $ $ 18,500 18,500 $ 20,000 $ 18,500 $ 298,000 298,000 $ 283,000 $ 298,000 $ 2,300,000 $ 2,300,000 $ 4,645,612 $ 4,645,612 $ 506,100 TOTAL $ 506,666 $ 506,539 $ 506,100 $ 506,100 Amount of tax increment passed through pursuant to pass - through agreement. $ 2,661,000 TOTAL $ 2,679,800 $ 2,683,512 $ 2,661,000 $ 2,661,000 Amount of tax increment passed through pursuant to pass - through agreement. $ 930,200 $ 930,200 $ 210,100 TOTAL $ 203,088 $ 112,000 $ 210,100 $ 210,100 Amount of tax increment contributed to Library Fund (through the Community Services District) following withdrawal from Riverside City and County Public Library System. [see related Revenue under Account #4650 in Fund 2171 TOTAL $ 931,284 $ 931,051 $ 930,200 Amount of tax increment passed through pursuant to pass - through agreement. $ 840,300 TOTAL $ 841,425 $ 841,239 $ 840,300 $ 840,300 421 FUND 472 - NORTHSIDE DEBT SERVICE FUND ACCT ACCOUNT NO. NAME 8365 Transfer to Community Services District for pass - through to the Fire Fund 8370 Transfer to General Fund EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Amount of tax increment contributed to Fire Tax Fund (through the Community Services District) pursuant to pass - through agreement. (see related Revenue under Account # 4650 in Fund 217] $ 185,100 TOTAL $ 183,775 $ 106,500 $ 185,100 $ 185,100 Amount of tax increment contributed to General Fund pursuant to pass - through agreement. [see related Revenue under Account # 6408 in Fund 101] $ 55,800 TOTAL $ 54,932 $ 32,300 $ 55,800 $ 55,800 8815 Transfer to Capital Amount of excess tax increment available for capital projects. Projects Fund (see related Revenue under Account # 6435 in Fund 372] $ TOTAL $ - $ 70,747 $ - $ - 8825 Transfer to Low 20% of gross tax increment transferred to RDA Low Cost Housing Fund. Cost Housing Fund [see related Revenue under Account # 6400 in Fund 270] $ 3,100,000 TOTAL $ 3,100,000 $ 3,100,000 $ 3,100,000 $ 3,100,000 422 FUND TOTAL $ 15,750,712 CINOFR [1C .MIRAGE 0 PROGRAM DESCRIPTION EXPENDITURE SUMMARY REDEVELOPMENT AGENCY NORTHSIDE CAPITAL PROJECTS FUND FUND 372 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 salary and benefit costs related to the Redevelopment Analyst and RDA Board of Directors is also charged directly to this Fund in 2010- 11. The remaining 50% is charged to the Whitewater Capital Projects Fund This Fund relies on four 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 are bond proceeds and interest earnings. Lastly, beginning in Fiscal Year 2009 -10, the Fund required an operating subsidy from the Whitewater Capital Projects Fund This subsidy was anticipated in order to maximize the size of the July 2008 Northside bond issue. In FY 2009 -10, the Redevelopment Agency borrowed $12,583,600 from the Housing Authority to make the Educational Revenue Augmentation Fund (ERAF) payment to the State. That payment was made by the May 10, 2010 deadline and an additional ERAF payment is anticipated in FY 2010 -11 of $2,588,369 These two payments are not refundable from the State and the Housing Authority is required to be repaid by June 30, 2015. FUND EXPENDITURE SUMMARY 2008/09 2009/10 2009/10 2010/11 372 NORTRSmN CAPITAL PROJECTS FUND Actual Budget Estimate Budget Personnel 2,632 162,110 160,274 77,227 Operations & Maintenance 1,577,307 107,365 107,945 134,096 ERAF Shift - 12,583,600 2,588,369 Reimbursement to General Fund 835,383 835,383 943,992 Transfer to Debt Service Fund 4,855,813 89,487 10,591 Transfer to Other Funds 17,011 - Capital Improvements 209,704 8,040,900 8,040,900 6,464,900 Total Expenditures 6,662,466 9,145,758 21,817,589 10,219,175 423 % Change in Budget 11.74% BUDGET HIGHLIGHTS. FY 2010 -11 • Nothing is projected to be available for transfer from the Northside Debt Service Fund. Instead, the Northside Debt Service Fund requires a transfer of $10,591 in order to maintain sufficient fund balance to pay the following year's debt service. • The reimbursement to the General Fund for staff support is increasing 13.0% (from $835,383 in FY 2009 -10 to $943,992 in FY 2010 -11). • Beginning in Fiscal Year 2009 -10, the Fund required an operating subsidy from the Whitewater Capital Projects Fund. $1,734,947 is projected to be transferred from the Whitewater Capital Projects Fund. • $22,851,530 of tax- exempt bond proceeds are projected to be available at June 30, 2011 for new capital projects. $4,249,046 of taxable bond proceeds are projected. • A liability in the amount of $15,171,969 is due to the Housing Authority Fund by June 30, 2015 as a result of the funds borrowed by the Agency for the ERAF payment to the State. 424 FUND 372 NORTHSIDE CAPITAL PROJECTS FOND RANCHO MIRAGE REDEVELOPMENT AGENCY FUND FINANCIAL SUMMARY CITY OF R4FICHO MIRAC e FY 08 -09 FY 09 -10 FY 09 -10 FY 10 -11 Actual Budget Estimate Budget Beginning Liability and Fund Balance Loan Payable to Housing Authority $ - 12,583,600 Reserve for encumbrances 2,578 795,626 795,626 Reserve for continuing appropriations 9,190,668 9,577,560 9,577,560 Reserve for loans receivable 185,000 150,000 150,000 150,000 Reserve for undesignated bond proceeds, tax- exempt 18,530,369 36,030,330 36,030,330 28,682,430 Reserve for undesignated bond proceeds, taxable 4,124,107 4,217,046 4,217,046 4,233,046 Undesignated fund balance 4,942,127 641,048 641,048 (12,693,429) Total Beginning Liability and Fund Balance 36,974,849 51,411,610 51,411,610 32,955,647 Revenues Interest on investments 191,883 10,000 22,600 5,000 Interest on tax- exempt bond proceeds 1,374,868 844,000 693,000 634,000 Interest on taxable bond proceeds 92,939 106,000 16,000 16,000 Transfer from Debt Service Fund 70,747 - - Transfer from Whitewater Capital Projects Fund - 743,336 419,242 1,734,947 Transfer from Housing Authority Fund - 12,583,600 2,588,369 Reimbursements from other Funds 11,242 31,300 Bond Proceeds (Net) 21,387,094 - Total Revenues 23,058,026 1,805,383 13,734,442 4,978,316 Expenditures Capital improvements projects from bond proceeds /fund balance: Current year's budget 209,704 8,040,900 8,040,900 6,464,900 Reserve for encumbrances/ 3,457,824 10,372,816 10,372,816 continuing appropriations ERAF Shift - 12,583,600 2,588,369 Transfer to Debt Service Fund 4,855,813 - 89,487 10,591 Transfer to General Fund - 835,383 835,383 943,992 Transfer to Library Capital Project Fund 17,011 - - Other Expenditures 87,394 269,475 268,219 236,323 Total Expenditures 8,627,746 19,518,574 32,190,405 10,244,175 Ending Liability and Fund Balance Loan Payable to Housing Authority - 12,583,600 15,171,969 Reserve for encumbrances 795,626 - Reserve for continuing appropriations 9,577,560 Reserve for loans receivable 150,000 150,000 150,000 135,000 Reserve for undesignated bond proceeds, tax - exempt 36,030,330 28,833,430 28,682,430 22,851,530 Reserve for undesignated bond proceeds, taxable 4,217,046 4,323,046 4,233,046 4,249,046 Undesignated fund balance 641,048 391,943 (12,693,429) (14,717 757) Total Ending Liability and Fund Balance $ 51,411,610 33,698,419 32,955,647 27,689,788 425 FUND 372 - NORTRSIDE CAPITAL PROJECTS FUND ACCT ACCOUNT NO. NAME 5800 Interest 5325 Reimb from Other Funds - Fund 359 Development Impact Fee 6400 Transfer from Housing Authority 6438 Transfer from RDA Capital Project Fund REVENUE ACTIVITY DETAIL For Fiscal Year 2010-2011 DESCRIPTIONS AND FY 2008 -09 FY 2009 -10 ASSUMPTIONS ACTUAL BUDGET Interest earned on cash and investments. Assumption: Based on 2.6% interest rate. $ 5,000 TOTAL $ 191,883 $ 10,000 $ 22,600 $ 5,000 5810 Interest Trustee - Interest earned on cash and investments held by Agency's trustee. Tax - Exempt Bonds Assumption: Yields for specific investments purchased $ 634,000 TOTAL $ 1,374,868 $ 844,000 $ 693,000 $ 634,000 5810 Interest Trustee - Interest earned on cash and investments held by the City's trustee. Taxable Bonds Assumption: Based on trustee fund investments. $ 16,000 TOTAL $ 92,939 $ 106,000 $ 16,000 $ 16,000 Annual transfer of revenue to reimburse the Northside Capital Projects Fund for the cost to construct the library which opened in FY 2005 -06. [see related Expenditure under Account #8530 in Fund 359] TOTAL $ 11,242 $ TOTAL $ - $ Budget FY 2009 -10 FY 2010 -11 ESTIMATE AMOUNT 31,300 $ - $ Loan from the Housing Authority Fund for payment of Educational Revenue Augmentation Fund (ERAF) payment to the State. Loan must be repaid by June 30, 2015. [see related Expenditure under Account # 8216 in Fund 280] 6435 Transfer from Debt Amount of excess tax increment transferred from the Northside Debt Service Service Fund. Assumption: Residual balance of available tax increment revenue. [see related Expenditure under Account # 8815 in Fund 472] TOTAL $ - $ 70,747 $ Operating subsidy from the Whitewater Capital Project Fund necessary to maintain a $0 undesignated fund balance. [see related Expenditure under Account #8819 under Fund 370] $ 2,588,369 $ 12,583,600 $ 2,588,369 $ 1,734,947 TOTAL $ - $ 743,336 $ 419,242 $ 1,734,947 426 FUND TOTAL $ 4,978,316 FUND 372 - NORTHSIDE CAPITAL PROJECTS FUND ACCT ACCOUNT NO. NAME 7100 Salaries - Full Time 7200 Benefits 7212 Health Insurance Reimbursement 7250 Workers' Compensation 7400 Professional/ Technical 7432 Auditing Services 7444 Temporary Agency Services Directors EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Redevelopment Agency Board of Directors $ 1,800 ''A of Economic Development Director's salary ''A of Redevelopment Analyst's salary 48,576 TOTAL $ 1,485 $ 113,617 $ 113,617 $ 50,376 Benefits paid by City including group insurance, retirement and other benefits $ 22,907 TOTAL $ 904 $ 42,511 $ 40,533 $ 22,907 Provides for portion of reimbursement of medical expenses for Board of TOTAL $ Premium for Redevelopment Agency employee TOTAL $ 17 1) Contracted services of law firm to provide counsel for the general municipal affairs of the City. Portion charged to RDA is estimated at approximately 9% of total costs for legal services provided to City, Housing Authority, Redevelopment Agency and Library 2) Portion of costs related to services of Contract Financial Analyst. Balance charged to Fund 370 - Whitewater Capital Projects and General Fund Division 1500- Administration. 3) Miscellaneous contracted services TOTAL $ 38,690 $ 65,370 $ 65,000 $ 65,000 Annual financial audit of the Redevelopment Agency $ 2,645 TOTAL $ 2,376 $ 2,435 $ 2,435 $ 2,645 1) Portion of costs for providing temporary assistance with accounting duties as a result of a vacant position in Finance. Costs are shared with General Fund (80 %) and Housing Authority Fund (5 %). $ 3,776 2) Portion of costs for providing temporary assistance in the Information Services Division. Costs are shared with General Fund (90 %) and Housing Authority Fund (5%). 1,375 TOTAL $ 427 $ 3,252 226 $ 4,500 $ 4,642 $ 3,252 $ 692 $ 1,482 $ 1,482 $ 692 3,610 $ 3,730 $ $ 30,000 15,000 20,000 3,730 $ 5,151 FUND 372 - NORTHSIDE CAPITAL PROJECTS FUND ACCT ACCOUNT NO. NAME 7590 ERAF Shift (Educational Revenue Augmentation Fund) 7803 Car Allowance 7806 Meetings, Training & Travel 7818 Dues & Subscriptions 7839 Reproduction & Printing 7842 Advertising/ Publishing 8000 Supplies 8500 General Fund Reimbursement 8811 Write -off Loan Receivable EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Mandated sharing of tax increment with the state for K -12 schools and community colleges. Financed by a loan from the Housing Authority Fund to be repaid by June 30, 2015. TOTAL $ - For Economic Development Director ($428.82 /month) for use of personal vehicle to attend meetings, seminars, conferences $ TOTAL $ - $ 2,830 Workshops and conferences for groups such as California Redevelopment Association (CRA) and Coachella Valley Economic Partnership (CVEP) TOTAL $ 1,315 $ 5,500 $ 3,500 $ 5,500 Memberships and subscriptions with the Coachella Valley Economic Partnership (CVEP) ($50,000) for implementation of its Economic Blueprint including expansion of the Healthcare & Life Science industry within the Project Area, with California Redevelopment Association ($9,765) for the Agency's annual membership, and miscellaneous trade publication (i.e. Shopping Centers magazine, Business Press, etc.) $ 62,500 TOTAL $ 21,497 $ 25,000 $ Printing for special projects TOTAL $ 2,019 $ 2,000 $ Advertising and publishing as required TOTAL $ Miscellaneous office supplies TOTAL $ $ $ 300 $ 256 $ 500 $ 150 $ Reimbursement for General Fund staff support + 31.406% overhead. [see related Revenue under Account # 5305 in Fund 101] 428 $ 2,588,369 $ - $ 12,583,600 $ 2,588,369 $ 2,830 $ $ 5,500 12,500 $ 62,500 $ 2,500 2,500 $ 2,500 500 500 300 300 $ 943,992 TOTAL $ - $ 835,383 $ 835,383 $ 943,992 Annual installment reduction of loan receivable according to terms of original loan agreement. $ 15,000 TOTAL $ 15,000 $ - $ 15,000 $ 15,000 FUND 372 - NORTHSIDE CAPITAL PROJECTS FEND ACCT ACCOUNT NO. NAME 8800 Transfer to Debt Service Fund 90000 Capital Improvement Projects 90301 Frank Sinatra Drive Low Water Crossing 90379 Major Intersection Capacity Improvements 90382 Bob Hope Drive Improvements 90385 Bob Hope Drive Parkway Improvements EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT JUSTIFICATION FOR Amount needed in Northside Debt Service Fund for excess of expenditures over sources of revenues including amount required for full - year's debt service payment. [see related Revenue under Account # 6400 in Fund 3721 $ 10,591 TOTAL $ 4,855,813 $ - Prior years' Capital Improvement Project continuing appropriations. TOTAL $ 3,667,527 $ 18,413,716 $ 18,413,716 $ Refer to the Capital Improvements section of this document for a project description. TOTAL $ - $ $ Refer to the Capital Improvements section of this document for a project description. TOTAL $ - $ $ Refer to the Capital Improvements section of this document for a project description. TOTAL $ - $ Refer to the Capital Improvements section of this document for a project description. TOTAL $ 429 $ 89,487 $ 10,591 $ $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 434,900 $ 434,900 $ 30,000 - $ - $ 30,000 FUND TOTAL $ 10,244,175 430 "CITY oF'aanc mieacc tow COST HOUSING FUND FUND 270 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 affordable 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. BUDGET HIGHLIGHTS: FY 2010-11 REDEVELOPMENT AGENCY • Total estimated property tax increment 20% transfers from the Whitewater and Northside Debt Service Funds for FY 2010 -11 are $3,866,000 and $3,100,000 respectively These transfers are based on the assumption of no estimated growth in assessed values for Whitewater and of the maximum tax increment of $15,500,000 for Northside, having reached this level in FY 2006 -07 • Total principal and interest for debt service on the bonds for FY 2010 -11 is $2,513,906. This is based on the debt service schedule for the 2003 tax allocation bonds. 431 FUND 270 LOW COST HOUSING FUND Beginning Fund Balance Bond Proceeds Reserved for Capital Projects Reserved for following year's Debt Service Total Beginning Fund Balance Revenues Interest City Investments Interest Trustee Investments Operating Transfer In Total Revenues Expenditures Bond Servicing County Property Tax Collection Fee Principal on Bonds Interest on Bonds Other Expenditures Reimbursement Transfer to Housing Authority Transfer to Housing Authority Total Expenditures Ending Fund Balance Bond Proceeds Reserved for Capital Projects Reserved for following year's Debt Service RANCHO MIRAGE REDEVELOPMENT AGENCY FUND FINANCIAL SUMMARY FY 08 -09 FY 09 -10 FY 09 -10 FY 10 -11 Actual Budget Estimate Budget $ 31,098,355 26,133,240 26,133,240 705,552 2,512,954 2,512,954 $ 31,803,907 28,646,194 28,646,194 432 64,906 845,545 7,114,365 8,024,816 5,485 115,899 1,105,000 1,411,106 792 5,810,660 2,733,587 11,182,529 80,000 560,000 6,960,000 7,600,000 5,550 120,750 1,135,000 1,377,956 812 15,289,000 4,398,980 22,328,048 CITY aC OMIRAGE YJ 75,000 475,000 6,966,000 7,516,000 5,550 118,250 1,135,000 1,377,956 812 22,879,553 4,402,480 29,919,601 3,728,687 2,513,906 6,242,593 60,000 400,000 6,966,000 7,426,000 5,550 122,375 1,170,000 1,343,906 883 300,000 4,384,236 7,326,950 26,133,240 11,404,240 3,728,687 3,828,687 2,512,954 2,513,906 2,513,906 2,512,956 Total Ending Fund Balance $ 28,646,194 13,918,146 6,242,593 6,341,643 FUND 270 - LOW COST HOUSING FUND ACCT ACCOUNT NO. NAME 5800 Interest 5810 Interest Trustee 6400 Transfer from Whitewater Debt Service Fund 6400 Transfer from Northside Debt Service Fund REVENUE ACTIVITY DETAIL For Fiscal: Year 2010-2011 DESCRIPTIONS AND FY 2008 -09 FY 2009 -10 FY 2009 -10 ASSUMPTIONS ACTUAL BUDGET ESTIMATE Budget FY 2010 -11 AMOUNT Interest earned on cash and investments. Assumption: Based on 2.6% interest rate. $ 60,000 TOTAL $ 64,906 $ 80,000 $ 75,000 $ 60,000 Interest earned on cash and investments held by Agency's trustee. Assumption: Yields for specific investments purchased $ 400,000 TOTAL $ 845,545 $ 560,000 $ 475,000 $ 400,000 Amount of 20% of tax increment revenue received by the Redevelopment Agency transferred from Whitewater Debt Service Fund. [see related Expenditure under Account # 8825 in Fund 470] $ 3,866,000 TOTAL $ 4,014,365 $ 3,860,000 $ 3,866,000 $ 3,866,000 Amount of 20% of tax increment revenue received by the Redevelopment Agency transferred from Northside Debt Service Fund. [see related Expenditure under Account # 8825 in Fund 472] 433 $ 3,100,000 TOTAL $ 3,100,000 $ 3,100,000 $ 3,100,000 $ 3,100,000 FUND TOTAL $ 7,426,000 FUND 270 - LOW COST HOUSING FUND EXPENDITURE ACTIVITY DETAIL For Fiscal Year 2010-2011 Budget ACCT ACCOUNT JUSTIFICATION FOR FY 2008 -09 FY 2009 -10 FY 2009 -10 FY 2010 -11 NO. NAME STAFF REQUESTS ACTUAL BUDGET ESTIMATE AMOUNT 7432 Auditing Services Annual financial audit of the Redevelopment Agency. $ 883 TOTAL $ 792 $ 812 $ 812 $ 883 7440 Bond Servicing Fees for trustee and arbitrage calculation services. $ 5,550 TOTAL $ 5,485 $ 5,550 $ 5,550 $ 5,550 7863 County Processing Riverside County charge for collecting property tax. $ 122,375 Fee TOTAL $ 115,899 $ 120,750 $ 118,250 $ 122,375 8200 Principal Payment Amount of scheduled principal payments on outstanding bond issues. $ 1,170,000 TOTAL $ 1,105,000 $ 1,135,000 $ 1,135,000 $ 1,170,000 8205 Interest Payment Amount of scheduled interest payments on outstanding bond issues. $ 1,343,906 TOTAL $ 1,411,106 $ 1,377,956 $ 1,377,956 $ 1,343,906 8820 Transfer to Tax increment transferred to the Housing Authority from the Redevelopment Housing Authority Agency Low Cost Housing Fund. Assumption: Based on 20% of tax increment received by the Redevelopment Agency less debt service payments and other operating expenditures. [see related Revenue under Account # 6440 in Fund 280] $ 4,384,236 TOTAL $ 2,733,587 $ 4,398,980 $ 4,402,480 $ 4,384,236 8820 Transfer to Reimbursement of Capital Project Expenditures in the Housing Authority Housing Authority Fund (280) from Bond Proceeds. Assumption: Based on San Jacinto Villas at $13,589,000 and Rancho Palms at $1,700,000. [see related Revenue under Account # 6440 in Fund 280] $ 300,000 TOTAL $ 5,810,660 $ 15,289,000 $ 22,879,553 $ 300,000 434 FUND TOTAL $ 7,326,950 A RESOLUTION OF THE RANCHO MIRAGE REDEVELOPMENT AGENCY ADOPTING A SCHEDULE OF CITY STAFF TIME ALLOCATION AND PROVISIONS FOR REIMBURSEMENT TO THE CITY OF RANCHO MIRAGE FOR FISCAL YEAR 2010 -2011. 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 City Clerk Deputy City Clerk Records Manager Records Management Coordinator City Manager Director of Management Services Human Resources Manager Management Analyst Contract Specialist Management Services Coordinator Management Services Coordinator Administrative Assistant , Office Assistant III Office Assistant II Director of Administrative Services Accounting Manager Accountant Accounting Technician II Accounting Technician II Information Services Manager Network and Support Specialist II Director of Community Development Senior Planner Associate Planner Associate Planner Assistant Planner Community Development Coordinator Office Assistant III Building Official Building Inspector II Building Inspector I Code Compliance Supervisor Code Compliance Officer II Code Compliance Technician 'Office Assistant II RESOLUTION NO. 2010-RA-225 Allocation Percentage 20% 20% 20% 20% 25% 10% 15% 5% 20% 15% 15% 10% 15% 15% 30% 20% 40% 15% 15% 10% 10% 15% 15% 10% 10% 10% 10% 10% 15% 5% 5% 40% 40% 25% 20% 435 Allocated Salary FY 10/11 $ 17,500 12,683 12,400 11,742 60,695 16,320 19,181 5,009 17,904 13,340 I3,631 5,178 7,384 6,798 48,580 16,807 27,498 9,688 9,688 10,624 7,850 22,531 14,872 8,578 7,809 8,655 8,317 4,662 19,181 3,699 3,147 34,120 25,744 14,741 4,292 Allocated Benefits FY 10/11 $ 8,538 7,277 7,085 7,096 20,881 6,226 7,958 1,817 9,365 7,000 7,164 3,346 4,924 3,323 19,320 9,081 15,105 5,274 3,930 5,174 4,389 9,477 5,412 4,626 4,029 4,307 4,576 3,235 8,511 1,930 2,047 16,943 I6,129 9,878 3,577 T otal Allocation FY 10/11 $ 26,038 19,960 19,485 18,838 81,576 22,546 27,139 6,826 27,269 20,340 20,795 8,524 12,308 10,121 67,900 25,888 42,603 14,962 13,618 15,798 12,239 32,008 20,284 13,204 11,838 12,962 12,893 7,897 27,692 5,629 5,194 51,063 41,873 24,619 7,869 ATTEST J QJ i el (uv Cyn'lia Scott Agency Secretary APPRO Steven B. Quintani Agency Counsel Title Director of Public Works City Engineer Senior Civil Engineer Project Manager Civil Engineering Assistant Public Works Inspector Senior Traffic Signal Technician Engineering Technician II Department Secretary Office Assistant III Street Maintenance Supervisor Office Assistant III Facilities & Fleet Maint Manager Economic Development Director Total Allocation Allocation Percentage 50% 35% 20% 90% 25% 15% 15% 10% 25% 10% 15% 20% 10% 80% 436 Allocated Salary FY 10/11 77,713 51,809 25,574 81,123 22,719 12,982 12,982 6,412 16,951 5,579 12,364 4,292 10,503 108,236 Richard W Kite Chairman Allocated Benefits FY 10/11 31,101 21,916 11,466 42,815 11,941 6,355 4,923 3,657 9,458 3,441 6,837 3,577 3,830 36,399 $ 980,086 $ 456,670 Total Allocation FY 10/11 108,814 73,725 37,040 123,938 34,660 19,337 17,905 10,069 26,409 9,020 19,201 7,869 14,333 I44,635 $ 1,436,757 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 lime 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 Administrative Services shall use these time sheets for the purpose of calculating actual reimbursement by the Redevelopment Agency to the City. Reimbursement to the City is also agreed to and authorized for the salary- related cost of retirement, health insurance, workers' 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' Reimbursement to the City is also agreed to and authorized for 31.406% of the salaries and benefits above to cover general overhead costs incurred by the City. PASSED, APPROVED, AND ADOPTED this 15 day of July 2010. CITY OF RAN . • MIRAGE REDE / •PME AGENCY