The URL can be used to link to this page

Home My Public Portal About2006-006~ a } F•. RESOLUTION NO. 2006.006 K~1 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 Fiscal Year 2005-2006 budget, as presented in Exhibit A attached herein and made a part of this resolution through this reference; and WHEREAS, the Board of Directors held a special meeting on January 23, 2006, and a regular meeting on February 7, 2006, to review and discuss the FY 2005-2006 budget amendments; and WHEREAS, the agendas for the January 23, 2006 special meeting and the February 7, 2006 regular meeting of the Board of Directors were duly posted, and all materials were made available to the interested parties. NOW, THEREFORE, THE BOARD OF DIRECTORS FOR THE LYNWOOD REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AND DETERMINE AS FOLLOWS: Section 1. The Lynwood Redevelopment Agency budget for Fiscal Year 2005- 2006 is hereby amended as detailed in the attached Exhibit A, which is incorporated as a part of this Resolution by this reference. Section 2. The LRA Executive Director or his designee shall be authorized to carry out any transactions necessitated by the adoption of this Resolution. Section 3. This Resolution is to be given effect immediately upon adoption. PASSED, APPROVED AND ADOPTED this 7th day of February , 2006. .~ ~_ - LETICIA VASQUEZ CHAIRPERSON ATTEST: ~' APPROVED AS TO FORM: ANDREA HOOPER SECRETARY RON WILSON; X~ENCY COUNSEL 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 Budget Amendments Lyriwood Redevelopment Agency Revenue Changes (from FY 2005-06 budget) B Fund 14 -Tax Increment Area "A" $400,000 24 -Tax Increment Alameda ($400,000) 12 -Projects Area "A" $625,605 22 -Projects Alameda $10,000 26 -Low-Mod Housing Area "A" $50,000 28 -Low-Mod Housing Alameda ($116,486) Total $569,119 Expenditure Changes (from FY 2005-06 budget) By Fund 14 -Tax Increment Area "A" $675,605 24 -Tax Increment Alameda ($106,486) 12 -Projects Area "A" $625,605 22 -Projects Alameda $10,000 26 -Low-Mod Housing Area "A" $1,433,438 Total $2, 638,162 Budget Recap: Impact on Fund Balances 12 -Projects Area "A" Initial Adopted Mid-Year Budget Amended Budget Revenues & Transfers In $1,368,750 $1,994,355 Expenditures & Transfers Out $1,368,750 $1,994,355 Impact on the Fund Balance $0 $0 FY 2005-06 Beginning Fund Balance (per Audit) $1,327,028 $1,327,028 Plus above impact on Fund Balance $0 $0 FY 2005-06 Ending Fund Balance $1,327,028 $1,327,028 14 -Tax Increment Area "A" Initial Adopted Mid-Year Budget Amended Budget Revenues & Transfers In $2,683,100 $3,083,100 Expenditures & Transfers Out $3,065,900 $3,741,505 Impact on the Fund Balance ($382 800) ($658,405) FY 2005-06 Beginning Fund Balance (per Audit) $1,646,153 $1,646,153 , Plus above impact on Fund Balance ($382,800) ($658,405] FY 2005-06 Ending Fund Balance $1,263,353 $987, 748 FY 2005-06 Mid-Year Budget Amendments - LRA Page 6 Lynwood Redevelopment Agency (Continued) 22 - Projects Alameda Initial Adopted Mid-Year Budget Amended Budget Revenues & Transfers In $700,500 $710,500 Expenditures &-Transfers Out $700,500 $710,500 Impact on the Fund Balance $0 $0 FY 2005-06 Beginning Fund Balance (perAudit) $0 $0__ Plus above impact on Fund Balance $0 SO FY 2005-06 Ending Fund Balance $0 `$0 24 -Tax Increment Alameda Initial Adopted Mid-Year Budget Amended Budget Revenues & Transfers In $961,300 $561,300 Expenditures & Transfers Out $948,800 $842,314 Impact on the Fund Balance $12,500 ($281,014) FY 2005-06 Beginning Fund Balance (per Audit) $849,489 $849,489 Plus above impact on Fund Balance $12,500 (S281,014) FY 2005-06 Ending Fund Balance $861,989 $568,475 26 -Low-Mod Housing Area "A" Initial Adopted Mid-Year Budget Amended Budget Revenues & Transfers In $1,919,100 $1,969,100 Expenditures & Transfers Out $310,650 $1,744,088 Impact on the Fund Balance $1,608,450 $225,012 FY 2005-06 Beginning Fund Balance (per Audit) $4,518,101 $4,518,101 Plus above impact on Fund Balance $1,608,450 $225,012 FY 2005-06 Ending Fund Balance $6,126,551 $4,743,113 28 -Low-Mod Housing Alameda Initial Adopted Mid-Year Bud et Amended Budget Revenues & Transfers In $199,200 $82,714 Expenditures & Transfers Out $166,200 $166,200 Impact on the Fund Balance $33,000 ($83,486) FY 2005-06 Beginning Fund Balance (per Audit) $1,176,812 $1,176,812 Plus above impact on Fund Balance $33,000 ($83,48F~ FY 2005-06 Ending Fund Balance $1,209,812 ..$1,093,326 FY 2005-06 Mid-Year Budget Amendments - LRA Page 7 Lynwood Redevelopment Agency Budget Amendments FY 2005-2006 Mid-Year Budget Review Lynwood Redeveloament Agency Details NT AMENDMENT COMMENTS 14-4010 Tax Increment $400,000 Additional tax increment based on County assessment data and -. applicable transfers Fund:Total SdOg00o TAXINGREIl9ENTAREA "A" 12-4180 Trar r r i~, ~ 1~~ ~ ~~'S,605 Increased transfer in from Fun~1 ~ ~',~ ~ cover needs bel _~.: Fund~Tota! _ _ 5625, 605 __ _PROJECTS -AREA "A" 26-4180 Transfer I. ~ ;1-; __ OQO Increased transfer in from Fund 14 due to increased tug ,~ ~:,~.;ment Fund Total 24-4010 Tax Increment $SgtwO ($400,000) LOW-h90D HOUSING - AREA "A" - -- Loss of tax increment due to the departure of business (McWharte Manufacturin r Fund Total ($400,000) TAX INCREMENT ALAMEDA 22-4180 Transfer In I2a1 $10.000 _ _ Increased transfer in from Fund 24 to cover needs below __ Fund'Total ': .510 000 PROJECTS - ALAMEDA _ 28-4180 Transfer In teal ($116,486) Decreased transfer in from Fund 2c ~ 1~,-~ i ~ ecreasea ~ , ~ ~~ ~~ ~ ~ ~ ~ ~ -- ~t Fund Total ($116,4861 - LOW-:.MOD HOUSING - ALAMEDA Total $569,119 -±-. ~: .:;'I "' ' , t = a. "L%!'. „vim. 1~^t. _ ~ '' ~ ~~ 11 ~-~J (ACCOUNT NO. ACCOUNT AMENDMENT COMMENTS DESCRIPTION AMOUNT 14-5180 Transfer to Housing $50,000 Additional transfer due to increase in tax increment revenue above (Fund 26) 14-5180 Transfer to Projects $625,605 Additional transfer to cover additional needs in Fund 12 below (Fund 12) TOTAL 5675,605 TAXIAICREMENTAREA.:"A" 12-5018 Miscellaneous $167,000 Additional funding for mortgage payments and security Svcs for SELAC. contingency for possible additional office design /furnishings, other misc. charges. 12-5032 Planning Services $133,605 City Council has approved the Long Beach Blvd. Specific Plan Concept, as well as a contract with the consultant firm, LSA. The work is in the redevelopment project area and contributes to the redevelopment efforts. 12-5020 Legal Services $250,000 Additional funding for legal fees associated with various redevelopment projects (Ron Wilson, Kane Ballmer 8 Berkman and special litigation consulting) 12-5031 Financial Services $10,000 Additional funding for fees associated with the use of financial consultant (Katr Hollis) 12-5032 Planning Services $30,000 Additional funding for fees associated with the use of planning/real estate consulting services, through year-end 12-5037 Fees for other $35,000 Funding for fees associated with the use of consulting services for the Services interim Redevelopment Director and potential chamber allocation TOTAL 5625, 605 PROJECTS -`ARBU "A FY 2005-06 Mid-Year Budget Amendments - LRA Page 8 ~;f ~_--, ~y ~-~_' 24-5180 Transfer to Housing ($116,486) Decreased transfer due to decreased tax increment (Fund 28) 24-5180 Transfer to Projects $10,000 Additional transfer to cover additional needs in Fund 22 below (Fund 22) TOTAL (.$106;486) TAX INCREMENTALAMEDA ~ 22-5018 Miscellaneous $5,000 _ Funding for maillcourier services, cell phone charges and other specialized services and or incidentals 22-5037 Fees for other $35,000 Funding for fees associated with the use of consulting services for the Services Interim Redevelopment Director and potential Chamber allocation 22-5020 Legal Services ($30,000) Decrease in funding for legal services as these are not utilized in the Alameda project area. TOTAL S1Q000 PROJECTS - ALAI4AEDA 26-5100 Project Improv. Cost $106,300 Funding for the reimbursement for construction cost (SELAC Senior Housing Project) 26-5040 Real Estate Purchase $1,280,000 Funds for property purchases for the Whispering Glen Housing Project per DDA -Abel-Helou 26-5097 Project Improv. Loans $47,138 Account reimbursement/payments through fiscal year 2005/06 for Rick O'Hara & Associates (mortgage payments for 11300 Atlantic Avenue - Senior Housing Project) TOTAL ~ . >> - ~" $1,433:438 LOW-'MOD.HO`U$JNG, ==:4"REA "A° GRAND TOTAL $2,638,162 FY 2005-06 Mid-Year Budget Amendments - LRA ' f: Page 9