HomeMy WebLinkAboutRDA BUDGET 1992-93 09-21-92RDA NO. 6
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DATE: In
SEPTEMBER 16, 1992
TO: TUSTIN COMMUNITY REDEVELOPMENT AGENCY
FROM: WILLIAM A. HUSTON, EXECUTIVE DIRECTOR
SUBJECT: 1992-93 REDEVELOPMENT AGENCY BUDGET
RECOMMENDATION
That the Agency members approve the attached resolution adopting the
1992-93 budget for the Town Center and South -Central project areas.
DISCUSSION
The Agency had decided to delay adoption of its 1992-93 budget until the
State had adopted its budget. The recent legislation adopting the State
budget mandates that the equivalent of 17.4% of the Agency's 1990-91
gross tax increment revenue be allocated to the County Auditor -
Controller by May, 1993. This amounts to $698,820. All redevelopment
agencies in Orange County are under the same mandate. The total of all
these funds will be reallocated to school districts based upon a formula
devised by the State. The reduction in tax increment revenue is
supposed to be for 1992-93 only. The legislation implementing the State
budget contains a complicated procedure on how redevelopment agency
funds are transferred to the County Auditor -Controller.
Because it could be a few 'months before State imposed administrative
regulations (the mechanics of transferring the funds) are enacted, staff
recommends the Agency proceed to adopt its 1992-93 budget. The Agency
does have reserves that can be utilized to meet the $698,820 State
mandate, without affecting current projects. The State legislation does
require that the Agency notify the County Auditor -Controller by March 1,
1993 as to how the Agency intends to fund the State imposed obligation.
Staff will submit a report to the Agency in January 1993 which outlines
the options (per State administrative regulations) and a recommendation
on how the $698,820 obligation can be met.
As indicated above, the State budget refers to the 17.4% reduction in
Agency tax increment revenue as a one-time obligation. Given the track
record in Sacramento, it is very possible that redevelopment funds will
be tapped again in 1993-94 to fund schools, reduce the State deficit,
etc. The Agency has the financial capacity to absorb the 1992-93 loss;
however any additional State imposed revenue reductions will require
changes in the Agency's previously approved financial plans and
projects.
WAH
redevbud.wah
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RESOLUTION RDA 92-15
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF TUSTIN CALIFORNIA, ADOPTING THE AGENCY BUDGET
AND APPROPRIATING REVENUE OF THE AGENCY FOR THE FISCAL
YEAR 1992-93.
WHEREAS, in accordance with good fiscal policies, the
Executive Director of the Tustin Community Redevelopment Agency has
prepared and submitted to the Board of Directors, a proposed Annual
Budget for the 1992-93 fiscal year, beginning July 1, 1992; and
WHEREAS, the Board of Directors, as the legislative body of
the Agency, has reviewed this proposed budget.
NOW,. THEREFORE, the Board of Directors of the Community
Redevelopment Agency for the City of Tustin does hereby resolve,
determine and order that the following sums of money are hereby
appropriated from the revenue of the Redevelopment Agency for the
purposes stated during the 1992-93 fiscal year.
OperatingExpenses $ 2,141,097
Debt Service 925,000
Capital Improvements 7,749,600
TOTAL APPROPRIATIONS 1992-93 $ 10,815,697
PASSED AND ADOPTED at a regular meeting of the Community
Redevelopment Agency of the City of Tustin held on the 21st
lay of September , 1991.
ATTEST:
Leslie Anne Pontious
Chairperson
Mary E. Wynn, Recording Secretary
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