HomeMy WebLinkAboutRDA 02 BUDGET FY 07-08 06-19-07AGENDA REPORT
MEETING DATE: June 19, 2007
TO: William A. Huston, Executive Director
FROM: Ronald A. Nault, Finance Director
Agenda Item RDA 2
Reviewed:
City Manager
Finance Director
SUBJECT: RESOLUTION NO. RDA 07-04 ADOPTING THE AGENCY BUDGET AND
APPROPRIATING REVENUE OF THE AGENCY FOR FISCAL YEAR 2007/2008
SUMMARY:
The Agency is requested to approve the attached Resolution adopting the budget for the
Tustin Community Redevelopment Agency for Fiscal Year 2007/2008.
RECOMMENDATION:
Adopt Resolution No. RDA 07-04, a Resolution of the Board of Directors of the Community
Redevelopment Agency of the City of Tustin, adopting the Agency's 2007/2008 Budget of
$29,454,076.
FISCAL IMPACT:
The Redevelopment Agency action will adopt the expenditure program for the 2007/2008 fiscal year.
DISCUSSION:
The draft 2007/2008 Tustin Community Redevelopment Agency Budget was included in the
Proposed City of Tustin Program and Financial Plan which was presented to the City Council at its
workshop on June 12, 2007. There are no adjustments included in the recommended
appropriations.
Rona . Nault
Finance Director
~ lv
Keit D. Neves
Senior Management Analyst
Attachment
RDA20078udgetStaffReport. doc
RESOLUTION NO. RDA 07-04
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF TUSTIN, CALIFORNIA, ADOPTING THE AGENCY BUDGET AND
APPROPRIATING FROM ANTICIPATED REVENUE OF THE AGENCY FOR THE
FISCAL YEAR 2007-2008
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 2007-2008 fiscal year,
beginning July 1, 2007; and
WHEREAS, Section 33334.3 of California Redevelopment Law provides that
the amount of money spent from the Low and Moderate Income Housing Fund for
planning and general administrative activities associated with the development,
improvement and preservation of low and moderate income housing shall not be
disproportionate to the amount actually spent for the cost of production,
improvement or preservation of that housing, and that the Redevelopment Agency
shall determine annually that the expenditures from the Low and Moderate Income
Housing Funds for each Redevelopment Project Area for planning and
administrative expenses are necessary for the production, improvement or
preservation of the low and moderate income housing; 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 of the City of Tustin does hereby resolve, determine and order that the
following sums of money are appropriated from the anticipated revenue of the
Redevelopment Agency for the purposes stated during the 2007-2008 fiscal year,
and that the expenditures from the Low and Moderate Income Housing Fund for
planning and administrative expenses for each Redevelopment Project Area are
necessary for the production, improvement or preservation of low and moderate
income housing.
Operating Expenses $ 1,210,421
Debt Service 17,338,852
Capital Improvements 10,904,803
TOTAL APPROPRIATIONS 2007-2008 $ 29,454,076
PASSED AND ADOPTED at a regular meeting of the Community
Redevelopment Agency of the City of Tustin held on the 19th day of June, 2007.
LOU BONE
Chairperson
ATTEST:
PAMELA STOKER
City Clerk
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
RESOLUTION NO. RDA 07-04
Pamela Stoker, Recording Secretary and ex-officio Secretary of the Community
Redevelopment Agency of the City of Tustin, California, does hereby certify that the
whole number of the members of the Tustin Community Redevelopment Agency is five;
that the above and foregoing Resolution was duly. and regularly passed and adopted
at a regular meeting of the Tustin Community Redevelopment Agency held on the
19th day of June, 2007, by the following vote:
AGENCY MEMBER AYES:
AGENCY MEMBER NOES:
AGENCY MEMBER ABSTAINED:
AGENCY MEMBER ABSENT:
PAMELA STOKER
Recording Secretary
RDA2007-20088udgetResolution. doc