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Home My WebLink AboutR41-Economic Development Agency ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO REOUEST FOR COMMISSION/COUNCIL ACTION ., FROM: Gary Van Osdel Executive Director~. ORIGINAL ~.L. SUBJECT: ECONOMIC DEVELOPMENT AGENCY FISCAL YEAR 2004-05 BUDGET DATE: June 14,2004 Svnoosls of Previous CommissionlConnclllCommittee Action(s): Noue. Recommended Motion(s): (Community Develooment Commission) MOTION A: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ECONOMIC DEVELOPMENT AGENCY'S BUDGET FOR THE FISCAL YEAR 2004-05 EXCEPT FOR THOSE PORTIONS OF CERTAIN BUDGET LINES WHICH ARE RELATED TO THE UPTOWN REDEVELOPMENT PROJECT AREA. MOTION B: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ECONOMIC DEVELOPMENT AGENCY'S BUDGET FOR THOSE PORTIONS OF CERTAIN BUDGET LINES WHICH ARE RELATED TO THE UPTOWN REDEVELOPMENT PROJECT AREA FOR THE FISCAL YEAR 2004-05. ------------------------.----------------------------------------------------------------------.-------------------------_._----------.---- Contact Person( s): Gary Van OsdellBarbara Lindsetb Phone: 663-1044 Project Area(s): All Ward(s): All Supporting Data Attached:1i!I Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 LtrlMemo FUNDING REQUIREMENTS: Amount: $55.868.849 Source: All SIGNATURE: Budget Authority: Reauested / ~~UACt ~/~'J!: Barbara Lindseth Admin Services Director CommissionICouneU Notes: --~;}~~~_t_~_:_i?~__~~____________________________________________________________________________ GVO:bl::Agenda CDC budget 04-05.doc COMMISSION MEETING AGENDA CQC{?(f:J'i- 2. 'i l~ MEETING DATE: 06122104 Agenda Item Number: ..m.L ECONOMIC DEVELOPMENT AGENCY STAFF REPORT Economic Development Al!:encv Fiscal Year 2004-05 Budl!:et Baclmround and Current Issues: The Economic Development Agency's ("Agency") proposed budget for the fiscal year 2004-2005 anticipates resources totaling $55,868,849. Of this total, $32,263,441 are redevelopment project area funds, of which $24,840,752 are anticipated new revenues, and $7,422,689 are carryover bond proceeds and bond reserves. Anticipated resources also include $11,392,949 in 20"10 set -aside funds (new revenues and carry-over funds combined) and a total of $12,212,459 in federal funds (Community Development Block Grant, Neighborhood Initiative Program, Home Investment Partnership Act, Emergency Shelter Grant, and Lead Base Paint Grant funds). In light of the State's budget crisis, and the looming negative implications of continued Education Revenue Augmentation Fund ("ERAF') mandated payments, the proposed budget was held to a slight increase of only $8,513 in Agency administration and operations expenditures, although the Agency obligation to the Public Employees Retirement System ("PERS") increased by $56,725. In order to achieve this overall slight increase, three (3) previously authorized vacant positious (Senior Project Manager, Project Manager, and Assistant Project Manager) are not being recommended for limding, while other administrative budget line items were held at 2003-04 levels or reduced. For fiscal year 2004-05, ninety-five percent (95%) of the proposed budget encompasses required expenditures based upon previous actions of the City Council and/or Community Development Commission concerning Agency bond payments, contracts, agreements, projects and programs. Thus, only five percent (5%) of the Agency's proposed budget, or $2,851,295, has not previously been prioritized, obligated or committed and, therefore, is available for Agency staffing, administration and operations, general consulting, legal, special events, research, demographics and materials. The $2,851,295 discretionary budget amount referenced above includes $2,171,295 for Agency staffing and direct administration/operations costs (3.9% of total budget), and $680,000 in Agency costs associated with legal, general consultant services, special events, research, demographics and materials. The anticipated Agency's tax increment cash flow projection for fiscal year 2004-05 is a positive of approximately $78,985, based upon projected increases in tax increment revenues, and the above- mentioned slight increase in administrative costs. This projected positive cash flow for the Agency comes, however, without taking into consideration any possible Agency contribution to ERAF. At this time it is unknown what ERAF payment level will be mandated, however, if the ERAF Economic ------------------------------------------------------------------------------------------------------------------ GVO:bl::Agenda CDC budget 04-05.doc COMMISSION MEETING AGENDA MEETING DATE:. 118-1(,-0,# Agenda Item Number: If. 'f I f Commission Agenda Item Agency Fiscal Year 2004-05 Budget Staff Report Page - 2 - Development Agency contribution is adopted in the State's budget at the $250 million level as presently proposed, the Agency's ERAF payment could be approximately $2,000,000. At this level of ERAF funding, the Agency could legally borrow half of the fiscal year 2004-05 Low-Moderate Housing Fund's 20% set-aside allocation ($1,850,000) to pay most of the ERAF obligation, but will be forced to use any other funds available for the remaining ERAF obligation ($150,000). Environmental Impact: None Fiseal Impact: The total of $55,868,849 is budgeted for the fiscal year 2004-05 in tax increment funds, low- moderate 20% set-aside funds, and federal funds. Recommendations: Based upon the foregoing, it is recommended that the Community Development Commission adopt the attached Resolutions. ~~~~)ll;/( Barbara Lindseth Administrative Services Director GVO:bl::Agenda CDC budget 04-05.doc COMMISSION MEETING AGENDA MEETING DATE: r -I' - (II( Agenda Item Number: L~I , o o o 1 2 3 4 5 6 7 8 9 101 111 121 131 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUG~~ RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ECONOMIC DEVELOPMENT AGENCY'S BUDGET FOR THE FISCAL YEAR 2004-05 EXCEPT FOR THOSE PORTIONS OF CERTAIN BUDGET LINES WHICH ARE RELA TED TO THE UPTOWN REDEVELOPMENT PROJECT AREA. WHEREAS, the Community Development Commission ("Commission") desires to approve and adopt the Economic Development Agency's Budget for the Fiscal Year 2004-05, except for those portions of certain Budget Lines which are related to the Uptown Redevelopment Project Area. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AS FOLLOW: Section 1. The Commission hereby approves and adopts the Economic Development Agency's Budget for the Fiscal Year 2004-05, as attached hereto, except for those portions of Budget Lines 4011, 4019, 4500, 4900, 5010 through 5021, 6001 through 6005, 6007 through 6012, 6014 through 6018,6020,6021, 6103,6301,6306,6401,6402,6500,6600,6703,7001 through 7003,7102,7302, 7305, 7306, 7402, 7403, 8002, and 8003 which are related to the Uptown Redevelopment Project Area. Section 2. This Resolution shall take effect upon the date of its adoption. II II II ( c I 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 o () RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ECONOMIC DEVELOPMENT AGENCY'S BUDGET FOR THE FISCAL YEAR 2004-05 EXCEPT FOR THOSE PORTIONS OF CERTAIN BUDGET LINES WHICH ARE RELA TED TO THE UPTOWN REDEVELOPMENT PROJECT AREA. I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community Development Commission of the City of San Bernardino at a meeting thereof, held on the _day of , 2004, by the following vote, to wit: Commission Members Navs Absent Ayes Abstain ESTRADA LONGVILLE MCGINNIS DERRY KELLEY JOHNSON MCCAMMACK Secretary The foregoing Resolution is hereby approved this _day of ,2004. Judith Valles, Chairperson Community Development Commission of the City of San Bernardino to form and legal content: By: -+.-...-.._~ c o c 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 RESOLUTION NO. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ECONOMIC DEVELOPMENT AGENCY'S BUDGET FOR THOSE PORTIONS OF CERTAIN BUDGET LINES WHICH ARE RELATED TO THE UPTOWN REDEVELOPMENT PROJECT AREA FOR THE FISCAL YEAR 2004-05. WHEREAS, the Community Development Commission ("Commission") desires to approve and adopt the Economic Development Agency's Budget for those portions of certain Budget Lines which are related to the Uptown Redevelopment Project Area for the Fiscal Year 2004-05. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AS FOLLOW: Section 1. The Commission hereby approves and adopts the Economic Development Agency's Budget, as attached hereto, for those portions of Budget Lines 4011, 4019, 4500, 4900, SOlO through 5021, 6001 through 6005,6007 through 6012, 6014 through 6018, 6020, 6021, 6103, 6301, 6306, 6401, 6402, 6500,6600,6703,7001 through 7003, 7102, 7302, 7305, 7306, 7402, 7403,8002, and 8003 which are related to the Uptown Redevelopment Project Area. for the Fiscal Year 2004-05. Section 2. This Resolution shall take effect upon the date of its adoption. II II II 28 II -<- ( c I 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 o o RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ECONOMIC DEVELOPMENT AGENCY'S BUDGET FOR THOSE PORTIONS OF CERTAIN BUDGET LINES WHICH ARE RELATED TO THE UPTOWN REDEVELOPMENT PROJECT AREA FOR THE FISCAL YEAR 2004-05. I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community Development Commission of the City of San Bernardino at a meeting thereof, held on the _day of , 2004, by the following vote, to wit: Commission Members Aves Navs Abstain Absent ESTRADA LONGVILLE MCGINNIS DERRY KELLEY JOHNSON MCCAMMACK Secretary The foregoing Resolution is hereby approved this _day of ,2004. Judith Valles, Chairperson Community Development Commission of the City of San Bernardino By: