HomeMy WebLinkAboutR21-Economic Development Agency
ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REOUEST FOR COMMISSION/COUNCIL ACTION
OR''''' n, Al
JIvrU~f1
FROM: Gary Van Osdel
Executive Director
SUBJECT:
MID-YEAR BUDGET REVIEW
DATE: February 23, 2001
-----------------------------.-----------------------------..-------------------------------------------..--------------------..---------
Synopsis of Previous Commisslon/Counell/Commlttee Aetion(s):
On July 10, 2000, Community Development Commission adopted the Economic Development Agency's Fiscal Year
2000-01 Budget
On February 22, 2001, the Redevelopment Committee recommended that the Community Development Commission
receive and file the economic Development Agency's Mid-Year Budget Report.
Reeommended Motlon(s):
(Community Development Commission)
MOTION:
That the Community Development Commission receive and file the Economic Development Agency's
mid-year budget review report.
-------------------------------------------------------------------------_....----..-------..--------------------------------------------------
Contact Person( s): Gary Van OsdellBarbara Lindseth
Phone:
5081
Project Area(s):
All
Ward(s): 1-7
Supporting Data Attached:1liI Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 Ltr/Memo
FUNDING REQUIREMENTS: Amount: $ NA
Source: NA
SIGNATURE:
NA
>)~, Go, ^ -d~J~l(
Barbara Lindseth
Admin Services Director
Commission/Council Notes:
------------------------------------------------------------------------------------------------------------------
GVO:bl:Agenda Mid yr Budget
COMMISSION MEETING AGENDA
MEETING DATE: 3/5/01
Agenda Item Number: ~
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
~.--------------------------------------------------------------------------------------------------------------.-
Mid-Year Budeet Review
Background
On July 10, 2000, the Connnunity Development Commission adopted the Economic Development
Agency's Fiscal Year 2000-01 Budget. Now is the time to review the adopted fiscal 2000-01
budget line item revenues and expenditures at mid-year, December 31,2000.
Current Issue
Attached are the Agency's combined project area (redevelopment project areas, federal grant
programs and low-moderate housing fund) budget line item revenues and expenditures (Exhibit
A) for the period of July I, 2000 through December 31, 2000. Overall, the Agency has expended
approximately 44% of the total approved budget for the fiscal year, which appears to be on-track
to the end of the fiscal year. It is anticipated that most of the budgeted funds will be spent by the
end of the fiscal year since the majority of the Agency's budget consists of prior approved
contracts, agreements, bonds payments, programs or other obligations. Upon analysis of
individual line item expenditures, the analysis shows that some line items may be substantia1ly
funded in the first six (6) months of the fiscal year and others may be funded in the last six (6)
months of the fiscal year, which explains either high or low percentage of use. The following are
highlights of selected budget line items, which may show either a high or low percentage of use.
Revenues:
1. Line 4012 Interest/Principal Note Receivable
Principal and interest received on the Cinema Section 108 from a prior period received in
the current fiscal year.
2. Line 4019 Interest Earned Trustee
Interest earning by the bond trustee and credited to bond payments will be approximately
$400,000 for the fiscal year.
3. Line 4500 Tax Increment
The majority of the tax increment will be received after December 31, 2000, in the last six
(6) months of the fiscal year.
-----------------------------------------------------------------------------------------------.------------------
GVO:bl:Agenda Mid yr Budget
COMMISSION MEETING AGENDA
MEETING DATE: 3/5101
Agenda Item Number: ~ 1_
4. Line 480120% Set-aside
Received at the same time, in the last six (6) months, as tax increment is received.
5. Line 4810 Other Miscellaneous Revenue
The Agency received $939,244 for the sale 0[$1 Hud Homes and $197,470 from the
settlement of the Bank of America lawsuit, which were not budgeted.
6. Line 4900 Tax IncrementIBond Proceeds transfers In
Required as redevelopmentllo-moderate housing funds are spent.
7. Line 4940 Federal Government GrantsILoans
Required to the drawn as federal funds are spent.
Expenditures:
1. Lines 5010 to 5022, Lines 600lto 6021 and Lines 7001 to 7003 Agency Sa1arieslBenefits
and Operations
2. Line 6500 Legal
A one-time payment made in the first half of the fiscal year resulted in a high mid-year
percentage of use.
3. Line 6600 General Consulting
Will be expended as needed or required.
4. Line 6704 Mobile Home Program, Line 7201 Housing Programs/Agreements, and Lines
7302 to 7303 Site ImprovementslPublic Improvements
All funds, federal, redevelopment and low-moderate housing, under contract or agreement
or as approved programs, are budgeted, including prior year carry-over. Funds are
expended as programs and developments are actually implemented. Unspent funds for
approved programs/projects at the end of the fiscal year will carry-over. In anticipation of
unknown site clean-up costs, the INS was budgeted higher than actual.
GVO:bl:Agenda Mid yr Budget
COMMISSION MEETING AGENDA
MEETING DATE: 3/5/01
Agenda Item Number: ~
Fiscal Impact
None.
Recommentation
That the Community Development Commission receive and file the Agency's mid-year budget
review report for the fiscal year 2000-01.
n Osdel, Executive Director
GVO:bl:Agenda Mid yr Budget
COMMISSION MEETING AGENDA
MEETING DATE: 3/5/01
Agenda Item Number: -W-
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