HomeMy WebLinkAbout2001-11-27 - AGENDA REPORTS - 01 02 MID YEAR BUDGET & LOAN (3)CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY
AGENDA REPORT
NEW BUSINESS City Manager
Item to be presented by: George Caravalho
DATE: November 27, 2001
SUBJECT: 2001-2002 MID -YEAR BUDGET ADJUSTMENT REVIEW
AND LOAN FROM THE CITY OF SANTA CLARITA
DEPARTMENT: City Manager
RECOMMENDED ACTION
Redevelopment Agency receive report and comment regarding Fiscal Year 2001-02
mid -year budget adjustments, and direct staff to return December 11 for final
approval.
BACKGROUND
Each year at this time, City staff takes the opportunity to evaluate the adopted
budget and evaluate the economic outlook for the remainder of the year. It is critical
to perform the mid -year review of the budgetary and financial position to ensure
that any deviations from the initial budget projections are addressed in a manner
which is proactive rather than reactive. It is also at this time that staff reviews its
priorities and requests appropriations for activities that have become a priority, but
are currently not funded.
Attachment A provides details of the proposed mid -year expenditure and revenue
adjustments. Based on the most recent assessed valuation received from the County
for the Newhall Redevelopment area, it is anticipated that tax increment revenue
will come in $102,135 higher than currently budgeted. In addition, an expenditure
adjustment is being requested. It is a request of $150,000 to continue the successful
fagade improvement program.
It is being requested that a loan from the City in the amount of $150,000 be accepted
to help fund the increase in expenditures. The current loan to the Redevelopment
Agency does not provide sufficient funding to accomplish the goals directed by the
Council/Agency. Approval of this loan brings the total loan from the City of Santa
Clarita to $3,395,000.
s "IM
I RECEIVED
Agenda Item
2001-2002 MID -YEAR BUDGET
ADJUSTMENT AND RESOLUTION
November 27, 2001— Page 2
ALTERNATIVE ACTION
Other action as determined by the City Council.
FISCAL IMPACT
Redevelopment revenues are projected to increase by $102,135, and expenditures
are proposed to increase by $150,000. An additional loan of $150,000 is needed to
fund the increase in the fagade improvement program.
ATTACHMENTS
Attachment A— Mid -Year Adjustment Detail
GAC:DS:hds
council\my00-01
Account # Exi)enditures
1900
8001 Contractual Services
150,000
The Newhall Fagade Improvement program has
received several requests from local businesses
for fagade improvements. Without these
additional funds these improvements are not
Revenues
901 4013 ITax Increment 102,135 Tincrease in Property Tax Revenue
Attachment A