HomeMy WebLinkAbout2002-12-10 - AGENDA REPORTS - MID YEAR BUDGET ADJUSTMENT (2)CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY
AGENDA REPORT
CONSENT CALENDAR
DATE: December 10, 2002
City Manager Approval
Item to be presented by: Ken PulskamA
SUBJECT: 2002-03 MID -YEAR BUDGET ADJUSTMENT
DEPARTMENT: City Manager
RECOMMENDED ACTION
Redevelopment Agency adjust Fiscal Year 2002-03 budgeted expenditures by $196,065 and
revenues by $75,000 as specified in Attachment A.
BACKGROUND
Each year at this time, City staff takes the opportunity to evaluate the adopted budget and
assess 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 $75,000 higher
than currently budgeted. Expenditure adjustments in the amount of $196,065 are requested
in order to continue the successful facade improvement program and to increase the budget for
the pass-through to other agencies, due to the increase in tax increment revenue. Attachment
A provides a detail of all the proposed mid -year revenues and expenditures adjustments.
ALTERNATIVE ACTION
Other action as determined by the City Council.
FISCAL IMPACT
Redevelopment revenues are projected to increase in total by $75,000, and expenditures are
proposed to increase by $196,065. The difference between revenues and expenditures will come
from available loans from the general fund.
ATTACHMENTS
Attachment A — Mid -Year Adjustment Detail
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Agenda Item:
City of Santa Clarita
Redevelopment Agency
Midyear Adjustments 2002-03
Div Acct
Acct Title
Amount
Notes EN
1900 8001
Contractual Services
25,000
This request will fund the hiring of a consultant to
assist in the update and rezoning of the Newhall
Special Standards District. Funds will also be
used for architectural renderings related to the
fa ade program
1900
8001
Contractual Services
50,000
Increase funding for the Fagade program.
Several companies have submitted plans to the
RDA committee and are now ready to begin
construction. (Insta-Tune, Newhall Ice, Canyon
Theater Guild
1900
8041
Pass-Thru Expense
30,530
Increase for increase in Tax Increment Revenues
1900
9010
Principal
18,750
Increase budget to reflect 25% of adjusted tax
1900
7322
Taxes/Licenses/Fees
13,400
increment revenues
Add budget item for ERAF rebate to be paid to
the Count
1910
8110
Professional Services
7,500
Add funding for the update of the 5 year
1900
8110
Professional Services
7,500
implementation plan
Add funding for the update of the 5 year
1900
9510
Contributions to the General Fund
37,100
im lementation plan
Increase budget to reflect an overhead rate of
11% of budgeted revenues. Consistent with
1900
8001
Contractual Services
(1,800)
others ecial district contributions
Allocate funding of the County admin fee to the
1910
8001
Contractual Services
1,800
Hous Set -Aside Fund
Allocate funding of the County admin fee to the
1910
7322
Taxes/Licenses/Fees
3,400
Housing Set -Aside Fund
Allocate funding of the County ERAF rebate to
1900
7011
Re ular Em to ees
the Housing Set -Aside Fund
1900
7101
Health & Welfare
380
COLA/Health increase & Sala Savin s
1900
7110
Life Ins
2,100
COLA/Health increase & Sala Savings
1900
7115
Long -Term Disabili
35
COLA/Health increase &Sala Savings
1900
7140
PERS
25
COLA/Health increase & Sala Savings
395
COLA/Heann increase & Salary Savings
Total ane Fvnnnd:f.,.e A.11...,�__._
Revenues
Total RDA Revenue Adjustments
75,000
Midyear Adjustments 02-03a.xis Attachment A
12/04/2002 Page 1
Prepared By: Dan Smith