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Home My WebLink About2003-12-09 - AGENDA REPORTS - 2003/04 BUDGET ADJUSTMENT (2)Agenda Item: _ I CITY OF SANTA CLARITA AGENDA REPORT REDEVELOPMENT AGENCY City Manager Approval: CONSENT CALENDAR DATE: SUBJECT: DEPARTMENT: Item to be presented by: December 9, 2003 a � i Ken Pulskamp 2003-04 MIDYEAR BUDGET ADJUSTMENT Administrative Services RECOMMENDED ACTION Redevelopment Agency adjust Fiscal Year 2003-04 budgeted expenditures by $97,800 and revenues by $103,800 in the amount 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 midyear 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 not currently funded. Attachment A provides details of the proposed midyear 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 $103,800 higher than currently budgeted. Expenditure adjustments in the amount of $97,800 is requested in order to continue the successful facade improvement program and to increase the budget for the pass-thru to other agencies, due to the increase in Tax Increment revenue. Attachment A provides a detail of all the proposed midyear revenue and expenditure adjustments. APPROWED ALTERNATIVE ACTIONS Other actions as determined by the Agency. FISCAL IMPACT Redevelopment revenues are projected to increase in total by $103,800, and expenditures are proposed to increase by $97,800. ATTACHMENTS Attachment A - Summary of Midyear Adjustments Midyear Adjustments by Account Detail available in the City Clerk's Reading File CITY OF SANTA CLARITA MIDYEAR ADJUSTMENTS • FY 03-04 Total Requests All Funds CITYWIDE COLA -Regular & Temp- (Actual 1/2 yr ® 3.3%) 1,485 Unrepresented Only Health Benefits Increase 1 940 From $730 to $850/month - All Employees Salary Savings 0 (25) RDA Fagade Program 25,000Reduction made at end of 02-03 due to higher debt service payment from increased revenues - Reduced from $70k to $25k - amount to be spent by 6/30/04 RDA - Contribution to GF (11,500) Reduce budget to account for refund of Pass- thru payments RDA - ERAF Contribution 30,000 Offset by increase in Tax Increment Revenues RDA - Increase Loan Payment 25,950 Offset by increase in Tax Increment Revenues RDA - Increase Pass Thru Pmts 25,950 Offset by increase in Tax Increment TOTAL MIDYEAR ADJUSTMENTS Revenue Adlustments RDA Tax Increment 83,040 RDA Tax Increment - Housing Fund 20,760 Midyear Adjustments Summary - RDA 12/3/2003 Attachment A Prepared By: Dan Smith SANTA CLARITA REDEVELOPMENT AGENCY MIDYEAR ADJUSTMENTS - FY 03-04 DETAIL OF ADJUSTMENTS BY ACCOUNT Fund Division Account Amount Description 801 1900 7101 940 Health Benefit Increase 901 1900 7011 1,285 COLA Increase 801 1900 7120 20 COLA Increase 901 1900 7130 45 COLA Increase 901 1900 7140 135 COLA Increase 901 1900 7140 (25) Salary Savings 901 1900 8001 25,000 RDA Fagade Program 901 1900 9510 (11,500) RDA - Contribution to GF 901 1900 7322 30,000 RDA - ERAF Contribution 901 1900 9010 25,950 RDA - Increase Loan Payment 901 1900 8041 25,950 RDA - Increase Pass Thru Pmts Total Expenditure Adjustments 97,800 Revenues 801 4013 83,040 RDA Tax Increment 950 4013 20,760 RDA Tax Increment - Housing Fund Total Revenue Adjustments soe® 103,800 Midyear Adj Account Detail - RDA 12/3/2003 Page 1 Prepared By: Dan Smith