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<br />6'4. /v- / <br /> <br />REPORT <br /> <br />To the Redevelopment Agency Board <br />From the Executive Director <br /> <br />June 27, 2005 <br /> <br />Subject <br />Review of Redevelopment Agency Budget for FY 2005/06 <br /> <br />Recommendation <br />Staff recommends that the Agency Board consider adoption of the proposed budget for <br />fiscal year 2005/06 on July 25, 2005. <br /> <br />Background <br />Staff is pleased to present the recommended capital and operating budgets for the <br />Redevelopment Agency ("Agency") general and housing set-aside funds (Exhibits 1 thru 4 <br />attached). The focus of the recommended budgets is on the continuing implementation of <br />the City Council and Agency Board priorities for the revitalization of the downtown core <br />and the developlT!ent of housing opportunitie~for all income levels in the community. <br /> <br />State redevelopment law requires the adoption of an annual budget for the Agency <br />containing the proposed expenditures of the Agency, anticipated revenues, proposed <br />indebtedness to be incurred, work program and goals for the coming year, as well as an <br />examination of the previous year's work program. The budget must also include all <br />activities to be funded by the low and moderate income housing fund established pursuant <br />to law. <br /> <br />The mandated report for the State will be prepared with all of the detail required for <br />compliance with State law after Council review of the budget in this study session. It will <br />be attached to the budget resolution, which is scheduled for Council adoption at the <br />Council/Agency meeting of July 25,2005. <br /> <br />REDEVELOPMENT GENERAL FUND <br /> <br />As noted above, Redevelopment agencies are required by law to include in their budget a <br />work program for the coming year. The focus of the proposed FY 20Œ5/06 work program is <br />the completion of the projects initiated in FY 03/04 for the revitalizåtion of the downtown <br />core, These include completion of the following projects: <br /> <br />1. The Jefferson Street public parking facility and the retail/cinema project, <br />scheduled to open in the first quarter of 2006. <br /> <br />REDEVSHARED/2005 STAFF REPORTS/06-2OO5IR8Yiew or Red8'u'8lopment Agency Budget for FY 2005106 <br />SMC e <br /> <br />1 <br />