AgdaPkt 2002-01-14 - Laserfiche WebLink

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Agency Name: Redevelopment Agency of the City of Redwood City 7o / P"~9 Excess Surplus Pursuant to Section 33080.7 and Section 33334.1218)(1), report on Excess Surplus that is required to be determined on the first day of a fiscal year. Excess Surplus exists when the Adjusted Balance exceeds the ~eater of: (1) $1,000,000 or (2) the aggregate mnount of tax increment deposited to the Housing Fund during the four prior fiscal years. Section 33334.1218)13)(A) and (B) provide that the Unencumbered Balance can be adjusted for: (1) any remaining revenue generated in the reporting year from unspent debt proceeds and (2) if the land was disposed of during the reporting year to develop affordable housing, the difference between the fair market value of land and the value received. The Unencumbered Balanqe is calculated by subtracting encumbrances from Net Resources Available. "Encmnbramces" are funds reserved and committed pursuant to a legally enforceable contract or agreement for expenditure for authorized redevelopment housing activities [Section 33334.1218)12)]. For Excess Surplus calculation purposes, carry over the prior year's HCD Schedule C Adjusted Balance as the Adjusted Balance on the fu'st day of the reporting fiscal year. Determine which is larger: (1) $1 million or (2) the total of tax increment deposited over the prior four years. Subtract the largest mount from the Adjusted Balance and, if positive, report the amount as Excess Surplus. 10. Excess Surplus: Fill in the below table to calculate Excess Surplus for the reporting year and track the balance of prior years' Excess Surplus. .Column 1 .Coltunn 2 Column 3 Coluran 4 Column 5 Column 6 Column 7 Sum of Tax Current Current Amount Prior and Total Tax Increment Reporting Year Reporting Year Expended/Encumbered Remaining Excess Current Increment Deposits Over 1 ~ Day 1st Day Against FY Balance of Surplus for Each Reporting Deposits to Prior Four Adjusted Excess Surplus Excess Surplus as of Fiscal Year as of Years Housing Fund FYs Balance Balances End of Reporting Year End of Reporting Year 4 Years Prior $ $ $ $ $ $ Years $ $ $ Year Prior $1,504 $ $ $ Sum of Column 2 La.st Year's Sch C Col 4 minus: lareer Current Adiusted Balance of Col 3 or $1mm Reporting ~ Year 4,532,739 $3,356,955 $ 0 $ 0 $ 0 11. Reporting Year Ending Unencumbered Balance and Adjusted Balance: a. Unencumbered Balance (End of Year) [Page 3, Line 6b] b. If eligible, adjust the Unencumbered Balance for: (1) Debt Proceeds [33334.1218)13)CB)]: Identify unspent debt proceeds and related income remaining at end of reporting year $ (2) Land Conveyance Losses [133334.1218)13)(A))]: Identify reportino, year losses from sales/grants/leases of land acquired with iow-mod funds, if 49% or more of new or rehabilitated units will be affordable to lower-income households 12. Adjusted Balance (f~r next year's determination of Excess Surplus) [Line 1 la minus sum of 1 lb(l) and 1 lb(2)] $2,941,182 Note: DOsurplusnOt enter Adjusted Balance in Col 4. It is to be reported as next year's 1st day amount to determine Excess a. Ifthere is remaining Excess Surplus from what was de/ermined on the first day ofthe reporting year, describe the agency's plan (as specified in Section 33334.10) for transfenSng, encumbering, or expending excess surplus: b. If the plan described in 12a. ':,,as adopted, enler the plan adoption date: /__/ California Redevelopment Agencies - Fiscal Year 2000 2001 HCD-C Sch C (7/1/0D Page 4 of 8