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Redevelopment Revenues and Expenditure 2002 - 2003
<br />
<br /> Budget for 02-03 Fund 806 Fund 807 Total
<br /> Housing General
<br /> Beginning Balance 7/1/02 1,818,825 3,963,890 5,782,715
<br />
<br /> Revenue/Interest 2,290,472 4,910,441 7,200,913
<br /> On-Going Expenditures
<br />
<br /> 39966 Debt Services 305,004 1,220,016 1,525,020
<br /> 66410 Administration 1,260,072 1,458,264 2,718,336
<br /> 66418 Cinema Land Payment 0 42,321 42,321
<br /> 66411 Tax Apportionment 0 877,000 877,000
<br /> 66454 Sequoia Station 0 300,000 300,000
<br /> Sub-Total 1,565,076 3,897,601 5,462,677
<br />
<br /> Expenditures:
<br />
<br /> 66321 Housing relocation 50,000 0 50,000
<br /> 66455 First Time Homebuyer 500,000 0 500,000
<br /> 66471 Home Improvement Loans 300,000 0 300,000
<br /> 71623 El Camino Housing 625,000 0 625,000
<br /> 71643 Douglas Avenue 50,000 0 50,000
<br /> 66429 Economic Development 0 286,892 286,892
<br /> 66464 Storafront Improvement 0 60,000 60,000
<br /> 71343 Cinema 0 100,000 100,000
<br /> 71403 Childcara Site Acquisition 0 500,000 500,000
<br /> 71453.94 City Hall Plaza 0 200,000 200,000
<br /> 71463.94 Parking 0 2,000,000 2,000,000
<br /> Total Expenditures 3,090,076 7,044,493 10,134,569
<br />
<br /> Endin~l Balance 6/30/03 1,019,221 1,829,838 2,849,059
<br />
<br />The companion detail in the City budget document can be found on pages CDS - 31 and
<br />33. The numbers in the above revenue and expense spreadsheet include debt service
<br />costs and capital projects not included in the totals in the City budget document1.
<br />
<br />The Redevelopment Agency's only major revenue source is property tax increment. This
<br />is typically received in two payments in December and April of each year. The infrequency
<br />of the revenue flow means that to avoid the necessity to borrow from the City, the Agency
<br />must retain an ending year balance sufficient to carry it from June to December. The
<br />
<br />~ With regard to fund 806, the total expenditures are $3,090,076. Subtracting from this the two capital projects
<br />totaling $675,000, and the debt service cost of $305,004, gives the amount of $2,110,072 shown on page CDS - 31
<br />of the City Budget.
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