AgdaPkt 2007-07-09 - Laserfiche WebLink

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80 The general operating budget for FY 07/08 reflects revenue projections based upon the Page 7 same formula for deposits to the housing fund as the previous four years. Beginning in FY 08/09, deposits calculated based upon the agreement with the Legal Aid Society will shift back to the housing budget for the duration of the obligation. Most of the other revenues and expenditures remained basically constant except for the reduction in the Operating Reserve from $1.2 million to $750,000 as noted in the mid- year budget amendment staff report. It is anticipated that Agency's "Economic Development" expenditures will continue to focus on programming; special event support for such activities as the Fourth of July Parade, the Our Town, Downtown celebration, the Latino Film Festival and Hometown Holidays; marketing and promotion efforts, including banners, door-to-door mailings, strategically placed advertising and sponsorship of events and activities by both private and non-profit groups designed to bring people downtown. These activities might better be labeled "Downtown Programming and Marketing" to distinguish them from city wide economic development efforts proposed in conjunction with the Chamber of Commerce as one of the budget options for the Council to consider for the use of City general fund dollars. The Storefront Improvement Program has seen activity in this current fiscal year, although at much lower levels than funding budgeted. Staff is hoping to prioritize a review of the program and recommend revisions to simplify the program and make it more attractive to property owners and businesses by expanding the purposes for which funding may be obtained, such as merchandizing and sidewalk cafe improvements: and,incentives if adjoining properties participate. The completion of the major capital projects should enable staff to review this program and develop recommendations for Council consideration in FY 07/08. General Capital Improvement Program The Agency's proposed general fund Capital Improvement Program (CIP) for FY 2007/08 provides additional capital funding in the amount of $200,000 for the EI Camino Real Grand Blvd Improvement Project, $50,000 for the development of a Master Plan for ECR outside of the DTPP boundaries, $500,000 for Contingency purposes, and $500,000 for Critical "Pioneering" Development. The money for contingency purposes should be viewed as a reserve fund to help fund projects and opportunities that have yet to surface or be identified. The Working Capital Fund Balance is projected at $863,893 for the new fiscal year assuming the revenues and expenditures described above for the operating and capital budget for the Agency's general fund. Budget Option..code Enforcement Code enforcement in the redevelopment project area is legitimate expenditure of redevelopment funds. Redevelopment areas are established with the goal of eliminating blight and restoring economic vitality in the designated area(s). A concerted effort to enforce property maintenance codes has proven to be a key factor in achieving this stated goal. The Council has expressed its desire to increase the level of code enforcement efforts on many occasions, but reluctantly deferred funding with budget shortfalls the past 3 years. With the shift in funding from Redevelopment to General Fund for one of the