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<br /> June 22, 20Q9
<br /> SUBJECT
<br /> Rede�elopment Agency Budget for Fiscal Year 2009110
<br /> RECOMMENDAT�ON
<br /> Review the proposed Redeveiopment Agency Budget for Fiscal Year (FY) 2009/10 and
<br /> consider adoption on July 13, 24�9.
<br /> BACKGROUND
<br /> State redevelopment law requires the adoption of an annua! budget for the
<br /> Redeve{opmenfi Agency (RDA} containing the anticipated revenues, proposed
<br /> expenditures, proposed indebtedness to be incurred, and work program for the coming
<br /> year, including goals. It also requires an examination of #he previous year's work
<br /> pragram. The budgef must include ail activities to be funded by the (ow and moderate
<br /> income housing fund es#ablished pursuant to law as well. This includes an annua!
<br /> written determinafiion explaining #he necessity of charging pianning and general
<br /> administrative expendi#ures to the low a�nd moderate income housing fund, which is also
<br /> required and ve�i�ed as part of the audit process.
<br /> This year, staff has drafted the RDA's HAnnual Budget Report" as a separate attachment
<br /> to this repvrt {Attachment 1). The document is presented as a "draft" and wi1! be
<br /> finalized in July as part of the formal budge� adoption process. lt wi�l include any
<br /> modifications recommended by the Agency Board as par� of their study session
<br /> deliberations. This approach simplifes the process for the preparation of the annual
<br /> report to the State Department of Housing and Community Developmen# �HCD Report)
<br /> and to the State Controller's Office (Financial Transactions Report). These repor#s are
<br /> also mandated by law and required to be submitted prior to the end of the calendar
<br /> year. The adopted annual budget repor#must be inciuded wi�h these reports.
<br /> ALTERNATIVES �
<br /> The adoption of an annual budget is required by state redevelopment law, as noted.
<br /> The proposed budget is recommended by staff. The revenues and fixed obligations are
<br /> estimates based upon anticipated tax increment receipts, tax sharing agreemen#s and
<br /> previous experience. The Agency Board ha� the preragative to modify the
<br /> administrative and capital expenditures as they feel appropriate, as long as they are
<br /> consisfent with the requirements of state redevelopmen# law. Further, staff anfiicipa#es
<br /> that the budget to be adapted in July will require amendments by September, as
<br /> refinements occur and as the CDS Department reorganization is implemented.
<br /> FiSCAL IMPACT
<br /> Agency Board di�ection wiil enable staff to return in Juiy requesting authority for a
<br /> budget to spend apprapriated #unds and ailow staff to proceed with the implementation
<br /> of a work program consistent with Agency priorities and goals, as we�l as with state law.
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