AgdaPkt 2009-07-13 clsd and jnt - Laserfiche WebLink

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88 Page 1 July 13, 2009 SUBJECT Adoption of Redevelopment Agency Final Fiscal Year (FY) 2009-2010 Budget. RECOMMENDATION Adopt the resolution of the Redevelopment Agency approving the annual budget for FY 2009-2010. BACKGROUND The Redevelopment Agency Board reviewed the proposed Agency budget for FY 2009- 2010 at its study session of June 22, 2009. Based upon that review, the annual budget report has been finalized (see Attachment 2). The proposed budget needs to be adopted by resolution by the Agency Board (Attachment 1). Staff anticipates that the budget adopted will require amendments by September, in part be'cause of anticipated state takeaways being discussed to balance the state budget; and as refinements occur and the CDS Department reorganization is implemented. ALTERNATIVES The adoption of an annual budget is required by state redevelopment law. The proposed budget is recommended by staff. The revenues and fixed obligations are estimates based upon anticipated tax increment receipts, tax sharing agreements and previous experience. The Agency Board may choose to modify the administrative and capital expenditures as they fee~ appropriate, as long' as they are consistent with the requirements of state redevelopment law. If the Board should elect to increase expenditures, staff will need to determine whether sufficient resources would be available to support such increases. Alternatively, should the Board elect to reduce the proposed expenditures, additional resources would be available for spending in subsequent years, assuming the state does not use those funds for balancing its budget. FISCAL IMPACT Sufficient resources exist in the form of resources on hand plus anticipated revenues to fund the recommended budget. Formal approval of the budget will allow staff to proceed with the implementation of a work program consistent with Agency priorities and goals, as well as with state law.