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<br />Attachment 2
<br />Expenditures by Scenario for Both RDA General and Housing Budget
<br />
<br />7C
<br />Page 13
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<br />Scenario 1 and 2: No Change to Housing Budget
<br /> Fiscal Year ---.----
<br />Item 2009/10 2010/11 2011/12 2012/13 2013/14
<br /> $4,091,286 $7,114,180 $10,180,629 $12,061,468
<br />Gross Tax Increment
<br />Tax Increment $2,530,036 $2,592.993 $2,708,537 $3,127,476 $3,259,858
<br />Deposit tax increment per legal Aid and County Agmt. j2). _ _ $1,826,899 $1,877,268 $1,562,446 $0 --- ~~.
<br />-- Total Tax Increment- ---- ---- .--. - -- $4,356,935 $4,470,261 $4,270,983 $3,127,476 $3,259,858
<br />Other Revenue
<br />Interest (3) $112,528 $110,000 $85,420 $62,550 $65,197
<br />FY 2009/10 SERAF Housing Tax Increment Pymt (4) $0 $0 $0 $0 $0
<br />FY 2010/11 SERAF Housing Tax Increment Pymt (4) $0 ._~.O $0 $0 $0
<br />------Total Other Revenue _.- -------
<br /> $112.528 S110,000 $85.420 $62,550 $65,197
<br />TOTAL AVAILABLE WORKING CAPITAL $6,627,046 $8,671,547 $11,470,583 513,370,654 $15,386,523
<br />~..JBJ:)
<br />Fixed Obligations
<br />Transrer for Debt Service (5) $284,010 $285,959 SO $0 $0
<br />loan FY 2009/10 Housing Tax Increment to RDA General $0 $0 $0 so SO
<br />Loan FY 2010/11 Housing Tax Increment to RDA General $0 $0 $0 ___$0_.. -~
<br />Total Fixed Obligations $284,010 $285,959 $0 $0 $0
<br />Administrative Costs (employee, supplies, Internal services)
<br />Employee Services (6) $485,902 $501,239 $519,785 $539.017 $558,961
<br />Supplies & Services $360,273 $360,273 $360.273 $360,273 $360,273
<br />Internal Services $99,575 $103,896 $103,896 $103,896 $103,896
<br />f!Jmiture & Equipment _.. . $0 $0 $0 $0 ----_.~
<br />Total Administrative Costs $945,750 $965,408 --- ---$983,954 $1.003,186 $1,023,130
<br />% of Total Revenue 14% 11% 9% 8% 7%
<br />Program Operating Expenditures
<br />Housing Rehabilitation ~306,000 $306,000 $306.000 S306.000 .... $3~6,~~0
<br />TotafPrograms"--- $306,000 $306.000 $306,000 $306,000 $306,000
<br />% of Total Revenue 5% 4% 3% 2% 2%
<br />Capital Projects
<br />Bra_dford Street Project $1.000.000 SO $0 $~ ..- $0
<br />- --.---.-
<br />Total Projects $1,000,000 $0 $0 $0 $0
<br />% of Total Revenue 15% 0% 0% 0% 0%
<br />TOTAL EXPENDITURES $2,535,760 $1,557,367 $1,289,954 51,309,186 $1,329,130
<br />% of T etal Revenue 38% 18% 11% 10% 9%
<br />TOTAL Working Capital Balance $4,091,286 $7.114.180 $10,180.629 $12,061.468 $1.,051.393
<br />% of Total Revenue 62% ~2% 89% eo'll 91%
<br />
<br />
<br />
<br />(1) Unaudited beginning fund balance as or June 30, 2009, which is $885,000 higher than the 09110 approved RDA budget higher than projected tax
<br />increment due to ($377 ,000), administrative expenditures under budget ($228,000), and housing rehabilitation expenditures under budget
<br />($280,000)
<br />
<br />(2) ROA agreement with Legal Aid Society to deposit first $11.9M tax increment 10 housing set-aside beginning in 1993/94. Payments were
<br />suspended ror five years from 2003/04 through 2007/08. Estimated final payment to low mod housing is FY 2011/12.
<br />(3) Assumes 2% increase annually from lax increment received starting FY 2011/12
<br />(4) Repayment of housing tax increments borrowed for the SERAF during 2009/10 and 2010/11; Housing tax increments borrowed rrom FY 09/10 and
<br />10/11 must be repaid by June 30, 2015 and June 3D, 2016 respectively.
<br />(5) Transfer of debt service includes payment on 1997 Tax Allocation Refunding Bonds -last payment is 2010/11_ RDA will "call" the bonds ror last
<br />debt service payment in FY 2010/11 -to use reserve of $1 ,543.000 held in US Bank to make final payment.
<br />
<br />(6) Assumes 3.7% annual increase for employee services based on percent change from 2009/10 to 2010/11 projection in RDA
<br />General - employee cosls-
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<br />Sources: Fraser and Associates; City of Redwood City Finance; Redevelopment Agency of Redwood City
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