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<br />7C
<br />Page 14
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<br />Attachment 2
<br />expenditures by Scenario for Both RDA General and Housing Budget
<br />
<br />Scenario 3 and 4: Suspend Maximum Allowed Housing Set-Aside Tax Increment in FY 09/10 and FY 10/11 to
<br />Agency General
<br /> Fiscal Year
<br />Item _______..M 2010/11 2011/12 2012113 2013/14
<br /> 2009/10
<br />iREVENtf
<br />~fa.~""t...."~t.,,,.l
<br />Beginning Fund Balance $2,157,583 $1,561,250 $4,357,387 $8,076,396 $10,609,795
<br />Gross Tax Increment
<br />Tax Increment $2,530,036 $2,592,993 $2,708,537 $3,127,476 $3,259,858
<br />___.Deposit t8)(incremenlJ~er Leg.!!_f'id_~nd Coun!Y~9mt. (2) $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 $506,007 $506,007 $506,007 - $506,007
<br />FY 2010/11 SERAF Housing Tax Increment pymt (4) $0 $0 $146,553 $146,553 $146,553
<br />Total Other Revenue $4,469,463 $5,086,268 $5,008,963 $3,842.585 $3,971,615
<br />TOTAL AVAILABLE WORKING CAPITAL $6,627,046 $6,647,518 $9.366,350 $11,918.981 $14,587,410
<br />IU
<br />Fixed Obligltlon.
<br /> Transfer for Debt Service (5) $284,010 S285,959 $0 $0 SO
<br /> Loan FY 2009/10 Housing Tax Increment to RDA General (6) $2,530,036 $0 SO $0 $0
<br /> Loan FY 2010/11 Housing Tax Increment to RDA General __~L !~ $732,764 $0 $0 $~
<br /> Total Fixed Obligations $2,814,046 $1,018,723 $0 $0 $0
<br />
<br />Admlnistrltlve Coats (employee, supplies, internal services)
<br />Employee Services (7) $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 />Furniture & Equipment $0 $0 $0 $0 $0
<br /> ------ ----
<br />Total Administrative Cosls $945.750 $965,408 $983,954 $1,003,186 $1,023,130
<br />% of Total Revenue 14% 15% 11% 8% 7%
<br />Program Operating Expenditures
<br />Housing Rehabilitation 5306,000 $306.0QO_ _____ $306.000 $306,000 $306,000
<br />'-Totalprograms- $306,000 5306,000 $306,000 $306,000 $306,000
<br />% of Total Revenue 5% 5% 3% 3% 2%
<br />Capital Projects
<br />Bradford Street Project 51,000,000 $0 $0 SO $0
<br />Total Projects $1,000,000 $0 $0 $0 $0
<br />% of Total Revenue 15% 0% 0% 0% 0%
<br />TOTAL EXPENDITURES $5,065,796 $2,290,131 $1.289,954 $1,309,186 $1,329,130
<br />~. or Total Revenue 76% 34% 14% 11% 9%
<br /> $1,561.250 $4.357,387 S8,018,396 $10.608.795 $13.258,280
<br /> 24% . . 68% -86% 89% 91%
<br />
<br />
<br />(1) Unaudited beginning fund balance as of June 30,2009, which is $885.000 higher than the 09/10 approved RDA budget higher than projected tax
<br />increment due to (S3n,OOO), administrative expenditures under budget ($228,000), and housing rehabilitation expenditures under budget
<br />($280,000)
<br />
<br />(2) RDA agreement With Legal Aid Society to deposit first $11.9M lax increment to housing set-aside beginning in 1993/94. Paymenls were
<br />suspended for 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 tax 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 from FY 09/10 and
<br />10/11 must be repaid by June 30, 2015 and June 30,2016 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 for last
<br />debl service payment in FY 2010/11 - to use reserve of $1.543,000 held in US Bank to make final payment.
<br />
<br />(6) ROA housing fund to loan maximum allowed housing set-aside to make SERAF payment for 2009/1 0 and 2010/11. RDA may not use accumulated
<br />funds from past years to make pmts.
<br />(7) Assumes 3.7% annual increase for employee services based on percent change from 2009/10 to 2010/11 projection in
<br />RDA General - employee costs.
<br />Sources: Fraser and Associates; City of Redwood City Finance; Redevelopment Agency of Redwood City
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