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6.38 Paae 5 Attachment '2 FINAL REDEVELOPMENT AGENCY ANNUAL BUDGET REPORT FISCAL YEAR 2010-2011 State redevelopment law requires the adoption of an annual budget for the Redevelopment Agency (RDA) containing the proposed expenditures of the Agency, anticipated revenues, proposed indebtedness to be incurred, work program and goals for the coming year, as well as an examination of the previous year's work program. The budget must also include all activities to be funded by the low and moderate income housing fund established pursuant to law. An annual written determination explaining the necessity of charging Planning and general administrative expenditures to the low and moderate income housing fund is also required and verified as part of the annual audit process. This report summarizes the goals and work program for FY 2010/11 and the proposed operating and capital budgets for both the general fund of the Agency as well as all activities proposed to be funded by the low and moderate income housing fund. It also examines the Agency's achievements related to the work program for FY 2009/10. A significant event that effects the proposed FY 10/11 budget and also impacted the accomplishments of the FY 09/10 budget was the State take-a-way of redevelopment funds for the Supplemental Educational Revenue Augmentation Fund (SERAF) per A8 26 4x. State-wide, the total amount from all Redevelopment Agencies was $2.05 billion. Redwood City's share was a total of $4.3 million. $3.6 million was taken in FY 09/10 and $733,000 will be taken in FY 10/11. In order to make these payments without devastating the Agency programs and service levels, $2.8 million was borrowed from the Housing Fund (permitted under A8 26 4x). This money must be paid back from the General Fund to the Housing Fund over the next 5 years. The impact of the State take on the general and housing funds will cause activities to be curtailed for the next few years. GOALS AND WORK PROGRAM FOR FY 2010/11 Under State law, the purpose of redevelopment is the elimination of blight. This becomes a multi-year work program. The Agency's work program is guided year to year by several items, including the Agency's Five Year Implementation Plan, the proposed amended Downtown Precise Plan (DPP), the City's newly adopted Strategic Plan, the guiding principles adopted as part of the new General Plan adoption process, the previous year's budget report, and market opportunities and constraints. 1