AgdaPkt 2011-07-11 - Laserfiche WebLink

Browse Search

Atta&6.3.C. - Page 5 REDEVELOPMENT AGENCY ANNUAL BUDGET REPORT FISCAL YEAR 2011 -2012 The California Health and Safety Code Section 33606 requires the Redevelopment Agency (RDA) to adopt an annual budget containing all of the following specific information, including all activities to be finance by the Low and Moderate Income Housing Fund established pursuant to Section 33334.3: 1. Work program and goals for the coming year 2. Proposed expenditures, indebtedness, and anticipated revenues 3. Examination of the previous year's achievements and a comparison of the achievements with the goals of the previous year's work program. This report describes the aforementioned requirements of the Agency that will be submitted to the State Controller within six months at the end of the Agency's fiscal year as part of the annual reporting requirements. In the Proposed Expenditures, Indebtedness, and Revenues - housing section, a written determination explaining the necessity of charging Planning and general administrative expenditures to the Low and Moderate Income Housing Fund as part of the annual audit process is explained. A significant negative event that effects the proposed FY 11 /12 budget and also impacts the accomplishments of the FY 10/11 budget was the State take of redevelopment funds for the Supplemental Educational Revenue Augmentation Fund (SERAF) per AB 26 4x. Redwood City's share was $733,472 in FY 10/11. During that same period, the Agency had to repay $562,568 out of a $2.8 million loan from its General Fund to the Housing Fund. The impact of the State take on the General Fund limits new activities for the Agency. Another major impact to the Agency's effectiveness to eliminate blight is the State's recent passage of ABX1 26, which eliminates redevelopment agencies, and ABX1 27, which requires agencies to make significant payments to continue. WORK PROGRAM AND GOALS The Agency's work program and goals are guided year to year by the 1982 Redevelopment Plan (the Agency's charter) and the Five Year Implementation Plan, 2010 -2014 to eliminate both physical and economic blight. Physical conditions that cause blight include buildings that are unsafe, inadequate public improvements, and obsolete buildings. Economic conditions that cause blight include abnormally high business vacancies and /or abandoned buildings, lack of commercial facilities, and residential overcrowding. The work program and goals are divided by non- RDA General Fund and RDA Housing Fund.