AgdaPkt 2011-07-11 - Laserfiche WebLink

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6.3.C. - Page 8 Attachment 2 costs for employee services and supplies and services are projected to be $2.2 million that funds 14.90 full -time equivalent employees (FTEs). The Downtown Development Programs (events, police overtime, and marketing) is proposed to decrease to $310,463. Prior year budget was $335,478 with a mid -year budget increase of $175,000 to fund Zoppe Circus and Salsa Festival. Funding for the Downtown Code Enforcement position and a half -time funded Landscape Architect position also continues. An amount of $367,735 is proposed as a new budget item called Economic Development (807- 61240) to be overseen by the Executive Director in the City Manager's Office. The projected amount is assembled from existing accounts to specifically fund economic development. Similar to the FY 10/11 budget, there will be no new appropriations in the capital budget for the Agency's general fund in FY 11 /12. However, projects and programs previously identified will continue with funding from rollovers and mid- year budget adjustments in FY 10/11. For instance, there is RDA funding of about $125,000 for the Hoover Mobility Project budgeted as planning and seed money to implement the improvements recommended in the Hoover Area Community Mobility Plan. RDA Housing Fund (see Exhibit B) In Fiscal Year 2011/12, the proposed operating budget for housing funds includes anticipated revenue of $5.03 million. This includes the required 20 percent set -a -side of tax increment, the Legal Aid Society agreement, and the second loan payment from the RDA general fund for the SERAF payment .2 The projected expenditures of $799,102 will fund planning and general administrative expenses which are required to fulfill the priorities of the Agency's affordable housing requirements and goals. Staff needs to continue monitoring the existing affordability covenants annually, prepare the State's Housing and Community Development report, and preserve and increase the supply of affordable housing by purchasing properties and /or providing financial assistance. A line item $306,000 budget for the "Housing Rehabilitation Program" is an on -going program to rehabilitate homes of low income households. Lastly, a new line item called "Economic Development" proposed to have $60,628 that will be managed within the City Manager's Office. Separate from the operating budget is the ongoing housing projects that list the remaining balances at the back of this report. There is no new appropriation in the capital budget. 2 In 1990, the Agency and the City entered into an agreement with Legal Aid Society of San Mateo County regarding the expansion of the project area called Amendment No. 2 of the Redwood City Project Area Number 2. The tax increment of $11,917,200 that would have been the County's tax apportionment for Amendment No. 2 is deposited into the Agency's low and moderate income housing fund. S