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REDEVELOPMENT AGENCY AGENDA ITEM 03

Meeting Date: February 12, 2002

Subject/Title: 2001/02 Mid-Year Budget Review and Recommended Budget Adjustments - Brentwood Redevelopment Agency Budget

Submitted by: Pam Ehler, Agency Finance Officer

Approved by: John Stevenson, Executive Director

RECOMMENDATIONS
Approve a resolution authorizing amendments to the 2001/02 Budget for the Redevelopment Agency.

PREVIOUS ACTION
June 12, 2001, the City Council approved resolution ______ adopting the 2001/02 Redevelopment Agency Budget.

BACKGROUND
During the first six months of the fiscal year 2001/02, expenses were either identified as resolution-approved expenditures yet not included in the Agency’s annual budget, or are new expenditures necessary to support the on-going Agency projects and programs. All project and program budget amendments reflected on the attached 2001/02 Redevelopment Budget Amendments have received Agency approval. The mid-year budget review and adjustments are necessary in an effort to capture and memorialize the approved expenditures in the Agency 2001/02 published budget. While Downtown Fund 301 and North Brentwood Fund 321 are available for general Agency expenses, the Low/Moderate Housing Fund 302 are reserved for those specific purposes. 

Tax increment projections from the County Auditor-Controller’s Office for 2001/02 were $224,982 more than what staff forecasted last year for 2001/02. Combined Fund Balance for the Agency on June 30, 2002 is estimated to be $2,134,073, a decrease of $646,937. This is due to increased project and program activity in support of the Agency objective to participate in redevelopment projects and activities including commercial, retail, industrial development programs, public improvements and facilities programs, and the assistance and participation in the expansion and improvement of the supply of very low, low and moderate income housing, while investing tax increment receipts and bond proceeds in projects that will generate increased tax increment.

FISCAL IMPACT
As stated above.

Attachments
· 01/02 Redevelopment Budget Amendments


RESOLUTION NO. RA-

A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD AMENDING ITS 2001-2002 BUDGET AND AUTHORIZING EXPENDITURES FOR FISCAL YEAR 2001-02

WHEREAS, the Redevelopment Agency of the City of Brentwood (“Agency”) has reviewed the financial condition of the Agency; and

WHEREAS, the Agency’s Downtown and North Brentwood Project Funds are stable and healthy; and 

WHEREAS, the Agency desires to memorialize its expenditure approvals for redevelopment projects and activities that will facilitate commercial, retail, and industrial development programs, public improvements and facilities programs, and the assistance and participation in the expansion and improvement of the supply of very low, low and moderate income housing, while investing tax increment receipts and bond proceeds in projects that will generate increased tax increment; and

WHEREAS, a duly noticed public hearing was held on February 12, 2002.

NOW, THEREFORE BE IT RESOLVED that the Redevelopment Agency of the City of Brentwood hereby adopts the amendments to its 2001-2002 Budget and authorizes expenditures for Fiscal Year 2001-02.

PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of Brentwood at a regular meeting held on February 12, 2002 by the following vote:


AYES: 
NOES: 
ABSENT: 

_____________________________
Michael A. McPoland, Sr.
Chairman
ATTEST:

______________________________
Karen Diaz, CMC
Secretary

01/02 Redevelopment Budget Amendments


Department Request Amount Increase (Decrease) Total 

#301 - Downtown Administration Initial Study for Plan Amendment 12,950 
Appraisal/Acquisition Services for area projects 57,500 
Reallocation of Executive Assistant 15,000 85,450 
#302 - Housing Fund K & B/Meadows Deferred Fees Annual Payment 100,000 
ECCC Transitional Center Project 30,000 
Reallocation of Executive Assistant 5,000 135,000 
#321 - North Administration North Brentwood Annexation Study 6,000 
Initial Study for Plan Amendment 12,950 
Reallocation of Executive Assistant 15,000 33,950 
RDA Projects approved at Council but need Budget Adjustment 

#301 - Downtown Project Area Brentwood Boulevard Parking Lot 140,000 
Delta Marquee Grant 27,500 167,500 
#302 - Housing Fund Utility Connection Assistance Program 52,000 
Christian Church Homes Project 200,000 
Orchard Drive Water Line Improvement Project 73,672 
Brentwood Blvd./Lone Tree Wastewater Project 79,808 405,480 
#321 - North Project Area Brentwood Blvd./Lone Tree Wastewater Project 26,603 26,603

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