City of Brentwood
Home PageContact Us!Back

City Administration

2010 Council Goals and Strategic Plan | City Council Members | Calendar of Events | Elections
eNotification | Sub-Committees| Pledge of Allegiance Sign Ups | Invocation Sign Up
Live Streaming Council Meeting | Streaming PC Help |
Streaming Mac Help |

Current Council Agenda and Past Meeting Information

 

REDEVELOPMENT AGENCY AGENDA ITEM NO. 22

Meeting Date: June 27, 2006

Subject/Title: Approve Resolution to Amend the Agency’s 2006/07 Budget and Authorize Expenditures for Fiscal Year 2006/07

Prepared by: Gina Rozenski Redevelopment Manager
Donald Kwong, Sr. Redevelopment Analyst

Submitted by: Donna Landeros, Executive Director

RECOMMENDATION
Approve Resolution amending the Agency’s 2006/07 Budget and Authorize Expenditures for Fiscal Year 2006/07.

PREVIOUS ACTION
The 2005/06 and 2006/07 annual budgets for the Brentwood Redevelopment Agency were approved by the Agency on June 14, 2005, by Resolution No. RA-101.

BACKGROUND
Financial Status

The financial status of the Brentwood Redevelopment Agency is sound. The Redevelopment Agency’s projected Fund Balance as of June 30, 2006 is approximately $15,400,000. Of this amount, the Tax Allocation Bond Proceeds account for approximately $6,500,000, and the Housing Fund accounts for approximately $3,200,000.

The Agency’s financial structure comprises of three major funds. The Administration and Project Fund is the fund from which the majority of Agency’s general operational expenses, redevelopment projects, and capital improvement projects are paid. The other two funds, Housing Fund and Debt Service, are reserved for those specific purposes.

Funding of the Agency’s administrative, redevelopment projects and programs, capital improvement projects, and housing program expenses is dependent on tax increment revenues, interest on investments and, most importantly, bond proceeds that are strictly used for redevelopment projects. After paying debt obligations, excess tax increment revenues are then transferred from the Debt Service Fund to the Administration and Project Fund as needed throughout the fiscal year.

Recommended adjustments to the 2006/07 Agency budget for the three major funds are as follows:

Revenues for Administration & Project Fund 301
Adjustment for 2006/07 Revenue $768,018
From land sale proceeds, reimbursement of expenses and fund transfers.

Expenses for Administration & Project Fund 301 $2,912,844
For transfer of land sale proceeds to City; for new and existing capital improvement projects; for continued support of Specific Plan preparation and associated studies; for operational expenses associated with building lease; for expenses associated with redevelopment activities and support of development projects; and for new Health & Safety Grant Program.

Expenses for Housing Fund 302
Total Budget Adjustment for 2006/07 Expenses $1,401,262
For financial support of Villa Amador project.

Expenses for Debt Service Fund 303
Total Budget Adjustment for 2006/07 Expenses $55,000
For transfers to Fund 301 for general operational expenses and new Health & Safety Grant Program.

Total Budget Adjustment for 2006/07 Revenue $768,018
Total Budget Adjustment for 2006/07 Expenses $4,369,106

FISCAL IMPACT
The remaining Tax Allocation Bonds of $6,500,000 and the anticipated 2005/2006 tax increment and earned interest revenues of $5,200,000 will be sufficient to fund the adjusted 2006/07 expenses of $4,362,794. More than 62% of the total $4,369,106 recommended adjustments are to fund capital improvement projects from the Tax Allocation Bond proceeds; 32% is for Villa Amador; and the remaining 6% is directly related to redevelopment programs and projects.

Attachments: Resolution

RESOLUTION NO. RA-_____

A RESOLUTION OF THE REDEVELPMENT AGENCY OF THE CITY OF BRENTWOOD AMENDING ITS 2006-07 BUDGET AND AUTHORIZING EXPENDITURES FOR
FISCAL YEAR 2006-07

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

WHEREAS, the Agency’s Merged Brentwood and North Brentwood Administration and Project Fund, Low/Moderate Housing Fund and Debt Service Fund 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.

NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:

Section 1. The Redevelopment Agency of the City of Brentwood hereby finds and determines that the planning and administrative expenses in the Low/Moderate Housing Fund are necessary for the production, improvement, or preservation of very low, low and moderate income housing, and for programs and activities authorized under Health & Safety Code Section 33334.2.

Section 2. The Redevelopment Agency of the City of Brentwood hereby adopts the amendments to its 2006-07 Budget in the amount of $2,912,844 of expenses in Fund 301, $1,401,262 of expenses for Fund 302, and $55,000 of expenses for Fund 303, and $768,018 of revenues in Fund 301, and authorizes expenditures for Fiscal Year 2006-07.

PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of Brentwood at a regular meeting held on the 27th day of June 2006 by the following vote:
 

City Administration
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
(925) 516-5440
Fax (925) 516-5441
E-mail allcouncil@brentwoodca.gov