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Home My WebLink AboutMINUTES - 06222004 - C.149 Contra ' Costa .4 County TO: REDEVELOPMENT AGENCY FROM: John Sweeten Executive Director DATE: June 22, 2004 SUBJECT: FY 2003/2004 Redevelopment Agency Budget Amendment SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT First Amendment to the Redevelopment Agency's FY 2003-04 budget for the Pleasant Hill BART, North Richmond, Bay Point and Rodeo project areas. FISCAL IMPACT No General Fund revenues involved. BACKGROUND/REASONS FOR RECOMMENDATIONS The Redevelopment Agency adopted its FY 2003-04 budget December 16, 2003. Since that time additional project and financial requirements have been identified,therefore budget changes are recommended. The recommended changes are specified on the attached Budget Amendment Specifications. 1 CONTINUED ON ATTACHMENT: X YES SIGNATURE: ' ' 4—RECOMMENDATION OF EXECUTIVE DIRECTOR ECOMM DATION OF AGENCY CO'MM'ITTEE APPROVE OTHER SiGNATURE(S): ACTION O"GENCY ON June 22, 2004 APPROVED AS RECOMMENDED xOTHER VOTE OF COM'M'ISSIONERS 1 HEREBY CERTIFY THAT THIS IS A x UNANIMOUS (ABSENT �' y ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT AGENCY ON THE DATE SHOWN. Contact: Jim Kennedy 335-1255 ATTESTED jum 22, 2oo4 cc: Community Development JOHN SWEETEN, AGENCY SECRETARY Redevelopment Agency County Counsel CACI BYi')` # :DEPUTY Auditor-Controller \\fs-cd\users$\Inobte\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.6.04.doc FY 2003/04 BUDGET AMENDMENT SPECIFICATIONS 1. PLEASANT HILL BART Description: Reduce Debt Service Requirement to Actual. Amendment to Budget: A. Revenues/Expenses - FY 2003/04: Sources and Uses of Funds are: -----------------USES--------------------------------------------------------------SOURCES--------------------------- Tax Increments Bond Proceeds Capital Funds Housing Funds Capital Funds Housing Funds Other TOTAL ------------------ -------------------- ----------------- ---------------- Revenues ------------ Bonded $2,502,000' $2,502,000 Indebtedness Unallocated $1,279,280b $1,279,280 Capital Funds a) reflects $309,040 reduction in requirement b) transfer of fund requirement from footnote a) 2. NORTH RICHMOND Description: a) Increase debt service requirement to actual; and b) Increase fiscal agreements/33676 payments to actual Amendment to Budget: A. Revenues/Expenses - FY 2003/04: Sources and Uses of Funds are: -----------------USES--------------------------------------------------------------SOURCES--------------------------- Tax OURCES--------------------------- Tax Increments Bond Proceeds Capital Funds Housing Funds Capital Funds Housing Funds Other TOTAL ------------------ -------------------- ----------------- ---------------- Revenues ------------ Bonded $369,040' $94,000b $463,000 Indebtedness Fiscal $178,000' $178,000 Agreements/ 33676 payments Unallocated $5,990d $5,990 Capital Funds Housing $ 777' $ 777 Development Fund a) reflects$54,000 increase in budgeted funds b) reflects$19,000 increase in budgeted funds c) reflects $13,000 increase in budgeted funds d) transfer of fund requirement-footnote a) &c) e) transfer of fund requirement -footnote b) \\fs-cd\users$\lnoble\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.6A4.doe 3. BAY POINT Description: a) Increase fiscal agreement requirement to actual b) Increase debt service requirement to actual c) Increase dumpster grants requirement to actual d) Increase North Broadway—Phase 4(OBG/RCD)to contracted requirement e) Increase traffic study to complete BART area work f) Increase North Broadway—Phase 2 to complete and close-out; and g) Add commercial study encumbrance Amendment to Budget: A. Revenues/Expenses - FY 2003/04: Sources and Uses of Funds are: -----------------US FS-------------------------------------------------------------SOURCES--------------------------- Tax -SOURCES--------------------------- Tax Increments Band Proceeds Capital Funds Housing Funds Capital Funds Housing Funds Other TOTAL ------------------ -------------------- ----------------- ---------------- Revenues ------------ Fiscal $786,000' $786,000 Agreement/ 33676 Payments Bonded $640,000b $202,000c $842,000 Indebtedness Dumpster $6,000d $6,000 Grants No Broadway- $1,435,403e $570,649 $2,006,052 Phase 4 (OBG/RCD) Traffic Mitigation $2,500' $2,500 Study No Broadway- $6,0009 $6,000 Phase 2 Encumbrance $1,842h $1,842 Bay Point Comm- ercial Capacity Study Unallocated $83,4151 $328,2171 $411,632 Capital Funds Housing $17,902 $360,657 $378,559 Development Fund a) reflects $52,000 increase in requirement b) reflects$35,000 increase in requirement c) reflects$42,000 increase in requirement d) reflects$3,000 increase in requirement e) reflects$500,000 increase in requirement(contracted) f) reflects new project requirement for BART area traffic work g) reflects new requirement to cover Public Works charges from past project h) encumbered funds left out of original budget by oversight 1) transfer of fund requirement—footnotes a,b,d,f, &g j) transfer of fund requirement -footnote e) k) transfer of fund requirement -footnote c) \\fs-cd\users$\moble\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.6.04.doc 4. RODEO Description: a) Reduce fiscal agreement requirement to actual; and b) Reduce debt service requirement to actual Amendment to Budget: A. Revenues/Expenses - FY 2003/04: Sources and Uses of Funds are: -----------------USES--------------------------------------------------------------SOURCES---------------------- ---- Tax Increments Bond Proceeds Capital Funds Housing Funds Capital Funds Housing Funds Other TOTAL ------------------ -------------------- ----------------- ---------------- Revenues ------------ Fiscal $297,000' $297,000 Agreements/ 33676 payments Bonded $230,000b $90,000, $320,000 Indebtedness Unallocated $272,514d $272,514 Capital Funds Housing $44,000' $44,000 Development Fund a) reflects $71,000 reduction in requirement b) reflects $145,000 reduction in requirement c) reflects $44,000 reduction in requirement d) transfer of fund requirement -footnote a) &b) e) transfer of fund requirement -footnote c) \\fs-cd\users$\lnoble\Personal\Board Orders and Greenies\BOS.RDA.FY2003.04.rda.amendment.6.04.doe