HomeMy WebLinkAbout6/6/2001 - STAFF REPORTS (2) Resolution No. 1126
OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING A
BUDGET FOR THE FISCAL YEAR 2001-2002
WHEREAS, a budget for the fiscal year 2.001-2002 has been prepared by the
Community Redevelopment Agency, Redevelopment Director, and the Agency
Treasurer; and
WHEREAS, the Community Redevelopment Agency has examined said budgets and
conferred with the Community Redevelopment Agency Director; and
WHEREAS, the Community Redevelopment Agency, after due deliberation and
consideration, agrees with the budget recommended;
NOW THEREFORE BE IT RESOLVED by the Community Redevelopment Agency of
the City of Palm Springs as follows:
Section 1. That the budget in the amount of$7,180,526 be approved for the
following purposes
Capital &Admin. Debt Service
Merged Area No. 1 $ 389,932 $ 2,913,225
Merged Area No. 2 232,918 2,259,467
Low& Mod. Income Housing 539,860 507,024
Plaza Theatre 338,100 0
$1,500,810 $ 5,679,716
Section 2. That the budget for the Debt Service for the 1994 Series A & B bond
issue, which amount is already included in the above Merged Areas debt
service, is $1,685,105; and is budgeted as an accounting control only.
Section 3. That the Finance Director of the City of Palm Springs is authorized to
record the budget and such other accounting entries as may be
necessary for proper accounting treatment in accordance with rules and
regulations applicable to other City of Palm Springs funds.
c �. A - A
CRA Resolution No.
Page 2
ADOPTED this day of , 2001.
AYES:
NOES:
ABSENTS:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
By
Assistant Secretary Chairman
REVIEWED &APPROVED
c �2A - A �
CITY OF PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY
PROPOSED BUDGET
FISCAL YEAR 2001 - 02
JUNE 65 2001
ITEM # CRA (a)
L
cnbmp COMMUNITY REDEVELOPMENT AGENCY
EXECUTIVE SUMMARY
tvnm, FISCAL YEARS 2000-01 & 2001-02
" Cash Balance Changes: 6130/00 6130101 er30102
Merged Area#1 1.189.076 1.026,995 612,738
Merged Area#2 1,458,337 1.385.809 1,018,424
Housing 3,080,928 1,620,065 1,563,385
Totals 5,728,341 4,032,869 3.194,547
a Capital Projects: FY 01 Adj Bud FY 01 Est Expend FY 02 Appropr
Merged Area#1 367,435 289,098 112,500
Plaza Theatre - - 265,000
Merged Area#2 486,821 94,274 100,000
Housing 2,161.533 1,650,118 300,000
Totals 3,015,789 2.033.490 777,500
" Major Changes In MA#1 In FY 01-02
Elimination of TOT transfer or Palm Mountain Resort 104,000
Magruder Chevrolet OPA -additional cost 5,000
VIP Motors OPA-new cost 100,000
WessmardSoinmart OPA-new cost 20.000
Major Changes In MA#2 In FY 01-02
Elimination of TOT transfer or Spa Resort 280,000
a Downtown Development Center: FY 01 Adj Bud FY 01 Est Expend FY 02 Appropr
Merged Area#1 85.000 85,000 77,000
Plaza Theatre 30.000 30,000 30,000
Merged Area#2 25,000 25,000 37.000
Totals 140,000 140,000 1144,000
(revised contract will be submitted for approval as a separate action)
a Loans In/ Loan Repayment: MA#1 Capital MA#1 Debt Svc MA#2 Capital MA#1 Debt Svc
FY 00-01
Loan Repay to General Fund (300,000)
New Loan from General Fund 300,000
FY 01-02
Loan Repay to General Fund (400.000) (100,000)
New Loan from General Fund 400,000 100,000
The net effect on both the CRA and General Fund is zero,and is necessary only because of CRA accounting rules. r
Future Outlook:
Property Tax Increment collections should increase much faster than expenses.For each 1%that total assessed
value increases,tax collections should increase by about 2.3%in MA#1,and about 2%in MA#2.
mtemp COMMUNITY REDEVELOPMENT AGENCY
WWI SUMMARY BY PROJECT AREA
FISCAL YEARS 2000-01 & 2001-02
MERGED AREA#1 MERGED AREA#2 HOUSING TOTAL
CAPITAL DEBT SRV PLAZA TOTAL CAPITAL DEBT SRV TOTAL
811 851 821 812 852 882
Ad]Cash Bai, 331,344 429,753 427,979 1,189,076 680.989 777.348 1,458,337 3,060,928 5,728,341
6130100
FISCAL YEAR 2000-01
Revenue 20,000 2,482,564 145,000 2.647,564 25,000 1,966,359 1,991,359 945,002 5,583,925
Transfers 0 104,000 0 104,000 0 280,000 280,000 - 384,000
Loans 300,000 - 0 300,000 0 - - - 300,000
Cash w Fiscal Agent 0 54,276 0 54,276 0 4 4 - 54,280
Appropriations (573,103) (2,622,895) (71,923) (3,267,921) (204,862) (2,139,029) (2,343,891) (2,405,865) (8,017,677)
Est Cash Sal, 78,241 447,698 501,056 1,026,995 501,127 884,682 1,385,809 1,620,065 4,032,869
6130101
FISCAL YEAR 2001-02
Revenue 20,000 2,642,000 165,000 2,827,000 25,000 2,000,000 2,025,000 101,928 4,953,928
Set-Aside 888,276 888,276
Transfers 0 - 0 0 - - - _
Loans 400,000 - 0 400.000 100,000 - 100,000 - 500.000
Cash w Fiscal Agent 0 0 0 0 0 0 - - -
Appropriations (389.932) (2,913,225) (338,100) (3,641,257) (232,918) (2,259,467) (2,492,385) (1,046,884) (7,180,526)
Est Cash Bal, 108,309 176,473 327,956 612,738 393,209 625,215 1,018,424 1,563,385 3,194,547
W0102
a.temp COMMUNITY REDEVELOPMENT AGENCY
sago, SUMMARY BY PROJECT AREA
BUDGET ESTIMATES, FY 2000-01
MERGED AREA#1 MERGED AREA#2 HOUSING TOTAL
CAPITAL DEBT SRV PLAZA TOTAL CAPITAL DEBTSRV TOTAL
811 851 821 812 852 882
Adj Cash Bal, 331,344 429,753 427,979 1,189,076 680,989 777,348 1,458,337 3,080,928 5,728,341
6130100
Revenue
Property Tau 0 2,480,564 0 2,480,564 0 1,966,359 1,966,359 0 4,446,923
Other 20,000 2,000 145,000 167.000 25,000 0 25,000 93,000 285,000
Setaside 0 0 0 - 0 0 - 852,002 852,002
Transfers
InAebt Sery Rev 0 0 0 - 0 0 - 0 -
In-Other 0 104,000 0 104,000 0 280,000 280,000 0 394.000
Out 0 0 0 - 0 0 - 0 -
Loans
In 300,000 0 0 300,000 0 0 - 0 300,000
Out 0 0 0 0 0 0 - 0 -
Cash w Fiscal Agent 0 54,276 0 54,276 0 4 4 0 54,280
Appropriations
Personnel Costs (900) 0 0 (900) (600) 0 (600) (83,659) (85,159)
Downtovm Devel Ct (85,000) 0 (30,000) (115,000) (25,000) 0 (25,000) 0 (140.000)
Legal Fees (10,000) 0 (1,825) (11,825) (2,000) 0 (2,000) (10,000) (23,825)
Contract/Material (45.854) 0 (33,020) (78,874) (16,900) 0 (16.900) (68,693) (164,467)
Administration (142,251) 0 (7,078) (149,329) (66,088) 0 (66,088) (86,258) (301,675)
Capital Projects (289.098) 0 0 (289,098) (94,274) 0 (94,274) (1,650,118) (2,033,490)
TOT Pass Thru 0 0 0 0 0 (280,000) (280,000) 0 (280.000)
PassThru's 0 (611,004) 0 (611,004) 0 (611,367) (611,367) 0 (1,222,371)
Housing Setaside 0 (475,214) 0 (475,214) 0 (376,788) (376,788) 0 (852,002)
Debt Service 0 (1,236,677) 0 (1,236,677) 0 (870,874) (870,874) (507,137) (2,614,688)
Loan Repayment 0 (300,000) 0 (300,000) 0 0 - 0 (300,000)
Est Cash Bal, 78,241 447,698 501,056 1,026,995 501,127 884,682 1,385,809 1.620,065 4,032,869
6130101
3
cratemp COMMUNITY REDEVELOPMENT AGENCY
sn3ro1 SUMMARY BY PROJECT AREA
PROPOSED BUDGET, FY 2001-02
MERGED AREA#1 MERGED AREA#2 HOUSING TOTAL
CAPITAL DEBT SRV PLAZA TOTAL CAPITAL DEBT SRV TOTAL
811 851 821 812 852 882
Adj Cash Bal, 78,241 447,698 501,056 1.026,995 501,127 884,682 1.385,809 1,620,065 4,032,869
6130101
Revenue
Property Tax 0 2,640,000 0 2,640,000 0 2,000,000 2,000,000 0 4,640,000
Other 20,000 2,000 165,000 187,000 25,000 0 25,000 101,928 313,928
Setaside 0 0 0 - 0 0 - 888,276 888,276
Transfers
In-Debt Sery Rev 0 0 0 - 0 0 - 0 -
In-Other 0 0 0 - 0 0 - 0
out 0 0 0 - 0 0 0 -
Loans
In 400,000 0 0 400,000 100,000 0 100,000 0 500,000
Out 0 0 0 0 0 0 - 0 -
Cash w Fiscal Agent 0 0 0 0 0 0 - 0 -
Appropriations
Personnel Costs (900) 0 0 (900) (600) 0 (600) (95,512) (97,012)
Downtown Devel Ct (T7,000) 0 (30,000) (107,000) (37,000) 0 (37,000) 0 (144,000)
Legal Fees (10.000) 0 (1,825) (11,825) (2,000) 0 (2,000) (10,000) (23.825)
ContractlMaterial (56.360) 0 (33.020) (89,380) (31,500) 0 (31.500) (41,860) (162,740)
Administration (133,172) 0 (8,255) (141,427) (61,818) 0 (61.818) (92,488) (295,733)
Capital Projects (112,500) 0 (265,000) (377,500) (100,000) 0 (100,000) (300,000) (777,500)
TOT Pass Thru 0 0 0 0 0 (280,000) (280,000) 0 (280,000)
Pass Thru's 0 (832,349) 0 (832,349) 0 (621,745) (621.745) 0 (1,454,094)
HousingSetaside 0 (505,495) 0 (505,495) 0 (382,781) (382,781) 0 (688,276)
Debt Service 0 (1,175,381) 0 (1,175,381) 0 (874,941) (874.941) (507,024) (2,557,346)
Loan Repayment 0 (400,000) 0 (400,000) 0 (100,000) (100.000) 0 (500,000)
Est Cash Sal, 108,309 176,473 327.956 612,738 393,209 625,215 1,018,424 1,563,385 3,194,547
6130102
City of Palm Springs/Community Redevelopment Agency
Continuing Appropriations from 2000-2001
Account Account Adjusted Unencumbered Amount to be
Number Name Budget Balance Carried Forward Justification
---------------------------------------------------------------------------------------------------- ----------------------------------------- ------------- ------------- -------------
Merged Area#1
811 8191 50000 Unscheduled Capital Projects $11,050 $10,681 $10,681 To cover other projects
811 8191 65105 Low Int/Revolving Loan Program $12,582 $12,582 $0 Do not continue
811 8191 65106 Commercial Rehab/Construction $21,856 $41 $0 Do not continue
811 8191 65111 Frances Stevens Festival Center $35,192 $16,031 $16,031 Work continues next year
811 8191 65116 Uptown Lighting Program $2,841 $2,598 $2,598 Renewed interest in the program from property owners
811 8191 65120 Desert Shadows OPA $16,214 $12,499 $0 Do not continue
811 8191 65127 Rudnick Building Demo $45,000 $2,622 $0 Do not continue
811 8191 65128 Palm Tree Wells Raising $22,500 $22,500 $22,500 Project to be done next year
811 8191 65129 West Tahquitz Light Fixtures $18,500 $236 $0 Do not continue
811 8191 65131 East Palm Canyon Light Fixtures $10,000 $9,557 $0 Do not continue
811 8191 65132 Dumpsite Cleanup $50,000 $50,000 $0 Do not continue
811 8191 65133 Frances Stevens Park Sidewalks $36,700 -$9,200 $0 Do not continue
811 8191 65134 Radio Road Improvements Phase 1 $33,000 $10,859 $10,859 All bills from this project haven't been paid yet
811 8191 65139 Frances Stevens Arts Academy $52,000 $0 $0 New budget next year
----------- --------------------- ---------- --------------------------------------------------------- ----------------------------_------------- ----------- ------------- -_---------- //-
Totals $367,435 4- $141,006 - $62,669 �jy� �ioo_oi Ac�v.�lfx\
Merged Area#2 t
812 8192 50000 Unscheduled Capital Projects $392,196 $392,196 $0 New appropriation in 2001-02
812 8192 65109 Ralph's Market Redevelopment $14,625 $351 $0 Developer deposit for Exclusive Agreement, refunded
812 8192 65130 East Tahquitz Light Fixtures $80,000 $79,123 $79,123 Project to be done this year
--------------------------------------------------------------------------------------------------------- ------------------------------------------ ------------- ------------ -------------
Totals $486,821 + $471,670 - $79,123 = 9Y 2-7'1 /
Low/Mod Housing
882 8382 50000 Unscheduled Capital Projects $447,240 $444,617 $0 New appropriation in 2001-02
882 8382 65000 Relocation Assistance $34,929 $34,929 $0 Do not continue
882 8382 65121 Section 202 Senior Housing $31,870 $31,870 $0 Do not continue
882 8382 65121 Cottonwood/Chuckwalla Self Help $188,500 $188,500 $188,500 Project to be completed next year
882 8382 65122 Single Family Rehab Program $993,995 $907,624 $907,624 Program is well underway and continues next year
882 8382 65126 Heritage Apartments OPA $450,000 $333,026 $333,026 Project is partially completed and continues next year
882 8382 65135 Burnett Development DDA $15,000 $15,249 $15,249 Developer Deposit to be used for DDA preparation
-------------- - - - -- - - ---- -- - - - -- - - - - - - -j 6 /Totals $2,161,534 + $1,955,815 _ $1,444,399 _ So /8
COMMUNITY REDEVELOPMENT AGENCY
Fiscal Year 2001-02
Total Anticipated Capital Projects
Merged
Project Area FY2001 -
No. 1 Capital Proiects 2002
Frances Stevens Park Arts Academy $35,000
Palm Tree Wells $2,500
Radio Road Improvements $33,000
Uptown Lighting Program $42,000
Total $112,500
FY2001 -
Plaza Theatre Capital Projects 2002
Henry Frank Arcade Parking Lot Reconstruction $265,000
Merged
Project Area FY2001 -
No. 2 Capital Projects 2002
Unscheduled Capital Projects $100,000
Total $100,000
Low/Mod FY2001 -
Housing Capital Projects 2002
Unscheduled Capital Projects $300,000
Total $300,000
craplan COMMUNITY REDEVOLPMENT AGENCY
tpa3 HISTORY OF ASSESSED VALUATION & PROPERTY TAX INCREMENT COLLECTIONS
5/23/01
Merged Area#1 Merged Area#2
Total AV Base AV Increment AV Property Tax Total AV Base AV Increment AV Property Tax
FY94-95 546,147,058 334,391,815 211,755,243 2,262,380 347,479,600 182,212,803 165,266,797 1,760,540
FY 95-96 533,400,937 334,391,815 199,009,122 2,250,315 346,701,469 182,212,803 164,488,666 1,767,668
FY 96-97 533,016,375 334,391,815 198,624,560 2,130,348 329,797,828 182,212,803 147,585,025 1,507,952
FY 97-98 513,041,546 334,391,815 178,649,731 1,923,240 317,050,014 182,212,803 134,837,211 1,474,521
FY 98-99 513,203,489 334,391,815 178,811,674 1,897,346 331,138,658 182,212,803 148,925,855 1,618,574
FY 99-00 554,672,513 334,391,815 220,280,698 2,388,133 300,764,582 182,212,803 118,551,779 1,289,457
FY 00-01 569,359,409 334,391,815 234,967,594 2,480,000 364,587,724 182,212,803 182,374,921 1,966,000
FY 01-02 592,000,000 334,391,815 257,608,185 2,640,000 380,000,000 182,212,803 197,787,197 2,000,000
CRA BUDGET
• Total CRA budget is $7,180,526 $7.2 million
• Debt Service budget is $5,679,716 $5.7 million
• Capital&Admin budget is $1,500,810 $1.5 million
• Total revenue&loans in is $6,342,204 $6.3 million
• Estimated Cash Balance at 6/30/02:
Merged Area#1 $ 612,738 600 K
Merged Area#2 $1,018,424 $1million
Housing $1,563,385 $1.6 million
• Major Changes for MA#1
Elimination of TOT transfer for Palm Mtn. Resort $104 K
Magruder OPA—add'1 cost $ 5 K
VIP Motors OPA—new cost $100 K
Wessman/Steinmart OPA new cost $ 20 K
• Major changes for MA#2
Elimination of TOT transfer for Spa Hotel $280 K
• Downtown Development Center(Jerry Ogburn's Contract)
Budget increased to $144,000 (up $4K, or 2.9%)
Contract renewal will come back to Agency in July.
• Capital Projects(seepage 6 of summary)
MA#1 &Plaza Theatre $377 K
MA#2 $100 K
Housing $300 K
• Future Budgets
Property Tax revenue will likely rise faster than expenses
If not, then reduce capital projects, admin expenses
and/or reinstitute transfers of TOT.
7 . 4 2001
7'1=CENED 1
PROOF OF PUBLICATION This,s space for County Clerks Filing stamp
(2015.5.C.C.P)
STATE OF CALIFORNIA
County of Riverside
I am a citizen of the United States and a resident of Proof of Publication of
the County aforesaid;I am over the age of eighteen ---------------------------------------------
years,and not a party to or interested in the No.8252
NOTICE OF PUBLIC NEARING
above-entitled matter.I am the pClttClpal Clel'IC Of a CITY OF PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY
printer of the,DESERT SUN PUBLISHING PROPOSED BUDGET SUMMARY
COMPANY a newspaper of eneral circulation, FISCAL YEAR 2001-2002
g Relow is the proposed 2001-2002 fiscal year bud-
printed and published in the city of Palm Springs, get in summary form. The suptortmg detail for'
the proposed budget is eailabe at Crty Hall r
County of Riverside,and which newspaper has been the Gity Clerk,Department and the Library Center.
adjudged a newspaper of general circulation by the heed road hearing
on
etingrof proposed
Cityd Ceouncil ant
7.0d p.m, on June 6, 2001, in the Council Cham-
Superior Court of the County of Riverside,State of bars at ary Hall
California under the date of March 24,1938.Case PROJECT CAPITAL PROJECTS DEBT SERVICE
Merged Area 91 $424,932 $2,913,225
Number 191236;that the notice,of which the Merged Area$2 232,918 2,259,467
Moderate
annexed is a printed copy(set in type not smaller Low a
Income Housing 539,360 507,024
Plaza Theatre 338,100 0
than non pariel,has been published in each regular TOTAL$1,535,910 $5,079,716
Written comments regaidin9 the proposed budget
and entire issue of said newspaper and not in any may be submitted to the City Council prior to tha
supplement thereof on the following dates,to wit: June 6th public heanng or persons may speak at
PP g the meeting. -
Dated this 21st day of May 2001
Is/Thomas M.Kanarr
May 25th y Finance Departormament — -
4m Springs, C a5
------_---------_---------_------—---------_----—__------- Pla3' May 25, 2001rt of P�i
---------—---------------------------____-------------
All in the year 2001 -
I certify(or declare)under penalty of perjury that the
foregoing is true and correct.
25th
Dated at Palm Springs,California this-------------day
May
of----—�------------------'--------------2001
Signature