The URL can be used to link to this page

Home My WebLink About5/9/2007 - STAFF REPORTS - 1.A. p AIM Sn �o R, City of Palm Springs N Office of the Assistant City Manager 3200 Tahquitz Canyon Way Palm Springs, CA 92262 cq�IF^O RN,P. (760) 322-8336 (760) 323-8207 (fax) Troy.B utzlaff @ pal mspri ngs-ca.gov FAX COVERSHEET Pages (including cover): 2 Pate: May 9, 2007 To: Mayor and Councilmembers From: Troy Butzlaff Via: David Ready Attached please find a Summary of Cash Balances for the CRA Budget. This Summary provides the beginning and ending cash balances for Merged Areas 1 & 2 and the Housing Fund. We will explain this in greater detail at tonight's Study Session. TLi3/mh Attachment A� mlorJ�� a51a41 Qzoz) -7 ,Summary";9, ash°'Bp ance. Commun Redevelopment AgehcXi dFY „" FY2007 r. • M,P`/ M � 1 � M1 k I atFe p T" A 00d, Ptojoctod Merged Area 1 , Beginning Cash Rai $3,327,868 $6,520,750 $7,751,642 Revenue Property Tax 6,739,000 8,910,000 9,148,000 Other 235,000 313,250 260,000 Loans In 1,836,785 1,466,785 1,466,785 Out 0 0 Cash w Fiscal Agent 0 33,721 0 Appropriations 8,326,495 9,492,864 10,462,683 Est Ending Cash Bal $3,812,148 $7,751,642 $8,130,023 Bond Proceeds $33,721 $33,721 Merced Area 2 Beginning Cash Bal $1,209,575 $1,855,388 $5,294,969 Revenue Property Tax 4,212,000 4,855,000 5,120,000 Other 130,000 235,000 155,000 Loans; In 545,000 545,000 545,000 out 0 a a Cash w Fiscal Agent 0 3,183,094 0 Appropriations 4,745,852 5,378,513 5,542,087 Est Ending Cash Bal $1,350,723 $5,294,969 $5,572,882 Bond Proceeds $3,183,094 $3,183,094 Ho'asina' - " Beginning Cash Bal $2,023,477 $2,745,020 $2,399,594 Revenue Setaside 2,115,200 2,695,305 2,747,400 Other 100,000 140,000 100,000 Appropriations 2,430,753 3,180,731 3,088,963 Est Ending Cash Bal $1,807,924 $2,399,694 $2,158,031 City of Palm Springs FY 2006 Preliminary Budget CRA N ` • .rtr,MrhwltAM�MMrre.Wrt+r..�NAnwtlW�lyr+.karoWnw.l.rtilMw�r+��WN�.�MMX1T�+1lMA�MAt�w , •. ,,..,....rA.r,� "„„mrruwMF+tgMr+�xl`WrMr.rWmw+m•n11'MtIWt,+nred".°^f!�Y^MM�Y�f'�NA^�^n'��mn, ,r-. .,r� ,...�. . In 1AR„nrryryanytf Pryv,ryyq.K.,pqy,r�r�«�rW�.11ry.,W.rm�nb�arp+pry^�ry1.�•u�an�W�IM.Arr.+n-x, ...,.n.. - WurMAAa Myp�AAl'%WI'n^nW11nA*Illq w'1 I�ngaAAMn uApAl �yl•IRA`taWrr rv^uxn�, � + ,.eMll.Il ylpuMar.rM•IJ*r��,,.,,,�.,.,�ql„.m�lw.rl.,�rlh„nww«.In.rnl,rrv«.�rv�,�nrra,.W,n. ,„..,rn, . r . • u,NnvVip•prnrl nn•ywr,M^a,ulrcrm Nmpn/�nr�Irs�Nrvrym�r�¢rnrNvnwy�MWlpl�b�r�A�y{uy.rv�n-••�d. � �.mo- .p. r it ulrl 11�I+mF�N°°4°"+1 fwm�*aYl w�rMnMA�N�tWtYlh4wwmrla,pW��Ny.IwIMNryMtYR+a1.Jq+1l�•a^•µNN^. '�`•".n.nir. . w m.l my IM rI I•r1W��r. •rx e rr,.,.�,„p.� R n 1 Y` i �`«°,rl,1n.. 'r � ,.r MV+IF«,dtylFl lm , D ,gip, , NrCY'r rn w,rMw raIIL, Iwr.— u�rmAmery�+� � •ylryryµV,�ry ln�xni�M� r � � -. m nn n.T J1�n,.1�,,,�,r,�rrWl.refrinF'Arinlfury.ANwWIxlwrylgldwr+mMtl'W nIF,.I„r� ��;,. � � ,, r, ..J,f14.I.Pwul. fArr,,1.,I.,.,.A,�Mu��'HlAlrror«rrw� nWr�Pllwrx»M^'e�{�r,r�.. .. .. el iw,irt'M^Nl:nn Wf rrx'A T^-Xpn,.. r ,y�•Wr lA+wt � 4'Ja,p�nR..Y.�Jp' ^v'1YMMM�1'J rnrc sy�IHyny .W „ u,riNf1 t11tl � „r ».i� 1°�iRl W1p1.M^'�.1Y,r��'^ily�� "N , •Meg I rw it µ'.NA' ` i nn I { 1 Y r T 1�' f r Wlli•.xvr r pWrp ,IIA' 'n rt v1�LIV a � ,�° rv�IW,NY^fYFl�n typi6ry 1•.�.I UA Oia ,u Ylir lir i .•1..or�h n•nY AWY �'��vltl^II I�Wtr nv.�'AIMAi'Ww rink , ly r 1I ev, 1 w�tpVi.rr rl'i i � i' IiWMY Iy J, r ,� 1t r r w+r�d MiW 4� • 'Mf _ 1 NWT City of Palm Springs Community Redevelopment Agency Table of Contents Merged Area 1.................................................................page 1 Merged Area 2...............................................................page 2 Housing........................................................................page 3 Summary of Operations.................................................page 4 Fiscal Year2008 Community Redevelopment Agency Preliminary Budget Merged Area 1 --------------- FY 2007 FY2007 FY2008 % Change Highlights caLegoty Approved Pro ectad Proposed FY 07,08 Revenue ■ The proposed tax increment Tax Increment 6,739,000 8,910,000 9,148.000 35.75% for Merged Area 1 is projected at Other 235,000 313,250 260,000 10.64% $9,148,000, which is a 35.75% Total Revenue $6,974,000 $9,223,250 $9,408,000 34.90% increase over the adopted FY 07 budget- This amount includes a Loans very conservative projection of In $1,836,785 $1,466,785 $1,466,785 supplmental increment over the Out 0 0 0 coming year. Cash w Fiscal Agenr $0 $33,721 $0 ■ Staff is recommending that Merged Area 1 assume Appropriations $1,300,000 in debt service for Personnel Costs 275,013 275,013 331,058 20.38% the Convention Center. Downtown Develop 125,000 0 0 -100 00% Currently, only Merged Area 2 Contract/Material 311,520 551,263 230,670 -26.95% Pays$300,000 a year in debt Administration 136,761 136,761 224,102 63.86% service related to the Convention Capital Projects 900,000 1,298,670 900,000 0.00% Center. Pass Thru's 1,820,963 2,813,863 3,036,383 66.75% Housing Set-Aside 1,296,800 1,710,831 1,754,20D 35.27% ■ The FY 08 budget includes ERAF 358,000 0 0 -100.00% $900,000 in recommended Debt Service 1,265,653 1,222,775 1,219,561 -3,64% capital projects. Convention Ctr Debt 0 0 1,300,000 Loan Repayment 1,836,785 1,483,688 1,466,785 -20.14% ■ The following projects and activities are included in the FY Total Appropriations $8,326,495 $9,492,864 $10,462,759 25.66% 08 budget for Merged Area 1: Surplus(Deficit) $484,290 $1,230,892 $412,026 • Funding of additional capital improvements for the Palm 10000000 Merged Area 1 Revenue Overview Canyon Theatre and Desert Art 9000000 $6,910000 1 Center. 8000000 $7,522,130 1 Funding to prepare master 7000000 -plans for for the proposed College 6000000 of Desert West Valley Campus 5000000 site and Downtown Parking. 4000000 - 868 3808555 3000000 Facilitate redevelopment of 2000000 the Desert Fashion Plaza and 1000000 Palm Springs Mall. 0 FY2002-03 FY2003-04 r-Y2004-05 FY2005-06 FY2006-07 FY2007-08 Actuals Actuals Actuals Actuals Estimated Projected City of Palm Springs FY 2008 Preliminary Budget CRA Page 1 Fiscal Year2008 Community Redevelopment Agency Preliminary Budget Merged Area 2 FY 2007 FY 2007 FY 2008 % Change Hi h� la iahts Category Approved Projected Proposed FY 07.08 a The proposed tax Increment Revenue for Merged Area 2 is$5,120,000, Tax Increment 4,212,000 4,855,000 5,120,000 21.56% which is a 21 56% increase over Other 130,000 235,000 155,000 19,23% the FY 07 budget. This amount Total Revenue $4,342,000 $5,090,000 $5,275,000 21 49% Includes a very conservative projection of supplemental Loans increment In $545,000 $545,000 $545,000 Out 0 0 0 ■ The FY 08 budget includes $475,000 in recommended Cash wFiscal Agent $0 $3,183,094 $0 capital projects. Appropriations a The following projects and Personnel Costs 222,255 222,255 244,753 10.12% activities are included in the FY Contract/Material 165,390 175,622 144,990 -12.33/o 08 budget for Merged Area 2- Administration 66,276 86,276 115,915 74.90% Capital Projects 275,000 385,200 475,000 72.73/0 Develop a Master Plan for the Pass Thru's 1,539,165 2,005,320 2,029,562 31.86% property across from the Housing Set-Aside 818,400 964,474 993,200 21.36% Convention Center at Amado ERAF 120,000 0 0 -100.00% and Calle Alvarado. Debt Service 694,366 694,366 693,667 -0 10% Conv Ctr Debt 300,000 300,000 300,000 • Finalize Disposition and Loan Repayment 545,000 546,000 545,000 0,00% Development Agreements (DDAs)with the developers of a Total Appropriations $4,745,852 $5,358,513 $5,542,087 16.78% 200 room hotel (Westin) and a 450 room hotel/condo site (Hard Surplus(Deficit) $141,148 $3,459,581 $277,913 Rock) adjacent to the _ Convention Center. 6000000 Merged Area 2 Revenue Overview 5000000 - M129.989 S4 1100 55,120,000 � 4000000 - 53:145.339 3000000 7 [[ $2,375,480 2535211 2000000 - 1000000 •-- 0 - FY2002-03 FY2003-04 FY2004.05 FY2005-06 FY2006-07 FY2007-08 Actuals Actuals Actuals Actual& Estimated Projected City of Palm Springs FY 2008 Preliminary Budget CPA Page 2 Fiscal Year2008 Community Redevelopment Agency Preliminary Budget Housing FY 2007 FY 2007 PY 2008 % Chenge Highlights Category Anproved Pro'eoted proposed FY 07-08 ■ The 20% Housing Set-Aside is Revenue projected to be$2,747,4DD for Set-Aside 2,115,20D 2,695,305 2,747,400 29.89% FY 08. This is a 29.8% increase Other 100,000 140,000 100,000 0-00% over the FY 07 budget. Total Revenue $2,215,200 $2,835,305 $2,847,400 28.54% r The FY 08 budget includes $2,135,000 for the following Appropriations housing projects: Personnel Costs 310,503 310,503 327,496 5.47% Contract/Material 72,500 60,584 75,300 3,85% • Redevelop four more homes Administration 82,240 82,240 84,097 2,25% as part of the Desert Highland Capital Projects 1,500,000 2,261,894 2,135,000 42-33% Infill Program. Pass Thru's 0 0 0 Housing Set-Aside 0 0 0 • Assist CVHC with 59 unit ERAF 0 0 0 apartment project on Rosa Debt Service 455,510 465,510 467,070 0-34% Parks Blvd- Conv Ctr Debt 0 0 0 Loan Repayment 0 0 0 • Assist with redevelopment of Tahquitz Court Apartments, Total Appropriations $2,430,753 $3,180,731 $3,088,963 27,08% • Develop a program for Surplus(Deficit) 4$215,553p Q$345,42Sj Q$241,563p blighted site abatement in low income multi-family housing -T Housing Set Aside neighborhoods. 3000000 00 52.895.305 - $2.406.087 ■The projected deficits for both 2500000 ------ -- -- fiscal years are covered by accumulated housing increment 2000000 - -----••-•- from prior fiscal years. 1 5� 45734 1500000 1 iS . 41.056 1 228�444 1000000 - 500000 0 Actual Actual Actual Actual Estimated Proposed PY 2002103 FY 2003/04 FY 2004105 FY 2005/06 FY 2006/07 FY 2007/06 City of Palm Springs FY 2008 Preliminary Budget CRA Page 3 Fiscal Year 2008 Summary of Operations Preliminary Budget Community Redevelopment A enc "—~ FY2007 FY2007 FY 2008 Highlights Category Approved Pro'ected Proposed n The Community Redevelopment Merged Area I Agency projects new tax increment Revenues 6,974,000 9,223,250 9,408,000 of$14,268,000 for FY 08 from all Loans In 1,836,785 1,466,785 1,466,785 project areas. Cash with Fiscal Agent 0 33,721 0 Appropriations 8,326,495 9,492,864 10,462,683 ■ A total of$1,375,000 is Surplus (Deficit) $484,290 $1,230,892 $412,102 budgeted for new non-housing capital projects. Merged Area 2 Revenues 4,342,000 5,090,000 5,275,000 a The proposed FY 08 budget Loans In 545,000 545,000 545,000 includes a combined $1,600,000 in Cash with Fiscal Agent 0 3,183,094 0 debt service for the Convention Appropriations 4,745,852 5,358,513 5,542,087 Center. This is an increase of Surplus (Deficit) $141,148 $3,459,581 $277,913 $1,300,000, which is all in Merged Area 1, over the current FY 07 Housing budget. Set-Aside 2,215,200 2,835,305 2,847,400 Appropriations 2,430,753 3,180,731 3,088,963 ■ In FY 08 the Agency will Surplus (Deficit) ($215,553) ($348,426) ($u241,563) distribute$5,065,945 of funding to other agencies because of Pass Through Agreements and State ❑ pproved FY A 2007 ■Proposed FY 2008 law. 1z00000o - $10,874,785 P The Agency will set-aside I 1 1 $10,462,683 $2,747,400 for the housing fund to 10000000 — meet our State mandated housing V,810 $8,326,495 obligations. 8000000 - ■ Tax Increment must be used to pay for existing or new debt 6000000 S5,1120,000 service. Loans-In is revenue $4,887000 received from the City for funds 54,745 2 advanced by the Agency for certain 4000000 -' capital projects. 2000000 -- I 0 Merged Area 1 Merged Area 1 Merged Area 2 Merged Area 2 Revenue Appropriations Revenue Appropriations City of Palm Springs FY 2008 Preliminary Budget CRA Page 4 FY 07-08 CAPITAL IMPROVEMENT PLAN FUND 261 - RECOMMENDED PROJECTS REVENUE SOURCES General Misc. Tech Recommended Measure Fund Rev. & Enhance. MAW OF PROJECTS Projects Y Transfer Grants Fees Parks& Recreation: 1 Downtown Maintenance(on-going) 50,000 (1) 50,000 2 Stadium Renovation (on-going) 20,000 (1) 20,000 3 Mobile Rec. Program-Hardy& Baristo Parks 85,000 (1) 85,000 4 DeMuth Security Lighting 50,000 (1) 50,000 5 Sidewalk Repairs Sunrise Plaza & DeMuth Park 10,000 (1) 10,000 6 Tennis Court and Basketball Court Resurfacing 50,000 (1) 50,000 7 Unscheduled Parks & Rec Capital - Measure Y 2,000 (1) 2,000 Library: 8 Exterior Glass Door Replacements 44,260 (2) 44,260 9 Unscheduled Library Capital - Measure Y 88,740 (2) 88,740 Engineering: 10 Belardo Bridge& Roadway Improvement 100,000 (3) 100,000 11 Sidewalk Construction (SB821) 60,000 (5) 60,000 12 Golf Club Drive Culvert Replacement 367,000 (6) 367,000 13 Gene Autry Trail Railroad Bridge Widening 900,000 (4) 900,000 14 Storm Drain -Line 200 &20CA 450,000 (7) 450,000 15 Replace City Hall South Parking Lot 200,000 200,000 (Full Cost-$500,000; Risk Liab Dept. 540-5904 will be charged for the remainder of the costs.) Building &Safety: 16 Permitting& Project Tracking System 80,000 80,000 17 Development Services Lobby Enhancements 20,000 20,000 City Clerk: 18 Granicus Contract 8,400 8,400 19 Document Management Needs Assessment 15,000 15,000 20 File Shelving Units for City Clerk Vault 8,000 8,000 Info Tech: 21 Timecard Entry System 32,000 16,000 16,000 PSCTV: 22 Install New Chamber Environ(Lighting Controls 30,000 30,000 23 Music and Visual Improvements (Channel 17) 21,000 10,500 10,500 24 Video Source Monitors 15,000 7,500 7,500 25 Professional Video Camera 21,000 10,500 10,500 26 Replace Cameras- Chambers 50,000 25,000 25,000 Unidentified: 27 Technology Enhancements -Unsch. Balance 67,400 67,400 28 Subtotal page 1 2,844,800 400,000 297,500 1,877,000 270,300 FY 07.08 CAPITAL IMPROVEMENT PLAN FUND 261 - RECOMMENDED PROJECTS (page 2) REVENUE SOURCES General Misc. Tech Recommended Measure Fund Rev. & Enhance. NAME OF PROJECTS Projects Y Transfer Grants Fees Facilities: 29 City Hall Roof Drains& Energy Management Syst. 70,000 70,000 30 Sunrise Co-Gen Facility Cooling Tower- Replace 60,000 60,000 Police Dept.: 31 Crime Lab Superglue Fuming Chamber 7,000 7,000 Unidentified: 32 Unscheduled Capital Balance 105,500 105,500 33 Subtotal page 2 242,500 0 242,500 0 0 34 Grand Total 3,087,300 400,000 540,000 1,877,000 270,300 261 Funds -General Fund Transfer & Grants/Other 35 General Fund Transfer-All Other 540,000 36 Total Grants, Tech Fees & Other Rev. 2,547,300 37 TOTAL 261 FUNDS AVAILABLE 3,087,300 Note: The Signal Modification Protective Permissive Project in the amount of$100,000 is also recommended for approval. This project will be funded by continuing appropriations from FY 06-07 Fund 261. Funding available due to changes and saved costs from prior approved projects. References & Notes: (1) Revenue for Park& Recreation from Measure Y= $267,000 (2) Rev.for Library from Measure Y=$133,000 (3) PLHD Federal Grant(Planning Land Highway Development) (4)STP Federal Grant (5) SB 821 Bike Trail & Sidewalk Grant (6) Federal Emergency Relief Grant (7) Developer Fees Costs in ( ) represent full costs of project; project may be full or partially funded in this fiscal year. 'Project costs funded/split between a grant/Specific revenue source and the general fund transfer_ 5-9.07a ICY 07.08 CAPITAL IMPROVEMENT PLAN SPECIAL REVENUES-RECOMMENDED PROJECTS Fund 133 Fund 134 (CVAG) Fund 135 Fund 152 Gas Measure Measure Quimby Tax A Fund A Fund Drainage Act Fees NAMEOFPROJECTS Fund Local Regional Fund Capital 1 Auditing(Required) 2,300 2 Golf Club Drive Culver Replacement*** 48,000 3 Drainage Repairs-Araby Circle 50,000 4 Curb& Gutter Repair-City Wide 50,000 5 Signal Loop Repairs 65,000 6 City-wide Traffic Signal Synchronization Study 39,700 5,300 7 ARHM Overlay 500,000 8 Gene Autry Trail/Interstate-10 Interchange 400,000 9 Mid-Valley Parkway Reimb.-CVAG 10.422 10 S6821 Sidewalk FY 07-08*** 30,000 11 Traffic Signal -Baristo Road 15,000 12 Signal Interconnect Communication 50,000 13 Signal Mod-Mesquite Ave. &Sunrise 150,000 14 Annual Citywide Slurry Seal 500,000 15 Traffic Safety Projects 40,000 16 Balardo Bridge&Roadway Improvement*** 400,000 17 Unidentified Capital Projects 8,278 18 Gene Autry Trail Railroad Bridge Widening'"" 100,000 19 Gene Autry Trail Widening through 1,000,000 Whitewater Wash 20 Storm Drain-Line 8 1,000,000 21 Storm Drain-Line 20C and 20CA""" 400,000 El Cielo/Baristo-(Total Drainage Req. $500,000) 22 Gene Autry Trail/Vista Chino 500,000 Landscape Median &Gateway 23 SUBTOTAL 255,000 2,109,000 1,100,000 1,400,000 500,000 24 TOTAL CAPITAL PROJECTS Transfers Out, 25 7o General Fund for Street Maintenance 600,000 TOTAL CAPITAL PROJECTS REQUESTS& 26 PROJ. COVERED BY TRANSFERS OUT 866,000 2,109,000 1,100,000 1,400,000 500,000 27 TOTAL AVAILABLE FUNDING 855,000 2,109,000 1,100,000 1,400,000 500,000 Details on individual projects can be provided by City Engineer. These projects also receive funding from grants, such as STP, Fed Emergency Relief Grants, SB 821, and Developer Fees as shown under the Fund 251 schedule. MATERIALS TO BE PROVIDED Item No. 1 .A and 2.A.