HomeMy WebLinkAbout11/7/2001 - STAFF REPORTS (3) DATE: November 7, 2001
TO: Community Redevelopment Agency
FROM: Director of Finance &Treasurer/Director of Redevelopment
REPAYMENT AND RELENDING OF CRA LOANS
RECOMMENDATION:
It is recommended that the Community Redevelopment Agency approve the following loan
repayments and new loans (at 6% interest) from the General Fund, effective November 1, 2001.
Loan Repay New Loan
Merged Area#1 Debt Service $200,000
Merged Area#1 Capital Project $200,000
SUMMARY:
This is a "housekeeping" item to transfer cash to the Merged Area#1 Capital Project Fund from the
Merged Area #1 Debt Service Fund, via a repayment of loans to and reloaning of funds from the
General Fund.
BACKGROUND:
State rules governing Redevelopment accounting do not allow transfers between project areas or
even between a single project area's debt service fund and capital projects fund. If a project area's
capital projects fund has a negative cash balance and its debt service fund has positive cash
balance, the simplest way to "transfer' cash between the two funds is to repay an existing loan and
make a new loan. That is the situation in the proposed budget amendment resolutions.
The purpose of all these loans is to cover the appropriation for the Desert Shadows Project. The
net indebtedness and the total cash balances of the CRA project areas remain the same. The net
effect on the General Fund is zero.
The attached resolutions amending the budget accomplish the necessary tracking to com ly with
the accounting yrules.
Thomas M. Kanarr IJohn aymond'
Director of Finance&Treasurer Director of Re elopment
APPROVED
David H. Ready
Executive Director
Attachments: Resolutions
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, CALIFORNIA, AMENDING THE
BUDGET FOR THE 2000-01 FISCAL YEAR.
WHEREAS Resolution 1101 approving the budget for the fiscal year 2000-01 was adopted
on June 14, 2000; and
WHEREAS the Executive Director has recommended, and the Agency desires to approve,
certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to record
inter-fund cash transfers as required in accordance with this Resolution, and that Resolution
1101, adopting the budget for the 2000-01 fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
No. 851 8204 49625 $200,000
Title: Merged Area #1
Debt Service N. Palm Canyon City Loan Principal
Purpose: Pay back $200,000 in loans from the General Fund effective 11/1/01.
SECTION 2. SOURCE Surplus funds from Tax Increment have accumulated in Fund
Balance.
FUND Activity Account Amount
No. 001
12416 $200,000
Title: General Fund
Redevelopment
Agency Loans
Receivable
Adopted this day of 2001
AYES:
NOES:
ABSENT:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
By
Assistant Secretary Chairman
REVIEWED AND APPROVED AS TO FORM
C# C�Z
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, CALIFORNIA, AMENDING THE
BUDGET FOR THE 2000-01 FISCAL YEAR.
WHEREAS Resolution 1101 approving the budget for the fiscal year 2000-01 was adopted
on June 14, 2000; and
WHEREAS the Executive Director has recommended, and the Agency desires to approve,
certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to record
inter-fund cash transfers as required in accordance with this Resolution, and that Resolution
1101, adopting the budget for the 2000-01 fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
No. 001 12416 $200,000
Title: General Fund Redevelopment
Agency Loans
Receivable
Purpose: New loan to Merged Area #1 to cover the Desert Shadows project
appropriation at 6%, effective 1111/01.
SECTION 2. SOURCE Merged Area #1 is concurrently paying back $200,000 in
loans from the General Fund.
FUND Activity Account Amount
No. 811
29301 $200,000
Title: Merged Area #1
Capital Project Fund Balance
Adopted this day of 2001
AYES:
NOES:
ABSENT:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
By
Assistant Secretary Chairman
REVIEWED AND APPROVED AS TO FORM
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, CALIFORNIA, AMENDING THE
BUDGET FOR THE 2001-02 FISCAL YEAR.
WHEREAS Resolution 1126 approving the budget for the fiscal year 2001-02 was adopted
on June 6, 2001; and
WHEREAS the Executive Director has recommended, and the Agency desires to approve,
certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to record
inter-fund cash transfers as required in accordance with this Resolution, and that Resolution
1126, adopting the budget for the 2001-02 fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
No. 851 8204 49625 $200,000
Title: Merged Area#1
Debt Service N. Palm Canyon City Loan Principal
Purpose: Pay back $200,000 in loans from the General Fund effective 11/1/01.
SECTION 2. SOURCE Surplus funds from Tax Increment have accumulated in Fund
Balance.
FUND Activity Account Amount
No. 001 12416
$200,000
Title: General Fund
Redevelopment
Agency Loans
Receivable
Adopted this day of 2001
AYES:
NOES:
ABSENT:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
By
Assistant Secretary Chairman
REVIEWED AND APPROVED AS TO FORM
R�v�b�b
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS, CALIFORNIA, AMENDING THE
BUDGET FOR THE 2001-02 FISCAL YEAR.
WHEREAS Resolution 1126 approving the budget for the fiscal year 2001-02 was adopted
on June 6, 2001; and
WHEREAS the Executive Director has recommended, and the Agency desires to approve,
certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to record
inter-fund cash transfers as required in accordance with this Resolution, and that Resolution
1126, adopting the budget for the 2001-02 fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
No. 001 12416 $200,000
Title: General Fund Redevelopment
Agency Loans
Receivable
Purpose: New loan to Merged Area #1 to cover the Desert Shadows project
appropriation at 6%, effective 1111/01.
SECTION 2. SOURCE Merged Area #1 is concurrently paying back $200,000 in
loans from the General Fund.
FUND Activity Account Amount
No. 811 29301
$200,000
Title: Merged Area #1
Capital Project Fund Balance
Adopted this day of 12001
AYES:
NOES:
ABSENT:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
By
Assistant Secretary Chairman
REVIEWED AND APPROVED AS TO FORM Vag
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