(18)AR 050509 RDA Budget - Laserfiche WebLink

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Report to Agency Board regarding Mid Year Budget Adjustment for ERAF Page 2 of 3 event the Judge does not stay the payment, the Agency needs to be in a position to make the $783,215 payment. The Department of Finance calculated the Agency's share based on its 2006-07 gross tax increment and its tax increment net of pass-throughs. Pass-throughs are payments the Agency owes other taxing entities either by a negotiated or statutory agreement, depending upon when the project area was formed. The following table shows the gross tax increment, pass-through obligations, ERAF obligation and each project area's obligation under AB 1389. The ERAF payment can be made by all of the Agency's project areas and in order to ensure equity, it was spread out proportionately with revenues. Thus, staff recommendation that each project area contribute the following: FINANCIAL IMPACT The Agency has the available resources in each of the project area's reserve balances to satisfy its obligations under Health & Safety Code 33685 and recommends the following transfers: Amount 06-07 Gross TI To Pass-throughs $98,572 Total ERAF Mt. Vernon Corridor $ 1,331,172 $ 267,810 $ 98,572 Downtown 1 $ 162,648 $ 119,000 $ 8,032 Downtown 2 $ 67,812 $ 50,000 $ 3,331 Cooley Ranch $ 3,813,993 $ - $ 318,104 Santa Ana River $ 2,993,006 $ 665,350 $ 218,690 West Valley $ 1,430,199 $ 352,203 $ 102,907 Rancho Mill $ 453,226 $ 90,764 $ 33,580 Total $ 10,252,056 $ 1,545,127 $ 783,215 The ERAF payment can be made by all of the Agency's project areas and in order to ensure equity, it was spread out proportionately with revenues. Thus, staff recommendation that each project area contribute the following: FINANCIAL IMPACT The Agency has the available resources in each of the project area's reserve balances to satisfy its obligations under Health & Safety Code 33685 and recommends the following transfers: Amount From To Acct # $98,572 Mt. Vernon Reserves Mt. Vernon Debt Svc 885-9000-9600-2410 $8,032 Downtown I (funds Downtown I Debt Svc 891-9000-9100-2410 available in current budget) $3,331 Downtown II Reserves Downtown II Debt Svc 893-9000-9300-2410 $318,104 Cooley Ranch Reserves Cooley Ranch Debt Svc 895-9000-9400-2410 $218,690 Santa Ana River Reserves Santa Ana River Debt Svc 897-9000-9900-2410 $102,907 West Valley Reserves West Valley Debt Svc 899-9000-9700-2410 $33,580 1 Rancho/Mill Reserves Rancho/Mill Debt Svc 872-9000-9500-2410 ENVIRONMENTAL IMPACT N/A CONFLICT OF INTEREST — Gift Disclosure Requirements N/A RDA/Admin/Meetings/2008/May 5/Mid Year Budget ERAF 050509