2002 AGN AUG 06 I29 - Laserfiche WebLink

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Consideration and Approval of Resolution No. 804 Adopting the Fiscal Year 2002-2003 Operating Budgel June 10, 2002 Page 2 of 3 factor in the deficit. The need to fund the HOA reserves ($100,000) in FY 2002-03 is another major factor. Rancho Mediterrania Park Development expenses are expected to exceed revenues by almost $670,000, which necessitates a$450,000 loan from the Low/Mod fund. Major but infrequent events have contributed heavily to this deficit. The Agency has budgeted $200,000 for demolition of several homes deemed beyond rehabilitation. Further the streets will require repair and maintenance costing $200,000. Finally the Agency has earmarked $175,000 towards the electric infrastructure. The Agency remains obligated to reimburse Colton Non-Profit Senior Housing, Inc, (Colton Palms) for all budgetary deficits, including operating deficits and litigation expenses. Although the parties to Colton Palms construction defect litigation are attempting to reach a settlement agreement, if that fails, the Agency has budgeted $275,000 for FY 2002-03 to cover trial expenses. The Agency has also budgeted $65,000 for operating deficits. Attached are the following budget spreadsheets showing the budget for FY 01-02, actual performance through April 30, 2002, and variance between budget and actual projected to a full year: . Summary Statements (Revenues, Expenditures, Net Transfers, Cashflows) . Project Area Schedules (Debt Service Fund, Capital Projects Fund, Bond Proceeds Fund) . Low/Mod Housing Schedules (Debt Service Fund, Capital Projects Fund, Bond Proceeds Fund, Rancho Med Operations Fund, Rancho Med Park Development Fund, Rancho Med CHFA Fund, and Rancho Med Bond Proceeds Fund). . Economic Development Fund . Administration Fund Attached are the following budget and cashflow (extended to Fiscal Year 2011) spreadsheets prepared by Agency financial consultant, Robb Steel: . Summary Statements (Revenues, Expenditures, Net Transfers, Cashflows) . Project Area Schedules (Debt Service Fund, Capital Projects Fund, Bond Proceeds Fund) . Low/Mod Housing Schedules (Debt Service Fund, Capital Projects Fund, Bond Proceeds Fund, Rancho Med Operations Fund, Rancho Med Park Development Fund, Rancho Med CHFA Fund, and Rancho Med Bond Proceeds Fund, Colton Palms Operating Budget) . Economic Development Fund . Administration Fund Environmental Impact Not applicable