2003 AGN SEP 02 I18 - Laserfiche WebLink

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Item #18 REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the Redevelopment Agency Board Meeting of September 2, 2003 TO: Honorable Chairperson and Boardmembers FROM: Candace E. Cassel, Redevelopment Manage, SUBJECT: Consideration and Approval of a Agency Res u ' 817 Adopting the Fiscal Year 2003/04 Operating Budget. DATE: August 28, 2003 BACKGROUND Section 33606 of the California Health and Safety Code requires that redevelopment agencies annually adopt a budget showing the proposed revenues, expenditures, goals and objectives for the coming year. It also requires a comparison of the goals from the prior year with actual accomplishments. On May 13, 2003, the Agency presented its accomplishments for fiscal year 2002/03 and goals and objectives for the 2003/04 fiscal year. (See exhibit "A"). DISCUSSION/ANALYSIS The Redevelopment Agency offers for consideration the budget for the 2003/04 fiscal year. The proposed budget is consistent with the Agency's current Implementation Plan. The following points draw attention to important issues related to the budget: • On the Revenue side, property tax increments rose 14.53% from FY 2001/02 to FY 2002/03, or from $5,577,712 to $6,388,180. Tax increments for FY 2003/04 are projected to be $6,355,000 slightly less (1%) than the previous year. • On the Expenditure side, the Agency budget includes an expense amounting to $281857.06, which represents State budget shift to ERAF to cover the State's deficit. • During Fiscal Year 2002/03, the following project areas loaned funds to the Low and Moderate Income Housing Fund: West Valley Project Area - $150,000; Rancho Mill Project Area - $150,000; Santa Ana River Debt Service Fund - $550,000; Rancho Mill Project Area - $150,000. There are no loans anticipated for the 2003/04 fiscal year. • Outstanding Agency pass through obligations for special taxing districts have increased to $5,230,486. Of that amount, $3,676,031 (70%) is due to the San Bernardino Valley Municipal Water District (SBVMWD). • The Rancho Mediterrania project continues to generate deficits in both park operations and park development, although, these numbers have decreased significantly due to the increase in lot sales and decrease in the vacant lot inventory, R:\ShareRDA\Meetings\2003 Meetings\September 2, 2003\03-04 Budget Staff Report ry082803,doc