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Report to Redevelopment Agency Board regarding Fiscal Year 2003/04 Budget Page 2 of 3 which eliminates the Agency's fixed costs associated with those properties. Park operations expenses are projected to exceed revenues by about $68,253. There continues to be a need to fund the HOA reserves ($100,000) in FY 2003/04. In addition, the Agency has budgeted $200,000 for streets that require repair and maintenance. Finally, $175,000 has been earmarked for electric infrastructure improvements. All of these items were budgeted in 2002/03, yet not funded. The Agency entered into Sales Tax Passthroughs with Walmart and American RV Expo. These agreements are set to expire in 2005 and 2003, respectively. Although the Agency has continued to meet its obligations with the parties to the agreements, for the past two fiscal years, it has been unable to reimburse the City for its share of lost sales tax. With interest, this amount totals $2,320,207.77 that the Agency owes the City. It is not anticipated that the Agency will be able to make the payments to the City in the 2003/04 fiscal year. Attached are the following budget spreadsheets showing the budget for FY 2003/04, actual performance through June 30, 2003, and variance between budget and actual projected to a full year: • Summary Statements (Revenues, Expenditures, Net Transfers) • 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 FINANCIAL IMPACT This item outlines the Agency's financial goals and objectives for the Fiscal Year 2003/04. ENVIRONMENTAL IMPACT There is no environmental impact associated with this item. CONFLICT OF INTEREST — Gift Disclosure Requirements Not applicable for this item. R:\Share RDA\Meetings\2003 Meetings\September 2, 2003\03-04 Budget Staff Report ry082803.doc