AR 040406 Mid-year Budget Adjustments

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ITEM #20 CITY OF COLTON AGENDA REPORT REDEVELOPMENT AGENCY BOARD OF APRIL 4, 2006 TO: HONORABLE CHAIR PERSON AND BOAD MEMBERS FROM: DILU DE ALWIS, FINANCE DIRECTOR 0 - SUBJECT: 2005-06 MID -YEAR BUDGET ADJUSTMENTS DATE: MARCH 27, 2006 BACKGROUND The City of Colton operates under an annual budget cycle with the current budget being approved by the Redevelopment Agency Board on August 2, 2005. While the budget is both an authoritative document and an effective planning tool, it is subject to variations in actual fiscal results. Because of this, many local governments (including Colton) typically prepare a "mid -year" financial report along with recommended budget adjustments to be approved by the Board Members. DISCUSSION/ANALYSIS The purpose of this report is to primarily focus upon the Redevelopment Agencies financial progress through December 31, 2005, and to discuss adjustments needed in various funds. The settlement agreement executed by the Redevelopment Agency Board and the Colton Non -Profit Housing Inc. resulted in financial impacts that require a mid -year budget adjustment request. Additionally there is a need to adjust the budget to account for the sale of lots at Rancho Mediterrania Mobil Home Park and some corrections to the debt service accounts. The Redevelopment Agency mid -year requests consist of the following: Expenditures Cooley Ranch 895-9000-9400-2500 ($20,000) Decrease the Debt Service Principal Amount on 1998 Cooley Ranch A - TABS 895-9000-9400-2500 ($10,000) Decrease the Debt Service Principal Amount on 1998 Cooley Ranch B - TABS 895-9000-9400-2510 ($22,525) Decrease the Debt Service Interest Amount on 1998 Cooley Ranch A - TABS 895-9000-9400-2510 ($9,273) Decrease the Debt Service Interest Amount on 1998 Cooley Ranch B - TABS Total Cooley Ranch ($61,798) 1 Idiom