HomeMy WebLinkAboutRES RDA 2008 189 2008 0319RESOLUTION NO. 2008 -189
A RESOLUTION OF THE REDEVELOPMENT
AGENCY OF THE CITY OF MOORPARK,
CALIFORNIA, AUTHORIZING AN AMENDMENT TO
THE FISCAL YEAR 2007/2008 ADOPTED
OPERATING AND CAPITAL IMPROVEMENTS
BUDGET
WHEREAS, on June 20, 2007, the Moorpark Redevelopment Agency adopted
the Operating and Capital Improvements Budget for fiscal year 2007/2008; and
WHEREAS, certain additions and adjustments to the budget are proposed to
allow for effective service delivery for the balance of the fiscal year; and
WHEREAS, the Board of Directors of the Moorpark Redevelopment Agency now
wishes to amend the 2007/2008 fiscal year budget as noted in Exhibits "A & B ".
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
MOORPARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1.
A budget amendment as more
particularly described in
Exhibits
"A & B" attached hereto is hereby approved.
SECTION 2.
The AgencK'edresolution ry sha
certify to the adoption
of this
resolution and shall
cause a ce to
be filed in the bopk of
resolutions.
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original
PASSED AND ADOPTED this 19th day of Marcq, 2008.
it
ATTEST:
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Deborah S. Traffenstedt, Agency Secretary
Attachment: Exhibits A and B — Mid Year Budget Amendment
Resolution No. 2008 -189
Page 2
Exhibit "A"
MOORPARK REDEVELOPMENT AGENCY
Mid -Year Budget Amendment for Fiscal Year 2007/08
Summary by Fund
Fund
2901 - Low /Mod Housing
2902 - MRA Operation
2905 - MRA 2006 TA Bonds
3900 - MRA Debt Service
Projected
Projected
Net Fund
Revenue
Expenditure
Impact
Increase
Increase
Increase
(Decrease)
(Decrease)
(Decrease)
$ 100,000
$ 349
$ 99,651
(80,900)
95,890
(176,790)
400,000
-
400,000
500,000
500,000
$ 919,100
$ 96,239
$ 822,861
400,000
3900 3020 MRA Area Debt Service Tax Increment 5,100,000 2,881,782 500,000 5,600,000 Higher property tax than anticipated
500,000
Total revenue $ 919,100
EXPENDITURES:
2901 - 2420 -0000 9122 MRA - Housing Legal Services - Non Retainer $ 5,000 $ 14,612 $ 20,349 $ 25,349 Additional legal services
2901 - 2420 -5025 9102 MRA Low /Mod Income Contractual Services 48,542 - (20,000) 28,542 Delayed escrow closings; in house staff completed tasks formerly
contracted with Cabrillo Economic Development Corp.
2902 - 2410 -0000 9121 Redevelopment Agency
2902- 2410 -0000 9234 Redevelopment Agency
2902 - 2410 -0000 9252 Redevelopment Agency
2902 - 2410 - 5039 9620 Redevelopment Agency
Legal Services - Retainer
Advertising
Property Maintenance
Construction
3,600
12,173
17,738
3,000
Exhibit "B"
6,852
20,000
40,433
40,000
CD
Moorpark Redevelopment Agency
fQ
Mid -Year Budget Amendment for Fiscal Year 2007 /08
(D O
W E
Object
Current Current
Amended
Budget Unit
Code
Fund /Division
Description
Budget Actual Revision
Budget Explanation
O
0
REVENUE:
OZ
2901
3721
MRA Low /Mod Income
Tax Increment
$ 1,197,600 $ 743,475 $ 100,000
1,297,600 Higher property tax revenue than anticipated
N
$ 100,000
Q
O
2902
3882
Redevelopment Agency
Sale of Plans /Specs
- 285 350
350 Demolition projects
W
2902
3404
Redevelopment Agency
Rents - Tenants
122,824 15,827 (85,000)
37,824 Decreased due to demolition of rental properties
-..%
2902 - 2410 - 5030
3408
Redevelopment Agency
Other Earnings /Rents
- 3,750 3,750
3,750 Seasonal theatre program brochure advertising
00
co
(80,900)
2905
3400
MRA Tax Allocation Bonds
Investment Earnings
240,975 400,000
400,000 Interest earnings in new fund (2006 Tax Allocation Bonds)
400,000
3900 3020 MRA Area Debt Service Tax Increment 5,100,000 2,881,782 500,000 5,600,000 Higher property tax than anticipated
500,000
Total revenue $ 919,100
EXPENDITURES:
2901 - 2420 -0000 9122 MRA - Housing Legal Services - Non Retainer $ 5,000 $ 14,612 $ 20,349 $ 25,349 Additional legal services
2901 - 2420 -5025 9102 MRA Low /Mod Income Contractual Services 48,542 - (20,000) 28,542 Delayed escrow closings; in house staff completed tasks formerly
contracted with Cabrillo Economic Development Corp.
2902 - 2410 -0000 9121 Redevelopment Agency
2902- 2410 -0000 9234 Redevelopment Agency
2902 - 2410 -0000 9252 Redevelopment Agency
2902 - 2410 - 5039 9620 Redevelopment Agency
Legal Services - Retainer
Advertising
Property Maintenance
Construction
3,600
12,173
17,738
3,000
7,989
6,852
20,000
40,433
40,000
31,300
95,890
Total expenditures $ 96,239
21,338 Additional legal services for affordable housing at Waterstone and
the Fountains apartments
9,852 Redevelopment plan amendment ad in the Ventura County Star
60,000 Property maintenance costs for increased number of properties
Rebuild retaining wall at 347 Moorpark Ave. as a result of demolition
31,300 work
Resolution No. 2008 -189
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Deborah S. Traffenstedt, Secretary of the Redevelopment Agency of the City of
Moorpark, California, do hereby certify under penalty of perjury that the foregoing
Resolution No. 2008 -189 was adopted by the Redevelopment Agency of the City of
Moorpark at a regular meeting held on the 19th day of March, 2008, and that the same
was adopted by the following vote:
AYES: Agency Members Mikos, Millhouse, Parvin, and Van Dam
NOES: None
ABSENT: Chair Hunter
ABSTAIN: None
WITNESS my hand and the official seal of said City this 2nd day of April, 2008.
Deborah S. Traffenstedt,
Agency Secretary
(seal)
K'WASUSHW
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