RDA RES 2007-006 RESOLUTION NO. RDA 2007-06
A RESOLUTION OF THE RANCHO PALOS VERDES REDEVELOPMENT
AGENCY ADOPTING THE OPERATING AND CAPITAL IMPROVEMENT
BUDGET FOR FISCAL YEAR 2007-2008.
WHEREAS, the Board of the Rancho Palos Verdes Redevelopment Agency desires to adopt
the following resolution adopting the capital budget for FY07-08.
NOW, THEREFORE, BE IT RESOLVED, THAT THE BOARD OF THE RANCHO PALOS
VERDES REDEVELOPMENT AGENCY DOES HEREBY ADOPT THE FOLLOWING FY07-08
OPERATING AND CAPITAL BUDGET.
Section 1: The FY07-08 Revenue Budget is hereby adopted, establishing the following
revenue levels:
Portuguese Bend Project Area $ 18,700
Abalone Cove Project Area 300
RDA Housing Set Aside Fund 204,000
RDA Debt Service Fund 1,982,200
TOTAL REVENUES $ 2,205,200
Section 2: An operating and capital budget for FY07-08 is hereby adopted as contained in
the Annual Budget of the Rancho Palos Verdes Redevelopment Agency attached hereto and
incorporated and referenced as part of this resolution. The following expenditure levels are hereby
established:
Portuguese Bend Project Area
Administration $ 23,700
Agency Attorney 2,300
RDA Housing Set Aside Fund 25,000
Agency Debt Service Fund 1,979,800
TOTAL OPERATING AND CAPITAL EXPENDITURES $ 2,030,800
Section 3: Upon adoption of said Budget, the Board may revise and/or update said Budget in
part or in its entirety, depending on the Agency's fiscal resources, circumstances, and needs.
Section 4: The Executive Director of the Rancho Palos Verdes Redevelopment Agency shall
be responsible for administration and execution of said Budget.
PASSED, APPROVED, and ADOPTED the 3rd day of July 2 .
A ency Chairperson
ATTEST:
I �
Agency Secretary
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, Carla Morreale, Agency Secretary of the Rancho Palos Verdes Redevelopment Agency, hereby
certify that the above Resolution No. RDA 2007-06 was duly and regularly passed and adopted by
the said Redevelopment Agency at regular meeting thereof held on July 3, .007.
Agency Secretary
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
The Rancho Palos Verdes Redevelopment Agency (RDA) was established in
1984 with the primary purpose of providing mitigation measures to stabilize
landslides in the Abalone Cove and Portuguese Bend areas of the City.
RDA expenditures for landslide mitigation facilities are accounted for in two
separate funds based on two factors: the geographical boundaries of the two
landslide areas, and two different funding sources. Expenditures in the
Portuguese Bend are funded with proceeds of loans advanced during previous
fiscal years from the City's General fund.
Operating and maintenance expenditures for the landslide mitigation facilities
constructed by the RDA are budgeted and accounted for within the Joint Powers
Improvement Authority.
Program budgets and justifications are shown within the department, which has
responsibility for administering those programs.
The City has entered into an agreement to provide the RDA operating funds in
the form of advances from the City's General fund, as the RDA requires in
carrying out its function. Advances are not required every fiscal year. Each
fiscal year, interest accrues on these advances (at the rate of 3% plus the
average Local Agency Investment Fund rate, or LAIF rate) and is added to the
balance of the loan. A Summary of RDA Loans from the City is included in this
budget section.
Resolution No. RDA 2007 -06
Page 1 of 9
RDA - HOUSING SET -ASIDE
212,944
204,000
25,000
391,944
RDA - DEBT SERVICE
384,306
1,982,200
1,979,800
386,706
RDA - PORTUGUESE BEND
374,374
18,700
26,000
367,074
RDA - ABALONE COVE
5,639
300
5,939
GRAND,TOTALS,
9771263
2,,29 ,2,00 � � -��
�� 2,0,30180 t
1115,1166 3,
Estimated
Estimated,
Fund Balance
FY08-09 FY08 -09
F 08'� 09 FY08� -09
Find Balance
Fund
13W2008 -
Revenues-, Transfers Ire
''Exp'enditur'es,,' Transfers Out -
' ' 513012009
RDA - HOUSING SET -ASIDE
391,944
223,600
25,000
590,544
RDA - DEBT SERVICE
386,706
2,156,700
2,154,325
389,081
RDA - PORTUGUESE BEND
367,074
19,300
26,300
360,074
RDA - ABALONE COVE
5,939
300
6,239
Resolution No. RDA 2007 -06
Page 2 of 9
Portuguese Bend
Beginning loan balance
Advances from the City's General fund
Accrued Interest
915271890 10, 026, 477 10, 713, 257 11, 597, 257 12, 525, 038
4981587 6861780 8841000 9271781 110331316
Abalone Cove
Beginning loan balance 214961234 216901954 219751223 312361723 315111661
Advances from the City's General fund �� 601907 931540 151500 161000 161500
Accrued Interest 1331813 1901729 2461000 2581938 2881392
Advances from the City's General fund are included with the General fund transfers section of the budget
document. Additional advances are balance sheet transactions that are not recorded in an operating account,
and have been included with General fund transfers to illustrate the reduction of General fund reserves.
Resolution No. RDA 2007 -06
Page 3 of 9
Taxes
218 - 4018 - 441 -32 -00 PROF /TECH SERVICE
218- 4018- 441 -73 -00 IMPROV OTH THAN BLD
218 - 4018 - 361 -10 -00 INTEREST EARNINGS
218- 4018- 311 -10 -00 PROPERTY TAX
0 -479 -25,000 -124,521
0 0 - 1,212,637 - 1,212,637
-25,000 -25,000
0 0
23,130 45,707 35,000 35,000 9,100 19,000
146,000 167,906 158,500 189,000 194,900 204,600
Resolution No. RDA 2007 -06
Page 4 of 9
218- 4018- 441 -32 -00 PROF /TECH SERVICE
This budget item is for retaining the services of a consultant in
FY07 -08 and FY08 -09 to assist in the development of a rental
subsidy program.
259000 259000
Resolution No. RDA 2007 -06
Page 5 of 9
410 - 2010 - 471 -32 -00 PROF /TECH SERVICE - 12,928
- 12,125
- 15,500
- 15,500
- 13,400
- 13,900
410- 2010- 471 -81 -00 PRINCIPAL - 183,850
- 199,695
- 220,000
- 220,000
- 344,200
- 376,300
410- 2010- 471 -82 -00 INTEREST - 905,025
- 1,149,634
- 1,090,000
- 1,440,000
- 1,456,300
- 1,589,925
410- 2010- 471 -92 -00 PASS THRU OTH AGENC - 188,359
- 199,829
- 134,800
- 161,000
- 165,900
- 174,200
LT Advance 410- 2010- 393 -20 -00 LT ADVS FR CITY TO RD 693,307 971,049 925,000 1,145,500 1,202,700 1,338,200
Taxes 410- 2010- 311 -10 -00 PROPERTY TAX 595,600 669,404 634,300 756,800 779,500 818,500
410 - 2010 - 491 -91 -00 TRANSFERS OUT - 14,880 0 0 0 0 0
Resolution No. RDA 2007 -06
Page 6 of 9
410- 2010- 471 -32 -00 PROF /TECH SERVICE
This budget provides for a fee paid to the County for administering
the property tax system.
410- 2010- 471 -81 -00 PRINCIPAL
1. 1997 County Bond - principal payment per the debt service
schedule. (FY07 -08 $40,000) (FY08 -09 $55,000)
2. Deferred Interest Debt to the County - principal payment based
on excess tax increment impounded by the County annually until
the entire $3,111,400 debt is repaid. (FY07 -08 $304,200) (FY08-
09 $3211300)
The estimated remaining Deferred Interest Debt is $1,757,129 at
June 30, 2008 and $1,435,829 at June 30, 2009.
410- 2010- 471 -82 -00 INTEREST
1. 1997 County Bond - interest payment per the debt service
schedule. (FY07 -08 $269,500) (FY08 -09 $268,125)
2. Long -Term Advance From The City - interest is accrued and
calculated at 3% plus the annual Local Agency Investment Fund
(LAI F) interest rate. (FY07 -08 $1,186,800) (FY08 -09 $1,321,800)
410 - 2010 - 471 -92 -00 PASS THRU OTH AGENCY
The Los Angeles County Fire Protection District receives 17% of
the total RDA tax increment. The County withholds the portion
due to the Fire District and remits the "pass- through" amount
directly to the District.
139400 139900
3447200 3769300
174569300 195899925
1659900 1747200
Resolution No. RDA 2007 -06
Page 7 of 9
Admin 375 - 3070 - 431 -32 -00 PROF /TECH SERVICE - 13,638
0
-7,400
-7,400
-7,600
-7,800
Admin 375 - 3070 - 431 -59 -20 MEMBERSHIPS & DUES - 15,567
- 15,571
- 14,100
- 14,100
- 14,500
- 14,500
Admin 375 - 3070 - 431 -61 -00 OP SUPP /MINOR EQUIP 0
0
-1,600
-1,600
-1,600
-1,600
Attorney 375 - 3072 - 431 -33 -00 LEGAL SERVICES -424
-2,100
-2,200
-2,200
-2,300
-2,400
375 - 6000 - 361 -10 -00 INTEREST EARNINGS 7,391 13,728 8,500 8,500 18,700 19,300
Resolution No. RDA 2007 -06
Page 8 of 9
Admin
375 - 3070 - 431 -32 -00 PROF /TECH SERVICE
Annual auditing services (FY07 -08 $2,400, FY08 -09 $2,400) and
contracted geo- technical consultants to assist in project reviews
initiated by the City or RDA, which are not funded by developers
via trust deposits (FY 07 -08 $5,200) (FY 08 -09 $5,400).
375 - 3070 - 431 -59 -20 MEMBERSHIPS & DUES
This line item provides for the following annual assessments or
membership dues:
Abalone Cove Landslide Abatement District $6,000
Klondike Canyon Landslide Abatement District $6,500
California Redevelopment Association $1,700
Portuguese Bend Community Association $300
375 - 3070 - 431 -61 -00 OP SUPP /MINOR EQUIP
Blueprint services for various projects within the Portuguese Bend
area.
Attorney
375 - 3072 - 431 -33 -00 LEGAL SERVICES
This line item provides for legal services for the RDA. Actual
expenditures will vary depending on project activity.
79600 79800
147500 147500
19600 19600
29300 27400
Resolution No. RDA 2007 -06
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