2010-05 1
RESOLUTION NO. 2010- o5
A RESOLUTION OF THE COMMUNErY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE,CALIFORNIA,ADOPTING A BUDGET
FOR FISCAL YEAR 2010-11
WHEREAS,the Community Redevelopment Agency of the City of Grand
Terrace(the Agency)Board of Directors desire to adopt a budget for the subsequent
fiscal year using estimated revenues and proposed expenditures; and
WHEREAS,the Agency operates on a fiscal calendar year beginning on July I"
of each year and ending on June 30ffi of the next year; and
WHEREAS,the source of redevelopment revenue is primarily property tax
increment by virtue of the establishment of the agency and redevelopment project area
for which such funds would have otherwise been allocated to other overlapping taxing
agencies; and
WHEREAS,the staff has presented an operating and capital budget containing
the redevelopment funds, to meet the needs of the citizens of the City of Grand Terrace,
the objectives of redevelopment plan, and to improve the supply and preservation of low
and moderate income housing in the project area and in the City; and
WHEREAS,the staff has presented an operating and capital budget containing
the redevelopment funds, to meet the needs of the citizens of the City of Grand Terrace,
the objectives of redevelopment plan, and to improve the supply and preservation of low
and moderate income housing in the project area and in the City; and
WHEREAS, a second reading of an Ordinance Adopting Amendment No. 6 to
the Redevelopment Plan for the Grand Terrace Community Redevelopment Project Area
was approved and adopted on May 1 lth, 2010, which amended the effectiveness dates for
both the Original Project Area and the Added Project Area to September 27, 2022 and
July 14, 2024, respectively, and
WHEREAS,the basis of the proposed agency budget is the continuance of the
agency itself, and
NOW THEREFORE,the Board of Directors of the Community Redevelopment
Agency of Grand Terrace does hereby resolve, declare, determine, and order as follows:
Section 1. The budget for Fiscal Year 2010-11, a copy of which has been filed in the
City Clerk's office, is hereby adopted with projected beginning
(combined)CRA fund balance reserves of$5,810,004,total expenditures
of$8,734,195, including transfers-out, all to be funded by estimated
revenues of$9,758,007, and Change in Reserve Designations of$568,335.
A summary of the CRA Budget by fund is referenced in"Exhibit A."
2
v Section 2. The Agency board authorizes the Agency Director to make budget
adjustments to the adopted budget to reallocate appropriations between
departmental activities. Only the Agency Board, by motion and
affirmative majority vote, by minute action or by resolution, may make
increases and decreases in estimated fund revenues and fund
appropriations.
Section 3. Rescind the previous designation for CRA Debt Service of$2,700,000 and
designate$2,018,335 of available non-housing fund balance reserve for
debt payments due over the next year.
Section 4. Designate$1,100,000 for potential Canal Street Low Mod Project from
available, undesignated, unreserved Fund.Balance in the CRA Low and
Moderate Housing Fund—34 and designate$150,000 for Barton Median
Project from available non-housing CRA available Fund Balance.
PASSED, APPROVED, AND ADOPTED this 22nd day of June 2010.
Attest:
Secretary of the Grand Terrace Community Chas an o�j he Grand Terrace
Redevelopment Agency Communit Redevelopment Agency
Approved as to form;
Agency Couns 1
Resolution CRA 2010-05
I,BRENDA MESA,CITY CLERK of the City of Grand Terrace,do hereby certify that the foregoing
Resolution was introduced and adopted at a regular meeting of the Community Redevelopment
Agency of the City of Grand Terrace held on the 22'day of June, 2010 by the following vote:
AYES: Agency Members Cortes and Stanckiewitz;Vice-Chairman Garcia
and Chairman Ferre
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
1
RESOLUTION NO. 2010- 05
A RESOLUTION OF THE CO REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE, CALIFORNIA,ADOPTING A BUDGET
FOR FISCAL YEAR 2010-11
"EXHIBIT A"
FY 2009-10 Estimated Revenues and Expenditures
CHANGES IN AVAILABLE FUND BALANCE RESERVE—FY 2010-11
CRA Fund Beginning Revenue Expend. Changes Ending
Fund (To)/From Available
Balance Design. Fund
Fund
Balance
Capital Projects 1,059 1,044,630 (1,044,630) 01 1,059
Debt Service I 42,810,491 I 7,062,662 I (6,363,555) I 681,665 I 62041,263
(150,000)
Low Mod Housing 998,4541 1,650,715 1 (1,326,010) 1 (1,100,000) 223,159
Total 1 5,810,0041 9,758,007 1 (8,734,195) 1 (568,335) 1 6,265,481
CHANGES IN DESIGNATED FUND BALANCE RESERVE—FY 2010-11
CRA Fund Beginning Revenue Expend. Changes Ending
Desig/Resv To/(From) Desig/Resv
Design.
Fund Reservations Fund
Balance Balance
Capital Projects 01 01 01 0 0
Debt Service I 2,700,0001 01 0 I (681,665) I 2,168,335
150,000
Low Mod Housing 01 01 01 1,100,0001 1,100,000
Total 1 2,700,0001 01 01 568,3351 3,268,335
TOTAL CRA FUND BALANCE RESERVE
AVAILABLE ENDING FUND BALANCE RECAP
Fund Fund LESS: Ending
Balance Designated Available
6-30-2011 Reserves Fund
Balance
Capital Projects 1,0591 01 1,059
Debt Service 1 8,209,598 1 (2,168,335) 1 6,041,263
Low Mod Housing 1 1,323,1591 (1,100,000) 1 223,159
Total 1 $9,533,816 1 ($3,268,335) 1 $6,265,481
2
TOTAL CRA FUND BALANCE RECAP
CRA Fund Beginning Revenue Expenditures Changes Designated Ending
-Available (To)IF"I Reserves Total
Fund Design. Fund
Balance Reservations Balance
Capital I 1,059 I 1,044,6301 (1,044,630) I 0 I 0 I 1,059
Projects
Debt I 4,810,491 I 7,062,662 I (6,363,555) I 531,665 I 2,168,335 I 8,209,598
Service
Low
g Mod I 998,4541 1,650,715 I (1,326,010) I (1,100,000) I 1,100,000 I 1,323,159
Total 1 5,810,0041 9,758,0071 (8,734,195) 1 (568,335) 1 $3,268,335 1 $9,533,816