2009-07 1
RESOLUTION NO. 2009- 07
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE, CALIFORNIA, ADOPTING A BUDGET
FOR FISCAL YEAR 2009-10
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 estimated expenditures; and
WHEREAS,the Agency operates on a fiscal calendar year beginning on July 1"
of each year and ending on June 30t" 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 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 Board is aware that the redevelopment property tax increment
limitation of$70,000,000 may be reached by fiscal year 2012 while debt service on
agency bonds currently extend to fiscal year 2022; 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 2009-10, 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$7,751,719, total expenditures
of$8,159,079, including transfers-out, and a loan of$155,725 to the
General Fund, all to be funded by estimated revenues of$9,073,086 and
the use of$423,567 in available CRA Low Mod Fund Balance Reserve. A
summary of the CRA Budget by fund is referenced in"Exhibit A"
Section 2. The Agency board authorizes the 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. Designate $2,700,000 of available non housing fund balance reserve for
future bond payments, in excess of the tax increment limitation, should the
2
" agency not adopt a plan amendment to increase the tax increment
limitation.
PASSED, APPROVED, AND ADOPTED this 23rd day of June, 2009.
Attest:
- �
Secretary of the Grand Terrace Community Chairm of the Grand Terrace
Redevelopment Agency Comm nity Redevelopment Agency
Approved as to form;
Agency Cou s 1
1
RESOLUTION NO. 2009-07
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE, CALIFORNIA, ADOPTING A BUDGET
FOR FISCAL YEAR 2009-10
"EXHIBIT A"
FY 2009-10 Estimated Revenues and Expenditures and
CHANGES IN AVAILABLE FUND BALANCE RESERVE—FY 2009-2010
CRA Fund Beginning Revenue Expend. Ending
Fund Available
Balance Fund
Balance
Capital Projects, a 1 (291,670) 1 946,000 1 (653,271) 1 1,0591
Debt Service 1 6,621,368 6,547,487 (5,658,367) 4,810,488
Debt Service- (2,700,000)
Designated
Low Mod Housing 1,422,021 1,579,599 (2,003,166) 998,454
(To Designated) 2,700,000
Total 7,751,719 9,073,086 (8,314,804) 5,810,001
CHANGES IN DESIGNATED FUND BALANCE RESERVE—FY 2009-2010
CRA Fund Beginning Revenue Expend. Ending
Fund Available
Balance Fund
Balance
Capital Projects, a 0 0 0 0
Debt Service 0 0 0 0
Debt Service- 0 2,700,000 0 2,700,000
Designated
Low Mod Housing 0 0 0 0
Total 0 2,700,000 0 2,700,000
Resolution CRA 2009-07
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 23`d day of June, 2009 by the following vote:
AYES: Agency Members Cortes,Miller and Stanckiewitz;Chairman Ferre
NOES: None
ABSENT: Vice-Chairman Garcia
ABSTAIN: None
City�Clerk
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