HomeMy WebLinkAbout2010-06-22 RA Item No. 2CITY OF
LADE
TO
FROM:
DATE:
LSINO
DREAM EXTREMEr
REPORT TO RECREATION AUTHORITY
HONORABLE CHAIRMAN
AND MEMBERS OF THE RECREATION AUTHORITY
ROBERT A. BRADY
EXECUTIVE DIRECTOR
JUNE 22, 2010
SUBJECT: LAKE ELSINORE RECREATION AUTHORITY PROPOSED BUDGET
FOR FISCAL YEAR 2010-11
Background
Staff is pleased to present the proposed balanced fiscal year 2010-11 budget for the
Lake Elsinore Recreation Authority for your review and adoption.
Discussion
The purpose of the Recreation Authority is to provide a financing pool to fund capital
improvement projects through the issuance of revenue bonds. The Recreation
Authority has one variable rate bond issue outstanding of $14,095,000. The proceeds
were provided to finance the Recreation Authority's lease of the Stadium from the
Agency for lease back to the City. The City makes lease payments to the Recreation
Authority in amounts equal to the debt service requirements, and the Recreation
Authority then makes the debt service payments on the bonds.
Fiscal Impact
The fiscal impact of the Lake Elsinore Recreation Authority Proposed Budget is as
follows:
FY 2010-11
Revenue Expenditures
Recreation Authority Budget:
Debt Service Fund $409,350 $408,000
Recommendation
Adopt a resolution adopting the Lake Elsinore Recreation Authority Budget for Fiscal
Year 2010-11.
Prepared by: James R. Rile
Director of Admi is r tive Services
Approved by: Robert A. Brady AGENDA ITEM NO.2
Executive Director Page 1 of 6
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Lake Elsinore Recreation Authority
Fiscal Year 2010-11
Proposed Budget
Revenues:
Lease Payments- Principal
Lease Payments- Interest
Total Revenues
Expenditures:
Debt Service:
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess of revenues
over(under)expenditures
Estimated Fund Balance (Deficit) - July 1, 2010
Estimated Fund Balance (Deficit) - June 30, 2011
2010-11 Proposed Budget Fund Sal REC.xIs,[Date]jrr Page 1
Debt Service
$ 375,000
34,350
409,350
375,000
33,000
408,000
1,350
(482)
868
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RESOLUTION NO. REC 2010-01 RA
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE ELSINORE
RECREATION AUTHORITY ADOPTING THE AUTHORITY'S BUDGET FOR
THE FISCAL YEAR 2010-2011
WHEREAS, the City of Lake Elsinore has a policy of adopting an annual operating
budget to plan expenditures and to match anticipated revenues available in various City
accounts in order to make the most efficient use of the City's limited resources for each fiscal
year; and
WHEREAS, the City of Lake Elsinore Municipal Code Section 3.04.010 defines the
fiscal year for the City of Lake Elsinore as extending from July 1St of each year to and including
June 30th of the following year; and
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LAKE ELSINORE
RECREATION AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. The Lake Elsinore Recreation Authority Budget is a balanced budget and
is hereby approved and adopted as the budget of the Lake Elsinore Recreation Authority for
the 2010-2011 fiscal year.
SECTION 2. A copy of the Lake Elsinore Recreation Authority Operating Budget
hereby adopted and certified by the City Clerk shall be filed with the City Manager or a
designated representative, and a further copy so certified shall be placed and shall remain on
file in the Office of the City Clerk where it shall be available for inspection. Copies of the
certified budgets shall be made available for the use of departments, offices and agencies of
the City.
SECTION 3. This Resolution shall take effect from and after the date of its passage
and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Board of
Directors of the Lake Elsinore Recreation Authority, California, this 22nd day of June 2010.
DARYL HICKMAN, CHAIRPERSON
LAKE ELSINORE RECREATION AUTHORITY
Attest:
CAROL COWLEY
CITY CLERK
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RESOLUTION NO. REC 2010-01 RA
Page 2 of 2
APPROVED AS TO FORM:
BARBARA ZEID LEIBOLD
CITY ATTORNEY
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
LAKE ELSINORE RECREATION AUTHORITY
I, CAROL COWLEY, City Clerk of the City of Lake Elsinore, California, hereby certify
that Resolution No. REC 2010-01 RA was adopted by the Board of Directors of the Lake
Elsinore Recreation Authority at a regular meeting held on the 22nd day of June 2010, and that
the same was adopted by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
CAROL COWLEY
CITY CLERK
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