HomeMy WebLinkAboutRDA Item No. 5CITY OF
LAKE LSII`IOI~E
DREAM EXTREME-
REPORT TO REDEVELOPMENT AGENCY
TO: HONORABLE CHAIRMAN
AND REDEVELOPMENT AGENCY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: JUNE 28, 2011
SUBJECT: REDEVELOPMENT AGENCY OPERATING BUDGET FOR FISCAL
YEAR 2011-12
Background
Staff is pleased to present the proposed Redevelopment Agency ("Agency") 2011-12
operating budget for your review and adoption. This budget does not take into account
any changes discussed or proposed in regards to the existence or form of California's
Redevelopment Agencies. If any changes occur, staff will present a revised budget to
the Board reflecting those changes.
Discussion
On January 18, 2011, Governor Brown presented his fiscal year 2011-12 budget
proposal for the State of California. Included in his budget was a proposal to eliminate
existing redevelopment agencies by July 1, 2011. Local successor agencies would
receive the property tax increment that currently goes to redevelopment agencies.
These successor agencies would use the redevelopment agencies to pay
redevelopment debts and obligations, offset state Medi-Cal and trial court costs,
allocate funds to schools and other local agencies pursuant to existing pass through
agreements and distribute the balance of the funds to cities, counties, and special
districts in proportion to these agencies current shares of the property tax.
In the Governor's May 2011 revised budget, the proposal to eliminate redevelopment
agencies was still included. On June 15, 2011, the California Legislature passed two
bills concerning the fate of redevelopment agencies. The first bill, Assembly Bill 26 (AB
26x), states that redevelopment agencies will be eliminated and provides for an "orderly
wind-down of RDA activities including payment of existing debt and the continuation of
pass-throughs." AB27x, the companion bill, "creates a voluntary alternative RDA
program that allows existing RDAs to continue with reforms. The new program requires
AGENDA ITEM NO. 5
Page 1 of 15
Redevelopment Agency Operating Budgets for FY 2011-12
June 28, 2011
Page 2
redevelopment agencies to pay $1.7 billion in 2011-12 and about $400 million ongoing
into an Educational Revenue Augmentation Fund and a Special District Augmentation
Fund to fund schools, fire districts, and transit districts. Based on current estimates, the
Redevelopment Agency of the City of Lake Elsinore would be required to pay
$7,801,458 for the 2011-12 fiscal year. Estimates for subsequent years are not yet
available.
If the Agency is eliminated, no new projects will be approved and the Agency's existing
obligations will be subject to review by an oversight board. Elimination of the
Redevelopment Agency will also eliminate approximately $492,600 of Agency
reimbursements allocated to the City for administrative staff devoted to Agency-related
services.
Fiscal Impact
The fiscal impact of the Redevelopment Agency Operating Budget presented is as
follows:
FY 2011-12
Revenue Expenditures
Redevelopment Agency:
Areas 1 to 3, Housing
Other Financing Sources
Other RDA Funds:
Stadium Capital Fund
CFD 90-2 Debt Service
Total RDA
Recommendation
$19,213,000 $15,086,109
214,969
300,000
300,000
1,814,116
1,795,735
$21.327.116
$17.396.813
Adopt Resolution No. 2011-009 adopting the Redevelopment Agency Operating Budget
for the Fiscal Year 2011-12.
Prepared by: James R. Rile
Director of Admi i rative Services
Approved by: Robert A. Brady
Executive Director
Page 2 of 15
RESOLUTION NO. 2011-009
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF LAKE ELSINORE, CALIFORNIA, ADOPTING THE
REDEVELOPMENT AGENCY OPERATING BUDGET FOR THE FISCAL
YEAR 2011-12
WHEREAS, the Redevelopment Agency of the City of Lake Elsinore ("Agency")
is a community redevelopment agency duly created, established and authorized to
transact business and exercise its powers, all under and pursuant to the California
Community Redevelopment Law (Part 1 of Division 24, commencing with Section
33000, of the Health and Safety Code of the State of California ("CRL"); and
WHEREAS, the Agency is engaged in activities necessary and appropriate to
carry out the Redevelopment Plans ("Redevelopment Plans") for the Lake Elsinore
Rancho Laguna Redevelopment Project Areas No. I, No. II and No. III ("Project Areas");
and
WHEREAS, the Agency annually deposits twenty percent (20%) of the tax
increment allocated to it into a separate Low and Moderate Income Housing Fund
("Housing Fund") to be used for the purpose of increasing, improving and preserving the
community's supply of affordable housing; and
WHEREAS, the Agency has adopted the 2009-2014 Redevelopment and
Housing Implementation Plan (the "Implementation Plan") that contains a work program,
including the goals and objectives of the Agency for each Project Area and with respect
to the Housing Fund; and
WHEREAS, the Agency desires to adopt its operating budget for the 2011-12
fiscal year (FY 2011-12 Budget); and
WHEREAS, the FY 2011-12 Budget identifies for each Project Area and the
Housing Fund the following information: the proposed expenditures of the Agency, the
proposed indebtedness to be incurred by the Agency, the anticipated revenues of the
Agency, and a proposed work program, all in accordance with applicable provisions of
the CRL.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
LAKE ELSINORE DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Agency finds and determines that the FY 2011-12 Budget is
consistent with the Agency's Implementation Plan and applicable provisions of the CRL.
SECTION 2. The Agency hereby finds and determines that the planning and
administrative expenses provided in the FY 2011-12 Budget to be made from the
Housing Fund are necessary for the production, improvement or preservation of low-
and moderate-income housing.
1 Page 3 of 15
SECTION 3. The FY 2011-12 Budget is hereby adopted and a copy of the FY
2011-12 Budget shall be certified by the Agency Secretary and filed with the Executive
Director or a designated representative, and a further copy so certified shall be placed
and shall remain on file in the Office of the Agency Secretary where it shall be available
for inspection.
SECTION 4. 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
Redevelopment Agency of the City of Lake Elsinore, California, on this 28th day of June
2011.
MELISSA MELENDEZ, CHAIRMAN
ATTEST:
VIRGINIA BLOOM, AGENCY SECRETARY
APPROVED AS TO FORM:
BARBARA LEIBOLD, AGENCY COUNSEL
2 Page 4 of 15
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Low/Mod Housing Project Area No. Project Area No. Project Area
Fund 1 2 No.3 Total
REVENUES
Gross Revenues
$3,821,600
$6,536,000
$9,679,000
$2,677,000
$22,713,600
Unitary Tax Revenue
118,000
84,000
14,000
216,000
Total Tax Revenues
3,821,600
6,654,000
9,763,000
2,691,000
22,929,600
Less Housing Fund
(1,330,800)
(1,952,600)
(538,200)
(3,821,600)
Tax Increment Revenue, Net
3,821,600
5,323,200
7,810,400
2,152,800
19,108,000
Repayment of Advances
-
-
-
-
-
Investment Earnings
45,000
40,000
20,000
105,000
Total Revenue
3,821,600
5,368,200
7,850,400
2,172,800
19,213,000
EXPENDITURES
Payments to Other Agencies
Pass Through Agreements:
County of Riverside
Riverside County Flood Control District
Elsinore Valley Municipal Water
Elsinore Valley Cemetery District
Elsinore Water District
Lake Elsinore School District
Mt. San Jacinto Community College Dist.
Riverside County Office of Education
Subtotal-Pass Through Agreements
Statutory Tax Sharing
County Admin Charges
Total to other Agencies
Bond Debt Service
2010 Series A:
Principal
Interest
2010 Series B:
Principal
Interest
2010 Series C:
Principal
Interest
2011 Series A:
Principal
Interest
Fiscal Agent & Bond Disclosure
Total Debt Service
Payments pursuant to DDA's
MG/Chelsea (Outlet OPA)
EVMW D - Amber Ridge
Oak Grove Equities
Walmart OPA
Developer - Summerly DDA
Master Developer Summerly DDA
Extraordinary Infrastructure Fund
DDA Legal, Engineering & Consultant (Sum
Stadium Agreement
Total DDA Payments
- 981,000
2,867,000
374,000
4,222,000
- 226,000
351,000
90,000
667,000
- 539,000
766,000
216,000
1,521,000
- -
103,000
-
103,000
- -
68,000
144,000
212,000
- -
-
431,000
431,000
- -
-
42,000
42,000
87,000
87,000
1,746,000
4,155,000
1,384,000
7,285,000
264,000 - - 264,000
72,000 102,000 28,000 202,000
2,082,000 4,257,000 1,412,000 7,751,000
130,000 55,000 65,000 55,000 305,000
202,138 136,388 260,594 87,662 686,782
545,000 - - - 545,000
384,900 - - - 384,900
360,000 290,000 - 650,000
597,096 486,618 - 1,083,714
- 323,422 - - 323,422
9,300 12,000 14,000 9,300 44,600
1,271,338 1,483,906 1,116,212 151,962 4,023,418
- 109,513 -
-
109,513
- - -
60,740
60,740
- - 75,000
-
75,000
- - 275,000
-
275,000
- - 66,777
62,099
128,876
- - 9,222
10,589
19,811
- - 396,937
149,014
545,951
- - 120,000
20,000
140,000
102,900 153,000
44,100
300,000
212,413 1,095,936
346,542
1,654,891
Page 5 of 15
fi123/2011Jm 1
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Low/Mod Housing Project Area No. Project Area No. Project Area
Fund 1 2 No.3 Total
City Reimbursement LERA
City Reimbursement LERA -Debt Svcs:
Principal - 2000 SRS Bond
- 133,770
198,900
57,330
390,000
Interest- 2000 SRS Bond
- 15,435
22,950
6,615
45,000
Letter of Credit Fees
- 73,059
108,630
31,311
213,000
Confirming Letter of Credit Fees
- 10,290
15,300
4,410
30,000
Trustee Fees
- 2,058
3,060
882
6,000
Remarketing Fees
- 5,831
8,670
2,499
17,000
Accounting Services
- 172
255
74
500
Bond Rating Fee
- 343
510
147
1,000
Cont. Disclosure Fee
515
765
221
1,500
Total LERA
241,472
359,040
103,488
704,000
Agency Administrative Expenses
City Staff Support Reimbursement
123,150
123,150
123,150
123,150
492,600
Consultant Fees (Tax Projections)
4,000
14,000
14,000
8,000
40,000
Accounting Service
2,500
4,000
3,500
3,500
13,500
Legal
25,000
50,000
30,000
20,000
125,000
Publications & Membership
-
4,500
4,000
3,300
11,800
Travel& Meetings
-
100
100
100
300
Training & Education
-
500
500
200
1,200
Office Supplies
200
200
200
100
700
Postage & Freight
100
1,500
2,500
2,500
6,600
Advertising & Promotion
-
1,000
1,000
100
2,100
Professional Services
1,100
900
2,000
Total Administrative Expense
154,950
200,050
179,850
160,950
695,800
Total Expenditures (Prior to Projects)
1,426,288
4,219,841
7,008,038
2,174,942
14,829,109
Project Budget
257,000
257,000
Total Expenditures (Including Projects)
1,426,288
4,476,841
7,008,038
2,174,942
15,086,109
Excess Revenue Over (Under) Expend.
2,395,312
891,359
842,362
(2,142)
4,126,891
Other Financing Sources (Uses)
Repayment of SERAF to Housing Fund
802,500
(275,258)
(409,275)
(117,968)
-
Repayment of City Advances:
Principal
-
(44,659)
(76,558)
(23,451)
(144,668)
Interest
-
(21,702)
(37,203)
(11,396)
(70,301)
Total Other Financing Sources (Uses)
802,500
(341,619)
(523,036)
(152 815)
(214,969)
Net Change in Fund Balance
3,197,812
549,741
319,326
(154,957)
3,911,922
Beginning Balance - Estimated
2,700,612
2,700,612
Ending Balance - Estimated
5,898,424
549,741
319,326
(`[M,957
6,612534
534
Page 6 of 15
Wvzarr,y,
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Low/Mod Housing Fund
FY 2011-12
Proposed
Budget
REVENUES
Gross Revenues
Unitary Tax Revenue
Total Tax Revenues
Less Housing Fund
Tax Increment Revenue, Net
Repayment of Advances
Investment Earnings
Total Revenue
EXPENDITURES
Payments to Other Agencies
Pass Through Agreements:
County of Riverside
Riverside County Flood Control District
Elsinore Valley Municipal Water
Elsinore Valley Cemetery District
Elsinore Water District
Lake Elsinore School District
Mt. San Jacinto Community College Dist.
Riverside County Office of Education
Subtotal-Pass Through Agreements
Statutory Tax Sharing
County Admin Charges
Total to other Agencies
Bond Debt Service
2010 Series A:
Principal
Interest
2010 Series B:
Principal
Interest
2010 Series C:
Principal
Interest
2011 Series A:
Principal
Interest
Fiscal Agent & Bond Disclosure
Total Debt Service
Payments pursuant to DDA's
MG/Chelsea (Outlet OPA)
EVMWD - Amber Ridge
Oak Grove Equities
Walmart OPA
3,821,600
3,821,600
3,821,600
3,821,600
130,000
202,138
545,000
384,900
9,300
1,271,338
Developer - Summery DDA
Master Developer Summerly DDA
Extraordinary Infrastructure Fund
DDA Legal, Engineering & Consultant (Summerly)
Stadium Agreement
Total DDA Payments
Page 7 of 15
srzanarr~m 3
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Low/Mod Housing Fund
City Reimbursement LERA
City Reimbursement LERA -Debt Svcs:
Principal - 2000 SRS Bond
Interest - 2000 SRS Bond
Letter of Credit Fees
Confirming Letter of Credit Fees
Trustee Fees
Remarketing Fees
Accounting Services
Bond Rating Fee
Cont. Disclosure Fee
Total LERA
Agency Administrative Expenses
City Staff Support Reimbursement
Consultant Fees (Tax Projections)
Accounting Service
Legal
Publications & Membership
Travel & Meetings
Training & Education
Office Supplies
Postage & Freight
Advertising & Promotion
Professional Services
Total Administrative Expense
FY 2011-12
Proposed
Budget
123,150
4,000
2,500
25,000
200
100
154,950
Total Expenditures (Prior to Projects)
1,426,288
Project Budget
-
Total Expenditures (Including Projects)
1,426,288
Excess Revenue Over (Under) Expend.
2,395,312
Other Financing Sources (Uses)
Repayment of SERAF to Housing Fund
802,500
Repayment of City Advances:
Principal
-
Interest
-
Total Other Financing Sources (Uses)
802,500
Net Change in Fund Balance
3,197,812
Beginning Balance - Estimated 2,700,612
Ending Balance - Estimated 5,898,424
Page 8 of 15
612312011 j, 4
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Project Area No. 1
FY 2011-12
Proposed
Budget
REVENUES
Gross Revenues
$6,536,000
Unitary Tax Revenue
118,000
Total Tax Revenues
6,654,000
Less Housing Fund
(1,330,800)
Tax Increment Revenue, Net
5,323,200
Repayment of Advances
-
Investment Earnings
45,000
Total Revenue
5,368,200
EXPENDITURES
Payments to Other Agencies
Pass Through Agreements:
County of Riverside
981,000
Riverside County Flood Control District
226,000
Elsinore Valley Municipal Water
539,000
Elsinore Valley Cemetery District
-
Elsinore Water District
-
Lake Elsinore School District
-
Mt. San Jacinto Community College Dist.
-
Riverside County Office of Education
Subtotal-Pass Through Agreements
1,746,000
Statutory Tax Sharing
264,000
County Admin Charges
72,000
Total to other Agencies
2,082,000
Bond Debt Service
2010 Series A:
Principal
55,000
Interest
136,388
2010 Series B:
Principal
-
Interest
-
2010 Series C:
Principal
360,000
Interest
597,096
2011 Series A:
Principal
-
Interest
323,422
Fiscal Agent & Bond Disclosure
12,000
Total Debt Service
1,483,906
Payments pursuant to DDA's
MG/Chelsea (Outlet OPA) 109,513
EVMWD - Amber Ridge -
Oak Grove Equities -
W almart OPA -
Developer- Summerly DDA -
Master Developer Summerly DDA -
Extraordinary Infrastructure Fund -
DDA Legal, Engineering & Consultant (Summery) -
Stadium Agreement 102,900
Total DDA Payments 212,413
Page 9 of 15
&2W011J,
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Project Area No. 1
FY 2011-12
Proposed
Budget
City Reimbursement LERA
City Reimbursement LERA -Debt Svcs:
Principal - 2000 SRS Bond
133,770
Interest - 2000 SRS Bond
15,435
Letter of Credit Fees
73,059
Confirming Letter of Credit Fees
10,290
Trustee Fees
2,058
Remarketing Fees
5,831
Accounting Services
172
Bond Rating Fee
343
Cont. Disclosure Fee
515
Total LERA
241,472
Agency Administrative Expenses
City Staff Support Reimbursement
123,150
Consultant Fees (Tax Projections)
14,000
Accounting Service
4,000
Legal
50,000
Publications & Membership
4,500
Travel & Meetings
100
Training & Education
500
Office Supplies
200
Postage & Freight
1,500
Advertising & Promotion
1,000
Professional Services
1,100
Total Administrative Expense
200,050
Total Expenditures (Prior to Projects)
4,219,841
Project Budget -Seismic Retrofit
257,000
Total Expenditures (Including Projects)
4,476,841
Excess Revenue Over(Under)Expend.
891,359
Other Financing Sources (Uses)
Repayment of SERAF to Housing Fund
(275,258)
Repayment of City Advances:
Principal
(44,659)
Interest
(21,702)
Total Other Financing Sources (Uses)
(341,619)
Net Change in Fund Balance
549,741
Beginning Balance - Estimated
Ending Balance - Estimated 549,741
Page 10 of 15
6123/2011jn 6
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Project Area No. 2
FY 2011-12
Proposed
Budget
REVENUES
Gross Revenues
$9,679,000
Unitary Tax Revenue
84,000
Total Tax Revenues
9,763,000
Less Housing Fund
(1,952,600)
Tax Increment Revenue, Net
7,810,400
Repayment of Advances
Investment Earnings
40,000
Total Revenue
7,850,400
EXPENDITURES
Payments to Other Agencies
Pass Through Agreements:
County of Riverside
2,867,000
Riverside County Flood Control District
351,000
Elsinore Valley Municipal Water
766,000
Elsinore Valley Cemetery District
103,000
Elsinore Water District
68,000
Lake Elsinore School District
-
Mt. San Jacinto Community College Dist.
-
Riverside County Office of Education
Subtotal-Pass Through Agreements
4,155,000
Statutory Tax Sharing
-
County Admin Charges
102,000
Total to other Agencies
4,257,000
Bond Debt Service
2010 Series A:
Principal
65,000
Interest
260,594
2010 Series B:
Principal
-
Interest
-
2010 Series C:
Principal
290,000
Interest
486,618
2011 Series A:
Principal
-
Interest
-
Fiscal Agent & Bond Disclosure
14,000
Total Debt Service
1,116,212
Payments pursuant to DDA's
MG/Chelsea (Outlet OPA) -
EVMWD - Amber Ridge -
Oak Grove Equities 75,000
W almart OPA
275,000
Developer - Summerly DDA
66,777
Master Developer Summerly DDA
9,222
Extraordinary Infrastructure Fund
396,937
DDA Legal, Engineering & Consultant (Summer)
120,000
Stadium Agreement
153,000
Total DDA Payments
1,095,936
Page 11 of 15
a wollj'
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Project Area No. 2
FY 2011-12
Proposed
Budget
City Reimbursement LERA
City Reimbursement LERA -Debt Svcs:
Principal - 2000 SRS Bond
198,900
Interest - 2000 SRS Bond
22,950
Letter of Credit Fees
108,630
Confirming Letter of Credit Fees
15,300
Trustee Fees
3,060
Remarketing Fees
8,670
Accounting Services
255
Bond Rating Fee
510
Cont. Disclosure Fee
765
Total LERA
359,040
Agency Administrative Expenses
City Staff Support Reimbursement
123,150
Consultant Fees (Tax Projections)
14,000
Accounting Service
3,500
Legal
30,000
Publications & Membership
4,000
Travel & Meetings
100
Training & Education
500
Office Supplies
200
Postage & Freight
2,500
Advertising & Promotion
1,000
Professional Services
900
Total Administrative Expense
179,850
Total Expenditures (Prior to Projects) 7,008,038
Project Budget -
Total Expenditures (Including Projects) 7,008,038
Excess Revenue Over(Under)Expend.
842,362
Other Financing Sources (Uses)
Repayment of SERAF to Housing Fund
(409,275)
Repayment of City Advances:
Principal
(76,558)
Interest
(37,203)
Total Other Financing Sources (Uses)
(523,036)
Net Change in Fund Balance
319,326
Beginning Balance - Estimated
Ending Balance - Estimated 319,326
Page 12 of 15
W"011,iv
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Project Area No. 3
FY 2011-12
Proposed
Budget
REVENUES
Gross Revenues
$2,677,000
Unitary Tax Revenue
14,000
Total Tax Revenues
2,691,000
Less Housing Fund
(538,200)
Tax Increment Revenue, Net
2,152,800
Repayment of Advances
Investment Earnings
20,000
Total Revenue
2,172,800
EXPENDITURES
Payments to Other Agencies
Pass Through Agreements:
County of Riverside
374,000
Riverside County Flood Control District
90,000
Elsinore Valley Municipal Water
216,000
Elsinore Valley Cemetery District
-
Elsinore Water District
144,000
Lake Elsinore School District
431,000
Mt. San Jacinto Community College Dist.
42,000
Riverside County Office of Education
87,000
Subtotal-Pass Through Agreements
1,384,000
Statutory Tax Sharing
-
County Admin Charges
28,000
Total to other Agencies
1,412,000
Bond Debt Service
2010 Series A:
Principal
55,000
Interest
87,662
2010 Series B:
Principal
-
Interest
-
2010 Series C:
Principal
-
Interest -
-
2011 Series A:
Principal
-
Interest
-
Fiscal Agent & Bond Disclosure
9,300
Total Debt Service
151,962
Payments pursuant to DDA's
MG/Chelsea (Outlet OPA)
-
EVMW D - Amber Ridge
60,740
Oak Grove Equities
-
Walmart OPA
-
Developer - Summerly DDA
62,099
Master Developer Summerly DDA
10,589
Extraordinary Infrastructure Fund
149,014
DDA Legal, Engineering & Consultant (Sums
20,000
Stadium Agreement
44,100
Total DDA Payments
346,542
Page 13 of 15
w3/2011,j"
LAKE ELSINORE REDEVELOPMENT AGENCY
FY 2011-12 Proposed Budget
Project Area No. 3
City Reimbursement LERA
City Reimbursement LERA -Debt Svcs:
Principal - 2000 SRS Bond
Interest - 2000 SRS Bond
Letter of Credit Fees
Confirming Letter of Credit Fees
Trustee Fees
Remarketing Fees
Accounting Services
Bond Rating Fee
Cont. Disclosure Fee
Total LERA
Agency Administrative Expenses
City Staff Support Reimbursement
Consultant Fees (Tax Projections)
Accounting Service
Legal
Publications & Membership
Travel & Meetings
Training & Education
Office Supplies
Postage & Freight
Advertising & Promotion
Professional Services
Total Administrative Expense
Total Expenditures (Prior to Projects)
FY 2011-12
Proposed
Budget
57,330
6,615
31,311
4,410
882
2,499
74
147
221
103,488
123,150
8,000
3,500
20,000
3,300
100
200
100
2,500
100
160,950
2,174,942
Project Budget
Total Expenditures (Including Projects) 2,174,942
Excess Revenue Over (Under) Expend.
Other Financing Sources (Uses)
Repayment of SERAF to Housing Fund
Repayment of City Advances:
Principal
Interest
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Beginning Balance- Estimated
Ending Balance - Estimated
(2,142)
(117,968)
(23,451)
(11,396)
(152,815)
(154,957)
(154,957)
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0231201fiff 10
Lake Elsinore Redevelopment Agency
Other Funds
Fiscal Year 2011-12
Proposed Budget
Revenues:
Project Areas Capital Fund Contribution
Special Assessment Taxes
Investment Revenue
Total Revenues
Stadium CFD 90-2
Capital Fund (Tuscany Hills)
$ 300,000 $ -
- 1,812,616
- 1,500
300,000 1,814,116
Expenditures:
Debt Service:
Principal Payment
Interest and Fiscal Charges
Other Costs:
Allocation for Delinquencies
Administrative Expenses
Capital Outlay:
Building Improvements
1,080,000
579,885
84,800
51,050
300,000
Total Expenditures
Excess of revenues
over (under) expenditures
Estimated Fund Balance (Deficit) - July 1, 2011
Estimated Fund Balance (Deficit) - June 30, 2012
[Date],jrr
300,000 1,795,735
- 18,381
484,735 5,194,970
484,735 5,213,351
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