SUBJECT/RECOMMENDATION:
Title
Amend the operating budget for the Community Redevelopment Agency (CRA) for fiscal year 2020-2021, approve budget amendments to the CRA Capital Improvement Projects and adopt CRA Resolution 21-01.
Body
SUMMARY:
Revenue amendments in the operating budget reflect a net decrease of $4,849. This includes the following decreases to the budget in line with the revenues received to date:
• A decrease of $2,170 in County TIF revenues
• A decrease of $2,593 in City TIF revenues
• A decrease of $86 in DDB TIF revenues
Expenditure amendments in the operating budget reflect a decrease of $4,849. This includes the following amendments:
• A decrease of $2,763 in Printing and Binding
• A decrease of $2,000 in Employee Expense-Travel
• A decrease of $86 in Payments to Other Agencies- DDB
• A transfer from Other Contractual Services to Professional Services in the amount of $25,000 to reflect actual expenditures to date.
The proposed amendments to the CRA Capital Improvements Project reflect a net increase of $221,931.27. This includes the following amendments:
• An increase of $221,931.27 in TIF revenues for capital project R2003 - Economic Development - City, representing a transfer from the CRA operating fund for project activities including non-governmental public facilities, redevelopment incentive grants, environmental remediation, commercial façade grants, and land acquisition.