City of Culver City, California
Redevelopment Agency Agenda Item Report
RECOMMENDATION:
Staff recommends the Culver City Redevelopment Agency (“Agency”) adopt the
proposed Annual Budget for Fiscal Year (FY) 2008-09 and conceptually approve the
budget for Fiscal Year 2009-10.
BACKGROUND/DISCUSSION:
On May 19, 2008, the Executive Director presented the proposed Annual
Redevelopment Agency budget for FY 2008-09 and FY 2009-10. The budget
included funding for Agency projects, Economic Development, Real Property,
Property Maintenance, Cultural Affairs and Housing programs.
In response to Agency comments, staff has compiled a list of changes to the
proposed budget (Attachment 1). The list below summarizes the proposed changes:
1. Increase revenue and expenditures for the Fox Hills Area Traffic Signal
Synchronization project (55093504) by $138,825 to appropriate available Crown
WaterRidge developer mitigation funds to this project;
2. Increase City Expense Reimbursement program (55093000) by $25,000 in 2008-
09 and $26,000 in 2009-10 to include the RDA’s share (20%) of the Emergency
Preparedness Manager position in the Fire Department;
3. Increase appropriation for the Washington/National project (55092620) by
$75,000 for property acquisition services including general property appraisal,
relocation services, and furniture, fixtures, and equipment appraisal;
4. Increase appropriation for the Culver City Music Festival (55094410) by $6,500 in
2008-09 and 2009-10 for one additional concert in each fiscal year; and
5. Increase appropriation for legal services (59190400) by $55,000 for special
events related to the Town Plaza public space.
Meeting Date: 6/16/08 Item Number: A-1
AGENDA ITEM: Adoption of a Resolution Approving the Redevelopment Agency
Budget for Fiscal Year 2008-09 and Conceptually Approving the Budget for Fiscal
Year 2009-10.
Contact Person/Dept.: Todd Tipton Phone Number: (310) 253-5783
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: [X]
Public Notification: Ad published in Culver City News and Culver City Observer on
6/12/08; Master E-Mail Notification List on 06/12/08.
Department Approval:
Sol Blumenfeld (06/09/08)
Exec. Director Approval:
Jerry Fulwood (06/12/08)
Fiscal Impact Review:
Jeff Muir (by N. Kimball) (06/11/08)
City of Culver City, California
Redevelopment Agency Agenda Item Report
FISCAL ANALYSIS:
The proposed Agency budget (including Bonds, excluding Housing) appropriates
funds for expenditures totaling approx. $40.9 million in FY 2008-09 and $39 million
in FY 2009-10. The expenditures fund debt service, projects and programs, City and
Agency salaries, and pass-through payments to other agencies. The projected year-
end combined fund balance is approximately $24.4 million at June 30, 2009 and
$23.9 million at June 30, 2010.
The proposed Housing budget appropriates funds for expenditures totaling
approximately $11.4 million (includes transfers to Agency for Debt Service) in FY
2008-09 and $9.3 million in FY 2009-10. The expenditures fund debt service, low
and moderate income housing programs, and staff salaries. The anticipated year-
end fund balance is approx. $10.5 million at June 30, 2009 and $8.8 million at June
30, 2010.
ATTACHMENT:
1. Schedule of Changes to the Proposed RDA Budget.
2. Draft Resolution No. 2008-R---.
MOTION:
That the Culver City Redevelopment Agency:
1. Adopt the Proposed Resolution No. 2008 – R---, approving the Culver City
Redevelopment Agency Budget for Fiscal Year 2008-2009 and conceptually
approving the Budget for Fiscal Year 2009-2010.
MEETING DATE: June 16, 2008
AGENDA ITEM : Discussion and Adoption of the Redevelopment Agency
Budget for Fiscal Year 2008-09 and conceptually
approve the budget for Fiscal Year 2009-10.
ATTACHMENTS
Pages
1. Schedule of Changes to the Proposed RDA Budget 1 – 2
ATTACHMENT 1
As of 6/10/2008
Page 1 of 2
PROPOSED BEGINNING BALANCE (TOTAL RDA, BONDS & HOUSING) 33,400,000 $ 34,965,743 $
Proposed Revised Add/(Reduced) Proposed Revised Add/(Reduced)
Description Estimate Amount Estimate Amount Amount Estimate Amount Estimate Amount Amount
UNRESTRICTED FUNDS
-
BOND FUNDS
-
HOUSING FUND
Subtotal of changes - $ - $ - $ - $ - $ - $
REVISED BEGINNING BALANCE (RDA, BONDS & HOUSING) 33,400,000 $ 34,965,743 $
RDA REVENUES
PROPOSED REVENUES (TOTAL RDA, BONDS &
HOUSING)
*excludes interfund transfers-in
46,652,620 $ 38,736,620 $
Proposed Revenue Revised Revenue Add/(Reduced) Proposed Revised Add/(Reduced)
Description Estimate Amount Estimate Amount Amount Estimate Amount Estimate Amount Amount
UNRESTRICTED FUNDS
Appropriate revenue from Crown WaterRidge
Developer mitigation funds to Fox Hills Area Traffic
Signal Synchronization project (55093504) - 138,825 138,825 -
BOND FUNDS
- -
HOUSING FUND
Subtotal of changes - $ - $ 138,825 $ - $ - $ - $
REVISED REVENUES (RDA, BONDS & HOUSING) 46,791,445 $ 38,736,620 $
2008-09
CULVER CITY REDEVELOPMENT AGENCY
CHANGES TO PROPOSED BUDGET
FISCAL YEARS 2008-09 & 2009-10
2009-10
2009-10 2008-09 ATTACHMENT 1
As of 6/10/2008
Page 2 of 2
CULVER CITY REDEVELOPMENT AGENCY
CHANGES TO PROPOSED BUDGET
FISCAL YEARS 2008-09 & 2009-10
PROPOSED APPROPRIATIONS (TOTAL RDA,
BONDS & HOUSING)
*excludes interfund transfers-out
45,086,877 $ 40,633,895 $
Proposed Budget Revised Budget Add/(Reduced) Proposed Revised Add/(Reduced)
Description Amount Amount Amount Estimate Amount Estimate Amount Amount
UNRESTRICTED FUNDS
Appropriate expenditure for Fox Hills Areat Traffic
Signal Synchronization (55093504) from Crown
WaterRidge Developer Mitigation funds - 138,825 138,825 - - -
RDA share (20%) of the Emergency Preparedness
Manager position in the Fire Department - 25,000 25,000 - 26,000 26,000
Increase appropriation for Washington National project
(55092620) by $75,000 for property acquisition
services including appraisals, relocation services, and
FFE estimates. 137,000 212,000 75,000 87,600 87,600 -
Increase appropriation for the Culver City Music
Festival (55094410) by $6,500 in 2008-09 and 2009-10
for one additional concert in each FY. 70,000 76,500 6,500 75,000 81,500 6,500
Increase appropriation for legal services (59190400)
by $54,000 related to special events held in the Town
Plaza open space. 35,000 90,000 55,000 35,000 35,000 -
BOND FUNDS
HOUSING FUND
- -
Subtotal of changes 242,000 542,325 300,325 197,600 230,100 32,500
REVISED APPROPRIATIONS (RDA, BONDS & HOUSING) 45,387,202 $ 40,666,395 $
TOTAL CHANGE OF REVISED REVENUE AND REVISED APPROPRIATION (161,500) $ (32,500) $
2008-09 2009-10
RDA EXPENDITURES
RESOLUTION NO. 2008-R_____
A RESOLUTION OF THE CULVER CITY REDEVELOPMENT AGENCY, OF
CULVER CITY, CALIFORNIA, ADOPTING THE BUDGET FOR FISCAL YEAR
2008-2009 AND CONCEPTUALLY APPROVING THE BUDGET FOR FISCAL
YEAR 2009-2010.
WHEREAS, On May 19, 2008, Agency staff presented the proposed
Annual Redevelopment Agency budget for Fiscal Years 2008-2009 and 2009-
2010 to the Culver City Redevelopment Agency; and
WHEREAS, the budget included funding for Agency projects, Economic
Development, Real Property, Property Maintenance, Cultural Affairs and
Housing; and
WHEREAS, the proposed budget appropriates funds for expenditures
totaling approximately $40.8 million in Fiscal Year 2008-2009 and $39 million in
Fiscal Year 2009-2010 for Agency Programs and $11.4 million in Fiscal Year
2008-2009 and $9.3 million in Fiscal Year 2009-2010 for Housing Programs.
NOW, THEREFORE, the Culver City Redevelopment Agency DOES HEREBY
RESOLVE as follows:
1. That the Culver City Redevelopment Agency and Housing Budgets
for Fiscal Year 2008-2009 be adopted and that the Redevelopment
Agency and Housing Budgets for Fiscal Year 2009-2010 be
approved in concept; and
2. That the amount deferred from set-aside to its Low- and Moderate-
Income Housing Fund, an amount as of June 30, 2007, totaling
$30,688,692, be paid in future years from tax increment after other
obligations and bonded indebtedness are repaid; and
3. That the planning and administrative expenses provided in the
budgets for Fiscal Year 2008-2009 and Fiscal Year 2009-2010 to
be made from the Low–and Moderate-Income Housing Fund are
necessary for the production, improvement, or preservation of Low-
and Moderate-Income housing.
APPROVED and ADOPTED this _____day of _____2008.
Andrew Weissman
Culver City Redevelopment Agency
ATTEST: APPROVED AS TO FORM:
MARTIN R. COLE, City Clerk MURRAY O. KANE, General Counsel