City of Culver City, California
Agenda Item Report
RECOMMENDATION:
Staff recommends the City Council and the Redevelopment Agency receive a
presentation on the final Year-end Fiscal 2007-08 Financial Monitoring Report.
BACKGROUND / DISCUSSION:
The Finance Department prepares monthly, quarterly, mid-year, and year-end
Financial Monitoring Reports for the City Council and the Redevelopment Agency
once the accounting periods have been closed for the respective reporting cycle.
City of Culver City
General Fund
Total General Fund expenditures for Fiscal Year 2007-08 were $83.96 million and
total General Fund revenues were $86.3 million. The General Fund ended the year
with an operating surplus of $2.34 million. The surplus was primarily due to lower
than expected expenditures from personnel vacancies, higher than anticipated
business tax revenue and one-time developer fees, and higher than expected
investment and interest income from bond refunds.
Meeting Date: 02/09/09 Item Number: J-1
AGENDA ITEM: JOINT ITEM - Fiscal 2007-08 Year-end Financial Monitoring
Report for the City and Redevelopment Agency
Contact Person/Dept.:
Mary V. Noller, Budget Division Manager
Nick Kimball, Sr. Management Analyst
Phone Number: (310) 253-6012; (310)
253-6013
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Public Notification:
Master E-Mail Notification List (02/04/09); Culver City Observer and Culver City News
01/29/09 and 02/05/09; Culver City Employees Association, Culver City Management
Group, Culver City Fire Management Group, Culver City Firefighters Local 1927, AFL-
CIO, Culver City Police Officers Association, and Culver City Police Management Group
on 02/04/09.
Department Approval:
Jeff Muir (02/04/09)
City Attorney Approval:
Carol Schwab (by H. Baker) (02/03/09)
Chief Financial Officer Approval:
Jeff Muir (02/04/09)
City Manager Approval:
Jerry B. Fulwood (02/04/09) City of Culver City, California
Agenda Item Report
The final 2007-08 year-end budget review reflects a General Fund unreserved fund
balance of $34.2 million, or 43.1% of total General Fund operating expenditures of
2007-08. The unreserved fund balance includes the $9 million dollar loan to the
Redevelopment Agency.
Enterprise Funds
The Refuse Fund revenues totaled $10.8 million and were 5.8% below budgeted
projections, but exceeded operating expenditures by 5.5%. As a result, the fund
showed an annual operating surplus of approximately $565,000. At the end of fiscal
2007-08, the Refuse Fund had a remaining loan amount of $1.149 million, which is
allocated as follows: $613,424 – General Fund; $401,236 Equipment Replacement
Fund; $61,396 – Innovation Fund.
The Transit Fund finished the year with $16.1 million in operating revenue, 7% under
the budgeted projections. Meanwhile, operating expenditures were 2.3% lower than
expected and totaled $22.4 million. The disparity of the revenues and expenditures
is due to the one-time purchase of capital assets.
The Sewer Fund operating revenues ended the year 14.1% higher than expected,
due in part to one-time receipts from large developments. Operating expenditures
were 19% lower than expected, due primarily to lower than expected Los Angeles
City Hyperion Wastewater Treatment Plant costs. Because of the anticipated
operating surplus, sewer user fees remained at current levels for 2008-09.
Self-Insurance Fund
The Self-Insurance Fund ended fiscal year 2007-08 with revenues of $7.7 million
and expenditures of $10.7 million. The operating deficit is attributed to a transfer of
$3.6 million to the CIP fund to repair the Cranks Road hillside. The fund’s cash
balance has decreased to $1.8 million, so during the upcoming budget process staff
will develop a strategy to re-establish the fund reserve.
Culver City Redevelopment Agency
The beginning balance for unrestricted funds in Fiscal Year 2007-08 was
approximately $13.7 million. The ending balance for FY 2007-08 (and beginning
balance for 2008-09) was approximately $10.8 million.
Tax increment receipts, which are the Agency’s primary source of revenue and
account for approximately 90% of ongoing revenues, increased approximately 10% City of Culver City, California
Agenda Item Report
over FY 2006-07 receipts. However, Pacific Theater revenue decreased by 48%
from the previous year due to a sluggish economy and a lack of quality film product,
which impacted the entire industry. Additionally, parking receipts decreased by
approximately 8% from the prior year. The Writers’ Guild strike in November,
December, and part of January had a negative impact on film parking receipts,
especially at the downtown parking structures.
Overall, the RDA received about $11 million less in FY 2007-08 than it did in FY
2006-07. This is due primarily to one-time land sale proceeds of approximately
$12.5 million that were received in FY 2006-07 for the Lindblade properties, 4043
Irving Place, and 9900 Culver Blvd. The Agency received no land sale proceeds in
FY 2007-08. Excluding the one-time land sale proceeds, the Agency received
approximately $1.5 million more in FY 2007-08 than FY 2006-07, which is a result of
strong tax increment growth.
Expenditures were approximately 91% of the adjusted budget. Expenditures in FY
2007-08 were well below expenditures in FY 2006-07 because there was
significantly less land acquisition activity ($23 million land acquisition in FY 2006-07
vs. $6 million in FY 2007-08). Most of the budget savings in FY 2007-08 were due
to a number of staff vacancies.
In May 2007, the Agency approved a $9 million loan from the City’s General Fund to
the Redevelopment Agency, which was used to substitute unrestricted funds for tax
exempt bond funds for the Washington/Centinela project area. An interest payment
of almost $500,000 was made in FY 2007-08, however, due to the land rich, cash
poor financial position of the Agency, no principal payments were made in FY 2007-
08. A $2 million principal payment was made early in FY 2008-09.
Tax Exempt Bond Funds
The beginning balance for tax exempt funds in Fiscal Year 2007-08 was
approximately $24.9 million. The ending balance for FY 2007-08 (and beginning
balance for 2008-09) was approximately $21.9 million. Approximately $1.1 million in
interest income was earned in FY 2007-08 and $4.4 million was spent on bond
funded projects. The table below shows the major projects that had bond funds
allocated in 2007-08, the amount that was spent on each project in 2007-08, and the
amount of funds that were carried over to 2008-09. Since many of these projects
are large capital expenditures that span fiscal years, it is common that the
expenditures are spread among fiscal years. Therefore, any unspent funds are
carried over to the following year to maintain the funding to complete the project. City of Culver City, California
Agenda Item Report
There were a number of bond funded projects that were completed in 2007-08,
including the Washington Boulevard Realignment, demolition at
Washington/National, and a rehab grant on West Washington. The remainder of the
projects is still ongoing.
During the fiscal year 2008-09 budget process, most of the remaining bond funds
were allocated for various public improvement projects, including the General Plan
update, parking improvements, and area improvement plans on Washington Blvd
and Sepulveda Blvd.
Low/Moderate Income Housing Fund
The beginning balance for the Low/Moderate Income Housing Fund in Fiscal Year
2007-08 was approximately $15.1 million. The ending balance for FY 2007-08 (and
beginning balance for 2008-09) was approximately $19 million. The Agency needs
to begin to spend down this cash balance before the Housing fund gets into an
excess surplus situation. The Housing Division is working with the Agency Board to
develop a Comprehensive Housing Strategy to plan housing development activities
over the next few years.
FISCAL ANALYSIS:
There is no fiscal impact from receiving this report.
ATTACHMENTS:
1. City FY 2007-08 Final Year-end Financial Monitoring Report
Program Description
Adjusted
2007-08
Budget
Actual
2007-08
Expense
Carryover
to
2008-09
Downtown Street Improvements
Washington Blvd Realignment 2,050,000 2,184,306 Complete
Town Plaza Expansion 2,500,000 123,373 2,376,627
Washington/National Demolition 352,926 271,323 Complete
Public Works Street Improvements 362,789 0 362,789
W. Washington Revitalization 60,000 60,000 Complete
Fire Station #3 2,641,843 1,748,829 893,014
Total Bond Fund $7,907,558 $4,387,831 $3,632,430 City of Culver City, California
Agenda Item Report
2. Redevelopment Agency FY 2007-08 Final Year-end Financial Monitoring Report
MOTION:
That the City Council:
Receive and file the presentation of the 2007-08 Fiscal Year-end Financial
Monitoring Report from the Chief Financial Officer.
That the Culver City Redevelopment Agency:
Receive and file the presentation of the 2007-08 Fiscal Year-end Financial
Monitoring Report from the Chief Financial Officer
MEETING DATE: 02/09/09
AGENDA ITEM: Fiscal 2007-08 Year-end Financial Monitoring Report for the City
and Redevelopment Agency
ATTACHMENTS
Pages
1. City FY 2007-08 Final Year-end Financial Monitoring Report 1 - 18
2. RDA FY 2007-08 Final Year-end Financial Monitoring Report 19 - 31
FINANCIAL
FINANCIAL
MONITORING
MONITORING
REPORT
REPORT
CURRENT MONTH YEAR TO DATE PAGE
GENERAL FUND
General Fund Combined Revenues & Expenditures Page 3
General Fund Expenditures NORMAL BELOW BUDGET Page 3
General Fund Department Analysis NORMAL NORMAL Page 4
General Fund Revenues POSITIVE POSITIVE Page 5
Other Revenues POSITIVE/NORMAL NORMAL Page 5
Sales Tax NEGATIVE NEGATIVE Page 6
Business License Tax POSITIVE POSITIVE Page 6
Utility Users Tax POSITIVE NORMAL Pages 7- 9
Property Tax Revenue NORMAL NORMAL Page 9
Charges for Services POSITIVE POSITIVE Page 10
Transient Occupancy Tax * POSITIVE POSITIVE Page 11
One-time Revenue Receipts and GF Reserve % Page 11
MAIN ENTERPRISE FUNDS
EXPENDITURE / REVENUE EXPENDITURE / REVENUE
Refuse Fund NORMAL/POSITIVE BELOW/NEGATIVE Page 12
Transit Operations Fund NORMAL/POSITIVE NORMAL/NEGATIVE Page 13
Sewer Operating Fund NORMAL/POSITIVE BELOW/POSITIVE Page 14
MAIN INTERNAL SERVICE FUNDS
EXPENDITURE / REVENUE EXPENDITURE / REVENUE
Equipment Maint. & Fleet Svcs. NORMAL/POSITIVE NORMAL/POSITIVE Page 15
Self-Insurance Fund NORMAL/POSITIVE NORMAL/POSITIVE Page 16
CAPITAL IMPROVEMENT FUNDS Page 17
OTHER FUNDS Page 18
PERFORMANCE AT A GLANCE
FINAL YEAR END FY 2007-08
* Does not include one-time bankruptcy payment in fiscal 2006-07 for comparative purposes in this chart
BELLOW BUDGET
OR POSITIVE
= > 4% compared with prior year for revenues, or below expenditure target
NORMAL = Positive variance or negative variance < 2% compared prior year
WARNING = Negative variance of 2— 4% compared with prior year (used on monthly reports).
NEGATIVE = Negative variance of > 4% compared with prior year.
FINANCIAL OVERVIEW
Fiscal year 2007-08 was a challenging year for many cities throughout
the state, but Culver City ended the year on solid financial ground due
to a mixture of significant one-time funding from major development and
higher than anticipated revenues in certain categories.
For the fiscal year, final year-end General Fund revenues exceeded
expenditures by approximately $2.3 million. Also, the City managed to
control spending, expending only 97.6% of the ?appropriated budget?|1010| of
the General Fund. These expenditure savings were due mainly to a
number of personnel vacancies. Total General Fund revenues came in
4.3% higher than anticipated, due in large part to higher than expected
Business Tax revenue and one-time developer fees. Sales Tax, the
City’s largest revenue, was 2.1% percent lower than the adjusted pro-
jection, or 4.7% lower than the original projection, and due to the current
economic conditions a decline is expected to continue.
|1010| The “appropriated budget” includes an assumed savings figure of 3.5%, which
was $2.8 million in fiscal 2007-08. An overall expenditure percentage of less
than 100% of the “appropriated budget” means savings in addition to the as-
sumed 3.5%.
It sounds extraordinary, but it’s a fact that
balance sheets can make fascinating reading.
Author: Mary Archer
2
MAJOR FUND
OVERVIEW
General Fund
2007-08 Revenues: $86.3M
2007-08 Expenditures: $84.0M
Refuse Fund
2007-08 Revenues: $10.80M
2007-08 Expenditures: $10.20M
Transit Fund
2007-08 Revenues: $16.1M
2007-08 Expenditures: $22.4M
Sewer Operating Fund
2007-08 Revenues: $10.4M
2007-08 Expenditures: $6.1M
Equip Maintenance & Fleet Services Fund
2007-08 Revenues: $6.9M
2007-08 Expenditures: $6.9M
Self Insurance Fund
2007-08 Revenues: $7.7M
2007-08 Expenditures: $10.7M
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
GENERAL FUND
3
GENERAL FUND ANALYSIS:
GENERAL FUND EXPENDITURES—FINAL 2007-08 YEAR-END (Comparison 06-07 vs 07-08)
[Cumulative]
GENERAL FUND EXPENDITURES—Overall Expenditures were 97.6% of the ?appropriated budget.? Final year-end General Fund
personnel related expenditures came in below budget projections for fiscal 2007-08 at 95.6% of budget due to several vacancies,
both safety and non-safety, within the City. Several of these vacancies are currently in various stages of recruitment. With the cur-
rent modified hiring freeze put in place by the City Manager, non-public safety vacancies are currently on a case-by-case basis of
approval for recruitment. O&M came in at approximately 90.6% of budget, although approximately $600,000 in encumbrances have
been carried over to fiscal 2008-09. All transfers have been recorded, and the larger than average jump in June is due to a ?true-up?
in a transfer account for the I & A Fund for a few CIP projects, including new Fire Station #3 and the Public Safety RMS System.
REVENUES & EXPENDITURES—FINAL 2007-08 YEAR-END [Cumulative]:
General Fund revenues are often accrued (see bot-
tom of Page 5) back to a prior fiscal year for several
of the larger categories such as Sales Tax, TOT,
and UUT. This causes the monthly amount shown
for July, and sometimes August, to look ?low? when
compared to future months. One-time categorized
revenues received from development activity along
with audit recovered revenue receipts has helped fill
the gap for under-performing revenues. The ?catch-
up? amounts for RDA Billings are reflected in No-
vember (06-07) and December (07-08). In-lieu pay-
ments for Sales Tax and Motor Vehicle License
Fees are received in January and May of each year.
2007-08 2007-08
Revenue Expenditures
July $ 341,121 $ 4,177,856
August 5,062,285 6,110,635
September 4,334,446 8,739,298
October 4,165,591 6,614,130
November 4,559,561 5,739,487
December 9,017,272 7,463,020
January 10,436,417 6,833,180
February 9,466,608 6,081,761
March 10,417,263 8,423,258
April 8,838,122 6,605,769
May 8,946,942 5,836,127
June 10,713,892 11,334,820
TOTAL $ 86,299,520 $ 83,959,341
-$10
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 Revenue 2006-07 Expenditure
2006-07 2007-08
Expenditures Expenditures
July $4,013,513 $4,177,856
August 5,475,164 6,110,635
September 5,527,245 8,739,298
October 7,836,012 6,614,130
November 8,137,743 5,739,487
December 5,332,189 7,463,020
January 6,182,729 6,833,180
February 6,032,417 6,081,761
March 6,006,334 8,423,258
April 8,238,175 6,605,769
May 5,958,495 5,836,127
June 8,195,517 11,334,820
TOTAL EXPENDED $76,935,533 $83,959,341
Adjusted Budget $77,920,361 $86,018,123
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2007-08 Revenue 2007-08 Expenditure
4
GENERAL FUND
COMPARISON OF ADJUSTED BUDGET TO ACTUAL: Target = 96.5% through June 2008
GENERAL FUND DEPARTMENT ANALYSIS:
Departments significantly under Target (more than 10%):
City Council — The City Council budget’s primary operating expenses include the contract for video and broadcasting
services for Council meetings and audit services for items such as the City’s Comprehensive Annual Financial Report
(CAFR). In 2007-08, the City selected a new auditor in compliance with its financial policy requiring a new audit firm at
least every 5-years. The funding earmarked for these services was encumbered but not expended in fiscal 2007-08,
and thus was carried-over to fiscal 2008-09 when the expenditure will occur. Additionally, funds were budgeted in the
amount of $40,000 for use at the discretion of the new CFO for various audit purposes. A portion of this amount was
also encumbered but not expended in fiscal 2007-08, and also carried-over to fiscal 2008-09.
Community Development — Due to turnover and multiple recruitments in the Enforcement Services division, there
were a number of positions that remained vacant for a prolonged period of time, creating one-time personnel savings in
the Department.
Departments over Target:
City Manager’s Office — The increase is partly attributable to inflated regular salaries in first two months of fiscal
year. During the 2007-08 budget process, three positions were eliminated from the City Manager’s Division. One posi-
tion was filled, and the employee was paid from the Division for the first two months of the fiscal year during the transi-
tion, although no budget amount was appropriated. The other was a contract employee, Interim Chief Financial Offi-
cer, who also was paid from regular salaries for the first two months, with no corresponding budget amount. If these
salary payments were not included, expenditures would be close to the expenditure target of 96.5%.
Human Resources — Higher than anticipated personnel increases, including unanticipated bi-weekly payoffs not fully
budgeted for, contributed to the department surpassing the target for fiscal 2007-08.
Fire Department — Culver City sends strike teams to neighboring jurisdictions, including county and state incidents,
when requested. The number of fires throughout California were higher than normal this year, and thus, increased
Constant Staffing costs. Culver City IS reimbursed for most personnel expenses related to strike team deploy-
ments greater than 24 hours, and reimbursements are filed in a timely manner but may not be received for several
months after the incident.
NOTABLE EXPENDITURE VARIANCES—FINAL 2007-08 YEAR-END:
ACTUAL
ADOPTED ADJUSTED EXPENDED PERCENT
GENERAL FUND DEPARTMENTS BUDGET BUDGET AS OF 6/30/08 EXPENDED* TARGET
2007-08 2007-08 2007-08 2007-08 AMOUNT
CITY COUNCIL $ 278,329 $ 336,948 $ 203,559 60.4% $ 325,155
CITY MANAGER 1,009,485 1,087,059 1,120,971 103.1% 1,049,012
CITY CLERK 509,033 524,033 496,564 94.8% 505,692
CITY TREASURY 3,123,867 3,362,545 3,088,014 91.8% 3,244,856
CITY ATTORNEY 1,723,067 1,776,747 1,715,885 96.6% 1,714,561
ADMIN/BUDGET & FINANCE 1,346,237 1,361,263 1,281,525 94.1% 1,313,619
HUMAN RESOURCES 1,112,075 1,170,374 1,163,527 99.4% 1,129,411
INFORMATION TECH. 3,034,211 3,153,623 2,883,852 91.4% 3,043,246
TOTAL GENERAL GOVERNMENT $ 12,136,304 $ 12,772,592 $ 11,953,897 93.6% $ 12,325,551
PARKS, REC. & COMMUNITY SVCS 6,864,988 7,235,218 6,541,146 90.4% 6,981,985
POLICE DEPARTMENT 28,385,399 29,071,661
27,670,102 95.2% 28,054,153
FIRE DEPARTMENT 14,540,504 14,685,789
14,843,668 101.1% 14,171,786
COMMUNITY DEVELOPMENT 7,131,365 8,034,485 6,928,538 86.2% 7,753,278
PUBLIC WORKS 9,317,108 9,411,870 8,971,065 95.3% 9,082,455
NON-DEPARTMENTAL 3,987,650 3,116,368 2,542,210 81.6% 3,007,295
Transfers 1,338,504 4,520,888 4,508,711 99.7% 4,362,657
Projected excess appropriations (3.5%) (2,805,835) (2,805,835) 0 0.0% -
TOTAL GENERAL FUND $ 80,895,987 $ 86,043,036 $ 83,959,337 97.6% -
GENERAL FUND
5
GENERAL FUND REVENUE ANALYSIS:
TOTAL GENERAL FUND REVENUES—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal
2007-08 [Cumulative]
FINAL YEAR-END TOTAL GENERAL FUND REVENUES are 104.3% of budgeted projections. Many General Fund
revenues met or exceeded budgeted projections, in part due to major development occurring within the city such as the
renovation of the Westfield Shopping Mall and construction of the new parking structure and other buildings at Sony.
Sales Tax receipts, the City’s largest single source of recurring revenue, came in below projections for the year. Below
is further discussion on other General Fund revenues not charted on subsequent pages.
Commercial Industrial Development Tax — Final year-end receipts in this category are 216.6% of budgeted
projections, and are due specifically to a major one-time development occurring within the City which was not antici-
pated to be fully received until early fiscal 2008-09. This revenue receipt is categorized to be one-time, and has been
earmarked to be used for one-time expenditures, such as special equipment and capital outlay items.
Fines & Forfeitures — Fines & Forfeitures through the end of 2008 are $4,613,435, which is 104.5% of budgeted
projections. This category has performed slightly higher than budgeted projections the last several years, and includes
Parking Tickets, Moving Violations, and Red-light Camera Violations.
Franchise Fee — Through June 2008, final year-end receipts in this category exceed budgeted projections, and
are currently $1,338,872, or 109.4%. This category also exceeded budgeted projections at this time last year due to
receipts from audit findings from prior years. A higher franchise fee payment from a company than originally assumed
accounts for the additional amount received this fiscal year.
Intergovernmental — The main revenue in this category is the Motor Vehicle License Fee (VLF), and receipts for
the category through June 2008 are 6.5% over budgeted projections.
OVERALL GENERAL FUND REVENUES — The city still experienced healthy development early in fiscal 2007-08,
which helped keep the General Fund reserves well above the 30% mark with one-time receipts and higher than aver-
age revenues. Given the present economic climate, though, it will not be sustainable to keep this trend going for long
periods of time. The City will be experiencing drops in certain revenue categories that are directly related to economic
conditions. Due to reserve funds from one-time receipts and fiscally responsible decisions from City Council and City
staff, we are in a better position than most cities to weather through this period. However, our long-term projections
show recurring expenditure growth outpacing recurring revenue growth, and future actions will be required.
NOTE: Subsequent pages include more in-depth discussion of some of the larger revenue sources received by the
City. Some of the City’s primary revenue sources, such as property tax, sales tax, utility user’s tax, transient occu-
pancy tax, and business tax, are subject to accrual, and revenues are recognized when earned. Thus, revenues re-
ceived in July and partially in August were ?earned? in the prior year, and are ?accrued? back to the prior year. This is
why July in many cases shows a minimal or zero amount in the accompanying charts, and August may also be low.
June shows the ?accrued? amount from the future year and ?trues-up? the year-end total revenue amount received.
-$10
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
2006-07 2007-08
Revenues Revenues
July ($473,116) $341,121
August 4,930,120 5,062,285
September 4,430,318 4,334,446
October 4,876,302 4,165,591
November 7,303,390 4,559,561
December 7,074,612 9,017,272
January 9,666,904 10,436,417
February 9,576,836 9,466,608
March 7,596,047 10,417,263
April 6,648,374 8,838,122
May 8,764,221 8,946,942
June 9,744,167 10,713,892
Totals $80,138,175 $86,299,520
Adjusted Budget $75,054,576 $82,774,909 BUSINESS TAX—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-08 [Cumulative]
GENERAL FUND
6
GENERAL FUND REVENUE ANALYSIS (continued):
SALES TAX—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-08 [Cumulative]
SALES TAX— Budget Projections for fiscal 2008-09 were reduced at mid-year by $500,000 from
$18,800,000 to $18,300,000 given the current economic conditions, loss of some large sales tax contribu-
tors, such as Albertson Oldsmobile Chevrolet, and reduction of on-going construction occurring within the city. Even with the reduc-
tion, Sales Tax did not reach the projected $18,300,000 target and was under projections by a little over 2%. It also fell short of last
year’s actual receipts of $18,198,893. Sales Tax receipts are anticipated to remain sluggish through the next fiscal year, and poten-
tially into fiscal 2009-10. The construction of the Westfield Shopping Center should be completed in fiscal 2009-10, and the new
Target at that location is set to open in October 2009. It is hoped that with the completion of the Mall and the new Target, receipts
may pick up slightly even if the economy is still in a recessed state.
NEGATIVE
BUSINESS TAX — Through June, final year-end Business Tax receipts exceeded the adjusted budget
projections by 11.2%. The year-to-date total includes receipts from Business Tax, Application/Renewal
Fees, and Penalties. The increase in Business Tax is extremely good news for the City, and helps offset some of the underperform-
ing recurring revenues such as Sales Tax .
The City continues to be aggressive in collecting Business Tax and License Fees. Staff has done an extraordinary job in identifying
many non-compliant businesses and following up with businesses who are late in paying. The strict oversight of ensuring all vendors
the City issues contracts with have business licenses has enabled the City to also collect further receipts due it in a timely manner.
In fiscal 2008-09 the City will be conducting a more in-depth Business Tax audit, and is confident a further significant amount of un-
collected revenue from non-compliant businesses will be captured from this endeavor.
POSITIVE
BY MONTH 2006-07 2007-08
July $ 926,400 $ 912,800
August 1,235,300 1,217,000
September 1,190,361 1,169,765
October 908,000 938,300
November 1,210,800 1,251,100
December 1,374,295 1,156,535
January 3,368,412 3,471,855
February 1,349,700 1,444,200
March 1,113,116 1,021,326
April 861,400 876,200
May 3,459,612 3,557,052
June 1,233,397 975,468
Prior Yr Accrual (2,161,700) (2,129,800)
Current Yr Accrual 2,129,800 2,060,300
TOTAL RECEIPTS $18,198,893 $17,922,101
Adjusted Budget $17,650,000 $18,300,000
$0
$2
$4
$6
$8
$10
$12
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
2006-07 2007-08
July $ 104,213 $ 166,407
August 69,256 90,161
September 74,751 40,187
October 34,100 48,583
November 47,673 44,065
December 172,959 132,250
January 810,450 753,918
February 4,782,453 3,428,559
March 2,588,412 4,953,144
April 181,125 298,323
May 184,909 73,308
June 133,532 142,573
TOTAL RECEIPTS $ 9,183,833 $ 10,171,478
Adjusted Budget $ 8,804,100 $ 9,144,000
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
Dollars in Millions
2006-07 2007-08 2007-08 Budget
GENERAL FUND
7
GENERAL FUND REVENUE ANALYSIS (continued):
UTILITY USER’S TAX—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-08
[Cumulative]
Electricity UUT
2006-07 2007-08
July $ 434,336 $ 417,420
August 564,075 500,334
September 764,134 669,748
October 624,333 556,764
November 647,433 621,597
December 458,805 513,303
January 461,345 454,472
February 503,612 485,773
March 431,502 426,921
April 444,525 441,445
May 392,786 425,935
June 418,835 432,822
Prior Yr Accrual (434,336) (417,420)
Current Yr Accrual 417,420 433,414
TOTAL RECEIPTS $ 6,128,805 $ 5,962,528
Adjusted Budget $ 5,900,000 $ 5,800,000
Natural Gas UUT
2006-07 2007-08
July $ 9,820 $ 98,599
August 158,535 88,810
September 63,196 76,452
October 61,384 66,079
November 62,396 62,463
December 65,435 68,182
January 82,772 88,358
February 122,155 132,893
March 158,192 171,072
April 151,472 180,198
May 125,441 168,955
June 108,347 155,111
Prior Yr Accrual (9,820) (98,599)
Current Yr Accrual 98,599 121,983
TOTAL RECEIPTS $ 1,257,924 $ 1,380,558
Adjusted Budget $ 1,300,000 $ 1,346,000
Water UUT
2006-07 2007-08
July $ 85,439 $ 89,981
August 72,286 74,166
September 94,063 95,276
October 76,471 75,300
November 98,875 90,181
December 68,052 70,436
January 79,388 86,457
February 66,546 66,376
March 86,040 82,704
April 60,647 69,891
May 83,561 87,329
June 66,406 77,785
Prior Yr Accrual (85,439) (89,981)
Current Yr Accrual 89,981 100,185
TOTAL RECEIPTS $ 942,316 $ 976,088
Adjusted Budget $ 876,000 $ 902,000
Electricity UUT
$0
$1
$2
$3
$4
$5
$6
$7
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
Natural Gas UUT
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
Water UUT
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
GENERAL FUND
8
GENERAL FUND REVENUE ANALYSIS (continued):
UTILITY USER’S TAX—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-08
[Cumulative]
Telecomm UUT
2006-07 2007-08
July $ 451,558 $ 372,380
August 483,359 416,124
September 421,157 442,406
October 441,639 380,131
November 415,509 430,844
December 412,589 453,656
January 400,283 443,788
February 405,701 416,961
March 397,333 375,482
April 434,755 456,352
May 406,901 440,672
June 423,198 440,576
Prior Yr Accrual (530,432) (372,380)
Current Yr Accrual 372,380 452,908
TOTAL RECEIPTS $ 4,935,930 $ 5,149,900
Adjusted Budget $ 5,200,000 $ 5,000,000
Telecomm UUT
$0
$1
$2
$3
$4
$5
$6
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
Cable TV UUT
2006-07 2007-08
July $ 50,737 $ 54,986
August 52,121 55,554
September 50,222 58,837
October 50,395 55,463
November 49,885 52,377
December 50,782 52,320
January 64,240 52,274
February 52,444 173,354
March 51,900 52,976
April 52,880 55,901
May 53,052 55,521
June 54,848 55,343
Prior Yr Accrual (50,737) (54,986)
Current Yr Accrual 54,986 56,845
TOTAL RECEIPTS $ 637,755 $ 776,765
Adjusted Budget $ 596,000 $ 608,000
Cable TV UUT
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
$0.8
$0.9
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
Total All UUT
2006-07 2007-08
July $ 1,031,890 $ 1,033,366
August 1,330,376 1,134,988
September 1,392,772 1,342,719
October 1,254,222 1,133,737
November 1,274,098 1,257,462
December 1,055,663 1,157,897
January 1,088,028 1,125,349
February 1,150,458 1,275,357
March 1,124,967 1,109,155
April 1,144,279 1,203,787
May 1,061,741 1,178,412
June 1,071,634 1,161,637
Prior Yr Accrual (1,110,764) (1,033,366)
Current Yr Accrual 1,033,366 1,165,335
TOTAL RECEIPTS $13,902,730 $14,245,839
Adjusted Budget $13,872,000 $13,656,000
Total All UUT
$0
$2
$4
$6
$8
$10
$12
$14
$16
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
GENERAL FUND
9
GENERAL FUND REVENUE ANALYSIS (continued):
UTILITY USER’S TAX—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-08
ELECTRICITY UUT — Final year-end receipts have this category exceeding budget projections by 2.8%.
Receipts for the year were less than previous year’s receipts by approximately $166,000, or 2.7%.
NATURAL GAS UUT — Exceeded budgeted projections by approximately $34,000, or 2.6%. Receipts for
this category are historically much lower the first six months of the fiscal year, and then increase during the
second part of the fiscal year.
WATER UUT— Water usage was higher than anticipated this year, even with reports asking for water con-
servation in light of potential drought conditions. Final year-end receipts for Water UUT exceeded budg-
eted projections by 8.2%.
TELECOMMUNICATIONS UUT— Final year-end receipts show this category exceeding budgeted projec-
tions by 3%. The fiscal 2007-08 budget projection for this category was reduced from the previous year,
and in doing so was able to slightly exceed the new target. The trend the last few years had shown this revenue category dropping.
CABLE TELEVISION UUT — Exceeds projected budget target for fiscal 2008-09. Receipts in February
included one-time prior year audit monies in the amount of $106,788 and net penalties of $14,290. If the
one-time receipts are deducted from the final year-end amount, this category still exceeds budgeted projections by 7.8%. Increases
in cable rates are the main cause of the increase in this revenue category.
MEASURE W PASSES OVERWHELMINGLY - In the April 2008 election, the community voted overwhelmingly (77% yes) in sup-
port of a modernized UUT ordinance at the existing rate of 11%. This was a very important action as the modernized ordinance
includes updated language and definitions that protect the City from potential lawsuits to repeal portions of the tax.
NORMAL
NORMAL
POSITIVE
NORMAL
POSITIVE
PROPERTY TAX — Final year-end receipts for Property Tax secured receipts did not meet
budgeted projections and fell short by approximately 3%, but overall receipts in this category
exceeded projections by just slightly over 2%. Tax increment pass-through payments came in much higher than antici-
pated, which increased receipts in this category and pushed it above projections. Property Tax makes up between
3.5% and 4.5% of the General Fund revenues.
Home prices on the Westside, including Culver City, have held up somewhat well within the current real estate climate.
Sales, though, have remained rather stagnant the last six to ten months, which has caused receipts to stay relatively
flat. Compared to other areas of the state suffering high rates of foreclosures, the Westside, which includes Culver
City, has been able to maintain a relatively low foreclosure rate. Only time will tell if this trend can continue.
NORMAL
PROPERTY TAX—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-08 [Cumulative]
2006-07 2007-08
July $ 239,386 $ 105,671
August - -
September - -
October - -
November 55,364 33,620
December 1,111,820 1,153,913
January 375,171 393,974
February 113,968 222,451
March 29,369 15,527
April 952,182 981,287
May 299,226 145,646
June (16,161) 23,924
Prior Yr Accrual (239,386) (105,671)
Current Yr Accrual 105,671 82,892
TOTAL RECEIPTS $ 3,026,610 $ 3,053,233
Adjusted Budget $ 2,988,000 $ 3,147,000
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
GENERAL FUND
10
GENERAL FUND REVENUE ANALYSIS (continued):
CHARGES FOR SERVICES—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-08
[Cumulative]
CHARGES FOR SERVICES — Individual Category Notables—FINAL 2007-08 Year-End
* Does not include Billings to RDA
CHARGES FOR SERVICES — Through the end of the fiscal year, Charges for Services are signifi-
cantly higher than last year, approximately 12%, due to a few factors. First, the City Council ap-
proved fee increases to many categories beginning July 1, 2007, based on an in-depth fee study performed during fiscal
2006-07. The study showed many categories far below what the City’s recoverable costs were, and increases were ap-
proved based on these findings. Also included in receipts during fiscal 2007-08 are ?one-time? payments from large new
development activity within the City. These include developments such as the Westfield Shopping Mall remodel, Sony Pic-
tures Entertainment parking lot construction, and Parcel B. (Some receipts received in fiscal 2007-08 from these develop-
ments were not anticipated until fiscal 2008-09.) These receipts are classified as ?one-time? due to the size and nature of
the development. The City cannot count on this kind of a revenue on an on-going basis as large developments do not occur
regularly. The City has been very fortunate over the past few years to have large developments, which has kept the Gen-
eral Fund fiscally healthy and has helped us weather the current adverse economic conditions.
POSITIVE
Veterans Memorial Auditorium Fees — Overall, final year-end fee receipts for the Veterans Auditorium Com-
plex, which includes the Senior Center and Teen Center, were 106.5% of budgeted projections for fiscal 2007-08.
Auditorium Rentals exceeded budgeted projections along with Teen Center Rental by approximately 25%, and the Sr.
Center and Meeting Room Rentals came in below projections, although not too significantly.
Plan Check Fees — Plan Check Fees slightly exceed budgeted projections for fiscal 2007-08, due primarily to
larger development activity occurring within the city. These fees include both normal, every day plan check and those
fees categorized as one-time that are related to the large development activity. These one-time fees are mostly asso-
ciated with Westfield and Sony for fiscal 2007-08.
Various Recreation Fees — Overall Recreation Fees met projections for fiscal 2007-08, specifically in the Day
Camp and Aquatic areas. The Culver City After School Program has exceeded projections, and continues to be a
successful program. Recreation and Enrichment Programs have also continued to be successful with the community,
and enrollment remains strong. The Aquatic programs came in very strong for fiscal 2007-08.
Fire Hazardous Materials Fees — Fees in this category are significantly above projections due to hazardous ma-
terial incidents within the city in which the City was reimbursed. Final year-end receipts are $206,006, which is
171.7% of projections. This is not a fee that can be easily forecast due to the unknown number of incidents that may
occur in a given fiscal year.
Ambulance Billings — Ambulance Billings through May 2008 were only 74.6% of adjusted budget. Final
year-end receipts show this revenue at 102.1% of adjusted budget, which is the first time since 2001-02 this revenue
has met or exceeded projections. A large accrual from receipts received in July and August helped push this cate-
gory above projections. Transport fees are set by LA County, and the City is not able to increase these fees.
Charges for Services*
2006-07 2007-08
July $ 295,481 $ 492,823
August 529,049 650,999
September 327,679 362,493
October 365,798 325,319
November 485,015 363,370
December 373,346 620,668
January 379,950 542,276
February 337,817 637,743
March 636,623 481,697
April 945,225 808,509
May 455,632 659,808
June 870,831 764,395
TOTAL RECEIPTS $ 6,002,446 $6,710,100
Adopted Budget $ 5,297,857 $5,813,450
$0
$1
$2
$3
$4
$5
$6
$7
$8
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
GENERAL FUND
ONE-TIME REVENUE AND GENERAL FUND RESERVE PERCENTAGE:
11
GENERAL FUND REVENUES & EXPENDITURES:
The City has recorded a large amount of one-time revenue in the General Fund during fiscal 2007-08, both from audit activity on
various revenues and from significant development activities occurring within the City. Below is a list of one-time revenue receipts
previously received and recorded, fiscal 2007-08 receipts, and anticipated one-time receipts for fiscal 2008-09 and 2009-10. The
chart shows the percentage of the General Fund Reserve comprised of these one-time revenues. The GF Unreserved Fund Bal-
ance amount does include the $9 million loan amount to the RDA per the City’s Financial Policies.
It is the policy of the City not to use revenues identified as
one-time funds to pay for recurring expenditures.
TRANSIENT OCCUPANCY TAX—FINAL 2007-08 YEAR-END: Fiscal 2006-07 vs Fiscal 2007-
08 [Cumulative]
TRANSIENT OCCUPANCY TAX — Receipts for TOT exceeded the projected budget target for fiscal
2007-08 by approximately 12.6%. Receipts are behind prior year due to a one-time receipt from a bank-
ruptcy payment received by the City in December 2006. Without this one-time payment, recurring revenue receipts would still have
exceeded prior year. Early predictions showed receipts lagging behind, which was mostly attributable to the Courtyard by Marriott
being closed for renovation for a portion of the fiscal year, and the Four Seasons being closed in stages as it went through renova-
tion. Both are now fully operational and contributed to the TOT receipts picking up through the end of the fiscal year. Airport activity
did show a drop in airline passengers over the time period May—June from a year ago. The difficult economy and high fuel costs,
among other increasing costs to fly, have reduced the number of air travelers and negatively impacted all travel related services,
such as hotels. With the renovated hotels and summer season, Culver City was able to finish the year strong in this category.
POSITIVE
Major One-time Revenue Receipts
and Estimated One-Time Revenues
1st payment to Warner Lot (05-06) $ 2,620,000
Documentary Tax Audit Receipts (05-06) $ 313,086
Receipts from TOT audit/other (06/07) $ 650,000
Loan Receivable from RDA (06-07) $ 505,818
Int. income from refunding Bonds (06-07) $ 500,000
Documentary Tax Audit Receipts (06-07) $ 762,400
Receipts from Cable UUT Audit (07-08) $ 106,788
Receipts in Com/Ind Dev Tax from sig-
nificant development activity (07-08)
$ 1,757,275
Payment of Interest for Warner Parking
Lot Sale (07-08)
$ 436,608
Building Permit Fee from significant de-
velopment activity (07-08)
$ 533,000
Estimated One-time (08-09) [includes final
payment from Warner Parking Lot of
$2,947,104]
$ 4,497,000
Estimated One-time (09-10) $ 1,850,000
TOTAL since Fiscal 2005-06 $ 14,531,975
By Month 2006-07 2007-08
July $ 257,368 $ 264,908
August 259,448 317,587
September 106,140 119,733
October 385,400 322,622
November 250,198 231,849
December 656,644 219,428
January 215,529 98,739
February 199,451 227,660
March 91,531 216,039
April 245,619 183,689
May 271,454 272,733
June 122,733 242,762
Prior Yr Accrual (264,910) (267,833)
Current Yr Accrual 267,833 364,537
TOTAL RECEIPTS $ 3,064,438 $ 2,814,453
Adjusted Budget $ 2,250,000 $ 2,500,000
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07 2007-08 2007-08 Budget
38.7%
42.1%
43.1%
41.4%
38.1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2005-06 2006-07 2007-08 2008-09 est 2009-10 est
% of Unreserved Fund Balance to
Actual and Estimated Expenditures
One-time Revenues per Fiscal Year
ENTERPRISE FUND
12
REFUSE FUND ANALYSIS:
REFUSE FUND—FINAL 2007-08 YEAR-END (Revenues vs. Expenditures—Cumulative)
REFUSE FUND REVENUES — Final year-end revenues through June 2008 are below budget projections for fiscal
2007-08 by almost 6%. This is due to a few factors: the contract with LA City was canceled in August 2007, and
budgeted receipts from this source will not be realized; construction at Westfield Shopping Mall was pushed off later
than expected, and revenues anticipated during fiscal 2007-08 will only partly be recouped, with the majority being
realized in fiscal 2008-09 and later; and given the soft economy, other smaller construction projects are not as abun-
dant, which reduces the demand of bin service. Revenues, though, are slightly ahead of expenditures, which will as-
sist the Refuse Fund in finishing the year operationally in the positive. This additional funding is necessary to build
the fund balance to cover anticipated and unanticipated operating cost increases in future years, which include un-
known fuel increases and the probable closure of the Puente Hills Landfill in 2013, as well as paying off the aforemen-
tioned loans from the General Fund, Equipment Replacement Fund, and Innovation Fund.
REFUSE FUND EXPENDITURES — Year-end expenditures through June 2008 are 88.9% of the adjusted budget.
The Refuse Fund also continued loan payments to the General Fund ($97,739), Equipment Replacement Fund
($57,148), and the Innovation Fund ($8,741) for fiscal 2007-08. The outstanding balance of the total loan due as of
the end of fiscal 2007-08 was $1,149,263.
Significant upcoming projects in the next fiscal year include continuation of the GPS tracking project and automat-
ing recycling collection at small condominium complexes; Capital projects include much needed improvements to the
tipping floor, locker room, and stairwell and the Transfer Station (currently underway); and replacement of the Trans-
fer Station’s truck axle scales.
REFUSE REVENUES
2006-07 2007-08
July $ 583,604 $ 696,899
August 686,798 725,514
September 658,508 640,217
October 661,889 662,709
November 698,332 644,041
December 1,732,943 1,864,241
January 945,365 944,572
February 916,032 953,969
March 648,396 650,377
April 1,377,850 1,382,243
May 990,370 947,732
June 632,388 701,157
TOTAL RECEIPTS $ 10,532,475 $ 10,813,671
Adjusted Budget $ 10,410,618 $ 11,483,841
$0
$2
$4
$6
$8
$10
$12
Dollars in Millions
Refuse Revenues vs. Expenditures
Fiscal 2006-07
2006-07-Revenues
2006-07-Expenditures
$0
$2
$4
$6
$8
$10
$12
Dollars in Millions
Refuse Revenues vs. Expenditures
Fiscal 2007-08
2007-08-Revenues
2007-08-Expenditures
REFUSE EXPENDITURES
2006-07 2007-08
July $ 478,129 $ 556,391
August 648,021 634,977
September 847,222 797,010
October 749,271 1,023,511
November 1,080,583 902,352
December 557,613 753,808
January 904,934 907,299
February 644,729 741,930
March 912,829 1,126,061
April 756,733 983,184
May 633,647 602,328
June 1,303,758 1,219,347
TOTAL EXP $ 9,517,464 $ 10,248,197
Adjusted Budget $ 10,888,948 $ 11,524,493
Note: Depreciation amounts not included.
ENTERPRISE FUND
13
TRANSIT FUND ANALYSIS:
TRANSIT FUND—FINAL 2007-08 YEAR-END (Revenues vs. Expenditures—Cumulative)
TRANSPORTATION FUND EXPENDITURES – Final year-end expenditures through June 2008 are 97.7% of the ad-
justed budget for fiscal 2007-08. The Transportation Department continued to implement and refine some significant pro-
jects during this fiscal year, which include the Automatic Vehicle Locator (AVL) program, and installation of new Universal
Fare System fareboxes in all CityBuses. Culver CityBus is the first agency to be able to use the AVL system remotely in
(unattended) mode where the supervisors can track the buses while in the field.
Significant upcoming projects for the coming fiscal year include beginning implementation of Bus Rapid Transit program
along Sepulveda Boulevard and the expansion of Line 7; providing input in the construction of the Culver City Exposition
Light Rail Station; and providing input into the planning of the reconfiguration of I-10 Robertson Boulevard and National
Boulevard on and off ramps.
TRANSPORTATION FUND REVENUES – The lion’s share of Transportation Revenues are made up of federal, state and
county funding, with various grants, farebox receipts, and other miscellaneous revenue sources making up the balance.
Final year-end receipts are 7% less than budgeted projections, mainly due to the receipt of FTA funds received at the begin-
ning of the year being accrued to fiscal 2006-07. This left a gap in the budgeted amount for fiscal 2007-08. Less this ac-
crual, overall receipts were on target.
Every year is a waiting game to see if the State will take funding from Transportation-related projects and sources. In fiscal
2007-08, the State did not divert any funds to help balance the State’s budget. It is now known the state will be taking at
least $1 million in State Transportation Assistance (STA) funding from Culver City in fiscal 2008-09, with the likelihood of
adding additional takeaways as fiscal 2008-09 progresses.
TRANSIT REVENUE
2006-07 2007-08
July $ (104,779) $ (2,648,573)
August 451,274 2,791,003
September 469,059 684,306
October 321,688 2,541,066
November 1,568,083 224,560
December 3,103,121 2,209,509
January 1,203,113 583,705
February 1,668,132 791,200
March 1,492,049 3,965,543
April 974,720 1,336,502
May 915,711 1,186,439
June 6,448,454 2,429,742
TOTAL RECEIPTS $ 18,510,625 $ 16,095,002
Adjusted Budget $ 16,025,724 $ 17,279,756
TRANSIT EXPENDITURES
2006-07 2007-08
July $ 1,006,149 $ 1,091,374
August 1,121,526 1,317,488
September 978,263 2,080,034
October 1,468,394 2,363,603
November 1,352,794 1,357,701
December 1,748,130 2,070,860
January 1,307,425 1,499,769
February 1,241,397 1,092,555
March 1,157,427 1,849,352
April 1,472,299 1,391,409
May 1,696,891 1,728,972
June 1,943,836 4,514,773
TOTAL EXP $ 16,494,533 $ 22,357,892
Adjusted Budget 21,977,438 22,892,622
-$5
$0
$5
$10
$15
$20
$25
Dollars in Millions
Transit Revenues vs. Expenditures
Fiscal 2007-08
2007-08-Revenues
2007-08-Expenditures
-$1
$3
$7
$11
$15
$19
Dollars in Millions
Transit Revenues vs. Expenditures
Fiscal 2006-07
2006-07-Revenues
2006-07-Expenditures
Note: Depreciation amounts not included.
ENTERPRISE FUND
14
SEWER FUND REVENUE ANALYSIS:
SEWER OPERATING FUND—FINAL 2007-08 YEAR-END (Revenues vs.
Expenditures—Cumulative)
SEWER OPERATING EXPENDITURES – Final year-end expenditures through June 2008 are approximately 80.8%
of the adjusted budget for Sewer Operations. This does not include any Sewer Capital Improvement Project funding
(see page 17 for further Sewer CIP information). Sewer Operating expenditures include Hyperion Debt Service of
$1,701,569 for fiscal 2007-08, and payment to-date of $2,313,116 to the City of LA for the use of the Hyperion treat-
ment plant facility, which was approximately $500,000 less than budgeted and, thus, contributes to the lower overall
total operating expenditures. Some major accomplishments of the Sewer Division during fiscal 2007-08 were the in-
stallation of nine (9) SMART covers throughout the City sewer drain system to monitor wastewater levels inside sewer
lines before it becomes critical or overflows from the manholes, upgraded all the valves in the Braddock Lift Station,
and maintained the emergency generators at all of the lift stations per AQMD requirements so their operating time
stays within the recommended 20 hours per year.
SEWER OPERATING REVENUES – Final year-end revenues through June 2008 exceeded budget projections by
approximately 14.2%. This is primarily due to one-time receipts in sewer facility charges from large development oc-
curring in the city, and increases to interest income higher than budgeted for in this Fund due to a higher than pro-
jected fund balance. The additional funding realized is necessary to help build the fund balance for additional and
unknown costs placed upon the City to comply with new Waste Discharge Requirements set by the State Water Re-
sources Control Board. These costs are anticipated to escalate in coming years, and are experienced by most cities
in California.
SEWER OP REVENUES
2006-07 2007-08
July $ (137,711) $ (143,668)
August 433,205 191,068
September 76,075 194,194
October 89,552 125,966
November 105,509 163,135
December 3,090,237 3,478,540
January 815,473 1,075,632
February 916,067 1,248,540
March 201,449 270,581
April 1,980,074 2,191,521
May 924,327 1,027,938
June 398,008 590,758
TOTAL RECEIPTS $ 8,892,265 $10,414,205
Adjusted Budget $ 8,598,900 $ 9,121,750
SEWER EXPENDITURES
2006-07 2007-08
July $ 106,920 $ 62,020
August 150,815 135,999
September 1,692,987 1,667,451
October 230,750 196,867
November 618,758 505,602
December 167,035 217,876
January 588,777 575,351
February 179,922 259,361
March 1,242,065 1,293,387
April 207,059 206,841
May 1,041,978 579,381
June 289,258 384,863
TOTAL EXP $ 6,516,328 $ 6,084,996
Adjusted Budget $ 7,823,626 $ 7,534,793
Note: Depreciation amounts not included.
-$1
$1
$3
$5
$7
$9
Dollars in Millions
Sewer Operating Rev vs. Exp
Fiscal 2006-07
2006-07-Revenues
2006-07-Expenditure
-$2
$0
$2
$4
$6
$8
$10
$12
Dollars in Millions
Sewer Operating Rev vs. Exp
Fiscal 2007-08
2007-08-Revenues
2007-08-Expenditure
INTERNAL SVCS FUNDS
15
INTERNAL SERVICE FUND ANALYSIS:
EQUIPMENT MAINTENANCE & FLEET SERVICES FUND—FINAL 2007-08 YEAR-END
(Revenues vs. Expenditures—Cumulative)
EQUIPMENT MAINTENANCE FUND EXPENDITURES — Significant increases in fuel costs during the year have contrib-
uted to higher than expected expenditures in the Equipment Maintenance & Fleet Services division. These costs are
charged out to user departments, such as public safety (police cars and fire trucks) in the General Fund, the Trans-
portation Department (buses), Refuse Operations (sanitation vehicles), and Sewer Operations. The final year-end
expenditures for the EM&FS Division came in slightly higher than budgeted projections by just under 0.5%. The goal
of an Internal Service Fund is to break even at the end of a fiscal year. The Division has continued to maintain its
high standards, and were again recognized as one of the very best fleets in North America during calendar year 2007.
A major project installed, maintained, and monitored by the Division during fiscal 2007-08 is the Transit Department’s
new Automatic Vehicle Locator (AVL) system, which has been installed on all City buses.
EQUIPMENT MAINTENANCE FUND REVENUES — As mentioned above, the goal of an Internal Services Fund is to
break even at the end of a reporting period. Current charge-outs for the Division are mostly in-line with expenditures,
and year-end revenues are almost equal to year-end expenditures. Fuel costs and increases in tools and equipment
have continued to go up the last few years. The Fund has run a deficit the last few fiscal years, and further analysis
will be done during fiscal 2008-09 to ensure all charges are properly recorded and received. Charge-outs for fiscal
2007-08 were closely monitored to ensure receipts were received and recorded in a timely manner.
EM&FS EXPENDITURES
2006-07 2007-08
July $ 300,132 $ 291,739
August 498,491 491,369
September 467,973 729,168
October 685,297 578,562
November 614,390 484,018
December 398,523 516,927
January 570,253 537,330
February 537,146 599,590
March 524,185 688,197
April 633,352 594,281
May 467,048 541,520
June 830,527 844,455
TOTAL EXP $ 6,527,317 $ 6,897,156
Adjusted Budget $ 6,369,462 $ 6,870,800
Equipment Maintenance & Fleet Services
Revenue vs. Expenditure - Fiscal 2007-08
$0
$1
$2
$3
$4
$5
$6
$7
$8
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2007-08-Rev
2007-08-Exp
EM&FS REVENUES
2006-07 2007-08
July $ 487,742 $ 509,682
August 569,053 681,772
September 446,997 515,434
October 578,766 613,361
November 470,644 500,468
December 481,954 708,215
January 506,898 601,120
February 534,025 415,889
March 575,564 673,935
April 558,400 551,152
May 570,660 419,811
June 629,066 697,581
TOTAL RECEIPTS $ 6,409,769 $ 6,888,420
Adjusted Budget $ 6,212,059 $ 6,966,954
Equipment Maintenance & Fleet Services
Revenue vs. Expenditure - Fiscal 2006-07
$0
$1
$2
$3
$4
$5
$6
$7
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2006-07-Rev
2006-07-Exp
Note: Depreciation amounts not included. SELF-INSURANCE FUND REVENUES — Internal service charges for the self-insurance fund are developed annually
based on the projected expenses for the fiscal year and are allocated to each operating division based on a 5-year
experience rating. The amount is charged monthly at relatively equal increments throughout the fiscal year. Final
year-end revenues for fiscal 2007-08 are $7.67 million, which is approximately $0.5 million more than expenditures
(less the transfer). This additional amount is necessary in order to build the fund balance to a sufficient level for the
City to cover potentially large liability claims that may occur at any time. The fund has also been depleted because of
the large transfer of funds mentioned above, of which the City is expecting not to be fully reimbursed from FEMA. The
Self-Insurance Fund has struggled the last several years to maintain a healthy fund balance, and further analysis will
be done in fiscal 2008-09 to ensure the fiscal stability of this extremely important fund.
INTERNAL SVCS FUNDS
16
INTERNAL SERVICE FUND ANALYSIS:
SELF-INSURANCE FUND—FINAL 2007-08 YEAR-END (Revenues vs. Expenditures—
Cumulative)
SELF-INSURANCE FUND EXPENDITURES — The primary function of the Self Insurance fund is to pay insurance
and claims costs for the City’s General Liability, Workers’ Compensation, and Property programs. There are often
anomalies in expenditures that result from a judgment or settlement of a particular claim. In 2007-08, a large transfer
to the CIP fund ($3.6 million) was necessary to repair the Cranks Road hillside. This transfer is shown on the chart
and in the table above in the month of June. The repair of the hillside was a result of a settlement with homeowners
affected by a hill slide in 2005. After adjusting for that one-time expenditure, total workers’ compensation and general
liability claims costs are actually less than the same point last year. Less the transfer of $3.6 million, final year-end
expenditures came in at approximately $7.1 million.
SIF Expenditures
2006-07 2007-08
July $ 153,900 $ 58,341
August 375,951 1,916,546
September 1,583,018 470,758
October 437,052 366,042
November 514,261 559,913
December 262,380 199,417
January 438,291 977,875
February 1,877,544 127,968
March 391,740 686,842
April 382,803 457,858
May 529,753 581,710
June 628,730 4,334,516
TOTAL EXP $ 7,575,423 $ 10,737,786
Adjusted Budget 7,442,927 11,072,650
SIF Revenues vs. Expenditures
Fiscal 2007-08
$0
$2
$4
$6
$8
$10
$12
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2007-08-Revenue
2007-08-Expenditure
SIF Revenues
2006-07 2007-08
July $ 639,813 $ 582,737
August 643,878 623,861
September 690,930 622,582
October 735,469 626,233
November 633,941 624,557
December 635,328 648,313
January 632,191 630,713
February 640,449 616,418
March 682,001 655,223
April 655,314 589,086
May 659,847 613,407
June 627,433 840,446
TOTAL RECEIPTS $ 7,876,594 $ 7,673,576
Adjusted Budget 7,515,002 7,274,613
$0
$2
$4
$6
$8
$10
Dollars in Millions
SIF Revenues vs. Expenditures
Fiscal 2006-07
2006-07-Revenue
2006-07-ExpenditureSpecial
Gas T ax
7%
Grants
C apital
20%
Gen F und
C apital
60%
Other
5%
A rt F und
4%
A sset
Seizure
4%
Adjusted
Budget
Expended in
2007/08
Major Projects:
Street & Alley Improvements $3,290,515 $2,046,296 Residential Paving, Carson St, Sepulveda Blvd
Traffic Signal & Lighting Improvements $3,102,386 $720,085 Fox Hills ATSS
Bridge Improvements $3,252 $2,240 Pedestrian Bridge Landscaping
Parking Improvements $88,690 $160 Parking Meter Repair/Replacement
Community Improvements $1,325,258 $374,769 Art Fund Projects
Parks & Park Facility Improvements $1,608,308 $716,873 Skate park, Dog park, Culver West park
Police & Fire Improvements $6,171,927 $1,237,696 Fire Station #3, CAD/RMS/MDT, Firing Range
Sewer & Storm Drain Improvements $6,329,118 $3,422,573 Blackwelder/Smiley, Cranks Rd, Drakewood Ave
Other Facility & Equipment Improvements $5,235,895 $3,177,596 Cranks Slope Repair, Other City Bldg Repairs
Total Budget
Funding Source
Expended
in 2007/08
Expected
Completion
1. Fire Station #3 $6,527,000 54% - Gen Fund Capital
46% - RDA Bond
$221,030
$2,109,400
Dec. 2008
2. Cranks/Tellefson Hill Slide Repair $3,695,580 100% - Self Insurance Fund
($$ trsfrd to Gen Fund Cap)
$2,978,540 Aug. 2008
3. Fox Hills Area Traffic Signal Synch Project $2,033,500 73% - Grants Capital
11% - Special Gas Tax
9% - Developer Mitigation
7% - Gen Fund Capital
$482,368
$50,367
$0
$0
June 2009
4. Public Safety CAD RMS MDT Project $1,642,098 100% - Gen Fund Capital $887,595 Nov. 2008
go-live
5. Residential Overlay (Street paving) $1,512,600 53% - Gen Fund Capital
20% - Grants Capital
18% - Sewer Fund
9% - Special Gas Tax
$961,691
$299,221
$308,835
$143,390
Completed
June 2008
CAPITAL PROJECTS
17
CAPITAL PROJECTS:
TOP 5 CAPITAL PROJECTS (by total budget)
CAPITAL IMPROVEMENT EXPENDITURES BY CATEGORY
NOTABLE ACTIVITY:
Many significant capital projects are continuing to move forward,
including Fire Station #3, the Public Safety CAD/RMS/MDT pro-
ject, and the Residential Overlay Program. Work on Phase I of
the Residential Overlay Program was completed by May 2008
and Public Works/Engineering is moving forward with additional
street paving projects using the first round of Prop 1B bond
funds from the state (Phase II). The City anticipates another
allocation of Prop 1B funds in FY 2008/09, which will continue to
help catch up on some of the street paving backlog and address
some deferred maintenance issues.
MAJOR CIP FUNDING SOURCES
Total = $27,155,349
OTHER FUNDS
18
OTHER FUND ANALYSIS:
FUND ANALYSIS FOR OTHER FUNDS—FINAL 2007-08 YEAR-END:
PARKING MAINTENANCE FUND — Final year-end revenue receipts through June 2008 are
103.8% of budgeted projections and exceeded budgeted projections by almost $36,000. Ap-
proximately $780,000 of Parking Maintenance revenues are transferred to the General Fund each year to pay for street
related general maintenance work. This fund has continued to meet or exceed budgeted projections for the last sev-
eral years. On-going filming on City streets has also contributed to the continued viability of this fund. Expenditures
(other than transfers) can be found in the CIP section on Page 17.
OPERATING GRANTS FUND — Grants operating revenue receipts are comparable to Grant
operating expenditures through June 2008. The Accounting Division has done an outstanding
job working with departments/divisions who oversee grant funded projects, to ensure the City properly follows grant
policies and requirements, meets reporting deadlines, and ensures the City is reimbursed in a timely manner.
CAPITAL GRANTS FUND — Several years ago the City’s Capital Grants Fund had several
million dollars in outstanding grants reimbursements. Through diligent oversight from Account-
ing and staff in various departments who oversee these grants, this balance has been cleaned up, and is now regularly
reviewed to ensure the City stays in compliance with all grant spending requirements and is reimbursed on a regular
basis. It is also the policy of the City not to appropriate any Capital Grant funds unless a signed letter authorizing the
receipt of the grant funds from the authorizing agency has been received. This has helped keep this fund in good
shape, and ensures the City is reimbursed in a timely manner.
EQUIPMENT REPLACEMENT FUND (ERF) — The ERF Fund continues to maintain a healthy
balance, and is able to fund emergency replacements when needed. During fiscal 2007-08,
approximately $2.8 million was budgeted for replacement vehicles, including six (6) Refuse side-loaders and fifteen
(15) Public Safety vehicles. Funding is reimbursed to the Fund by Departments through an ?amortization? schedule
that ensures replacement funding for vehicles at the end of their useful lives. Funding is collected and recorded on a
monthly basis.
SPECIAL GAS TAX (HIGHWAY USERS TAX) — The state deferred payment of cities Gas
Tax payments beginning in April 2008, and kept its promise of paying back cities the withheld
funds in September, not including interest. Because of the timing of receipt of this refunded money, it has been re-
corded in fiscal 2008-09 instead of fiscal 2007-08. Culver City’s portion of the deferred Gas Tax for fiscal 2007-08 is
approximately $253,568. Final year-end receipts for fiscal 2007-08 are $525,213, or 69.5% of adjusted budget. This
fund would have met the budget projection if the monies were received in a timely manner. Fiscal 2008-09 will show
an increase due to the pay-back amount. Gas Tax is received from the 18¢ paid on each gallon of gasoline. When the
price of gasoline goes up, this amount stays constant and can only be changed per legislative action. It has remained
this amount since 1994. Page 17 identifies some CIP projects currently funded with Gas Tax funds.
ARTS IN PUBLIC PLACES — Receipts for Arts in Public Places did not meet projections due
to anticipated receipts for this year being received at the tail-end of the prior fiscal year. This
fund continues to maintain a strong fund balance, and new development activity in the City has helped maintain it.
If a developer elects not to place artwork on a new site or have the building architecture considered art for fulfilling the
purposes of the City’s public art requirement, they can pay up to 1% of the total building cost into the Art Fund. This
funding is a special revenue source and can only be used for Public Art purposes. No funding is ever appropriated
above the amount available.
PARKS FACILITY FUND (QUIMBY FEES) — Park Facility Funds came in much higher than
anticipated, and final year-end figures are $112,011, or 280% of current budget projections.
This is a special revenue that can only be used for parks related projects. Parks Facility Fees are received on new
residential development of four or more units. With some of the mixed use developments occurring in the city, there is
potential for further receipts coming in under this category. The current economic slowdown, though, may place a
damper on this much needed capital funding source just when it was beginning to come back to life. The last few
years have only seen this category in the $40,000 range, and previous to this, anywhere from $4,200 to $19,000 annu-
ally since 2000.
NORMAL
NORMAL
NORMAL
NORMAL
NEGATIVE
NEGATIVE
POSITIVE FINANCIAL
FINANCIAL
MONITORING
MONITORING
REPORT
REPORT
CURRENT MONTH YEAR TO DATE PAGE
Notable News and Activity Page 2
Fund Balances Available for Projects and
Programs
Page 3
Unrestricted Funds
Revenues and Expenditures Summary
NEGATIVE
BELOW BUDGET
NEGATIVE
BELOW BUDGET
Page 3
Expenditure Overview NORMAL NORMAL Page 4
Expenditures by Category
NORMAL
NORMAL
BELOW BUDGET
Page 4-6
Revenue Overview NORMAL NEGATIVE Page 7
Assessed Valuations NORMAL POSITIVE Page 8
Tax Increment Revenue Overview NORMAL NORMAL Page 8
Tax Increment by Project Area NORMAL NORMAL Pages 8-9
Other Revenues MIXED MIXED Page 10-11
Housing Funds
Housing Fund (Expenditures/Revenues) NORMAL NORMAL Page 12
Tax Exempt Bond Fund
Tax Exempt Bond Fund (Expenditures/Revenues) NORMAL NORMAL Page 13
PERFORMANCE AT A GLANCE
FINAL YEAR-END FY 2007-08
POSITIVE or
BELOW BUDGET
= Revenues greater than 5% ABOVE Adjusted Budget; or
Expenditures greater than 5% BELOW Adjusted Budget
NORMAL
= Actual within 5% of Adjusted Budget
NEGATIVE or
EXCEED BUDGET
= Revenues greater than 5% BELOW Adjusted Budget; or
Expenditures greater than 5% ABOVE Adjusted Budget
MIXED or
WARNING
= Category contains both positive and negative financial results; or
Financial activity currently normal; however, there are potential factor(s) that may impact future financial activity
REDEVELOPMENT
AGENCY
FINAL YEAR-END
SUMMARY
RDA Finishes 2007-08 Much Like They Began The Year
The Redevelopment Agency finished fiscal year 2007-08 in
a similar financial position in which it ended fiscal year
2006-07, land rich — cash poor. Despite opening escrow
on the sale of a number of parcels, in all cases, the pur-
chaser has had difficulty securing project financing due to
the current state of the economy. As a result, proceeds
from those land sale deals will be delayed into FY 2008-09
and possibly into FY 2009-10. In addition, a few out-
standing eminent domain cases were finalized in FY 2007-
08.
Consequently, despite strong tax increment revenues
(approx. 10% better than the FY 2006-07), the RDA spent
about $3.2 million more than it took in during FY 2007-08
and made an interest only payment on the $9 million loan
from the City.
Entering the 2009-10 budget process, the RDA will be re-
viewing all projects and programs that were approved dur-
ing the 2008-09 budget process and make any necessary
adjustments to ensure that the fiscal health of the RDA is
maintained through the current economic downturn.
2
RDA Final Year End
Unrestricted Funds
Beginning Cash Balance (6.30.07):
$13,700,000
2007-08 Revenues:
$36,000,000
2007-08 Expenditures:
$39,200,000
Ending Cash Balance (6.30.08):
$10,770,000*
Tax Exempt Bonds
Beginning Cash Balance (6.30.07):
$24,900,000
2007-08 Revenues:
$1,050,000
2007-08 Expenditures:
$4,100,000
Ending Cash Balance (6.30.08):
$21,850,000*
Housing Set Aside Fund
Beginning Cash Balance (6.30.07):
$15,141,000
2007-08 Revenues:
$6,900,000
2007-08 Expenditures:
$3,600,000
Ending Cash Balance (6.30.08):
$19,000,000*
*Note: Due to some balance sheet adjustments
(e.g. depreciation, capitalized assets, long term
debt, etc.), Beginning Balance + Revenues -
Expenditures may not exactly equal the Ending
Balance.
RDA BUDGET REPORT
3
CASH AVAILABLE for CAPITAL INVESTMENT
FUND BALANCE AVAILABLE FOR PROJECTS/PROGRAMS:
TOTAL UNRESTRICTED REVENUES and EXPENDITURES: (cumulative)
In FY 2007-08, expenditures exceeded
revenues by approximately $3.2 million.
This is due primarily to one-time costs related to settlement of a few
eminent domain cases. As a result, the estimated available cash
balance has been reduced to approximately $10.7 million.
Total expenditures in FY 2007-08 were approximately $16 million
LESS THAN total expenditures in FY 2006-07. The reduction in ex-
penditures is a result of significantly less land acquisition activity;
about $23 million was expended on land acquisition in FY 2006-07
vs. less than $6 million in FY 2007-08.
Total revenues in FY 2007-08 were also approximately $12 million
less than FY 2006-07 revenues. Again, this was due primarily to $12
million in land sale proceeds being received in FY 2006-07 while no
land was sold in FY 2007-08 (although a number of properties are
currently in escrow). More detail on revenues and expenditures can
be found in the following sections of this report.
Actual Actual Estimated Estimated
Ending Ending Ending Ending
2006-07 2007-08 2008-09* 2009-10*
Unrestricted Funds $13,700,000 10,770,000 2,040,000 7,900,000
Housing Set Aside $15,141,000 19,000,000 14,000,000 12,500,000
Tax Exempt Bonds $24,900,000 21,850,000 8,750,000 3,400,000
The ending balance for each fund represents the approximate amount of cash capital available for investment in new projects or pro-
grams. The estimated balance for unrestricted funds as of June 30, 2008 (i.e. tax increment, parking revenues, theatre revenues,
etc.) is approximately $11.3 million. The ending balances above include an interest only payment on the $9 million loan from the
City made in FY 2007-08, and assumes the $9 million principal and $500,000 interest payment is made in FY 2008-09. The estimated
ending balance for FY 2008-09 and FY 2009-10 assumes that 100% of the adjusted budget is expended and includes the $2.25 mil-
lion ERAF obligation. The ending balance in FY 2009-10 rebounds as an infusion of land sale proceeds is expected as the Agency
sells off some land position. The Agency Board is currently reviewing a Comprehensive Housing Strategy to identify viable projects
to begin using the Housing funds significant cash balance. During the FY 2008-09 and 2009-10 budget process, the RDA pro-
grammed most of its remaining tax exempt bond funds on various public improvement projects throughout the City.
NEGATIVE
Revenues & Expenditures
FY 2006-07
$(10)
$-
$10
$20
$30
$40
$50
$60
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
Revenues
Expenditures
($5)
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Dollars in Millions
2007-08 Revenue 2007-08 Expenditure
2007-08
Revenue
2007-08
Expenditure
Jul $ (395,530) $ (49,291)
Aug 656,599 (22,670)
Sep 368,304 4,950,808
Oct 415,202 282,921
Nov 3,676,946 13,615,577
Dec 9,651,356 5,526,037
Jan 1,965,506 1,602,987
Feb 3,912,079 1,441,268
Mar 1,378,423 1,279,876
Apr 6,434,458 2,277,211
May 4,831,876 4,804,443
Jun 3,042,264 3,488,150
TOT Y-T-D 35,937,483 39,197,317
Adj Budget 33,006,077 42,969,759
RDA BUDGET REPORT
4
UNRESTRICTED FUND EXPENDITURES:
TOTAL UNRESTRICTED FUNDS EXPENDITURES: (cumulative)
ADMINISTRATIVE EXPENSES: (cumulative)
EXPENDITURE ANALYSIS BY CATEGORY:
Final Unrestricted Funds expenditures were 91% of the adjusted budget for FY 2007-08.
Expenditures in FY 2007-08 were well below FY 2006-07 because there was significantly more
land acquisition activity in FY 2006-07 (about $23 million) than in FY 2007-08 (about $6 million).
Redevelopment expenditures are relatively sporadic on a monthly basis as there are often spikes in expenditures due
to land acquisition costs or other one-time development related costs. Generally, the month of November has the most
cash going out the door as that is when the annual debt service payments for RDA bonds are due (i.e. principal and
interest payments to bond holders). The following sections will provide more detail on RDA expenditures by category.
The Redevelopment Agency reimburses the City for all City staff whose position is impacted by
RDA activities. This includes all Redevelopment, Economic Development, and Cultural Affairs
division staff as well as partial reimbursement for positions in Planning, Building Safety, Code Enforcement, City Attor-
ney, Police, Fire, PRCS, Public Works, etc. Administrative expenditures also include operating expenses and contract
costs for RDA activities. Reimbursement expenses for staff positions are prorated and transferred from the Agency to
the City on a monthly basis. Due to salary savings from vacant positions and savings in operating expenses, Adminis-
trative Expenses were 87% of the adjusted budget for FY 2007-08.
BELOW BUDGET
BELOW BUDGET
2006-07 2007-08
Jul $ (500,262) $ (49,291)
Aug 5,714,833 (71,962)
Sep 6,156,537 4,878,846
Oct 13,292,841 5,161,767
Nov 30,259,301 18,210,871
Dec 36,811,212 23,736,907
Jan 38,336,172 25,339,894
Feb 39,887,799 26,781,162
Mar 42,569,594 28,061,038
Apr 44,693,289 30,338,249
May 50,244,075 35,651,649
Jun 55,909,687 39,197,317
TOT Y-T-D 55,909,687 39,197,317
Adj Budget 47,108,917 42,726,758
Total RDA Expenditures
$(10)
$-
$10
$20
$30
$40
$50
$60
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
2006-07 2007-08
Jul $ (329,591) $ (118,918)
Aug (193,330) (95,447)
Sep (174,226) (8,262)
Oct (51,090) 145,569
Nov (19,424) 159,887
Dec 1,853,377 2,408,226
Jan 1,934,748 3,004,974
Feb 2,008,641 3,466,404
Mar 2,129,162 3,922,847
Apr 2,170,580 4,360,913
May 2,328,065 4,800,838
Jun 4,891,866 5,354,653
TOT Y-T-D 4,891,866 5,354,653
Adj Budget 5,993,953 6,126,231
Administrative Expenses
$(1)
$-
$1
$2
$3
$4
$5
$6
$7
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
07-08 Budget
RDA BUDGET REPORT
GENERAL OBLIGATION EXPENSES: (cumulative)
UNRESTRICTED FUNDS EXPENDITURE ANALYSIS:
Ongoing programs and projects expenses at year end came in at approximately 54% of the ad-
justed budget for FY 2007-08. Ongoing programs include expenses for economic development
projects, real property management (i.e. management of the parking structures and parking lots), and cultural affairs pro-
grams such as the Culver City Music Festival, Farmers’ Market, Music in the Chambers, and the Art of… Speaker Series.
Due to the vacancy in the Economic Development Manager position for most of FY 2007-08, economic development was
unable to complete much of their work program and therefore did not expend a significant portion of the program budget.
The Economic Development Manager position has since been filled and getting back on track with implementation of the
work program. Also, management costs for the three downtown parking structures (Cardiff, Ince, and Watseka) were signifi-
cantly under budget (a combined $700,000 under budget). This is because the full cost of the contract is budgeted, however,
the revenues from transient parking that is collected by Modern Parking each month is deducted from their monthly fee and
the RDA pays any difference. This system is being reviewed and a change will be proposed by staff when the current con-
tract with Modern Parking expires in June 2009.
ONGOING PROGRAMS/PROJECTS: (cumulative)
5
General Obligation (GO) expenses were approximately 98% of the adjusted budget for FY 2007-08.
GO expenses are payments that the Agency is legally required to make. The largest GO expense is
debt service on RDA bond issues (i.e. principal and interest payments to bond holders), which is paid each year in November.
Other GO expenditures include statutory pass through payments, transfers to the Housing fund for the 20% statutory housing
set aside, loan repayment to the City, and ERAF payments (not applicable in FY 2007-08). The RDA paid approximately
$500,000 in interest to the City in FY 2007-08. A $2 million principal payment was made in July 2008 (fiscal 2008-09).
The remaining principal balance on the original $9 million loan from the City is $7 million.
NORMAL
BELOW BUDGET
2006-07 2007-08
Jul $ (177,364) $ 81,994
Aug - -
Sep 625 1,334,270
Oct 1,219,096 1,334,270
Nov 11,613,389 11,982,956
Dec 13,893,776 14,920,376
Jan 14,295,281 15,313,428
Feb 15,207,512 16,187,369
Mar 15,452,088 16,925,915
Apr 16,612,960 18,537,553
May 21,820,981 23,249,932
Jun 22,684,654 24,530,550
TOT Y-T-D 22,684,654 24,530,550
Adj Budget 21,278,143 25,131,668
General Obligation Expenses
$(5)
$-
$5
$10
$15
$20
$25
$30
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
2006-07 2007-08
Jul $ 44,193 $ (12,367)
Aug 127,178 18,214
Sep 359,119 126,080
Oct 444,875 237,704
Nov 480,468 311,940
Dec 951,317 608,611
Jan 1,059,659 780,220
Feb 1,138,820 862,875
Mar 1,223,121 941,360
Apr 1,256,206 1,061,808
May 1,407,058 1,196,300
Jun 2,222,889 1,693,106
TOT Y-T-D 2,222,889 1,693,106
Adj Budget 3,048,870 3,118,088
Ongoing Programs/Projects
$(1)
$-
$1
$2
$3
$4
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
RDA BUDGET REPORT
CURRENT PROJECTS: (cumulative)
UNRESTRICTED FUNDS EXPENDITURE ANALYSIS:
Expenditures on Potential Projects at year end were approximately 95% of the adjusted
budget for FY 2007-08. Potential Projects include expenses for opportunity sites as they
arise in various parts of the City, such as potential sites on Mid-Washington, Selmaraine/Sepulveda, Jefferson Blvd
and the Hayden Tract. A majority of the expenses are on appraisals, exploratory studies, and other expenses related
to evaluating a potential redevelopment site. The primary expenditure in FY 2007-08 was exercising an option ($1.1
million) to purchase the remainder of the Pleasantview site on Washington Blvd as a possible future redevelop-
ment site.
POTENTIAL PROJECTS: (cumulative)
6
Expenditures on Current Projects at year end were approximately 91% of the adjusted
budget for FY 2007-08. Current Projects are projects that are currently underway, such as
Washington/Centinela, Washington/National, and the Baldwin Motel. Property acquisition costs are also included in the
Current Projects category and makes up the primary expenditure. Approximately $6 million was spent on property ac-
quisition in 2007-08, primarily to settle the Agency’s existing eminent domain cases. There was a significant reduction in
property acquisition from the FY 2006-07 with almost $23 million in property acquisition costs. This expenditure category
had the most significant drop from last fiscal year.
2006-07 2007-08
Jul
$ (37,500) $ -
Aug
5,818,485 4,846
Sep
189,964 3,421,487
Oct
5,708,941 16,296
Nov
6,504,908 2,311,864
Dec
1,919,324 37,880
Jan
929,874 376,231
Feb
481,692 23,242
Mar
2,231,702 6,402
Apr
880,326 107,059
May
28,978 26,604
Jun
1,411,892 83,325
TOT Y-T-D
26,068,586 6,415,236
Adj Budget
16,547,177 7,086,497
Current Programs/Projects
$(5)
$-
$5
$10
$15
$20
$25
$30
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
BELOW BUDGET
BELOW BUDGET
2006-07 2007-08
Jul $ - $ -
Aug - 425
Sep 70 425
Oct 70 1,595
Nov 70 1,595
Dec 8,620 7,321
Jan 12,488 72,668
Feb 17,138 72,668
Mar 17,833 72,668
Apr 25,827 72,668
May 31,277 72,668
Jun 41,692 1,203,772
TOT Y-T-D 41,692 1,203,772
Adj Budget 240,774 1,264,274
Potential Projects
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Thousands
2006-07
2007-08
2007-08 Budget
RDA BUDGET REPORT
7
UNRESTRICTED FUNDS REVENUE ANALYSIS
TOTAL UNRESTRICTED FUNDS REVENUE THROUGH YEAR-END:
Fiscal 2006-07 vs Fiscal 2007-08 (cumulative)
UNRESTRICTED REVENUES — Revenues for FY 2007-08 were approximately $36 million as compared to $48
million in revenues last year. The reduction in revenue is primarily due to about $12.5 million in one-time land sale
proceeds that were realized in FY 2006-07 (i.e. Lindblade properties, 4043 Irving Pl, and 9900 Culver Blvd) as well as
some revenue sources that declined in FY 2007-08 (i.e. Pacific Theaters and Parking revenue). After adjusting out the
one-time land sale proceeds and other one-time adjustments*, FY 2007-08 revenues were about $1.5 million more
than FY 2006-07 revenues. This is mainly a result of continued strong tax increment growth ($2.8 million in-
crease in TI receipts). However, poor receipts from Pacific Theaters, parking revenues (resulting from Writers’
strike and decreased studio production), and interest income offset some of the growth in TI for a total net in-
crease of $1.5 million.
Land Sale Proceeds — Despite opening escrow on two properties, the RDA did not sell any land in FY 2007-
08. However, three pieces of property are currently slated to be sold to developers, including Parcel B and the Baldwin
Motel site and Washington/Centinela. Due to the current state of the credit markets, it is unclear at this time when the
developers will be able to secure financing for their project and when the Agency will receive the proceeds for these
land sales. Staff will continue to update the Agency Board on the status of these projects.
City Loan to the Agency — In FY 2006-07, the Redevelopment Agency found itself in a land rich, cash poor situation.
Some of the Agency owned land was purchased with tax exempt bond proceeds, which restricted the use of that land
to public improvements (e.g. parkland, parking lots, or infrastructure improvements). In order to allow more flexibility
for the use and disposition of that land, the RDA needed to replace the tax exempt bond funds with unrestricted tax
increment funds. Since the RDA did not have that amount of cash on hand, the City loaned the Redevelopment
Agency $9 million to replace the tax exempt bond funds with unrestricted funds. This loan was made at a 6.5% interest
rate, compounded annually. In FY 2007-08, a $500,000 interest payment was made and a $2 million principal
payment was made in July 2008. The current outstanding balance is $7 million, plus all applicable interest.
SUMMARY — The RDA experienced approximately 10% growth in gross tax increment receipts in 2007-08. However,
due to a number of underperforming revenue sources (such as Pacific Theaters and parking revenues) and no land
sale proceeds, FY 2007-08 revenues were well below FY 2006-07 revenues. Despite the sluggish economy, healthy
tax increment growth is expected to continue over the next few years as current development projects such as the
Westfield Shopping Mall renovation and improvements at Sony studios are completed and hit the tax rolls. Addition-
ally, expected land sale proceeds in 2008-09 and 2009-10 should give the Redevelopment Agency an infusion of cash
to pay back the loan to the City or initiate new projects.
*One-time adjustments = recording of $1.5 million Akselrod note and $500,000 adjustment for FY 2005-06 TI receipts.
2007-08 2006-07
Jul $ (395,530) $ 7,104
Aug 656,599 612,417
Sep 368,304 386,765
Oct 415,202 2,755,046
Nov 3,676,946 9,158,540
Dec 9,651,356 8,717,465
Jan 1,965,506 2,007,880
Feb 3,912,079 7,308,540
Mar 1,378,423 1,460,304
Apr 6,434,458 5,198,605
May 4,831,876 5,185,795
Jun 3,042,264 5,536,717
TOT Y-T-D 35,937,483 48,335,178
Adj Budget 33,006,077 28,192,644
RDA Total Revenues
$(10)
$-
$10
$20
$30
$40
$50
$60
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
Budget
RDA BUDGET REPORT
8
UNRESTRICTED FUNDS REVENUE ANALYSIS (continued):
TAX INCREMENT:
Fiscal 2006-07 vs Fiscal 2007-08 (cumulative)
ASSESSED VALUATIONS: Fiscal 2005-06, 2006-07, and 2007-08
The Budget projection for fiscal 2007-08 was increased at mid-year by $2.9 million from $26.8
million to $29.6 million based on the updated Assessed Valuation report from the County Asses-
sor’s office received annually in August. The increase in the Redevelopment Project Areas per the County Assessor’s
report was a little more than 12% (actual receipts only increased by approx. 10% because statutory pass through pay-
ments and administrative fees to Los Angeles County are deducted from the gross TI payment sent by the County).
Tax Increment growth is expected to remain healthy in FY 2008-09 and FY 2009-10 due to development currently be-
ing constructed (e.g. Westfield Shopping Mall renovation and Sony parking lot) as well as development currently in the
pipeline, such as 9900 Culver Blvd, Parcel B, and Washington/Centinela. However, due to the current state of the
credit markets, which is now beginning to have a significant impact on construction financing, TI receipts are expected
to slow by late FY 2009-10 and FY 2010-11.
Per Proposition 13 passed by California voters in 1978, a property’s value is assessed when it is purchased or sig-
nificantly remodeled. Once the assessed value is established, it cannot increase by more than 2% per year until the
property is sold or remodeled, at which time it is re-assessed. The property owners’ annual property tax is calcu-
lated as 1% of the assessed value. The Redevelopment Agency receives tax increment based on the increase in
assessed value over a base year (base year = the year that a particular project area was established). The table
below shows the total assessed values and % change from the prior year for each project area for the three most
recent years.
2005-06
% change
prior year 2006-07
% change
prior year 2007-08
% change
prior year
Project Area 1 $696,654,645 2.86% $741,987,037 6.51% $899,729,335 21.26%
Project Area 2 $528,439,077 7.16% $576,349,621 9.07% $636,801,158 10.49%
Project Area 3 $1,220,605,913 5.03% $1,284,738,339 5.25% $1,375,974,122 7.10%
Project Area 4 $480,947,058 2.30% $513,029,124 6.67% $590,320,656 15.07%
$2,926,646,693 4.42% $3,116,104,121 6.47% $3,502,825,271 12.41%
NORMAL
Total All Component Areas
2006-07 2007-08
July $ - $ -
August - -
September - -
October - -
November 2,471,416 3,084,339
December 10,886,956 12,665,357
January 12,417,929 14,215,606
February 16,035,595 17,853,213
March 17,003,194 18,975,948
April 22,029,031 25,022,879
May 26,927,057 29,707,362
June 28,460,085 31,387,713
TOTAL $ 28,460,085 $ 31,387,713
Adj Budget $ 24,220,000 $ 29,593,000
Tax Increment - All Project Areas
$-
$5
$10
$15
$20
$25
$30
$35
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
RDA BUDGET REPORT
9
UNRESTRICTED FUNDS REVENUE ANALYSIS (continued):
TAX INCREMENT by COMPONENT AREA:
Fiscal 2006-07 vs Fiscal 2007-08 (cumulative)
The above graphs illustrate the
magnitude of tax increment gener-
ated from each of the four project
areas. Project Areas 1 and 3 gen-
erate the most tax increment, with
FY 2007-08 receipts of $9.1 million
and $13 million, respectively. Pro-
ject Area 1 is comprised primarily
of the Fox Hills area (seen here in
blue). Project Area 3 is com-
prised primarily of the Hayden
Tract and Downtown areas (seen
in red). Project Area 2 is com-
prised primarily of the Jeffer-
son/Overland intersection (seen
in yellow) and Project Area 4 is
comprised primarily of West
Washington Blvd and Sepulveda
Blvd.
Project Area 1
$-
$2
$4
$6
$8
$10
$12
$14
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
Project Area 2
$-
$2
$4
$6
$8
$10
$12
$14
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
Project Area 3
$-
$2
$4
$6
$8
$10
$12
$14
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
Project Area 4
$-
$2
$4
$6
$8
$10
$12
$14
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
2006-07
2007-08
2007-08 Budget
RDA BUDGET REPORT
10
UNRESTRICTED FUNDS REVENUE ANALYSIS (continued):
REVENUE SOURCES:
Fiscal 2006-07 vs Fiscal 2007-08 (cumulative)
Pacific Theatre
2006-07 2007-08
July 91,770 -
August 128,562 -
September 163,466 248,471
October 94,202 125,539
November 20,343 1,786
December 128,939 1,786
January 137,587 112,184
February 153,384 182,126
March 147,478 1,786
April 47,719 -
May 66,962 3,572
June 506,545 196,961
TOTAL 1,686,957 874,211
Adj. Budget 800,000 1,200,000
Farmers' Market
2006-07 2007-08
July 7,896 11,234
August 13,160 14,155
September 10,087 10,426
October 9,773 10,461
November 10,806 11,378
December 3,918 4,522
January 7,713 5,118
February 7,894 10,472
March 8,694 9,330
April 9,755 12,579
May 13,139 10,919
June 11,573 11,100
TOTAL 114,408 121,694
Adj Budget 100,000 105,000
Pacific Theaters fell short of the $1.2 million budget projection by almost $325,000. There
were a number of factors that impacted performance. A lack of quality film product throughout
the entire industry and a sluggish economy caused there to be two months in which the Theater did not make enough
revenues to fulfill all obligations (including operations, taxes, and debt service). In those months, the Agency did not
receive any revenue and had to pay out to cover those obligations. Additionally, Oliver McMillan had to increase
withholdings related to the annual property tax payment to the County of Los Angeles due to a higher than expected
initial assessed value. OM is appealing this assessed value and is confident that the assessment will be re-
evaluated. Any adjustments will be reflected in FY 2008-09.
NEGATIVE
The Farmers’ Market received almost $115,000 and exceeded the budget projection by almost
9% ($10,000). The Farmers’ Market continues to be a popular and successful downtown
event.
POSITIVE
Pacific Theatre
$0
$450
$900
$1,350
$1,800
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Thousands
2006-07
2007-08
2007-08 Budget
$-
$20
$40
$60
$80
$100
$120
$140
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Thousands
2006-07
2007-08
2007-08 Budget
Farmers Market Income
RDA BUDGET REPORT
11
Unrestricted Funds Revenue Analysis (continued):
OTHER REVENUE SOURCES (cont.):
Fiscal 2006-07 vs Fiscal 2007-08 (cumulative)
LAND SALE PROCEEDS — The FY 2007-08 adopted budget included approximately $11.5 million in land sale
proceeds in anticipation of the sale of Parcel B, Baldwin Motel, and Pleasantview sites. At mid-year, the budget was
reduced to include only the sale of the Parcel B site for $5.9 million. Escrow for Parcel B was originally scheduled to
close prior to June 30, 2008; however, with the tightening of the credit market, close of escrow has been delayed,
but is expected to close prior to June 2009.
The state finally adopted a budget 85 days into the new fiscal year. The state is honoring its
constitutional requirement to not take revenues from cities to balance their own budget. How-
ever, the state is diverting $350 million in redevelopment agency revenues in the form of an ERAF shift. Ba-
sically, this requires redevelopment agencies to pay into an Education Augmentation Fund to fund public education,
which lowers the amount that the state is required to fund. Culver City Redevelopment Agency’s ERAF pay-
ment in FY 2008-09 will be approximately $2.25 million. At this point, this is only a one-year payment. How-
ever, due to the severe budget shortfalls being experienced by the state in the current fiscal year, it is a very realis-
tic possibility that the ERAF shift will be extended or even made permanent. Staff will keep the Agency Board ap-
prised of new developments as information becomes available.
Parking
2006-07 2007-08
July 75,728 101,177
August 78,021 121,649
September 127,398 76,377
October 101,623 92,723
November 101,395 116,765
December 124,093 67,513
January 90,620 108,650
February 93,334 46,103
March 127,719 129,622
April 82,842 43,353
May 104,235 80,256
June 77,747 106,047
TOTAL 1,184,755 1,090,235
Adj Budget 832,000 943,120
Parking exceeded budget projections by approx. $150,000 (16%), but fell about $100,000
short of last year’s year end receipts. The Writers’ Guild strike in November, December and
part of January negatively impacted film parking receipts, which were more than $100,000 less than FY 2006-07
(Film Parking receipts = $172,000 in FY 06-07 vs. $66,000 in FY 07-08).
POSITIVE
OTHER NOTES:
WARNING
RDA Parking (Structures and Lots)|10 10|200
400
600
800
1,000
1,200
1,400
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Thousands
2006-07
2007-08
2007-08 Budget
RDA BUDGET REPORT
12
LOW/MODERATE INCOME HOUSING FUND ANALYSIS:
HOUSING FUND:
Revenues and Expenditures (cumulative)
REVENUES — The low/moderate Income Housing funds primary revenue source is tax increment housing set
aside funds. Per the state Health and Safety code, 20% of gross tax increment receipts must be set aside to sup-
port low/moderate income housing programs and projects. Set aside revenues in FY 2007-08 were approxi-
mately $6.3 million.
EXPENDITURES — Low/moderate Income Housing expenditures were approximately 29% of the adjusted
budget. Approximately $7.75 million was appropriated in 2007-08 in anticipation of initiating a few low/moderate
income housing projects. However, due to the development of the Comprehensive Housing Strategy, the division
was unable to begin work on any housing development projects. Of the $3.6 million expended in FY 2007-08, ap-
proximately 50% was expended on housing programs (e.g. Mortgage Assistance, Shared Housing for the Elderly,
and Home Security) and Debt Service. The remaining 50% was spent on administration and management activi-
ties.
OVERALL — For a number of years, the Housing
fund has experience substantial surpluses. In FY
2007-08, the fund experienced a surplus of approxi-
mately $3.3 million to increase the estimated avail-
able cash balance to approx. $19 million. The
Agency needs to begin to spend down this cash bal-
ance before the Housing fund gets into an excess
surplus situation. Currently, the Housing division is
working with the Agency Board to develop a Compre-
hensive Housing Strategy to plan housing develop-
ment activities over the next few years. Once this
strategy is finalized, the division will move forward on
the identified projects.
Revenues & Expenditures
FY 2006-07
$-
$1
$2
$3
$4
$5
$6
$7
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
Revenues
Expenditures
Revenues Expenditures
2007-08 2007-08
Jul
$ 6,332 $ (52,060)
Aug
33,466 114,800
Sep
21,952 87,763
Oct
87,573 82,561
Nov
705,449 52,196
Dec
1,939,384 1,114,943
Jan
422,836 234,455
Feb
747,414 290,272
Mar
338,554 238,400
Apr
1,194,032 284,597
May
960,582 280,090
Jun
478,963 915,689
TOT Y-T-D
6,936,537 3,643,706
Adj Budget
6,865,000 12,330,046
Revenues & Expenditures
FY 2007-08
$(0)
$1
$2
$3
$4
$5
$6
$7
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
Revenues
Expenditures
Total Budget
Total Bond Funding
Bond Funds
Expended to Date
Estimated
Completion
1. Fire Station #3* (93700) $6,527,000 $3,000,000 $2,109,400 Dec. 2008
2. Washington Boulevard Realignment
(93400)
$2,500,000 $2,500,000 $2,500,000 Complete
3. Town Plaza (93400) $3,100,000 $3,100,000 $300,000 FY 2009-10
4. Washington/National (92620) $360,000 $360,000 $276,500 Complete
RDA BUDGET REPORT
13
TAX EXEMPT BOND FUNDS
FISCAL YEAR TO DATE: (cumulative)
CURRENT BOND FUNDED PROJECTS
REVENUES — Tax exempt bond fund revenue is primarily interest income earned on the fund balance. Just over $1
million was earned in interest in FY 2007-08.
EXPENDITURES — Tax exempt bond funds are restricted and can only be used for public improvements and public
infrastructure. Bond funded projects are often similar to Capital Improvement Projects as they are typically larger pro-
jects that may take more than one fiscal year to complete. Typically, the entire project budget is allocated in the first
year and any unspent bond funds are typically carried over to the following year. Current bond projects include Fire Sta-
tion #3, Town Plaza, and the Washington Blvd realignment.
All of the current bond funded projects have been completed or are scheduled for completion in FY 2008-09. During
the most recent budget process, most of the remaining $20 million in bond funds was been allocated for various pub-
lic improvement projects, including the General Plan update, parking improvements, area improvement plans on
Washington Blvd and Sepulveda Blvd, and contributions toward the EXPO light rail project.
*The total budget for Fire Station #3 includes $3 million in Agency Bond funding and $3.5 million in City funding.
Revenues Expenditures
2007-08 2007-08
Jul
$ 15,988 $ -
Aug
36,608 -
Sep
21,178 40,031
Oct
107,166 397,032
Nov
108,928 161,740
Dec
123,173 642,128
Jan
242,300 639,181
Feb
12,608 237,320
Mar
129,919 356,464
Apr
21,672 574,914
May
18,077 462,252
Jun
218,878 876,768
TOT Y-T-D
1,056,495 4,387,831
Adj Budget
400,000 8,019,086
Revenues & Expenditures
FY 2007-08
$(0)
$1
$2
$3
$4
$5
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Millions
Revenues
Expenditures