HomeMy WebLinkAboutC- 7 Budget Amendment/ ERAF shiftAGENCY CONSENT ITEM
TO: THE HONORABLE CHAIRPERSON AND MEMBERS OF THE BOARD j�
FROM: JOSE AMADOR, ASST. ECONOMIC DEVELOPMENT/REDEVELOPMENT DIRECTOR C51
ROSEANNA J. JARA, SR. ACCOUNTANT -REDEVELOPMENT /5nn
VIA: RICK COLE, CITY MANAGER
DATE: MARCH 3, 2003
SUBJECT: BUDGET AMENDMENT/ERAF SHIFT
RECOMMENDATION
It is recommended that the Board of Directors approve the budget amendment and authorize
staff to make payment from tax increment proceeds.
BACKGROUND
On October 1, 2002, the State of California Department of Finance issued a letter advising
each Redevelopment Agency to shift a specified amount of property tax revenues to the
Education Revenue Augmentation Fund (ERAF). For the Azusa Redevelopment Agency, this
amount totals $127,940. This was not originally budgeted in the FY 2002/03 budget;
therefore, the Agency wishes to amend its budget to include the ERAF shift, payable from
current year property tax increment proceeds allocated for the Central Business and West End
Districts, by the County of Los Angeles.
FISCAL IMPACT
This will increase the pass-through of tax increment to other agencies expenditure in the
Central Business and West End Districts' debt service funds, and decrease fund balance in
both funds. See the, following budget amendment.
CITY OF AZUSA BUDGET AMENDMENT REQUEST
(New Appropriation)
Department: Redevelopment Agency Fiscal Year: 2002/03
$10
Requested by: Roseanna Jara Date: February 24, 2003
PROJECTED EXPENDITURE(S): �� FUNnINr^. An"Pr.F.
'Round to the highest
Account # Project # Amount"
Account #
Project # Amount
82-10.125.000-7040
$63,970
82-10-125-000-3601
$63,970
82-10-135.000-7040
$63,970
:: 82-10-135-000-3601
$63,970
:Y.
Total:
Total:
$127,940
�
$127,940
Reason for Amendment: Impact on other
programs:
To budget for the Education Revenue Augmentation Fund (ERAF) Shift imposed by State of
California.
NOTE: 1. Amendments of $25,000 or less require approval of the Finance Director.
2. Amendments between $25,000 and $100,000 require approval of the City Manager and the Finance
Director.
3. Amendments between $100,000 and $1,000,000 require adoption of a resolution by City Council.
4. Amendments over $1,000,000 shall be approved by City Council following a public hearing.
APPROVAL
FINANCE ONLY
Department Head: Date: �7 C7
Processed By:
Date:
Finance Director: Date:
GL Batch:
GL Budget Ref:
City Manager: Date: a a 7 d1->
JL Batch:
JL Budget Ref:
Council Approved on: