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Report # ra-02-002

June 25, 2002

SUBJECT:

Adoption of Fiscal Year 2002/2003 Budget for the Redevelopment Agency of the City of Sunnyvale (RTC#RA02-002)

REPORT IN BRIEF

The Sunnyvale Redevelopment Agency (Agency) is required to adopt an annual budget. It is recommended that the Agency adopt the Fiscal Year 2002/2003 budget as shown in this report.

DISCUSSION

FY 2002/2003 Recommended Budget

Sources of Revenue:

 

Revenue Character

Redevelopment Fund

Property Taxes

$2,401,565

Interest Income

118,046

Rents and Concessions

1,215,678

 

 

The Agency’s budget consists of one fund and one operating program. Capital improvements and special projects are separately identified. Listed below are the proposed expenditures by type:

Expenditure Character

Redevelopment Fund

Operating

$724,108

Debt Service

1,893,253

Repayment to City

1,089,160

Capital Projects

31,000

Transfers Out of General Fund

26,523

Total

$3,764,044

Funds are available in the Redevelopment Fund’s 20-Year RAP reserve for the difference between the resources and expenditures. The recommended budget is comprised primarily of Economic Development operating costs, debt service and repayment to the City.

Attachment A is the resolution for the adoption of the budget for the redevelopment agency.

FISCAL IMPACT

Adoption of a budget for the Redevelopment Agency for Fiscal Year 2002/2003 will authorize appropriate expenditures to be made.

PUBLIC CONTACT

Public contact was made through posting of the Council agenda on the City’s official notice bulletin board, posting of the agenda and report on the City’s web page, and the availability of the report in the Library and the City Clerk’s Office.

ALTERNATIVES

  1. Adopt the budget as recommended above.
  2. Adopt the budget in an amount other than recommended.

RECOMMENDATION

It is recommended that the Agency adopt Alternative A.

Prepared by:

Ryan Minniear
Graduate Management Intern

Reviewed by:

Grace Kim
Finance Manager/Budget

Reviewed by:

Mary J. Bradley
Agency Treasurer

 

Approved by:

Robert S. LaSala
Executive Director-Secretary

 

Attachments

  1. FY 2002/2003 Redevelopment Agency Budget Adoption Resolution

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