03 - JT Reso FY10-11 CRA Budget and Amended City-Agency Agmt

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Resolution Approving FY 2010-2011 CRA Budget & Second Amended Agreement Between City/Agency June 21, 2010 Page 2 The remaining $51,486,485 is the Redevelopment Agency's property tax increment revenue, and represents a 10.5% decline in projected revenue from 2009-2010. The property tax increment revenue is allocated to support the programs and projects of the Agency, including the payment of debt service and obligations totaling $20,131,995 (39.1%), payment to the Low and Moderate- Income Housing Fund totaling 13,573,155 (26.4%) pursuant to California Redevelopment Law, payment of pass-through obligations to other taxing districts totaling $9,935,840 (19.3%), the funding of eligible capital projects totaling $4,807,115 (9.3%), and the management and administration of the merged redevelopment project areas totaling $3,038,380 (5.9%). On an annual basis, the Agreement for Financial and Operating Services between the City and the Agency is reviewed to ensure compliance with changes in California Redevelopment Law and the State Controller's guidelines. The amended agreement has been updated to reflect that the Agency complies with the Gity's policies and procedures. FISCAL IMPACT The fiscal year 2010-2011 Community Redevelopment Agency budget reflects the sum of the appropriations for debt service, contractual, capital projects, and administrative obligations in the merged redevelopment project areas and the Housing Set-Aside fund. APPROVED AS TO FUNDS AND ACCOUNTS: ~~ Nancy T. ards Assistant D ctor Community Development Agency CJN/NTE/mlr Exhibits: 1. Resolution 2. Amended Agreement ~l\~~~ L~Ii L° A\ 1 U sw Y. ~ Francisco Gutierrez Executive Director Finance & Management Services Agency 3-16