060605 RESO Approving FY 2005-06 CDA Budget

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REQUEST FOR AGENCY ACTION AGENCY BOARD MEETING DATE: JUNE 6, 2005 TITLE: RESOLUTION APPROVING FISCAL YEAR 2005 -2006 COMMUNITY REDEVELOPMENT AGENCY BUDGET AND MAKE CERTAIN FINDINGS WITH REGARD THERETO �� IVE DIRECTOR RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: /Y)O/ion: bisr .Znld ; f) /Va�Ye z- 7:0 APPROVED 19 As Recommended ❑ As Amended ❑ Ordinance on 15' Reading ❑ Ordinance on 2ntl Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Adopt Resolution No. CRA 2005 -003 approving the fiscal year 2005 -2006 budget of the Community Redevelopment Agency as identified in the City of Santa Ana's Annual Budget and make certain findings with regard thereto. DISCUSSION Consistent with California Redevelopment Law, the annual funding plan for the Community Redevelopment Agency must be approved by resolution of the Agency. The proposed budget for the Community Development Agency for fiscal year 2005 -2006 is $85,256,125. Of that amount, $40,207,625 (47.1 percent) is property tax increment revenue from the merged redevelopment project areas, and $26,520,700 (31.1 percent) is from the HUD Section 8 Voucher program. The tax increment revenue of $40,207,625 is allocated to support the programs and projects of the Community Redevelopment Agency, including the payment of debt service and obligations totaling $18,413,230 (45.8 percent), payment to the Low and Moderate - Income Housing Fund totaling $10,707,370 (26.6 percent) pursuant to California Redevelopment Law, payment of pass- through obligations to other taxing districts totaling $3,703,095 (9.2 percent), management and administration of the merged redevelopment project areas totaling $4,947,380 (12.3 percent), and the funding of eligible capital projects totaling $2,436,550 (6.1 percent). 4. -1