HomeMy WebLinkAboutRDA Reso 2009-2008RDA RESOLUTION NO. 2009-2008
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA AUTHORIZING AN
APPROPRIATION FOR REPAYMENT FROM THE MERGED
PROJECT FUND TO THE GENERAL FUND FOR ADVANCES
IN AN AMOUNT ESTIMATED AT $900,000 BUT WILL BE
BASED ON AVAILABLE FUND BALANCE AT FISCAL
YEAR END
WHEREAS, since the Redevelopment Agency's (RDA's) inception, the General Fund
has advanced $30.8 million to the Redevelopment Agency as of the June 30, 2008 audited
financial statements; and
WHEREAS, the Redevelopment Agency has been unable to repay the General Fund in
the past due to fund balance deficits; and
WHEREAS, at this time it is anticipated that the RDA will be able to repay between
$900,000 to $1.1 million at the end of the current fiscal year; and
WHEREAS, the actual amount of the repayment will be determined as part of the fiscal
year end close to ensure that the RDA does not fall into a deficit; and
WHEREAS, the repayments are possible due to increased tax increment revenues and
budgetary savings resulting from position vacancies or cuts in the fiscal year 2008/2009; and
WHEREAS, in the current fiscal year total tax increment revenues aze projected at $14.5
million compazed to the prior yeaz amount of $13.8 million; and
WHEREAS, City staff anticipates that the RDA will be able to repay between $900,000
and $1.1 million to the General Fund at the end of this fiscal yeaz.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
Chula Vista does hereby authorize the appropriation from the Redevelopment Agency Merged
Project Fund to the General Fund of an amount estimated at $900,000 but not-to-exceed the
Redevelopment Agency available fund balance, to be determined at fiscal year end for fiscal yeaz
2008-09.
Presented by
/n
aria Kachadoorian
Chief Financial Officer of the
Redevelopment Agency
Approved as to form by
l~
B C. Mies d
Agency C
RDA Resolution No. 2009-2008
Page 2
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 23rd day of June 2009, by the following vote:
AYES: Agency Members: Bensoussan, Castaneda, McCann, and Cox
NAYS: Agency Members: None
ABSENT: Agency Members: None
ABSTAIN: Agency Members: Ramirez
4
Cheryl Cox, C airp~ son
ATTEST:
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Eric Crockett, Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Eric Crockett, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that the
foregoing RDA Resolution No. 2009-2008 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 23rd day of June 2009.
Executed this 23rd day of June 2009.
l
Eric Crockett, Secretary