SIGNED BOARD REPORT"?|E???BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE COUNTY OF MONTEREY
MEETING: June 14, 2011 CONSENT
AGENDA NO.:
|10 13|
SUBJECT: Acting as the Board of Directors of the Redevelopment Agency of the County of
Monterey authorize the Auditor-Controller to amend the FY 2010-11 budget to
increase estimated revenues and appropriations in Fort Ord Debt Service Fund 273,
Unit 8219 by $40,000 4/5th vote required).
DEPARTMENT: Redevelopment and Housing Office
RECOMMENDATION:
It is recommended that the Board of Supervisors, acting as the Board of Directors of the Redevelopment
Agency of the County of Monterey, authorize the Auditor-Controller to amend the FY 2010-11 budget to
increase estimated revenues and appropriations in Fort Ord Debt Service Fund 273, Unit 8219 by
$40,000.
SUMMARY:
The recommended action will allow the Redevelopment Agency Agency) to transfer higher than
anticipated tax increment revenues in the Fort Ord Project Area to the capital and debt service funds
where they may be used to support redevelopment projects and activities.
DISCUSSION:
The Agency uses Property Tax Increment to finance a variety of community improvements and affordable
housing projects within the County's three Redevelopment Project Areas. The Auditor's Office deposits
gross tax increment into debt service funds for each Project Area and the Agency transfers available tax
increment to the Low and Moderate Income Housing Funds and the Capital Funds for that area.
The Fiscal Year FY) 2011-12 budget for the debt service fund for the Fort Ord Project Area was set at
$30,000 based on the two previous years' revenues averaging approximately $23,000. Tax collections
have come in higher than anticipated, and this fund has already received more than $57,000. An increase
in appropriations is required in order to transfer these revenues, as well as any supplemental taxes that
may be received at the end of the fiscal year, to the Fort O...
Click here for full text