CDC - 2011-19 - Appropriate for Increases in Bond Issuance Cost, SERAF and Contributionf for Rosemead High School TrackRESOLUTION NO. 2011 -19
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
TO APPROPRIATE $$1,563,400 FOR INCREASES IN BOND ISSUANCE COSTS,
SERAF AND CONTRIBUTIONS FOR THE ROSEMEAD HIGH SCHOOL TRACK
Increase
Fund Acct No. Description (Decrease)
REVENUES
Merged Cap Proj 4210 - 3996 -51 Bond issuance $11,235,400
Gross 2010 Tax Allocation Bond (TAB)
Total increase 11,235,400
APPROPRIATIONS
Merged Cap Proj 4210 - 5010 -51 Bond discount 134,800
Merged Cap Proj 4210 - 6514 -51 Bond issuance costs 332,500
Costsof2010TAB. Fundingsource: 2010
bond proceeds.
Merged Cap Proj 4215- 6490 -51 SERAF
296,100
State confiscation of redevelopment
funds to balance State budget. Funding
source: Unreserved fund balance
Merged Cap Proj 4215- 6320 -51 Community Contributions
800,000
Contribution to Rosemead HS for track.
Funding source: 2006 bond proceeds
Total appropriation increase
1,563,400
Net increase (decrease)
$ 9,672,000
RESOLUTION NO. 2011 -19 (continued)
NOW THEREFORE, $1,563,400 is appropriated in the Rosemead Community
Develop Commission Capital Projects Fund accounts described above.
The additional appropriation is made a part of the approved FY2010 -11 budget as
though it were a part of the initial approved budget fully set forth and the Executive
Director is authorized and empowered to expend such sum for the purpose of such
account, but with no expenditure by any office or department for any item within an
account shall exceed the amount budgeted therefore without prior written approval of
the Executive Director.
PASSED, APPROVED and ADOPTED this 14 day of June 2011.
Chairman
ATTEST:
t � F
�lE.
Commission Secretary
�APPROVE AS FO M:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
I, Gloria Molleda, Commission Secretary of the City of Rosemead, do hereby certify that the
foregoing Resolution No. 2011 -19 being:
A RESOLUTION FO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION TO
APPROPRIATE $1,563,400 FOR INCREASES IN BOND ISSUANCE COSTS, SERAF AND
CONTRIBUTIONS FOR THE ROSEMEAD HIGH SCHOOL TRACK
was duly and regularly approved and adopted by the Rosemead Community Development
Commission on the 14th of June, 2011, by the following vote to wit:
Yes: Alarcon, Armenta, Low, Ly
No: None
Abstain: None
Absent: Clark
Gloria Molleda
Commission Secretary
ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION/
ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: JEFF ALLRED, CITY MANAGER��
DATE: JUNE 14, 2011 VV
SUBJECT: FY 2010 -11 BUDGET AMENDMENTS
SUMMARY
The budget is a financial plan that is - compiled approximately three months before the
fiscal year begins. Because the budget is prepared using estimates and assumptions
made well in advance of the fiscal year, it is necessary to amend the budget to
appropriate funds for unforeseen costs experienced during the year. Expenditures that
require an appropriation amendment have been approved by the City Council but still
need an appropriation as a matter of legal compliance. This amendment request is a
routine housekeeping procedure typically done in the middle and end of the fiscal year.
Staff Recommendation
Staff recommends that the City Council/Community Development Commission approve
the attached appropriation amendments (City Resolution no. 2011 -29, Community
Development Commission Resolution no. 2011 -19).
ANALYSIS
FINANCIAL ANALYSIS
Financial analysis is included with the transaction description on the attached
resolutions.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
S
Steve Brisco
Director of Finance
APPROVED FOR CITY COUNCIL AGENDA: ITEM NUMBER:
City Council Meeting
January 1, 2008
Pane 2 of 2