24448 oakland redevelopment deficits

8/9/2019 24448 Oakland Redevelopment Deficits

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R E D E V E L O P M E N T A G E N C Yi EH O F T H E CIT Y OF OAKL ANDO F F I C E o f ' T H E c i i > C I E K > A G E N D A R E P O R T0 A K L A N D

TO20[0 HAI?)^eja^t(^ f gy AdministratorATT N: Dan LindheimFROM: Comm unity and Economic Development Agency .DATE: April 1,2010RE: A Report and Recommendations for Addressing Anticipated OaklandRedevelopment Agency Deficits for Fiscal Year 2010-2011

S U M M A R YThe purpose of this report is to provide estimates for the FY 2010-2011 operating budget andpropose balancing measures for consideration by the Agency Board.Redevelopment Agency staff is anticipating a deficit for Fiscal Year 2010-2011, in the amount of$10.6 million ($9.0 afler proposed personnel cuts) due to a steep decline in tax increment revenue.In this report, staff describes the causes of the anticipated deficit and proposes balancing measuresfor Agency Board consideration.Based on the Assessed Valuation Report from A lameda County for FY 2 009-2010 , Agency staffis projecting that revenue in FY 2010-2011 from gross tax increment will fall short of budgetedrevenue by approximately $ 18.9 million . This shortfall is caused by the continuing decline ofproperty tax assessments. Property tax assessments for the Agency for FY 2010-2011 declined byapproximately 14%, as evidenced by the unprecedented and rapid decline in property values overthe past two years.Although tax increment declined by $18.9 million, the deficit is projected to be $10.6 million.The difference is explained by the fact that certain payments made from tax increment revenues,such as AB1290 pass through paymen ts and set asides to the Low Mo derate Income HousingFund (LMIH F), are calculated using percentages. As the amount of tax increment revenueincreases or decre ases, these calculated paym ents will follow suit. Othe r pay me nts, such as thepayment to the Supplemental Educational Revenue Augm entation Fund (SER AF), personnelcosts, and operating expenditures do not automafically change with fluctuations in tax incrementrevenue. Information o f the sources and uses of tax increment revenue is provided in Attachm entA to this staff report.Staff is proposing the following m easures to correct the deficit for FY 201 0-20 11:

Redu ctions in personnel costs ($1.6 million) Redu ctions in operatin g costs ($3.8 million) and carryforwards ($4.1 million) Use of reserves ($1.5 million)y

Item:ORA /City CouncilApril 1,201C'


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Dan LindheimCE DA : Plan for Ad dressing Anficipated Deficits for Fiscal Yea r 2010 -2011 Page 1More information about these proposed cuts is presented below under the "Fiscal Impact" sectionalong with the discussion on Attachment A.Staff is also recommending that the process for developing budgets and identifying the optimaluses of bond proceeds be revamped, so these issues can be minimized in future years.F I S C A L I M P A C TBoth the City and Redevelopmen t Agency w ill be adversely impacted by the steep decline in tax;increment revenue. This decrease in revenue, coupled with the required paym ent to the SERAF,will limit the Agency's ability to fiilly fund projects and programs to address redevelopment goalsas stated in the 5-year implementation p lans submitted to the State of C alifomia.The C ity's General P urpose Fund will be impacted by the projected reduction in gross taxincrement because the A B129 0 pass-through p ayments to taxing entities, including the City, willbe reduced. The reduction in the pass through paymen t to the City for FY 2010-2011 is estimatedto be $1.5 million.As for the Agency, project and program rescheduling and cancellations may occur as a result ofthe reduction of tax increment revenues and reduction of staffing as proposed by the Agency.Major fiscal impacts to the Agency related to both the loss of projected tax increment revenue aridthe SERAF payment include the following:

1) Reduction in appro priations for projects and program s will result in reschedu ling oreliminating current redevelopment acfivities and will affect the Agency's capacity toimplement new activifies until priority projects are fiilly funded.2) The use of flind ba lance will reduce the operating m argins for the Agen cy; leave theAgency vulnerable to a continued decline in property va lues; and weaken the fiscalposition of the Agency and make it more difficult and expensive to bond in the future.3) Revenue reductions and SERA F payments from the LMIHF will substantially reducefiinding available for affordable ho using program s, including the Notice of F undingAvailability (TNIOFA) for housing developm ent, and the M ortgage Assistance Program forfirst-time homebuyers.

The reduction in gross tax increment idenfified by this report is $18,891,624 ($138,004,310 in theAdopted Budget compared to $119,112,686 in this proposed budget amendm ent). The followingtable compares gross tax increment by project area as originally budgeted to current projections. |

Item:ORA /City CouncilApril 1,2010


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Dan LindheimCED A: Plan for Add ressing Anficipated Deficits for Fiscal Year 2010 -2011 Page 3Table A - Gross Tax Incre me nt Estimates - FY 2010-2011

C r o s s T a x I n c r e m e n t

P r o j e c t A r e aCentral DistrictCol iseumA c ornStanford/Adel ineOak CenterPa b loO a k la nd A rmy B a seCentral City EastWest OaklandOak Knol lChange in Net Avai lable

A d o p t e dB u d g e t$ 54 ,339 ,20035 ,876 ,350

1,309,430174,140-

6,212,5406,381,52023 ,740 ,0509,052,690

918 ,390$ 138,004,310

R e v i se dP r o j e c t i o n s$ 56 ,137 ,00428 ,508 ,440

1,395,041--

,5 ,138,4965,708,356

14,248,7416,632,6521,343,956

$ 119,112,686

A d d i t i o n /( R e d u c t i o n ) i nT a x I n c r e m e n t$

$

1,797,804(7 ,367 ,910 )

85,611(174 ,140 )-

(1 ,074 ,044 )(673 ,164 )

(9 ,491 ,309 )(2 ,420 ,038 )4 2 5 , 5 6 6

(18 ,891 ,624 )

%I n c r e a s e /(D e c re a se )

3 . 3 %- 2 0 . 5 %6 . 5 %

-100 .0%- 1 7 . 3 %- 1 0 . 5 %- 4 0 . 0 %- 2 6 . 7 %4 6 . 3 %

- 1 3 . 7 %

Atta chm ent A to this staff report shows an analysis of the sources and uses of funding for FY2010-2011. The table below is a summary overview o f the sources and uses of fiinds, aspresented in Attach me nt A.

Item:ORA/City CouncilApril 1,201(


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Dan LindheimCE DA : Plan for Ad dressing Anticipated D eficits for Fiscal Year 20 10-20 11 Page 4Tab le B - Sources and Uses of Tax Inc rem ent Fun dingRevised gross tax incrementLess mandatory payments

AB 1290 set asidesSERAFAnnual debt service20 % set aside5% set aside

Personnel, including reductions of $1.6 millionOperation and maintenance as per original budgetNet available before other income and proposed reductionsAdditional incomeLow Mod repaymentInterest incomeOther revenueNet deficitBalancing measuresOperations and m aintenance

CarryforwardsUse of fund balanceSurplus in Oak Knoll

$ 119,112,686

(18,553,430)(5,676,802)(39,039,900)(23,822,540)(5,955,630)(20,406,233)(16,796,590)(11,138,439)

350,0001,627,730200,000

$ (8,960,709)

$ 3,802,2604,120,0381,455,981(417,570)

$ 8,960,709

Item: 1ORA /City CouncilApril 1,201(


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Dan LindheimCE DA : Plan for Ad dressing Anficipated Deficits for Fiscal Yea r 2010 -2011 Page 5The first page of the Attachment (Page 1 of 2) includes the revised estimates for gross taxincrement; mandatory paym ents (such as AB1290 pass-through paym ents to taxing entities,required SERA F paym ents, annual debt service, and mandatory 20% and voluntary 5%o LMIHFset-asides); revised projections for personnel costs, as described below and in Attachm ent B; andcurrently budgeted exp enditu res. The amoun ts shown for personnel costs are net of the projectedsavings of $ 1.6 million, as described in Atta chm ent B. The final column on this page, entitled"Net A vailable," shows the net amount available after m andatory paym ents, personnel costs andoperafing costs are deducted from the tax increment revenue. The "N et Av ailable" column show'sthat staff is projecfing an operafing deficit of $ 11.1 million, before taking into consideration otherrevenue sources and balancing m easures.The second page of Attachm ent A (Page 2 of 2) begins with the "Net A vailable" from theprevious page. As noted abo ve, the "Net A vailable" includes proposed persormel cuts of $1.6million. Additional income a repayment from the L MIHF , interest income, and other income -will further reduce the operatin g deficit to $8.96 million. Staff prop oses that this deficit beaddressed first by reducfions in operating costs ($3.8 million) and only as a last resort,carryforwards ($4.1 million) and the use of reserves ($1.5 miUion).The proposed cuts in operafing costs and carryforwards include reducfions in contract services,such as private security patrol, and program and project developm ent. The funding for astreetscape project, which was included in this category, will be shifted from tax increment tobond proceeds.Attac hm ent B shows projected personnel savings by department. The net projected savings are$ 1.6 million. The se savings are included in the Personnel costs as show n in At tach m ent A (Page1 of 2) . These savings are attributable to personnel cuts ($1.2 million), an increase in overheadcharges for the markefing division ($20 0,000 ), and reducfions in the fringe rate ($600,000). Theoverhead charge for Cultural Arts and Markefing was added in the amount of $200,020 becausethe departmental overhead for this department was inadvertently overlooked when it wastransferred from the Mayor's Office to CEDA. The Attachment shows that personnel cuts areproposed for City Council, Public Works and CED A. Other departments are not proposingreductions in personnel.To balance its deficit, the Agency proposes shifting the funding of a $3.4 million streetscapeproject from tax increm ent funds to bond funds. Bond proceed s cannot be used for the SERAFpayment. Currently budgeted projects such as private and public improvem ent projects willcontinue, but land acquisition and infrastructure will need to be delayed.The SERAF paym ent is required by the state legislature's passage of AB 26 4x in July, 2009 as aState budget balancing measure. The Oakland Redevelopment Agency's annual SERAFcomm itment, as calculated b y the State, is $8,497,000 for FY 2010 -201 1. On June 30, 2009 theRedevelopment A gency approved the Fiscal Years 2009-11 Biennial Budget in Resolution No.2009-0072 C.M .S., which included an ERAF appropriation of $8,497,000 for FY 2010-2011 and a

Item:ORA /City CouncilApril 1,2010


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Dan LindheimCE DA : Plan for Ad dressing Anficipated Deficits for Fiscal Year 2010 -2011 Page 6treduction in the amount of $2,607,710 to the 5% voluntary set aside to LM IHF. Based on revisedtax increment projections, the voluntary 5 % set aside amo unt is $5,95 5,630 . The portion of the5% voluntary set aside that will be needed to fund the SERAF payment is now projected to be$2,820,198. The balance of the 5% voluntary payment, $3,135,432, will be transferred to theLM IHF . Should the Ag ency fail to meet this SERAF ob ligation the state has imposed sanctions (a

so-called "death penalty") that would severely limit the Agency's ability to operate.As noted above, the SERAF payment and reductions in revenue projections will substantiallyreduce funding for affordable housing program s, the NOF A for housing dev elopment, and theMortgage Assistance Program for first-time hom ebuyers.BACKGROUNDDecline in Tax Increm ent RevenueBased on the Assessed V aluafion Report from Alameda County for FY 20 09-2010, Agency staffis projecting that revenue in FY 2010-2011 from gross tax increment will fall short of budgetedrevenue by approxim ately $18.9 million . This shortfall is caused by the continuin g decline ofprope rty tax assessments. Property tax assessments for the Ag ency for FY 2010-20 11 declined byapprox imately 14%o, as evidenced b y the unprecedented and rapid decline in property values overthe past two years.Although tax increment declined by $18.9 million, the deficit is projected to be $10.6 million.The difference is explained by the fact that certain payments made from tax increment revenues,such as AB1290 pass through paym ents and set asides to the Low M oderate Income H ousingFund (LM IHF), are calculated u sing percentages. As the amount of tax increment revenueincreases or decrea ses, these calculated paymen ts will follow suit. Other paym ents, such as thepayment to the SERAF, personnel costs, and operafing expenditures do not automatically changewith fluctuafions in tax increm ent revenu e. Information of the sources and uses of tax incrementrevenue is provided in Attach m ent A to this staff report.SERAF PaymentsOn July 24, 2009 the Califomia legislature passed multiple pieces of legislafion in an attempt tobalance the State's bud get deficit. O ne budgefing measure was A B 26 4x, which authorized thefunding of a Supplemental Educational Revenue Augmentation Fund (SERAF) using revenuegenerated by redevelopment agencies from across the State. The SERAF will be in effect for twoyears (FY 2009-2010 and FY 2010-2011) and is funded at $2.05 billion over the two year period!During the first year of the SER AF the State will gain $1.7 billion from contribufions by jredevelopment agencies and $350 million in the second year. The Oakland Redevelopment iAg ency's m andated contribution for FY 2009-2010 is $41,074,866 and $8,497,000 for FY 2010-2011. The Califomia Redevelopment Associafion is preparing to file a lawsuit challenging theSERAF requirement.

I t e m : _ _ _ _ _ ^ _ _ORA/City CouncilApril 1,2010


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Dan LindheimCED A: Plan for Ad dressin g Anficipated Deficits for Fiscal Yea r 2010 -2011 Page 7iOn June 30, 2009 the Redevelopment Agency approved the Fiscal Years 2009-11 Biennial Budgetin Resolution N o. 2009-0072 C.M .S., which included an ERAF appropriation of $8,497,000 forFY 2009-2010 and another $8,497,000 for FY 2010-2011.The A gency budget for fiscal year 2009-2010 was amended by the A gency Board on October 6,2009 to fund the balance of the SERAF payment for FY 2009-2010.On December 11, 200 1, the Redevelopment Agency Board adopted Resolution 01-85 C.M.S.,which established a policy to increase the contribution of tax increment funds to the LMIHF fromthe State-mandated level of 20%o of gross tax increment to 25% of gross increment. For fiscalyears through 2008-20 09, the A gency continued to m ake this voluntary five percent contribufionOn October 6, 2009, the Ag ency Board approved a temporary suspension of this policy for FY2009-2010 in order to provide funding for that year's SE RAF paym ent. Agency staff is nowrecomm ending that the policy again be suspended for FY 20 10-2011 to help provide funding forthe current SERAF payment.KEY ISSUES AND IMP ACT SImpacts of Proposed CutsThe C ity's G eneral Purpose Fund will be impacted by the projected reduction in gross taxincrement because the AB 1290 pass-through payments to taxing en tities, including the City, willbe reduced. The reducfion in the pass through payment to the City for FY 2010-201 1 is estimatedto be $1.5 m illion.As for the Agency, project and program reschedling and cancellations may occur as a result of thereduction of tax increment revenues and reductions of staffing as proposed b y the Agency. Majorfiscal impacts to the Agency related to both the loss of projected tax increment revenue and theSERAF payment include the following:

1) Redu ction in appropriations for projects and programs w ill result in resched uling oreliminating current redevelopment activifies and will affect the Agency's capacity toimplement new activifies until priority projects are fully fiinded.2) The use of fiind balan ce will reduce the operafing margin s for the Ag ency ; leave theAgency vulnerab le to a continued decline in property values; and weaken the fiscalposition of the Agency and make it more difficult and expensive to bond in the future.3) Revenue reducfions and SE RAF payments from the LM IHF will substantially reducefunding available for affordable housing program s, including the Notice of FundingAvailability (N OFA ) for housing development, and the Mortgage A ssistance Program forfirst-time homebuyers.

Item:ORA /City CouncilApril 1,201C'


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Dan LindheimCE DA : Plan for Add ressing Anticipated Deficits for Fiscal Year 2010 -2011 Page 8Suspension of the Volun tary 5 % Set AsideThere are limits on what funds can be used to make the SERA F payment. RedevelopmentAgency bond proceeds are not an eligible source and if the mandatory 20 % LM IHF is used it mustbe repaid within five years.The Agency Board has appropriated sufficient funding in the amount of $8,497,000 for theSERA F payments for FY 201 0-201 1. The source of handing included suspending the voluntaryfive percent housing set-aside and using fund balance from the various project areas withsurpluses.On October 6, 2009, the Agency Board approved a Resolution reducing the amount of thevoluntary 5 % set aside for FY 2010-20 11 by $2,607 ,710. Staff estimates that the amount of thevoluntary 5% set aside reduction should be adjusted to $2,820,198. The balance of the 5%voluntary payment, $ 3,135,432, will be transferred to the LM IHF.As noted above, reductions in the voluntary 5% set aside will substantially reduce ftanding foraffordable housing program s, the NOF A for housing developm ent, and the Mortgage AssistanceProgram for first-time hom ebuyers.Agency Spen ding Priorit ies - "Bac k to Basics"Agency staff recommends that the process for developing budgets and identifying the optimaluses of bond proceeds be revamp ed. Agency staff should m ake recomm endations to the Board asto how mon ey could best be used in C ity departments and how bond p roceeds can be utilized tomaximum advantage. Investment in projects that generate economic g row tha re key to theAg ency 's success in achieving its redevelopment objectives.The current economic environment painfully illustrates the need to examine the Ag ency'sapproach to setting priorities, budgeting, and evaluating the effectiveness of funded programs.Identifying how the objectives of redevelopment - eradication of blight, economic stimulation,revitalization, generation of tax increment, creation of jobs, and economic equality and stability-can best be achieved within the constraints of available funds will guide policy makers in settingshort and long-term goals and thus set priorities for how tax increment revenue should be used.Agency staff has budgeting and spending priorities that are ranked below. Items 1 - 4 aremandated by state law and contractual obligations and must be paid in full before fiinding the nextitem. Funds remaining after m aking mandatory payments are used to invest in the Agen cy's coreactivities, which includ e elimination of blight, economic stimulation , and revitalization. Thesepriorities include:

Item:ORA /City CouncilApril 1,201C


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Dan LindheimCED A: Plan for Addressing Anticipated Deficits for Fiscal Year 2010-2011 Page 91. AB129 0 pass through payments to taxing entities within the redevelopment areas2. LMIHF 20% m andatory set-aside3. Debt service payments4. Contractual ob ligations (fiinding comm itments from disposition and developmentagreements and owner participation agreem ents)5. Projects, program s, and operations to meet state requirements and adm inister the Agency6. Personnel

Several City depa rtme nts request fiinding from the Agency Board. In order for the Board todetermine that the funding is appropriate, effective, and most importantly, aligned withestablished priorities, Agency staff should take an active role in developing the budget andmo nitoring how funds are spent. Dep artme nts need to track activities funded by tax incrementand be held accoun table to performance measures.As for the use of bond proceeds, emphasis should be given to projects that will result in economicgrowth, as evidenced by tax increment expansion, job creation, revitalization, and sales taxgeneration. Using bond proceeds for private development can result in this economic growth.Revam ping the budgeting process and developing a policy on the use of bond proceeds w ill helpthe City achieve its redevelopment goals and make future bond offerings more attractive toinvestors. The A genc y's ability to issue bonds at affordable rates will be enhanced.P O L I C Y D E S C R I P T I O NLow and Modera te Income Hous ing FundStaff proposes that the LMIHF pay a portion of the required SE RAF paym ent. This paymentwould come from the voluntary 5% set aside contribution. For FY 2009-201 0, the entire amountof the voluntary 5% set aside was appropriated for the SERAF paym ent. For FY 2010 -2011,Agency staff is recommending that $2,820,198 of the voluntary $5,955,630 be used to fund thepaym ent. By taking funds from th e voluntary contribufion only, the Age ncy avoids any statutoryobligation to repay these funds by 2 015, which m ay not be feasible if revenues do notsignificantly im prov e. On the other hand, if revenues do improve significantly, the Agency wouldhave the option to restore these funds to the LMIHF as an additional voluntary contribution.Using a portion of the voluntary set aside to make the SERAF p ayment will substantially reducenew funding available for affordable housing programs, including the NOFA , and the MortgageAssistance Program for first-time homebuyers.

Item:ORA /City CouncilApril 1,201C


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Dan Lindheim ^ ,CE DA : Plan for Ad dressin g Anticipated Deficits for Fiscal Year 2010 -2011 Page 1 0S U S T A I N A B L E O P P O R T U N I T I E SThe budget reductions and SERA F payment w ill reduce Agency resources for projects andprograms and limit its ability to prom ote econom ic growth, environmental sustainability andsocial equity in Oakland.DISABILITY AND SENIOR CITIZEN ACCESSTh ere are no opportunities for disability and senior access. The budget redu ctions and SERAFpayment will reduce Agency resources for projects and programs and limit its ability to promotedisability and senior access in Oakland.R E C O M M E N D A T I O N ( S ) AN D R A T I O N A L EThe Agency needs to address the anticipated deficit caused by declining tax increment revenuewith a combination of operational cuts, use of reserves, and a temporary suspension of a portionof the voluntary 5% set aside to the LMIHF.As noted above, staff is recomm ending personnel cuts of approximately $1.6 million, as proposedthe CEDA, the City Council and the Public Works Agency. Operating costs and carryforwardsare recommended for cuts of approximately $3.8 million and $4.1 million, respectively.Operating costs and carryforwards will be reduced with a combination of reductions andredirection of fiinding from tax increment to the use of bond proceeds. The amount of operatingcosts and carryforwards that will be backfilled with bond proceeds is approximately $3.4 millionA streetscape project will be funded from bo nd proceeds. In addition , staff is recommending theuse of reserves in the amount o f $1.5 million to correct the deficit.

On October 6, 2009, the Agency Board approved a Resolution reducing the amount of thevoluntary 5 % set aside for FY 2010-2 011 by $2,60 7,710 . Staff esfimates that the amount of thevoluntary 5% set aside reducfion should be adjusted to $2,820,198.Staff will take the direction provided by the Agency Board and return to the Board on April 29,2010 with a request to approve a resolution amending the FY 2010-2011 budget to revise revenueprojections, adjust expenditures, and to amend the amount of the 5%o voluntary set aside that willbe suspended.

Item:ORA /City CouncilApril I ,20K


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Dan LindheimCED A: Plan for Addressing Anticipated Deficits for Fiscal Year 2010-2011 Page 1A C T I O N R E Q U E S T E D O F T H E C I T Y C O U N C I L

IStaff requests that the Agency Board review the information provided in this report and providedirection on how to correct the projected deficit for FY 2010-2011. Staff will take the direction jprovided and return to the Agency Board on April 29, 2010 with a request to approve a resolutionamending the FY 2010-2011 budget. I

Respectfully submitted,

^ ^ J O j ^ ^ A ^ k ^ i A ^ ^Walter S. Cohen, DirectorCommunity and Economic Development AgencyReviewed by:Gregory D. Hunter, Deputy D irectorEconomic Development and RedevelopmentPrepared by:Patrick L ane, Larry Gallegos, Al A uletta, Sarah Ragsdale

APPROVED AND FORWARDED TO THECITY COUNetD'AGENCY BOARD:

Office of the City/Agency Administrator

Item:ORA/City CouncilApril 1,2010


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A T T A C H M E N T AUse of Tax Increment Revenue for Man dated Transfers ,

Set-Asides and Debt Payments By Project AreaFiscal Year 2010-11Lo w -Mo d era t e In co m e

istrict

R E V I S E DP R O J E C T I O N S

G ro ss TaxI n c r e m e n t

$ 56,137,00428.508,4401,395,041

005,138,496

5,708,35614,248,7416,632,6521,343,956

E $ : : ; ^ ] j 9 i n 2 , 6 8 6

nal 5%)

AB1290Set-Aside

$ (4,805,253)(7,133,737)

000(1,027,700)

(1,141,670)(2,849,750)(1,326,530)

(268,790)$;(18,553t43.0)

r

S E R A FSet-Aside

$ (2,759,509)(1 ,172,966).

(113,369)00(243,773)

(340,190)(571,627)(395,274)

(80,093)$ (5,676,802)1

($2,820,198)$8:497,000 J

A n n u a lDebt Service$ (25,838,930)

(6,846,730)0

(77,070)0(1,153,410)0

(5,123,760)00

-$?:(39l039,900)!:

M a n d a t o r y2 0 %

$ (11,227,400)(5,701,690)

(279,010)00(1,027,700)

(1,141,670)(2,849,750)(1,326,530)

(268,790):$T23,822,540)*'

V o l u n t a ryPo r t i o n - 5 %S (2,806,850)

(1,425,420)(69,750)

00(256,920)

(285,420)(712,440)(331,630)

(67,200)^$"'(5,955,630)

-

Pe rso n n e l(A t t ach m en t B)$ (8,194,883)

(4,618,149)(392,935)

00(1,055,667)

(1,472,097)(2,891,954)(1,548,615)

(231,933) ; "(20,406,233)

(6,681,049)(27,087,282)

O & MAllocation **$ (2,603,671)

(4,003,476)(706,276)

0(984,963)

(1,952,258)(3,630,910)(2,905,457)

(9,580)$(l6,796,'59:i;y-

NAvai la

$ (2,(2,

(

((

(4,(1,

^SXi^lilf

Net available tax increment represents revenue that is available for personnel services and operations and m aintenanceappropriations after all mandatory transfers, set-asides and debt payments have been covered.

A T T A C H M E N T APage 1 of 2


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ATTACHMENT AUse of Tax Increm ent Revenue for Man dated Transfers ,Set-Asides and Debt Payments By Project AreaFiscal Year 2010-11

NetAvailable |Al g;$ (2,099,49!):;::(2,393,728):;:;:(166,299)1(77,070) :|0 ^(6 \ \ , 6 3 7 W0 ;i(624,949);;^(4,381,450) :;:

(1,201,384)1417,570 :|rS^ll^li,138,439)1:;:

Additional Income

Low ModRepayment$ 350,000

$ 350,000

InterestIncome

$ 93,510549,21057,0100

125,000200,000483,000120,000

$1,627,730

OtherRevenue

$ 200,000

$ 200,000

"-" 'Adjusted Net

Available, . - ,

;$ (1,455,981)(1,844,518)

(109,289)7 (77,070)0,(486,637)0

::. (424,949)^ (3,898,450)(l ,08i;384)::;4l7,57o'$: (8;960,709)

Balancing Measures

O & M$ 1,500,000

109,289

486,637424,949200,000

1,081,384$ 3,802,260

Carryforwards Fund Balance$ 1,455,981

$ 344,51877,070

3,698,450

$ 4,120,038 $ 1,455,981

I'-

'C

Operating FundEstimatedAvailable Funds@June-30-2010

$ 19,819,91510,381,6111,239,840

2,381,463436,097

7,918,7382,141,606231,563$ 44,550,833

EstimaAvailable@June-30$ 18,3

10,31,2

2,34

7,92,16$ 43,5

Net available tax Net available tax increment represents revenue that is available for personnel services and operations and maintenanceappropriations after all mandatory transfers, set-asides and debt payments have been covered.

ATTACHMENT APage 2 of 2


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Proposed Personnel SavingsFY 2010-2011 A T T A CH ME N T B

Depar t mentMayorCity CouncilCity A dministratorCity AttorneyCity ClerkPublic WorksFinance & ManagementHuman ServicesPolice ServicesCommunity & EconomicDevelopment

Totals

Or iginalBudget

$ 482,2801,652,4711,577,1103,745,720

274,449876,980880.430548.290

3,535,07015,136,592

$ 28,709,392

PersonnelCuts

(402,029)

(123,763)

(678,454)

$ (1,204,246)

OverheadChanges

200,020

$ 200,020

Change inFr inge

(5,729)(7.402)

(31,880)(54,780)

(5,699)(190,600)

(18,440)(7,450)8,810

(180,951)

$ (494,121)

RevisedBudget

476,5511,243,0401,545,2303,690,940

268,750562,617861,990540,840

3,543,88014,477,207

$ 27,211,045

Net Increase/(Decrease) !

(5,729)(409,431)

(31,880)(54,780)

(5,699)(314,363)

(18,440)(7,450)8,810!

(659,385)1

$ (1,498.347)

24448 oakland redevelopment deficits

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