Title
FY2009 Budget Resolution (B)
Explanation
Every September, the CRA Board adopts a budget for the next Fiscal Year. In preparation for budget adoption, each Advisory Board reviews a proposed budget and provides a recommendation to the CRA Executive Director that is then recommended to the CRA Board. The four Advisory Boards (FAPS, Downtown, Eastside, and CPUH) have approved their respective budgets.
The budget is divided into five (5) general sections: 1) Revenues 2) Personal Services 3) Operating Expenses 4) Non-Operating Expenses and 5) Project Funding. Below are highlights from each section of the proposed FY2009 Budget for each Redevelopment Area:
1) Revenues
For FY2009, Tax Increment funding for the CRA (four combined Redevelopment Areas) is estimated to be $5,133,699, an increase of 14.2% from FY2008. Additionally, there are unappropriated fund balances of $720,348 across the four Redevelopment Trust funds that are primarily attributed to interest income on fund balance. The total FY09 revenue for the CRA is $5,854,047.
2) Personal Services Expenses
CRA staff provides shared-support across all CRA redevelopment areas in the functional areas of planning, project management, engineering, development finance, and budgeting. A portion of each staff person's salary and benefits (i.e. Personal Services) is allocated to CPUH. For FY09, 55% of Personal Services will be allocated to CPUH, with the exception of the two Project Coordinators. The salaries for Project Coordinator - Eastside/FAPS and Project Coordinator - Neighborhood Planning are allocated at 5% and 40% respectively because of the specific support provided by these positions.
CRA staff is currently working on more than 70 projects across the four Redevelopment areas. A Master Project List, with a high-level timeline is included as back-up (Attachment B). In order to increase productivity and focus, ten full-time employees are proposed for FY09, an increase of...
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