Title
FY2008 2nd Amendatory and Final Budget (B)
Explanation
On September 17, 2007 an FY2008 Amendatory Budget was adopted by the CRA with total revenue of $4,335,990, which included projected TIF revenues of $4,175,661 and an additional $160,329 in FY2007 carryover from operating (fund 111) due to vacancies in staffing.
In December 2007, the actual TIF receipt totals for FY2008 deposits were determined to be $4,496,961, an increase of 7.4%. Including the $160k FY2007 operating fund balance, total revenues are for FY2008 are $4,657,291. With this 2nd Amendatory Budget (see Exhibit B), we cover unanticipated operating expenses and appropriate the remaining unexpended funds to existing or new projects.
Below are highlights of the changes in the 2nd FY2008 Amendatory Budget vs. the 1st FY2008 Amendatory Budget adopted on September 17, 2007:
Payroll/Org Changes
Changes to Operating Expenses
Operating Expense to TIF Ratio
Changes in Debt Service
Appropriation of unexpended TIF revenue based on FY2008 receipts
Payroll/Org Changes
Overall, proposed changes to the budget result in less than $500 in additional payroll expenses.
However, significant changes were made internally to re-align staff in order to gain operational efficiencies and have increased accountability for project work internally. For example, historically staff has been aligned by District (i.e. Downtown, Eastside, etc.) and had geography-specific accountability. Now, staff has been reorganized to align by functional expertise (i.e. Planning, Engineering, Finance, Project Management, etc.) as these functions are required for most projects; regardless of the District for which the project is undertaken. For communication and coordination with our external stakeholders, we will continue to have some staff that have geography-specific job titles (e.g. Project Coordinator Fifth Ave/Eastside), but internally do work for all Districts.
As a result of staff’s re...
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