Title
FY 2008 Operating Budget Update (B)
Explanation
Each year when the annual increment comes in, the CRA adopts an amendatory budget to appropriate unanticipated funds and any fund balance from the operating budget remaining from the previous fiscal year. This is an opportunity for adjustments to the approved budget and the potential addition of special projects that were not anticipated when the budget was prepared.
The CRA districts currently have an approved FY 2008 Budget and in response to proposed legislation changes, the CRA approved in May a FY2008 Budget for CIP (included in backup) based on a 2006 rollback model provided by the General Government Finance Department. As more information has become available, the General Government Finance Department has provided an update as to the projected rollback and has provided two models (included in backup). When the final millage rate is known, a final operating budget for FY2008 will be presented.
Fiscal Note
FY2008 Operating Budget based on the approved FY 2008 Amended CIP Budget. Total TIF expectations: ERAB $418,812; FAPS $359,492; DRAB $1,049,602 and CPUH $2,347,755 for a total of $4,175,661.
Recommendation
Executive Director to the CRA: Recommend adoption of the FY2008 Operating Budget at the FY2007 Amended Budget values with the understanding that this is not final and staff will come back in February with an amendatory budget when the taxable values are established.