RES 03081 - Laserfiche WebLink

Because the LPFD Fund results in a duplication in the presentation of Pleasanton's revenues and costs, it is excluded from the revenue and expenditure graphs in the budget summary section, as was discussed previously. F. ALL OTHER OPERATING FUNDS In 2002-2003, the Council approved transfers from the Lower Income Rousing Fund to the Capital Improvement Program to reimburse the Program for development impact fees waived as incentives for incorporating affordable housing in new residential developments. The Council also approved a predevelopment loan of $949,805 and conceptually approved a permanent loan of $2,490,000 as assistance for the proposed 105 unit assisted living project being developed on City property by BRIDGE Housing Corporation. These uses result in an estimated fund balance of $5.1 million at the end of 2002-03. Note that the fee waivers were approved after the budget worksheets were prepared, and therefore, the fund balance reflected in the budget has not yet been updated. During 2003-2004, the City Council, Housing Commission and staff will explore additional projects that may impact this fund. Potential projects include, assistance for the retention of Below Market Rate (BMR) units in apartment developments with rent restrictions scheduled to expire in the next few years, studies to determine the feasibility of redeveloping Kottinger Place, activities related to the potential of working with a non- profit developer to purchase market rental housing suitable for below market units, home loan programs coordinated with the California Housing Finance Agency and additional projects funded as part of the City Community Development Block Grant Program (CDBG). Note that recommended uses of 2003-04/2004-05 CDBG funds are shown in Appendix I, Attachment B, page I-4. In 2002-2003, the Council approved an increase to the Lower Income Housing Fee that may impact fee revenue projections. However, the impact of the fee increase will be affected by the strength of the economy related to new housing construction and the City's Inclusionary Zoning Ordinance that emphasizes the inclusion of affordable housing units in new development rather that fee payments. Projected revenues and recommended expenditures for all other Operating Funds, including Trust and Special Revenue Funds, are contained in the body of the Budget Document. V. CAPITAL IMPROVEMENT BUDGET The five-year Capital Improvement Program Budget for 2003-04/2005-06 will be forwarded to the Council separately for review, and is outlined in the Budget document after the section tab "Capital Improvement Program". VI. CONCLUSIONS AND RECOMMENDATION This budget attempts to balance the optimism in Pleasanton's continuing prosperity, with the potential for unfavorable economic impacts resulting from the national and regional economies, as well as the uncertainties of the State's fiscal health. XXV