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In an effort to more clearly reflect the available fimds in the Lower Income Housing Fund, staff <br />has made the following adjustments, which represent only clarification of what has already been <br />approved by Council. Council previously approved loans to the developer of the Promenade <br />Apartments to pay fees and provide gap funding. The mount of these loans has now been <br />calculated as $1,634,000, and is reflected in the midyear expenditure adjustment column for the <br />Lower Income Housing Fund. In addition, staff has broken out the portion of the Fund which <br />was funded by the Ridgeview Commons limited partner, and which will be used to help pay <br />future Ridgeview Commons mortgage payments. This mount is projected to be $1.82 million <br />as of June 30, 1996, and has been placed in a new Fund called the Ridgeview Mortgage Fund. <br />These actions more clearly display the projected unencumbered balance in the Lower Income <br />Housing Fund as of June 30, 1996 as $3.97 million, as shown in Appendix D (page 19). <br /> <br />Staff is recommending that the projected balance of $280 in the Proposition 4 Fund be closed <br />out and transferred to the General Fund. <br /> <br />A refund of $140,000 from the City's insurance pool is reflected in the Self-Insurance Retention <br />Fund. <br /> <br /> Several other small corrections and budget amendments are reflected in the remaining Operating <br /> Funds as shown in Appendix D (page 19). <br /> <br /> CAPITAL IMPROVEMENT FUNDS <br /> <br /> Recommended updates to the CIP are outlined in Appendix H, Tables 1-5. The most significant <br /> of the recommended changes in the Capital Improvement Funds are described below. <br /> <br /> Interest income projections have been increased by a total of $508,000, spread among the various <br /> Capital Improvement Funds. Staff is recommending the transfer of $96,000 from the <br /> Miscellaneous CIP (from close-out of the Senior Center Project), to the Parks CIP for the <br /> community pool. An expenditure of $50,000 is reflected in the Miscellaneous CIP for the Ruby <br /> Hill Emergency Services Facility to pay for water and sewer connection costs, sewer <br /> improvements, and landscape costs. Also included in the Miscellaneous CIP is a $24,000 <br /> correction to a carryover project for a Miter-Hydraulic Hammer, and an additional $20,000 for <br /> equipment for the new building permit system. The annual water main replacement project has <br /> been reduced by $323,000, to be rebudgeted in the next CIP cycle. Numerous line item transfers <br /> between projects are reflected in all of the five CIP categories. <br /> <br /> SR 96:120 <br /> 11 <br /> <br /> <br />