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3/17/2011 <br /> Contingency RDA Budget <br /> • Until State takes action, staff working toward a FY 2012 <br /> budget based on current law. <br /> ■ Staff is also preparing a one -year contingency budget based on <br /> the proposed legislation. <br /> • Reductions to business development and housing programs. <br /> ■ Maintain staffing to the extent possible to support ongoing <br /> commitments (administrative allowance is inadequate). <br /> ► Intent is to leave RDA in a position to resume operations <br /> pending the results of litigation. <br /> ► k is the opinion of Agency Counsel, the LoCC and the CRA <br /> that the bills violate several provisions of the California <br /> Constitution. <br /> ■ <br /> Contingency RDA Budget <br /> ► Current RDA budget, after making roughly $6 million in debt <br /> g 8 g Y <br /> payments = $3.5 million. <br /> ■ Contingency budget for FY 2012 could reduce staff costs by <br /> 15 -20% and reduce programs by 80 -90 %. <br /> ■ Estimated Contingency Budget = $1.3 million. <br /> ■ Some personnel costs for positions partially funded by RDA <br /> shifted permanently to General Fund ($150k). <br /> ■ FY 2012 costs could be funded by: <br /> ■ Housing Set -Aside fund balance for eligible costs <br /> ■ Administrative allowance of $300k <br /> ► Drawdown from the $2.1m being held in a designated <br /> redevelopment fund. <br />