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Attachment G Projected Redevelopment Resources Council File Retirement Liabilities as Enforceable ObligatiolillSlo.: f\ Gene ral Fund Impact :-r
FY2011.-:12* Resources Gross Tax Increment Distribution
1 2 3
Submitted in
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1- -h>
~u
FY2012-13
FY2013-14
CA-0
253,257,600
258,322,800 -
of VARP EncLimbrance
Resources
34,937,100 288,194,700
.
258,322,800
Less: Admin Fees and Pass Throughs County Administrative AB26 Administrative Fees Fees & Contractual Pass-Through s (6,740,200) (11,414,380) (18,154,580J 259,941,220 (16,748,000) (17,083,000) (7,749,700j (24,832,700) 233,490,100 (40,571,200) (19,164,080) (59,735,280) 764,878,020
(16,748,000) 271,446,700
Admin Fees and Pass Throughs Subtotal Resources less Admin Fees and Pass-Through Less: Enforceable Obligations Tax Allocation Bond Debt Service & Thrid Party Costs Recognized Obligation Payment Schedule (RaPS) RaPS Expenditures from Encumbrances County Treasurer Loan Repayment Retirement UAL and OPES
8 7 4 6
Lease Payments
City Share of Available Net Tax Increment City as Successor Entity AB26 Administrative Fees s
Operating Costs (Salaries, Benefits, Other Exp Costsr Operating Shortfall Potential General Fund Revenue/Liability
FY2011-12 amounts cover the final five months of the fiscal year (February through June).
1 Gross 2
Tax Increment estimates based on Katz Hollis Tax projections dated November 15, 2011. and distributed to the taxing
$97.3 million was encumbered for the expected VARP payment, which would now be unencumbered
entities.
3 4
Unencumbered If insufficient
funds are available to cover the Enforcable Obligations, a loan from the County Treasurer is issued to cover the shortfall. fee~
The full loan repayment is assumed in 2013-14 with an Interest cost of 5%.
5
Calculated at 5% of Gross Tax Increment in FY2011-12 and 3% of Gross Tax Increment in FY2012-13 and FY2013-14. Administrative
Encumbered resources included in FY2011-12 Carryover Amendment. Assumes amortized unfunded pension liability costs ($51.8 million) and retiree health care liabilities ($52 million) are classified as an obligation and paid off as a lump sum to CaIPERS.If not classified as an enforceable obligation, then the City is responsible liabilities could be substantially higher once CalPERScompletes a actuarial
enforceable
valuation. These numbers differ from the figures in the report as they are spread over several years.
8 9
Assumes contractual
Assumes current staffing levels. This figure does not include additional costs for those employees who are transferred
1/11/2012
Attachment H Projected Redevelopment Resources Retirement Llablllties Excluded As Enforceable Obligations General Fund Impact
FY2011-12* Resources Gross Tax Increment Distribution
i 2
FY2012-13
FY2013-14
Total
253,257,600 -
258,322,800 -
of VARP Encumbrance
Resources"
253,257,600
258,322,800
less;
Admin Fees and Pass Thrnughs County Administrative AB26 Administrative Fees &. Contractual Fees
5
Pass-Throug
Admin Fees and Pass Throughs Subtotal Resources less Admin Fees and Pass-Through Less: Enforceable Tax Allocation Obligations Bond Debt Service & Thrid Party Costs Payment Schedule (ROPS)
6 4
from Encumbrances
opm]
Subtotal
Lease Payments
(77,767,000) 182,174,220
City Share of Availalble Net Tax Increment City as Successor Entity AB26 Administrative Fees
5
(30.38%)
55,344,500
18,612,400
94,851,800
Operating Costs (Salaries, Benefits, Other Exp Cost5)9 Operating Retirement Potential and OPEB Payment
7
Shortfall
51,743,680
(109,289,700)
(3,055,200)
(60,601,Z20)
final five months of the fiscal year (February through June], dated November 15, 2011. and distributed to the taxing for the expected VARP payment, which would now be unencumbered
Tax Increment
entities.
3 4
Unencumbered If insufficient
resources included in FY2011-12 Carryover Amendment. Enforcable Obligations, a loan from the County Treasurer is issued to cover the cost of 5%. in FY2012-13 and FY2013-14. Administrative
shortfall.
5
Encumbered
resources included in FY2011-12 Carryover Amendment. unfunded pension liability costs ($51.8 million) and retiree healthcare llabillties ($52 million) are not classified
Assumes amortized
as an enforceable be substantially
obligation
and paid off as a lump sum to CaIPER.S. he City is responsible for paying for these liabilities, which could T
higher once CalPERScompletes an actuarial valuation. These numbers differ from the figures in the report as they are
Assumes contractual
Assumes current staffing levels. This figure does not include additional
1/11/2012