Council Provided Information - 3/24/2023
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: March 24, 2023
PREPARED BY: Erin Cunningham
RE: Preliminary Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Written Briefing
BUDGET IMPACTS: The preliminary Third Amendment identifies appropriations for Agency
operations and projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to present forecasted budget proposals for the
Third Amendment (“Amendment”). These proposals are based on preliminary tax increment revenue
projections received from Salt Lake County, as well as adjustments to loan principal and interest revenue
received in the Housing Development Fund. These amounts will be adjusted after the Agency receives the
final distribution at the end of March.
The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Amendment provides for adjustments across multiple funds within the
Agency budget for Fiscal Year 2023, as described below.
Tax Increment and Other Revenue Adjustments
Based on the tax increment revenue projections received from the County, the Agency is expected to
receive over $6 million in additional revenue compared to the original budget. As a result, additional
contributions to the Primary Housing Fund and the Administration Fund are expected to increase.
However, while most project areas have a positive variance, the Central Business District is projected to
receive approximately $1.5 million less than was initially budgeted. A preliminary analysis indicates that
the cause is likely due to a drop in certified tax rates, coupled with decreasing assessed property values in
the hotel and shopping center industries, which are still recovering from the pandemic. Our staff is
actively gathering more data and conducting further analyses to fully understand the situation.
It is worth noting that this fiscal year marks the first year that the Agency has administered the Housing
Trust Fund loans, which were previously serviced by the Housing Stability Division. Initially, $1.6
million in principal and interest payments was budgeted, but it is now expected that the actual amount
will be approximately $1.3 million less than originally projected.
The tables below outline the forecasted revenue changes by fund.
Project Area Funds Budget BA3 Forecast Variance
Central Business District 27,573,150 26,029,306 (1,543,844)
Block 70 1,922,323 1,926,029 3,706
Depot District 3,999,587 5,570,264 1,570,677
Granary District 633,546 1,087,324 453,778
North Temple 444,053 995,825 551,772
North Temple Viaduct 1,205,109 2,858,934 1,653,825
Northwest Quadrant 903,100 1,450,261 547,161
Stadler Rail 72,420 138,527 66,107
State Street 2,631,183 4,351,640 1,720,457
9-Line 1,477,727 2,635,067 1,157,340
Total 40,862,198 47,043,177 6,180,979
Housing Funds Budget BA3 Forecast Variance
Primary Housing 1,599,880 2,464,233 864,353
Secondary Housing 10,000 10,000 0
Housing Development Fund 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative 500,000 500,000 0
Total 7,339,880 6,822,233 (517,647)
Administration Fund Budget BA3 Forecast Variance
Redevelopment Agency
Operations 3,998,655 4,647,326 648,671
Total 3,998,655 4,647,326 648,671
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue will result in an increase in obligated expenses, including transfers
to the Primary Housing and Administration Funds, Debt Service to Salt Lake City, and the School
Construction Fund in the North Temple project area, as well as Administrative Fees payable to Salt Lake
County.
Moreover, the Agency anticipates that Miscellaneous Property Expenses will rise due to inflation, and it
is recommended that the remaining tax increment received in Block 70 be allocated to the Regent Street
Parking Structure reserves.
On the other hand, some expense reductions are expected, such as the expiration of a tax increment
reimbursement agreement in the Depot District and a decrease in taxing entity payments due to the
decline in tax increment revenue received in the Central Business District.
Please note that a new line description, "Transfer to Primary Housing - School District Family &
Workforce Housing," has been added. This change is due to the interlocal agreements that the Agency has
with the Salt Lake City School District for the 9 Line and State Street project areas, which mandate that
the Primary Housing fund contribution be used exclusively for family and workforce housing. Therefore,
this addition has been made to segregate these funds and enable more efficient tracking of them.
The table below summarizes the overall changes for the Agency, which total approximately $1.8 million.
Details regarding changes by fund are provided at the end of this document.
Line Description Budget
BA3
Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing - School District Family
& Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Regent Street Parking Structure 100,000 102,594 2,594
Total 26,170,067 27,973,655 1,803,588
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified $4,377,391 in project area funds
available for discretionary spending. The staff recommends allocating any additional funds received from
tax increment to a Strategic Intervention Program for each project area, except for the following:
1. Central Business District - Due to a decrease in increment, the staff suggests reducing the
previously allocated $734,061 for Property Acquisition, specifically for Housing, to $270,908.
2. Depot District - The Board had previously approved the reallocation of $550,000 from the
Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment
of $524,732 to the Revolving Loan Fund was approved. With the additional tax increment
received, the staff is requesting to fully repay the $550,000.
3. Northwest Quadrant - The Northwest Quadrant project area has a budget for a Shared Costs
reserve account, which is set aside to fund redevelopment activities that benefit the entire Project
Area, are system-wide, or benefit multiple property owners or parcels. Staff proposes allocating
the additional funds received in the project area to this reserve, increasing the budget from
$95,310 to $150,026.
4. State Street and 9 Line - In addition to the extra tax increment, staff is requesting to reallocate
previously set-aside funds for Property Acquisition in the 9 Line and State Street Project Areas to
the Strategic Intervention Program. The Agency is categorizing property acquisitions into
Housing, Commercial, and Infrastructure categories to allow for better reporting during the City's
transition to Workday. As the property acquisition category had not been defined during the
Fiscal Year 2023 budget, the intention of using the Strategic Intervention Program is to set aside
funds that do not yet specify the type of property acquisition and to return to the Board when the
use is better defined.
For context, Strategic Intervention funds were approved for the North Temple and Granary District
project areas in the Fiscal Year 2022 and 2023 budgets. During the Board meeting held on April 12, 2022,
a straw poll was conducted to expand the use of these funds for property acquisition, site development
cost (cleaning of contaminated properties, etc.), and development support for community benefits.
However, the final use of these funds will require approval from the Board.
Expense changes by project area fund are outlined below.
Project Area Funds Budget BA3 Forecast Variance
1
Central Business District
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 734,061 270,908 (463,153)
3
Depot District
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 524,732 2,520,671 1,995,939
4
Granary District
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Total 421,805 716,760 294,955
5
Project Area Funds Budget BA3 Forecast Variance
8North Temple
Capital Reserves - Strategic Intervention 0 347,616 347,616
Total 0 347,616 347,616
7
Northwest Quadrant
Capital Reserves - Shared Costs 95,310 150,026 54,716
Total 95,310 150,026 54,716
9
State Street
Capital Reserves - Property Acquisition 2,104,947 0 (2,104,947)
Capital Reserves - Strategic Intervention 0 3,481,312 3,481,312
Total 2,104,947 3,481,312 1,376,365
10
9-Line
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 959,774 1,730,726 770,952
Project Area Funds Total 4,840,629 9,218,020 4,377,391
Housing Funds Discretionary Expense & Other Uses Adjustments
The Agency has projected an increase of $864,353 in contributions to the Primary Housing Fund.
However, due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the
remaining budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into property acquisition.
To account for the decrease of $1,382,000 in budget revenue from loan and principal payments in the
Housing Development Fund, a reduction in the contribution to the Housing Development Loan Program
will be necessary. It is important to note that this is the first year of receiving payments from the Housing
Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in the 2023
Notice of Funding Availability.
Housing Funds Budget BA3 Forecast Variance
Primary Housing
Capital Reserves - Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375.947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 4,230,000 2,848,000 (1,382,000)
Housing Funds Total 5,829,880 5,312,233 (517,647)
Administration Fund Expense & Other Uses Adjustments
The Agency anticipates that contributions to the Administration Fund will increase by $648,671. To
accommodate the expected rise in operating expenses, the Agency proposes to augment the Operating &
Maintenance and Charges & Services line items. These increases will account for the costs associated
with inflation, including property maintenance and management, computer software and hardware, office
supplies, and travel expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Line Description Budget BA3 Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges & Services 218,560 507,231 288,671
Total 518,560 1,167,231 648,671
Amended Budget Totals by Fund
The following tables show the preliminary proposed revenue and expense budget amendments by fund.
These tables include all the changes made to the budget and provide a comprehensive view of the
proposed amendments.
Central Business District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 27,573,150 26,029,306 (1,543,844)
Interest from Investments 23,500 23,500 0
Total 27,596,650 26,052,806 (1,543,844)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 13,283,651 12,357,345 (926,306)
Transfer to Administration 2,757,315 2,602,931 (154,384)
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 16,775,027 15,231,183 (1,543,844)
Block 70
Revenue & Other Sources Line Description Budget BA3 Forecast Variance
Tax Increment 1,922,323 1,926,029 3,706
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,860 3,706
Expenses & Other Uses Line Description Budget BA3 Forecast Variance
Taxing Entity Payments 576,697 577,809 1,112
Capital Reserves Regent Street Parking Structure 100,000 102,594 2,594
Total 676,697 680,403 3,706
Depot District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 3,999,587 5,570,264 1,570,677
Interest from Investments 50,000 50,000 0
Total 4,049,587 5,620,264 1,570,677
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 599,938 835,540 235,602
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Primary Housing Fund 799,917 1,114,053 314,136
Total 4,049,587 5,620,264 1,570,677
Granary District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 633,546 1,087,324 453,778
Interest from Investments 15,000 15,000 0
Total 648,546 1,102,324 453,778
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 95,032 163,099 68,067
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Transfer to Primary Housing Fund 126,709 217,465 90,756
Total 643,546 1,097,324 453,778
North Temple
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 444,053 995,825 551,772
Interest from Investments 5,000 5,000 0
Total 449,053 1,000,825 551,772
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 44,405 99,583 55,178
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Strategic Intervention 0 347,616 347,616
Transfer to Primary Housing Fund 88,811 199,165 110,354
Total 164,300 716,072 551,772
North Temple Viaduct
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,205,109 2,858,934 1,653,825
Interest from Investments 1,500 1,500 0
Total 1,206,609 2,860,434 1,653,825
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 18,077 42,884 24,807
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
Total 1,206,609 2,860,434 1,653,825
Northwest Quadrant
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 903,100 1,450,261 547,161
Interest from Investment 5,000 5,000 0
Total 908,100 1,455,261 547,161
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 90,310 145,026 54,716
Capital Reserves - Shared Costs 95,310 150,026 54,716
TI Reimbursements 632,170 1,015,183 383,013
Transfer to Primary Housing Fund 90,310 145,026 54,716
Total 908,100 1,455,261 547,161
Stadler Rail
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 72,420 138,527 66,107
Interest from Investments 500 500 0
Total 72,920 139,027 66,107
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 7,242 7,426 184
TI Reimbursements 58,436 117,748 59,312
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,027 66,107
State Street
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 2,631,183 4,351,640 1,720,457
Total 2,631,183 4,351,640 1,720,457
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 263,118 435,164 172,046
Transfer to Primary Housing Fund 263,118 179,430 (83,688)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 255,734 255,734
Capital Reserves - Property Acquisition 2,104,947 (2,104,947)
Capital Reserves - Strategic Intervention 3,481,312 3,481,312
Total 2,631,183 4,351,640 1,720,457
9-Line
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,477,727 2,635,067 1,157,340
Total 1,477,727 2,635,067 1,157,340
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 224,966 294,787 69,821
Transfer to Administration 118,218 310,673 192,455
Transfer to Primary Housing Fund 147,773 143,294 (4,479)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 120,213 120,213
County Administration Fee 26,996 35,374 8,378
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 1,477,727 2,635,067 1,157,340
Primary Housing
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 263,507 115,734
Transfer In from Depot District 799,917 1,114,053 314,136
Transfer In from Granary District 126,709 217,465 90,756
Transfer In from North Temple 88,811 199,165 110,354
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 435,164 172,046
Total 1,599,880 2,464,233 864,353
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Capital Reserves - Property Acquisition 1,599,880 964,223 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375,947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Administration Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Transfer In from 9-Line 118,218 310,673 192,455
Transfer In from Central Business District 2,757,315 2,602,931 (154,384)
Transfer In from Depot District 599,938 835,540 235,602
Transfer In from Granary District 95,032 163,099 68,067
Transfer In from North Temple 44,405 99,583 55,178
Transfer In from North Temple Viaduct 18,077 42,884 24,807
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 435,164 172,046
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,647,326 648,671
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
Total 3,998,655 4,647,326 648,671
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
ATTACHMENTS: Fiscal Year 2022/2023 Preliminary Budget Amendment #3 Slides
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,635,067
4,351,640
138,527
1,450,261
2,858,934
995,825
1,087,324
5,570,264
1,926,029
26,029,306
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area Revenue Changes
47,043,17740,862,198 6,180,979
Budget Forecast Variance
Tax Increment Revenue Change
Project Area Funds Expense Changes
1,803,588 6,180,979 4,377,391
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Line Description Budget Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing -School
District Family & Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,430,000 1,455,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves -School Construction
Fund (10%)*31,084 69,708 38,624
Capital Reserves -Regent Street Parking
Structure 100,000 102,594 2,594
Total 26,470,067 28,273,655 1,803,588
Total Obligations Total Discretionary
Line Description Budget Forecast Variance
Capital Reserves -Property
Acquisition 3,798,782 270,908 (3,527,874)
Capital Reserves -Shared Costs 95,310 150,026 54,716
Capital Reserves -Strategic
Intervention 421,805 8,247,086 7,825,281
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 4,840,629 9,218,020 4,377,391
=+
Project Area Funds Expense Changes
Discretionary Expenses by Project Area
Fund Line Description Budget Forecast Variance Comments
Central Business
District Capital Reserves -Property Acquisition 734,061 270,908 (463,153)Decrease in tax increment revenue requires a decreased
contribution
Depot District Capital Reserves -Strategic Intervention 0 1,970,671 1,970,671 Add remaining tax increment revenue to Strategic Intervention
Revolving Loan Fund Repayment 524,732 550,000 25,268 Return the entire $550K to the Revolving Loan Fund
Granary District Capital Reserves -Strategic Intervention 421,805 716,760 294,955 Add increased tax increment revenue to Strategic Intervention
North Temple Capital Reserves -Strategic Intervention 0 347,616 347,616 Add increased tax increment revenue to Strategic Intervention
Northwest
Quadrant Capital Reserves -Shared Costs 95,310 150,026 54,716 Increase contribution to Shared Costs
State Street Capital Reserves -Property Acquisition 2,104,947 0 (2,104,947)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 3,481,312 3,481,312 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
9 Line Capital Reserves -Property Acquisition 959,774 0 (959,774)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 1,730,726 1,730,726 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
Total 4,840,629 9,218,020 4,377,391
Housing Funds Changes
Fund Line Description Budget Forecast Variance
Primary Housing Capital Reserves -Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce
Housing 0 375,947 375,947
Housing Development Fund Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 5,829,880 5,312,233 (517,647)
Discretionary Expenses by Housing Fund
6,822,2337,339,880 (517,647)
Budget Forecast Variance
Housing Funds Revenue Change
10,000
500,000
1,599,880
5,230,000
10,000
500,000
2,464,233
3,848,000
Secondary Housing
Westside Community Initiative
Primary Housing
Housing Development Fund
1
6
1
8
1
5
1
7
Revenue Changes by Housing Funds
-
1,599,880
4,230,000
375,947
964,233
3,972,053
School District Family & Workforce
Housing
Capital Reserves - Housing Property
Acquisition
Housing Development Loan Program
Housing Funds Expense Changes by Line Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
518,560 1,167,231 648,671 300,000
218,560
660,000
507,231
Operating & Maintenance
Charges and Services
Administration Fund Expense Changes
4,647,3263,998,655 648,671
Budget Forecast Variance
Administration Fund Revenue Change