Pursuant to the Dissolution Act (ABx1 26) and AB 1484, the Garden Grove Agency for Community Development was dissolved on February 1, 2012.  As a result, the Successor Agency is required to prepare and consider for approval a Recognized Obligation Payment Schedule (ROPS) annually.  Once approved, the ROPS is transmitted to the Oversight Board for approval and subsequently submitted to the California Department of Finance (DOF) for review and approval.

The Fiscal Year 2017/18 budget for the Successor Agency is based on the enforceable obligations approved by the DOF on the ROPS for the period of July 2017 – June 2018.  For Fiscal Year 2017/18 the annual administrative allowance is to be $580,707.  For Fiscal Year 2018/19, the budget was estimated based on the outstanding payment schedules of the enforceable obligations.  

The Successor Agency receives all of its funding from the Redevelopment Property Tax Trust Fund (RPTTF) pursuant to ABx1 26 and AB 1484 through the County Auditor Controller in an amount to cover the approved enforceable obligations by the DOF.

It is recommended that the Successor Agency:

• Adopt the attached Resolution approving the Successor Agency’s budget for Fiscal Year 2017/2018 and Fiscal Year 2018/2019.

By:  Grace Lee, Sr. Economic Development Specialist