| | | | | | | | Agenda Item - 3.a.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | Lisa L. Kim
| | Dept.: | Director
| Dept.: | Economic Development
| | Subject: | Conduct a public hearing and adopt a Resolution approving the biennial Successor Agency budget for Fiscal Year 2019-20 and Fiscal Year 2020-21. (Action Item) | Date: | 6/25/2019 |
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| | | | | | | | OBJECTIVE
To request that the City of Garden Grove as Successor Agency to the Garden Grove Agency for Community Development (“Successor Agency”) consider the attached biennial budget for Fiscal Year 2019-2020 and Fiscal Year 2020-2021 and adopt a Resolution approving the budget. |
| | | | | | | | BACKGROUND
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. |
| | | | | | | | DISCUSSION
The Fiscal Year 2019-20 budget for the Successor Agency is based on the enforceable obligations approved by the DOF on the ROPS for the period of July 2019 – June 2020. For Fiscal Year 2019-20 the annual administrative allowance is to be $395,153. For Fiscal Year 2020-21, the budget was estimated based on the outstanding payment schedules of the enforceable obligations. |
| | | | | | | | FINANCIAL IMPACT
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. |
| | | | | | | | RECOMMENDATION
It is recommended that the Successor Agency:
- Adopt the attached Resolution approving the Successor Agency’s budget for Fiscal Year 2019-2020 and Fiscal Year 2020-2021.
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RECOMMENDATION
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.
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RECOMMENDATION
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.
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RECOMMENDATION
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.
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RECOMMENDATION
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.
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