| | | | | | | | Agenda Item - 3.a.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | Patricia Song
| | Dept.: | Director
| Dept.: | Finance
| | Subject: | Adoption of a Resolution approving the Successor Agency's biennial budget for Fiscal Year 2021-22 and Fiscal Year 2022-23. (Action Item) | Date: | 6/22/2021 |
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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”) conduct a public hearing and consider the attached biennial budget for Fiscal Year (FY) 2021-22 and FY 2022-23 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 2021-22 budget for the Successor Agency is based on the enforceable obligations approved by the DOF on the ROPS for the period of July 2021 through June 2022. For Fiscal Year 2022-23, the budget was estimated based on the outstanding payment schedules of the enforceable obligations and will be amended in June 2022 in accordance with the ROPS approved by the DOF at that time. |
| | | | | | | | 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:
- Conduct a public hearing; and
- Adopt the attached Resolution approving the Successor Agency’s budget for Fiscal Year 2021-22 and Fiscal Year 2022-23.
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