| | | | | | | | Agenda Item - 3.a.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Lisa L. Kim
| From: | Patricia Song
| | Dept.: | Director
| Dept.: | Finance
| | Subject: | Adoption of a Resolution approving the Successor Agency's biennial budget for Fiscal Year 2023-24 and Fiscal Year 2024-25. (Action Item) | Date: | 6/13/2023 |
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| | | | | | | | OBJECTIVE
To request that the City of Garden Grove as the Successor Agency to the former Garden Grove Agency for Community Development (“Successor Agency”) conduct a public hearing and consider the attached biennial budget for Fiscal Year (FY) 2023-24 and FY 2024-25, 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 City of Garden Grove, as 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 FY 2023-24 proposed budget for the Successor Agency is based on the enforceable obligations approved by the DOF on the ROPS for the period of July 2023 through June 2024. For FY 2024-25, the proposed budget was estimated based on outstanding payment schedules of the DOF approved enforceable obligations and will be amended in June 2024 in accordance with the FY2024-25 ROPS which is to be 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 DOF approved enforceable obligations. Amounts included in the proposed Successor Agency budget are consistent with the items approved on the ROPS. |
| | | | | | | | 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 2023-24 and Fiscal Year 2024-25.
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