Item Coversheet

Agenda Item - 3.a.


The City of Garden Grove as
Successor Agency to the Agency for Community Development


INTER-DEPARTMENT MEMORANDUM

To:Scott C. Stiles

From:Lisa Kim
Dept.:Director 

Dept.: Economic Development 
Subject:Adoption of Resolutions approving the Successor Agency Budgets for Fiscal Year 2017-2018 and Fiscal Year 2018-2019.  (Action Item)Date:6/28/2016
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 annual budget for Fiscal Year 2016 – 17 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.

 

The 2016-2017 fiscal year budget for the Successor Agency is based on the enforceable obligations approved by the DOF on the estimated ROPS for July 2016 – June 2017.  For Fiscal Year July 2016 – June 2017 the annual administrative allowance is to be $477,489.

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 2016 – 2017.



ATTACHMENTS:
DescriptionUpload DateTypeFile Name
Resolution6/22/2016Backup MaterialSuccessor_Agency_Budget_Resolution.pdf