HomeMy WebLinkAbout19 SUCCESSOR AGENCY RES. NO. 14-05 APPROPRIATING FUNDS FOR JULY THROUGH DEC. OF FY 2014/151TY O
AGENDA REPORT
191 vs ��
MEETING DATE:
TO:
FROM:
JUNE 17, 2014
JEFFREY C. PARKER, CITY MANAGER
Agenda Item 19
Reviewed:
City Manager
Finance Director
PAMELA ARENDS -KING, FINANCE DIRECTOR / CITY TREASURER
SUBJECT: SUCCESSOR AGENCY RESOLUTION NO. 14 -05 APPROPRIATING
FUNDS FOR THE SUCCESSOR AGENCY FOR JULY THROUGH
DECEMBER OF FISCAL YEAR 2014/2015
SUMMARY:
The City Council acting as the Successor Agency to the Tustin Community
Redevelopment Agency is requested to approve the attached resolution adopting the
budget for the Successor Agency for July through December of Fiscal Year 2014/2015.
RECOMMENDATION:
1. Adopt Successor Agency Resolution No. 14- 05,'adopting the Successor Agency
budget and appropriating $5,089,796 from the anticipated revenues of the
Agency for July through December of fiscal year 2014/2015.
FISCAL IMPACT:
The adoption of Successor Agency Resolution No. 14 -05 will establish the anticipated
expenditures for the Agency for July through December of fiscal year 2014/2015 at
$5,089,796. The Successor Agency received $4,628,727 from the Redevelopment
Property Tax Trust Fund ( RPTTF) on June 2, 2014. The difference between the RPTTF
distribution and approved amount, $461,069, will come from the reserves of the Successor
Agency.
BACKGROUND:
The Proposed 2014/2015 City of Tustin Program and Financial Plan was presented to
the City Council at the budget workshop held on June 3, 2014. At the workshop, the
City Council reviewed key elements of the proposed budget. The City Council did not
Agenda Report
June 17; 2014
Successor Agency Budget FY 2014/15 (July — December)
Page 2 of 2
direct staff to make any changes to the Proposed Budget as it relates to the Successor
Agency.
The proposed budget for FY 2014/2015 included a section for the Successor Agency to
the Tustin Community Redevelopment Agency that was formed on February 1, 2012
with the dissolution of Tustin Community Redevelopment Agency (RDA) by AB X1 26.
The Successor Agency can only pay enforceable obligations that are on the
Recognized Obligation Payment Schedule (ROPS) that have been approved by the
Oversight Board and State Department of Finance (DoF). The ROPS are for six (6)
month periods; therefore, the appropriation would be for the July through December
period of fiscal year 2014/2015. In September, staff will return to the City Council for
the approval of the ROPS for January through June 2015 (ROPS 14 -15B), which is due
to the State Department of Finance on October 1, 2014.
Pamela Arends -King
Finance Director/ City Treasurer
Attachment
Successor Agency Resolution No. 14 -05
/- P.0
Sean Tran t'
Administrative Services Manager
SUCCESSOR AGENCY
TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
RESOLUTION NO. 14 -05
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, ACTING AS SUCCESSOR
AGENCY TO THE TUSTIN COMMUNITY
REDEVELOPMENT AGENCY, ADOPTING THE BUDGET
AND APPROPRIATING FROM THE ANTICIPATED
REVENUES OF THE SUCCESSOR AGENCY FOR THE
FISCAL YEAR 2014 -2015
WHEREAS, in accordance with Section 1415 of the Tustin City code, the City
Manager has prepared and submitted to the City Council a Proposed Annual Budget for
the 2014 -2015 fiscal year, beginning July 1, 2014; and
WHEREAS, the City Council, as the legislative body of the Successor Agency to
the Tustin Community Redevelopment Agency, has reviewed this proposed budget;
WHEREAS, the Successor Agency is limited to paying. enforceable obligations that
have been approved by the Oversight Board and State Department of Finance on the
Recognized Obligation Payment Schedule;
NOW, THEREFORE, the City Council of the City of Tustin acting as the
Successor Agency to the Tustin Community Redevelopment Agency hereby resolves,
determines, and orders as follows:
SECTION 1. A certain document is on file in the office of the City Clerk of the City
of Tustin, being marked and designated "City of Tustin Proposed Budget 2014 - 2015'.
Said document, as prepared by the City Manager and reviewed and adjusted by the
Council, is hereby adopted for the fiscal year commencing July 1, 2014;
SECTION 2. The Recognized Obligation Payment Schedule for July through
December 2014 has been approved by the Oversight Board and State Department of
Finance and posted on the City of Tustin website (www.tustinca.org);
SECTION 3. The following sums of money are hereby appropriated from the
anticipated revenues of the Successor Agency to the Tustin Community Redevelopment
Agency for the 2014 -2015 fiscal year.
Successor Agency Resolution 14 -05
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SUCCESSOR AGENCY
Approved Recognized Obligation Payment Schedule for July through December 2014
paid from Redevelopment Property Tax Trust Fund:
Administrative Cost Allocation
Personnel
Operations
Debt Service
TOTAL
Successor Agency Resolution 14 -05
Page 2 of 3
$ 250,000
0
149,000
4,690,796
$ 5,089,796
PASSED AND ADOPTED at a regular meeting of the Successor Agency to the Tustin
Community Redevelopment Agency held on the 17th day of June, 2014.
ELWYN A. MURRAY,
Mayor on behalf of the Successor Agency
ATTEST:
JEFFREY C. PARKER,
City Clerk on behalf of the Successor Agency
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN
I, Jeffrey C. Parker, City Clerk of the City of Tustin, California, acting as the Successor
Agency for the Tustin Community Redevelopment Agency, do hereby certify that the
whole number of the members of the Successor Agency is five; that the above and
foregoing Resolution No. 14 -05 was duly assessed and adopted at a regular meeting
held on the 17TH day of June, 2014, by the following vote:
AGENCYMEMBER AYES:
AGENCYMEMBER NOES:
AGENCYMEMBER ABSTAINED:
AGENCYMEMBER ABSENT:
JEFFREY C. PARKER,
City Clerk on behalf of the Successor Agency
Successor Agency Resolution 14 -05
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