HomeMy WebLinkAbout11 SUCCESSOR AGENCY RESO NO. 15-02 APPROPRIATING FUNDS JULY THROUGH DECEMBER FY 2015/2016 (JOY Q Agenda Item 11
GAGENDA REPORT Reviewed:
City Manager i•
(518} Finance Director ,• �0
MEETING DATE: JUNE 16, 2015
TO: JEFFREY C. PARKER, CITY MANAGER
FROM: PAMELA ARENDS-KING, FINANCE DIRECTOR / CITY TREASURER
SUBJECT: SUCCESSOR AGENCY RESOLUTION NO. 15-02 APPROPRIATING
FUNDS FOR THE SUCCESSOR AGENCY FOR JULY THROUGH
DECEMBER OF FISCAL YEAR 2015/2016
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 2015/2016.
RECOMMENDATION:
1. Adopt Successor Agency Resolution No. 15-02, adopting the Successor Agency
budget and appropriating $5,091,948 from the anticipated revenues of the
Agency for July through December of fiscal year 2015/2016.
FISCAL IMPACT:
The adoption of Successor Agency Resolution No. 15-02 will establish the anticipated
expenditures for the Agency for July through December of fiscal year 2015/2016 at
$5,091,948. The Successor Agency will not receive funds from the Redevelopment
Property Tax Trust Fund (RPTTF) as the expenditures for the obligations will come from
the reserves of the Successor Agency funds.
BACKGROUND:
The Proposed Biennial Budget for 2015-2017 fiscal years was presented to the City
Council at the Council Meeting held on May 20, 2015. At the meeting, the City Council
reviewed key elements of the proposed budget. The City Council did not direct staff to
make any changes to the Proposed Budget as it relates to the Successor Agency.
Agenda Report
June 16, 2015
Successor Agency Budget FY 2015/16 (July—December)
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The proposed budget for FY 2015/2016 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 2015/2016. In September, staff will return to the City Council for
the approval of the ROPS for January through June 2016 (ROPS 15-16B), which is due
to the State Department of Finance on October 1, 2015.
�fict
Pamela Arends-King Sean Tran
Finance Director/ City Treasurer Administrative Services Manager
Attachment
Successor Agency Resolution No. 15-02
SUCCESSOR AGENCY
TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
RESOLUTION NO. 15-02
• 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 2015-2016
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 2015-2016 fiscal year, beginning July 1, 2015; 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 Biennial Budget 2015-
2017". 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, 2015;
SECTION 2. The Recognized Obligation Payment Schedule for July through
December 2015 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 2015-2016 fiscal year.
Successor Agency Resolution 15-02
Page 1 of 3
SUCCESSOR AGENCY
Approved Recognized Obligation Payment Schedule for July through December 2015
paid from Redevelopment Property Tax Trust Fund:
Administrative Cost Allocation $ 250,000
Personnel 0
Operations 83,400
Debt Service 4,758,548
TOTAL $ 5,091,948
Successor Agency Resolution 15-02
Page 2 of 3
PASSED AND ADOPTED at a regular meeting of the Successor Agency to the Tustin
Community Redevelopment Agency held on the 16th day of June, 2015.
CHARLES E. PUCKETT,
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. 15-02 was duly assessed and adopted at a regular meeting
held on the 16TH day of June, 2015, 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 15-02
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