Agenda

Back to Calendar Return

Agenda Item 20.

City Council Meeting

Meeting Date:	06/06/2017
FROM:	City Manager

Subject:

Public Hearing to Consider Adoption of 2017-18 Operating Budget for the Brea Community Benefit Financing Authority

RECOMMENDATION

Adopt the attached Resolution appropriating funds for the Brea Community Benefit Financing Authority 2017-18 Operating Budget, as presented in the 2017-18 Proposed Budget document.

BACKGROUND/DISCUSSION

The Brea Community Benefit Financing Authority is a shared exercise of powers between the City of Brea and the Industrial Development Authority of the City of Brea, created by a Joint Powers Agreement in July 2014. The creation of such was necessary as the result of the Brea Redevelopment Agency’s dissolution and the inability of the Brea Public Financing Authority to continue operations in regards to any new bond issues.

SUMMARY/FISCAL IMPACT

The fiscal impact for the Brea Community Benefit Financing Authority Operating Budget for 2017-18 is as follows:

	Fiscal Year 2017-18
Bond Principal	$ 325,000
Bond Interest	$ 845,600
Total	$ 1,170,600

RESPECTFULLY SUBMITTED

Bill Gallardo, City Manager
Prepared by: Lee Squire, Financial Services Manager
Concurrence: Cindy Russell, Administrative Services Director

Attachments
Resolution 2017-042