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Agenda Item 23.

City Council Meeting

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

Subject:

Public Hearing to Consider the Adoption of the Successor Agency to the Brea Redevelopment Agency 2017-18 Operating Program Budget

RECOMMENDATION

City Council, as Successor Agency: Adopt the attached Resolution appropriating funds for the Successor Agency to the Brea Redevelopment Agency 2017-18 Proposed Operating Program Budget.

BACKGROUND/DISCUSSION

The City Council of the City of Brea, as Successor Agency to the Brea Redevelopment Agency, reviewed the Successor Agency’s Operating Budget for 2017-18 at the Budget Workshop held on May 16, 2017. The City Manager has provided an overview message and fund balances in the Proposed Budget document.

SUMMARY/FISCAL IMPACT

The fiscal impact for Fiscal Year 2017-18 is as follows:

Administration	$103,560
Senior Rental Subsidy Program	112,776
Long Term Obligations	17,230,069
Capital Improvement Project	5,237,000
Support Services	218,532
Total	$22,901,937

The City Council of the City of Brea, as Successor Agency to the Brea Redevelopment Agency, has reviewed the Proposed Budget at a City Council Study Session (Budget Workshop) held on May 16, 2017. The Successor Agency budget contains operating expenditures for administration, debt service, support services, the senior rental subsidy program and the transfer of the remaining housing bond proceeds to the City. The budget also provides information on all revenues received by the Successor Agency. An overview of the Proposed Budget and detailed fund balances are contained within the Fiscal Year 2017-18 budget documents.

RESPECTFULLY SUBMITTED:

Bill Gallardo, City Manager
Prepared by: Lee Squire, Financial Services Manager
Concurrence: David Crabtree, Community Development Director

Attachments
Resolution 2017-045