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Agenda Item 22.

City Council Meeting

Meeting Date:	06/19/2018
FROM:	Bill Gallardo

Subject:

Public Hearing to Consider Adoption of 2018-19 Operating Budget for the Brea Community Benefit Financing Authority

RECOMMENDATION

Adopt the attached Resolution appropriating funds for the Brea Community Benefit Financing Authority 2018-19 Operating Budget, as presented in the 2018-19 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 2018-19 is as follows:

	Fiscal Year 2018-19
Bond Principal	$ 340,000
Bond Interest	$ 832,300
Total	$ 1,172,300

RESPECTFULLY SUBMITTED

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

Attachments
Resolution