Agenda

Back to Calendar Return

Agenda Item 24.

City Council Meeting

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

Subject:

Public Hearing to Consider the Adoption of the Successor Agency to the Brea Redevelopment Agency 2018-19 Operating and Capital Improvement Program Budget

RECOMMENDATION

City Council, as Successor Agency: Adopt the attached Resolution appropriating funds for the Successor Agency to the Brea Redevelopment Agency 2018-19 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 and Capital Improvment Program Budget for 2018-19 at the Budget Workshop held on May 15, 2018. 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 2018-19 is as follows:

Administration	$ 58,000
Senior Rental Subsidy Program	85,344
Long Term Obligations	16,654,662
Capital Improvement Project (Downtown Parking Structure)	5,270,049
Support Services	39,300
Total	$22,107,355

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 15, 2018. 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 2018-19 budget documents.

RESPECTFULLY SUBMITTED:

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

Attachments
Resolution