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Agenda Item 18.

City Council Meeting

Meeting Date:	06/18/2019
FROM:	Bill Gallardo

Subject:

Public Hearing to Consider Adoption of 2019-20 Operating Budget for the Midbury Assessment Authority Commission

RECOMMENDATION

Adopt the attached Resolution appropriating funds for the Midbury Assessment Authority Commission 2019-20 Operating Budget, as presented in the 2019-20 Proposed Budget document.

BACKGROUND/DISCUSSION

The City of Brea, Los Angeles County and Orange County entered into a Joint Exercise of Powers Agreement on May 18, 1999, to form the Midbury Assessment Authority (MAA) Commission to provide a means for each party to the agreement to contribute money to a street improvement project, to form an assessment district and to levy an assessment to finance the balance of the cost of the project. MAA was formed as a separate public entity. The street improvement project was completed in FY 2011-12 and the property owner assessment concluded in FY 2018-19. The revenue from the final assessments will be used to make the final payment on the improvement costs which is scheduled in FY 2019-20. Upon completion of loan payoff, staff will begin the dissolution process for the MAA.

SUMMARY/FISCAL IMPACT

Expenditures which make up the Fiscal Year 2019-20 Operating Budget total $6,580.

RESPECTFULLY SUBMITTED

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

Attachments
Resolution