Public Hearing to Consider Adoption of 2018-19 Operating Budget for the Brea Public Financing Authority
RECOMMENDATION
Adopt the resolution appropriating funds for the Brea Public Financing Authority 2018-19 Operating Budget, as presented in the 2018-19 Proposed Budget document.
BACKGROUND/DISCUSSION
The Brea Public Financing Authority is a shared exercise of powers between the City of Brea and the former Brea Redevelopment Agency, created by a Joint Powers Agreement. The following is the 2018-19 Proposed Budget for the Brea Public Financing Authority.
SUMMARY/FISCAL IMPACT
The fiscal impact for the Brea Public Financing Authority Operating Budget for 2018-19 is as follows:
Fiscal Year 2018-19
Bond Principal
$1,970,000
Bond Interest
$2,237,400
Total
$4,207,400
RESPECTFULLY SUBMITTED
William Gallardo, City Manager
Prepared by: Lee Squire, Financial Services Manager
Concurrence: Cindy Russell, Administrative Services Director