The URL can be used to link to this page

Home My WebLink AboutSA AG PKT 2012-02-27 #3SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY AGENDA STAFF REPORT DATE: February 27, 2012 TO: Honorable Chair and Board Members THRU: Executive Director Jill R. Ingram FROM: Shally Lin, Interim Finance Director SUBJECT: A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY APPROVING MID -YEAR MODIFICATIONS FOR FISCAL YEAR 2011/12 SUMMARY OF REQUEST: Staff recommends that the Successor Agency to the Seal Beach Redevelopment Agency adopt Resolution No. SA 12 -05, to modify the FY 2011/12 budget. BACKGROUND AND ANALYSIS: As a result of the Supreme Court's decision upholding AB X1 26 ( "AB 26 "), on February 1, 2012, the Redevelopment Agency (RDA) was dissolved. In January, the City Council designated the City as the successor entity to the former redevelopment agency. The Successor Agency is a distinct and separate legal entity from the City. Successor agencies have all the authority, rights, powers and duties previously vested with the former redevelopment agencies except for those that were repealed, restricted, or revised by AB 26. Thus, all of the RDA's assets and obligations were transferred to the Successor Agency. Accordingly, staff recommends that the Board authorize the following adjustments and modifications to the Budget FY 2011/12. ENVIRONMENTAL IMPACT: There is no Environmental Impact related to this item. LEGAL ANALYSIS: General Counsel has reviewed and approved as to form Agenda Item 3 FINANCIAL IMPACT: There is no Financial Impact. RECOMMENDATION: Staff recommends that the Successor Agency to the Seal Beach Redevelopment Agency adopt Resolution No. SA 12 -05, to modify the FY 2011/12 budget. SUBMITTED BY: NOTED AND APPROVED: A‘4 al Interim Director of Finance Attachment: A. Resolution No. SA 12 -05 Page 2 DESCRIPTION RESOLUTION NUMBER SA 12 -05 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY AUTHORIZING A BUDGET MODIFICATION NO. 12 -08 -02 THE FISCAL YEAR 2011 -12 BUDGET MODIFICATION IN LIGHT OF THE DISSOLUTION OF THE SEAL BEACH REDEVELOPMENT AGENCY (ABX1 26) WHEREAS, the fiscal year 2011 -12 budget requires budgetary modifications as outlined below: THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY DOES HEREBY RESOLVE: Section 1. On February 1, 2012, the Seal Beach Redevelopment Agency (RDA) dissolved by operation of law due to AB X1 26. All of the RDA's authority, rights, powers, duties, assets and obligations were transferred to the Successor Agency to the Seal Beach Redevelopment Agency ( "Successor Agency "). Accordingly, the Board hereby makes the following adjustments and modifications to the Budget for FY 2011 -12 REVISED/ ADOPTED PROPOSED BUDGET (diff) EXPLANATION ACCOUNT BUDGET BUDGET MODIFICATION FOR CHANGE RDA - Low Mod Fund RDA Agency dissolution, transfer Interest On Investments 061- 000 -30420 5,000.00 2,713.90 (2,286.10) to Successor Agency. RDA Agency dissolution, transfer 20 % Set Aside Um Hsng 061 - 000 -38555 446,800.00 258,673.74 (188,126.26) to Successor Agency. RDA Agency dissolution, transfer Contract Prof. Svcs 061- 081 -44000 150,000.00 60,747.62 (89,252.38) to Successor Agency. RDA Agency dissolution, transfer Low /mod Housing Exp 061 -081 -45050 710,000.00 234,031.38 (475,968.62) to Successor Agency. RDA Agency dissolution, transfer Legal Services - Low /mod Rda 061- 081 -49800 20,000.00 19,328.43 (671.57) to Successor Agency. RDA - Riverfront Fund RDA Agency dissolution, transfer Interest On Investments 063 -000 -30420 16,000.00 7,830.80 (8,169.20) to Successor Agency. RDA Agency dissolution, transfer Transfers In 063- 000 -31500 457,200.00 (457,200.00) to Successor Agency. RDA Agency dissolution, transfer Part-time 063 - 081 -40004 1,800.00 900.00 (900.00) to Successor Agency. RDA Agency dissolution, transfer Pars Retirement 063-081 -40013 - 31.20 31.20 to Successor Agency. RDA Agency dissolution, transfer Medicare Insurance 063 - 081 -40017 100.00 61.00 (39.00) to Successor Agency. RDA Agency dissolution, transfer Fica Expense 063 -081 -40019 100.00 111.60 11.60 to Successor Agency. RDA Agency dissolution, transfer Membership And Dues 063-081 -40300 2,200.00 - (2,200.00) to Successor Agency. RDA Agency dissolution, transfer Training And Meetings 063- 081 -40400 2,000.00 580.00 (1,420.00) to Successor Agency. RDA Agency dissolution, transfer Contract Prof. Svcs 063 - 081 -44000 35,000.00 28,772.93 (6,227.07) to Successor Agency. RDA Agency dissolution, transfer Property Acquisitions 063 - 081 -47020 1,100,000.00 - (1,100,000.00) to Successor Agency. RDA Agency dissolution, transfer Lease Payments -rda Riverfront 063- 081 -47444 20,600.00 15,227.64 (5,372.36) to Successor Agency. RDA Agency dissolution, transfer Interest Expense -rda Riverfron 063- 081 -47999 2,600.00 1,989.31 (610.69) to Successor Agency. RDA Agency dissolution, transfer Legal Services 063- 081 -49800 105,000.00 16,732.89 (88,267.11) to Successor Agency. RDA - Debt Service Fund RDA Agency dissolution, transfer Interest On Investments 065-000 -30420 100.00 38.68 (61.32) to Successor Agency. RDA Agency dissolution, transfer Transfers In 065-000 -31500 731,000.00 718,228.55 (12,771.45) to Successor Agency. RDA Agency dissolution, transfer Contract Prof Svcs - Rda Debt 065 -081 -44000 6,500.00 2,073.20 (4,426.80) to Successor Agency. RDA Agency dissolution, transfer Interest Expense 065-081 -47999 274,500.00 264,402.50 (10,097.50) to Successor Agency. RDA - Tax Increment Fund RDA Agency dissolution, transfer Property Taxes Secured 067-000 -30001 2,118,200.00 1,229,456.06 (888,743.94) to Successor Agency. RDA Agency dissolution, transfer Property Taxes Unsecured 067-000-30002 57,100 00 40,810.60 (16,289.40) to Successor Agency. RDA Agency dissolution, transfer Homowners Exemption 067 -000 -30003 15,700.00 7,555.81 (8,144.19) to Successor Agency. RDA Agency dissolution, transfer Secured /unsecured Prior Year 067 -000 -30004 6,900.00 (6,900.00) to Successor Agency. RDA Agency dissolution, transfer Property Tax Other 067- 000 -30005 19,700.00 9,864.12 (9,835.88) to Successor Agency. RDA Agency dissolution, transfer Supplemental Tax Sec/unsec. 067- 000 -30006 16,600.00 5,682.11 (10,917.89) to Successor Agency. DESCRIPTION ACCOUNT Interest On Investments 067- 000 -30420 Property Rental 067- 000 -31650 Contract Professional Service 067 - 081 -44000 Property Maintenance Fee 067 - 081 -44002 Property Tax Admin Fee 067 -081 -44005 Low /mod Housing 20% Set Aside 067 - 081 -45050 Transfers Out 067- 081 -47000 Successor Agency - Retirement Fund Contract Prof. Svcs 300 - 063 -44000 Lease Payments -rda Riverfront 300 - 063-47444 Interest Expense -rda Riverfron 300-063 -47999 Legal Services 300-063-49800 300 -063 Total Interest Expense 300 -065 -47999 300 -065 Total ERAF /SERAF /Pass -thru 300 - 067 -44500 Transfers Out 300- 067 -47000 300 -067 Total Successor Agency - Low /Mod Fund Contract Prof. Svcs Low /mod Housing Exp Legal Services - Low /mod Rda 301 -061 Total AYES: Council Members NOES: Council Members ABSENT: Council Members ABSTAIN: Council Members ATTEST: City Clerk STATE OF CALIFORNIA } COUNTY OF ORANGE } CITY OF SEAL BEACH } City Clerk 301 -061 -44000 301 - 061 -45050 301 -061 -49800 REVISED/ ADOPTED PROPOSED BUDGET (diff) BUDGET BUDGET MODIFICATION 4,500.00 900.00 6,000.00 2,000.00 25,000.00 446,000.00 1,188,200.00 888.03 (3,611.97) 425.34 (474.66) (6,000.00) (2,000.00) (25,000.00) 258,673.74 (187,326.26) 718,228.55 (469,971.45) 1,805,850.00 1,805,850.00 5,400.00 5,400.00 600.00 600.00 74,800.00 74,800.00 PASSED, APPROVED AND ADOPTED by the Seal Beach City Council at a regular meeting held on the 27th day of February 2012 by the following vote: Mayor 1,886,650.00 Former RDA budget transfer to 132,005.00 132,005.00 Successor Agency 132,005.00 149, 787.00 149, 787.00 119, 000.00 119, 000.00 268,787.00 37,500 00 37,500.00 34,630.00 34,630.00 2,600.00 2,600.00 74,730.00 1, Linda Devine, City Clerk of the City of Seal Beach, Califomia, do hereby certify that the foregoing resolution is the original copy of Resolution Number SA 12 -05 on file in the office of the office of the City Clerk, passed, approved, and adopted by the Seal Beach City Council at a regular meeting held on the 27th day of February 2012. EXPLANATION FOR CHANGE RDA Agency dissolution, transfer to Successor Agency. RDA Agency dissolution, transfer to Successor Agency. RDA Agency dissolution, transfer to Successor Agency. RDA Agency dissolution, transfer to Successor Agency. RDA Agency dissolution, transfer to Successor Agency. RDA Agency dissolution, transfer to Successor Agency. RDA Agency dissolution, transfer to Successor Agency. Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency Former RDA budget transfer to Successor Agency