HomeMy WebLinkAboutSA AG PKT 2012-03-26 #2 SUCCESSOR AGENCY TO THE
SEAL BEACH REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE: March 26, 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 BUDGET
MODIFICATION NO. 12-10-01 FOR FISCAL YEAR
2011/12
SUMMARY OF REQUEST:
Staff recommends that the Successor Agency to the Seal Beach Redevelopment
Agency adopt Resolution No. SA12-06, 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those that were repealed, restricted, or revised by AB 26.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 2
FINANCIAL IMPACT:
There is no Financial Impact.
RECOMMENDATION:
Staff recommends that the Successor Agency to the Seal Beach Redevelopment
Agency adopt Resolution No. SA12-06, to approve Budget Modification No.12-
10-01 for the FY 2011/12 budget.
SUBMITTED BY: NOTED AND APPROVED:
hally Lin . Ingram, Exec Director
Interim Dir ctor of Finance
Attachment:
A. Resolution No. SA12-06
Page 2
RESOLUTION NUMBER SA12-06
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY
AUTHORIZING BUDGET MODIFICATION NO.12.10-01
FOR 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
DESCRIPTION ACCOUNT BUDGET BUDGET MODIFICATION FOR CHANGE
Successor Agency-Retirement Fund
Former RDA budget transfer to
Interest Expense 300-065-47999 132,005.00 - (132,005.00) Successor Agency
300-065 Total (132,005.00)
Former RDA budget transfer to
ERAF/SERAF/Pass-thru 300-067-44500 149,787.00 - (149,787.00) Successor Agency
Former RDA budget transfer to
Transfers Out 300-067-47000 119,000.00 - (119,000.00) Successor Agency
300-067 Total (268,787.00)
Successor Agency-Debt Service
Former RDA budget transfer to
Interest Expense 302-065-47999 - 132,005.00 132,005.00 Successor Agency
302-065 Total 132,005.00
Successor Agency-Tax Increment
Former RDA budget transfer to
ERAF/SERAF/Pass-thru 303-067-44500 - 149,787.00 149,787.00 Successor Agency
Former RDA budget transfer to
Transfers Out 303-067-47000 - 119,000.00 119,000.00 Successor Agency
303-067 Total 268,787.00
PASSED,APPROVED AND ADOPTED by the Seal Beach City Council at a regular meeting held on the
26th day of March ,2012 by the following vote:
AYES: Council Members
NOES: Council Members
ABSENT: Council Members
ABSTAIN: Council Members
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA
COUNTY OF ORANGE }
CITY OF SEAL BEACH }
I,Linda Devine,City Clerk of the City of Seal Beach,California,do hereby,cerfrfy that the foregoing resolution is the original copy of
Resolution Number SA12-06 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 26th day of March ,2012.
City Clerk