HomeMy WebLinkAbout12 Successor Agency FY1314-Adopted_201309161321127105SUCCESSOR AGENCY
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SUCCESSOR AGENCY
OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
PROGRAM COMMENTARY
PROGRAM DESCRIPTION:
On June 29, 2011, the Governor signed ABx1 26 (the Redevelopment Agency Dissolution Bill) into law. As a result, effective
February 1, 2012, all redevelopment agencies (RDAs) were dissolved, and successor agencies, as defined by the law, were required
to be appointed to oversee the distribution of tax proceeds that would have been paid to the RDAs. As provided for under the new
law, each former redevelopment agency is to be governed by a "Successor Agency" and an "Oversight Board". AB 1484 is a budget
trailer bill that made changes to the dissolution process implemented by ABx1 26. It became effective on June 27, 2012. AB 1484
made several substantive and technical amendments to ABx1 26.
The primary role of the Successor Agency is to dispose of the former RDA’s assets or properties expeditiously and in a manner
aimed at maximizing values, pay all debts and fulfill all obligations of the former RDA, and to wind down redevelopment affairs.
To accomplish its responsibilities, the Successor Agency will manage redevelopment projects currently underway, make payments
identified on the Recognized Obligation Payment Schedules (ROPS) and dispose of redevelopment assets and properties as
directed by the Oversight Board. The Oversight Board is an appointed body consisting of seven appointed members, as provided by
AB x1 26. A separate agency manages the former RDA's housing assets.
The Successor Agency is responsible for drafting a ROPS and the submission for approval every six months. The ROPS must be
approved by the Oversight Board and then submitted to the Los Angeles County Auditor-Controller and the State Department of
Finance for final approval.
STRATEGIC GOALS:
To wind down the affairs of the former RDA of the City by:
disposing of former RDA’s assets at maximized values; and
administering the debt repayments of the former RDA.
FY 2013-14 PROGRAM HIGHLIGHTS:
To prepare and submit for approval the July 2013 to June 2014 ROPS.
To sell the former RDA’s assets.
To ensure payment s of existing indebtedness and financial obligations listed on the current ROPS.
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Cost
87xxxxxxxx 6301 $90,000
6315 $18,000
6399 $21,000
6423 $100,000
6572 $7,690
6610 $28,600
6805 $600
6915 $2,580
7001 $3,155,800
7005 $1,780,000
7099 $299,800
Office Furniture & Equipment - Balance of furniture and fixtures equipment agreement with Bambino's.
Utilities/Telephone - Communication line for Readerboard
Miscellaneous - Potential liquidated damages; public improvements
Principal Payment - Principal payment towards bond obligations and loans
Bond Administration - Fees associated with bond issues. Pays for bond disclosure services, arbitrage rebate
calculation services, and annual trustee administrative fees for the Agency's bond issues.
Interest Expense - Interest for debt obligatons
Legal Fees - For various projects to help wind down Redevelopment.
Accounting/Auditing Services - Services include annual independent audit for the Successor Agency and its tax
allocation bonds.
Professional Services - Miscellaneous consulting services including sales tax and tax increment consulting
Administrative Allocation - Minimum allowed allocation to help fund administrative expenses of the Successor
Agency.
Maintenance/Land - Maintenance for Successor Agency-owned properties.
SUCCESSOR AGENCY OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
ACTIVITY DETAIL
Account Number Description
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BUDGET UNIT: FUND 87 - SUCCESSOR AGENCY FUND
DESCRIPTION ACTUAL ACTUAL REVISED ADOPTED VARIANCE
Acct. #10-11 11-12 12-13 13-14
OPERATIONS
6301 Legal Fees - 28,860 180,000 90,000 (90,000)
6315 Accounting/Auditing Services - - 11,000 18,000 7,000
6399 Professional Services/Other - - 27,100 21,000 (6,100)
6423 Administrative Allocation - - 250,000 100,000 (150,000)
6493 Outside Services & Repairs - 6,475 - - -
6572 Office Furniture & Equipment - - 7,690 7,690 -
6610 Bond Administration - 3,275 18,000 28,600 10,600
6625 Program Expense - 35 - - -
6710 Ins/General Liability Premiums - - 10,000 - (10,000)
6755 Claims Expense/Unemployment - 21,875 - - -
6805 Maintenance/Land Improvements - - 600 600 -
6815 Maint & Repairs/Bldgs - 10,340 - - -
6904 Utilities/Other - 4,235 - - -
6915 Utilities/Telephone - 805 1,680 2,580 900
7001 Interest Expense - 2,656,785 3,042,250 3,155,800 113,550
7005 Principal Payments - - 3,389,805 1,780,000 (1,609,805)
7041 Contributions to Other Agencies - 250,530 - - -
7099 Miscellaneous - - 299,800 299,800 -
OPERATIONS SUBTOTAL - 2,983,215 7,237,925 5,504,070 (1,733,855)
SUCCESSOR AGENCY FUND TOTAL:- 2,983,215 7,237,925 5,504,070 (1,733,855)
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