HomeMy WebLinkAbout15. Successor Agency_1_201707171855534982SUCCESSOR 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.
FY17-18 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.
FY16-17 PROGRAM HIGHLIGHTS:
•Oversight Board ratification of two former redevelopment property sales.
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BUDGET UNIT:
DESCRIPTION
Acct.#
OPERATIONS
6301 Legal Fees
6399 Professional Services/Other
6423 Administrative Allocation
6493 Outside Services & Repairs
6530 Office Supplies
6610 Bond Administration
6815 Maint & Repairs/Bldgs
6846 Computer Hardware Maintenance/Repair
7001 Interest Expense
7005 Principal Payments
7040 Contributions to Other Agencies
7045 Other Agenc Contributions
OPERATIONS SUBTOTAL
CBD-SA
6301 Legal Fees
7001 Interest Expense
7040 Contributions to Other Agencies
7115 Land Disposal Exeense
SUBTOTAL
Enterprise
7001 Interest Expense
7005 Principal Payments
7040 Contributions to Other Agencies
SUBTOTAL
Reader Board Loan
6835 Maint & Repair/Equipment
6905 Utility-Electric
6915 Utilities/Telephone
FUND 87 & 88 -SUCCESSOR AGENCY FUND
ACTUAL
14-15
250,000
2,962,810
1,615,000
4,827,810
ACTUAL
15-16
10,046
5,250
62,919
58
2,388
3,318
2,468
56,095
142,541
REVISED
16-17
180,000
180,000
75,000
102,000
177,000
356,000
356,000
5,000
8,500
1,845
YEARENDEST ADOPTED
16-17 17-18
3,485 16,000
15,928 18,000
6,700 6,700
5,230 6,000
100,000
208, 163 150,000
239,507 296,700
75,000 45,000
102,000
2,905,000
53,740
3,135,740 45,000
100,990
515,879
356,000 354,589
356,000 971,459
5,000
8,500 9,000
1,845 2,000
VARIANCE
16,000
18,000
6,700
6,000
100,000
(30,000)
116,700
(30,000)
(102,000)
(132,000)
100,990
515,879
1,411)
615,459
(5,000)
500
155
364
BUDGET UNIT: FUND 87 & 88 -SUCCESSOR AGENCY FUND
DESCRIPTION ACTUAL ACTUAL REVISED YEAR END EST ADOPTED VARIANCE
Acct.# 14-15 15-16 16-17 16-17 17-18
SUBTOTAL 15,345 15,345 11,000 (4,345)
TAB07 A Successor AG
6610 Bond Administration 1,400 3,600 3,600
7001 Interest Expense 737,200 705,399 (31,801)
7005 Princieal Pa ments 535,000 565,000 30,000
SUBTOTAL 1,272,200 1,400 1,273,999 1,799
20078
6610 Bond Administration 3,600 3,600 3,600
7001 Interest Expense 207,500 207,500 202,075 (5,425)
7005 Principal Pa ments 110,000 110,000 120,000 10,000
SUBTOTAL 321,100 321, 100 325,675 4,575
7115 Land Diseosal Exeense 20,415
SUBTOTAL 20,415
TABOSB HSNG-SA
6610 Bond Administration 3,800 1,400 (3,800)
SUBTOTAL 3,800 1,400 (3,800)
2014A
6610 Bond Administration 9,000 9,000 6,000 (3,000)
7001 Interest Expense 410,200 410,200 385,744 (24,456)
7005 Princieal Pa ments 690,000 690,000 705,000 15,000
SUBTOTAL 1,109,200 1, 109,200 1,096,744 (12,456)
2015A
6610 Bond Administration 4,300 4,300 4,000 (300)
7001 Interest Expense 504,200 504,200 504,213 13
SUBTOTAL 508,500 508,500 508,213 (288)
365
BUDGET UNIT: FUND 87 & 88 -SUCCESSOR AGENCY FUND
DESCRIPTION ACTUAL ACTUAL REVISED YEAR END EST ADOPTED VARIANCE
Acct.# 14-15 15-16 16-17 16-17 17-18
20158
6610 Bond Administration 4,300 4,300 4,000 (300)
7001 Interest Expense 615,600 615,600 610,631 (4,969)
7005 Princieal Pa ments 510,000 510,000 315,000 (195,000}
SUBTOTAL 1, 129,900 1,129,900 929,631 (200,269)
SA REC OB RETRMN
6423 Administrative Allocation 39,655 39,655 (39,655)
7001 Interest Expense 568,805 568,805 (568,805)
7005 Principal Payments 198,415 198,415 (198,415)
7045 Other A9enc Contributions 31,200 31,200 !31,200)
SUBTOTAL 838,075 838,075 (838,075)
SUCCESSOR AGENCY FUND TOTAL: 4,827,810 142,541 5,911,120 7,805,734 5,458,420 (452,700)
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