HomeMy WebLinkAbout16. Successor AgencySUCCESSOR
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.
FY 2019-20 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 repayment of the former RDA.
FY 2018-19 PROGRAM HIGHLIGHTS:
Completed timely presentation of fiscal year 2019-20 ROPS schedule
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BUDGET UNIT: SUCCESSOR AGENCY
ACTUAL ACTUAL REVISED YEAR END EST ADOPTED VARIANCE
Acct. #DESCRIPTION 16-17 17-18 18-19 18-19 19-20
OPERATIONS
7030 Depreciation Expense 129,152 - - -
OPERATIONS SUBTOTAL - 129,152 - - - -
8710110000 ADMIN-SA
6301 Legal Fees 4,588 576 3,000 - - (3,000)
6315 Accounting/Auditing Services - - 5,000 - 10,000 5,000
6493 Outside Services & Repairs 17,157 13,765 13,600 11,530 15,000 1,400
6610 Bond Administration 6,700 - - - - -
6815 Maint & Repairs/Bldgs 5,230 1,330 - 1,330 - -
6915 Utilities/Telephone - - - 150 - -
7045 Other Agency Contributions 292,529 207,846 310,800 - 150,000 (160,800)
OPERATIONS SUBTOTAL 326,204 223,517 332,400 13,010 175,000 (157,400)
8710125000 CBD-SA
6301 Legal Fees 45,362 32,670 45,000 42,955 40,000 (5,000)
6345 Program Consultants 5,550 - 5,000 - - (5,000)
7001 Interest Expense 100,992 100,990 101,000 100,990 101,000 -
7005 Principal Payments - - - - - -
7040 Contributions to Other Agencies 2,905,000 6,900 - - - -
7115 Land Disposal Expense 53,740 - - - - -
SUBTOTAL 3,110,644 140,560 151,000 143,945 141,000 (10,000)
8710125283 Enterprise
7001 Interest Expense (4,565) - - - - -
7040 Contributions to Other Agencies 354,885 321,432 2,165,880 359,650 360,000 (1,805,880)
SUBTOTAL 350,320 321,432 2,165,880 359,650 360,000 (1,805,880)
8710125290 Reader Board Loan
6835 Maint & Repair/Equipment 3,080 - - - - -
6905 Utility-Electric 9,298 7,831 9,200 7,855 9,000 (200)
6915 Utilities/Telephone 1,831 1,884 1,850 1,390 2,000 150
SUBTOTAL 14,209 9,715 11,050 9,245 11,000 (50)
8710165620 TAB07A Successor AG
6610 Bond Administration 1,400 - - - - -
7001 Interest Expense 41,103 23,667 - - - -
SUBTOTAL 42,503 23,667 - - - -
324
BUDGET UNIT: SUCCESSOR AGENCY
ACTUAL ACTUAL REVISED YEAR END EST ADOPTED VARIANCE
Acct. #DESCRIPTION 16-17 17-18 18-19 18-19 19-20
8710165622 2007B
6610 Bond Administration 775 - - - - -
7001 Interest Expense 205,740 86,540 - - - -
7045 Other Agency Contributions - 197 - - - -
SUBTOTAL 206,515 86,736 - - - -
8710165624
7115 Land Disposal Expense 20,415 - - - - -
SUBTOTAL 20,415 - - - - -
8710165626 TAB08B HSNG-SA - -
6610 Bond Administration - 1,400 - 2,900 2,900 2,900
SUBTOTAL - 1,400 - 2,900 2,900 2,900
8710165628 2014A
6610 Bond Administration 2,650 4,350 1,450 1,450 4,400 2,950
7001 Interest Expense 361,453 338,209 353,394 353,000 316,000 (37,394)
7005 Principal Payments - - 730,000 730,000 780,000 50,000
SUBTOTAL 364,103 342,559 1,084,844 1,084,450 1,100,400 15,556
8710165630 2015A
6610 Bond Administration 625 1,850 1,275 1,250 3,500 2,225
7001 Interest Expense 899,351 593,348 504,213 504,000 505,000 787
SUBTOTAL 899,976 595,198 505,488 505,250 508,500 3,012
8710165632 2015B
6610 Bond Administration 625 - 1,275 1,250 3,500 2,225
7001 Interest Expense 420,717 723,059 605,019 605,000 712,000 106,981
7005 Principal Payments - - 325,000 325,000 330,000 5,000
SUBTOTAL 421,342 723,059 931,294 931,250 1,045,500 114,206
8710165634 2017A
6610 Bond Administration - 2,709 1,275 1,500 3,500 2,225
6611 Bond Issuance Expense 51,224 - - -
7001 Interest Expense - 91,818 98,986 98,000 78,000 (20,986)
7005 Principal Payments - -695,000 695,000 675,000 (20,000)
SUBTOTAL - 145,752 795,261 794,500 756,500 (38,761)
8710165636 2017B
6610 Bond Administration - 4,641 1,275 1,500 3,500 2,225
6611 Bond Issuance Expense - 52,757 - - -
6815 Maint & Repairs/Bldgs - -90,650 90,000 85,000 (5,650)
7001 Interest Expense - 62,267 - - - -
7005 Principal Payments - -230,000 230,000 205,000 (25,000)
SUBTOTAL - 119,664 321,925 321,500 293,500 (28,425)
SUCCESSOR AGENCY FUNDS TOTAL:5,756,231 2,733,259 6,299,142 4,165,700 4,394,300 (1,904,842)
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