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Home My WebLink About14. Successor AgencyCITY OF AZUSA SUCCESSOR AGENCY Successor Agency of the Redevelopment Agency FY 2021/22 Adopted Budget 253 SUCCESOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA 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. On July 1, 2018 the 1st Supervisorial District Consolidated Oversight Board was established to review and approve the Successor Agency’s ROPS in January of each year for the next fiscal year. The ROPS must be approved by the 1st Supervisorial District Consolidated Oversight Board and then submitted to the Los Angeles County Auditor-Controller and the State Department of Finance for final approval. FY 2021-22 STRATEGIC GOALS AND OBJECTIVES 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 2020-21 ACCOMPLISHMENTS •Completed timely presentation of fiscal year 2019-20 ROPS schedule 254 ACTUAL ACTUAL REVISED YEAR END EST ADOPTED Acct. #DESCRIPTION 18-19 19-20 20-21 20-21 21-22 VARIANCE OPERATIONS 7030 Depreciation Expense 129,152 129,152 129,152 129,152 129,152 - OPERATIONS SUBTOTAL 129,152 129,152 129,152 129,152 129,152 - 8710110000 ADMIN-SA 6315 Accounting/Auditing Services - - 10,000 - - (10,000) 6493 Outside Services & Repairs 20,694 14,898 21,412 15,900 16,100 (5,312) 6815 Maint & Repairs/Bldgs 1,330 - 1,500 - - (1,500) 6915 Utilities/Telephone 151 - -- - - 7045 Other Agency Contributions 184,298 306,034 190,000 216,000 210,000 20,000 OPERATIONS SUBTOTAL 206,473 320,932 222,912 231,900 226,100 3,188 8710125000 CBD-SA 6301 Legal Fees 11,573 7,250 30,000 5,000 5,000 (25,000) 7001 Interest Expense 100,990 101,105 101,000 101,000 101,200 200 7040 Contributions to Other Agencies - - 863,590 - - (863,590) SUBTOTAL 112,563 108,355 994,590 106,000 106,200 (888,390) 8710125283 Enterprise 7040 Contributions to Other Agencies 351,615 353,331 - - - - SUBTOTAL 351,615 353,331 - - - - 8710125290 Reader Board Loan 6905 Utility-Electric 5,106 4,660 5,106 4,800 4,800 (306) 6915 Utilities/Telephone 1,781 2,004 1,931 2,100 2,100 169 SUBTOTAL 6,887 6,664 7,037 6,900 6,900 (137) 8710165626 TAB08B HSNG-SA 6610 Bond Administration 2,900 - - - - - SUBTOTAL 2,900 - - - - - 8710165628 2014A 6610 Bond Administration 4,650 6,050 4,500 4,500 5,100 600 7001 Interest Expense 281,463 263,467 239,550 222,700 199,000 (40,550) 7005 Principal Payments - 780,000 820,000 820,000 855,000 35,000 SUBTOTAL 286,113 1,049,517 1,064,050 1,047,200 1,059,100 (4,950) 8710165630 2015A 6610 Bond Administration 3,100 1,250 3,200 3,100 3,100 (100) 7001 Interest Expense 535,337 593,100 593,100 593,100 593,100 - SUBTOTAL 538,437 594,350 596,300 596,200 596,200 (100) 8710165632 2015B 6610 Bond Administration 1,250 1,250 1,750 3,100 3,100 1,350 7001 Interest Expense 636,755 709,071 704,000 700,000 694,100 (9,900) 7005 Principal Payments - 330,000 330,000 330,000 350,000 20,000 SUBTOTAL 638,005 1,040,321 1,035,750 1,033,100 1,047,200 11,450 8710165634 2017A 6610 Bond Administration 3,350 4,125 3,400 3,350 3,350 (50) 7001 Interest Expense 109,419 88,286 75,620 70,000 53,750 (21,870) 7005 Principal Payments - 675,000 690,000 690,000 715,000 25,000 7040 Contributions to Other Agencies 7,519 - - - - - SUBTOTAL 120,287 767,411 769,020 763,350 772,100 3,080 8710165636 2017B - - - 6610 Bond Administration 2,700 1,075 2,800 3,000 3,000 200 7001 Interest Expense 88,830 83,413 80,225 78,000 69,500 (10,725) 7005 Principal Payments - 205,000 210,000 210,000 220,000 10,000 7040 Contributions to Other Agencies 6,916 - - - - - SUBTOTAL 98,446 289,488 293,025 291,000 292,500 (525) SUCCESSOR AGENCY FUNDS TOTAL: 2,490,878 4,659,523 5,111,836 4,204,802 4,235,452 (876,384) SUCCESSOR AGENCY EXPENDITURE DETAIL ALL FUND 87 255