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HomeMy WebLinkAbout14. Successor AgencySUCCESSOR AGENCY FY 2024/25 ADOPTED BUDGET CITY OF AZUSA Successor Agency of the Former Redevelopment Agency Successor Agency 1 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.    The Successor Agency is responsible for drafting a ROPS and the submission for approval  annually.  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 2023-24 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 •Administering the debt repayment of the former RDA •Pay operating expenses of the former RDA. FY 2024-25 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 •Administering the debt repayment of the former RDA •Pay operating expenses of the former RDA. Successor Agency 2    FY 2022-23 ACCOMPLISHMENTS • Completed timely presentation of fiscal year 2023‐24 ROPS schedule   • Pay debt service payments and operating expenses for the fiscal year ended      Successor Agency 3 SUCCESSOR AGENCY EXPENDITURE DETAIL ALL FUND 87 AND 88 ACTUAL REVISED YEAR END EST ADOPTED ADOPTED VARIANCE Acct. #DESCRIPTION 21‐22 22‐23 22‐23 23‐24 24‐25 23 to 24 8700000000 OPERATIONS 7030 Depreciation Expense 82,348               105,752        82,348             82,348          82,348          (23,404)           OPERATIONS SUBTOTAL 129,152             105,752        82,348             82,348          82,348          (23,404)           8710110000 ADMIN‐SA 6493 Outside Services & Repairs    15,381               20,000          17,262             18,197          19,219          (1,803)             7045 Other Agency Contributions    621,119             150,000        215,000           215,000        215,000        65,000            OPERATIONS SUBTOTAL 636,500             170,000        232,262           233,197        234,219        63,197            8710125000 CBD‐SA 6301 Legal Fees                    768                    5,000            1,000                1,000            1,000            (4,000)             7001 Interest Expense              63,219               100,992        ‐                        ‐                     ‐                     (100,992)         7040 Contributions to Other Agencies (26,233)              673,269        ‐                        ‐                     ‐                     (673,269)         7115 Land Disposal Expense 66,314               ‐                     ‐                        ‐                     ‐                     ‐                       SUBTOTAL 104,069             105,992        1,000                1,000            1,000            (104,992)         8710125290 Reader Board Loan 6905 Utility‐Electric 4,464                 4,800            5,166                5,450            5,749            650                  6915 Utilities/Telephone           1,841                 2,100            (103)                  (113)              (123)              (2,213)             SUBTOTAL 6,306                 6,900            5,063                5,337            5,627            (1,563)             8710165628 2014A 6610 Bond Administration           2,200                 5,450            2,300                2,400            2,400            (3,050)             7001 Interest Expense              180,077             189,769        153,645           94,800          54,100          (94,969)           7005 Principal Payments 855,000             905,000        905,000           1,900,000     180,000        995,000          SUBTOTAL 1,037,277         1,100,219     1,060,945        1,997,200     236,500        896,981          8710165630 2015A 6610 Bond Administration           1,250                 4,750            4,950                5,050            5,050            300                  7001 Interest Expense              593,100             588,572        593,100           593,200        593,200        4,628               SUBTOTAL 594,350             593,322        598,050           598,250        598,250        4,928               8710165632 2015B 6610 Bond Administration           1,250                 1,750            1,750                1,850            1,850            100                  7001 Interest Expense              689,773             664,591        683,071           672,200        629,500        7,609               7005 Principal Payments 350,000             355,000        355,000           295,000        2,000,000     (60,000)           SUBTOTAL 1,041,023         1,021,341     1,039,821        969,050        2,631,350     (52,291)           8710165634 2017A 6610 Bond Administration           3,000                 3,350            2,525                ‐                     ‐                     (3,350)             7001 Interest Expense              44,432               30,940          21,537             ‐                     ‐                     (30,940)           7005 Principal Payments 715,000             735,000        735,000           ‐                     ‐                     (735,000)         SUBTOTAL 762,432             769,290        759,062           ‐                     ‐                     (769,290)         8710165636 2017B 6610 Bond Administration           3,000                 2,700            1,850                2,000            2,000            (700)                 7001 Interest Expense              72,549               69,217          69,217             63,500          57,750          (5,717)             7005 Principal Payments 210,000             220,000        220,000           225,000        230,000        5,000               SUBTOTAL 285,549             291,917        291,067           290,500        289,750        (1,417)             SUCCESSOR AGENCY FUNDS TOTAL: 4,596,658         4,164,733    4,069,618        4,176,882    4,079,044    12,149            Successor Agency 4