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Title:
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Adoption of Budget to Provide Appropriations Authority for the Successor Agency to the Culver City Redevelopment Agency.
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City of Culver City, California
Agenda Item Report
RECOMMENDATION:
Staff recommends the Board of Directors of the Successor Agency to the Culver City
Redevelopment Agency (Successor Agency Board) adopt the budget of the former
Redevelopment Agency to provide appropriations authority for the Successor
Agency.
BACKGROUND:
Pursuant to AB 1X 26 (AB 26), the Redevelopment Agency Dissolution Bill, the
Culver City Redevelopment Agency (CCRA) was dissolved effective at 12:01 AM on
February 1, 2012. As provided in AB 26, on January 9, 2012, the City Council
adopted Resolution No. 2012-R001 affirmatively electing to have the City serve as
the Successor Agency to the Culver City Redevelopment Agency. By operation of
law, the former Redevelopment Agency assets are transferred to the Successor
Agency (or to the Housing Authority in the case of low-and-moderate income
housing assets). On January 30, 2012, the Redevelopment Agency adopted an
updated Enforceable Obligations Payment Schedule (EOPS). In order to make
payments that were included on the EOPS, budgetary authority within the Successor
Agency is required.
On February 6, 2012, the Successor Agency Board adopted a Resolution which
deemed the Successor Agency to the Culver City Redevelopment Agency a
separate and distinct legal entity. As such, the Successor Agency will operate
Meeting Date: 02/13/12 Item Number: C-1
BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE CULVER CITY
REDEVELOPMENT AGENCY AGENDA ITEM: Adoption of Budget to Provide
Appropriations Authority for the Successor Agency to the Culver City
Redevelopment Agency.
Contact Person/Dept.:
Jeff Muir, Chief Financial Officer
Phone Number:
(310) 253-5870
Fiscal Impact: Yes [x] No [] General Fund: Yes [] No [x]
Public Hearing: [] Action Item: [] Attachments: []
Public Notification: Meetings and Agendas – City Council/SA (02/09/12)
Department Approval:
Jeff Muir (02/08/12)
City Attorney Approval:
Carol Schwab (by H. Baker) (02/09/12)
Chief Financial Officer Approval:
Jeff S. Muir (02/08/12)
City Manager Approval:
John M. Nachbar (02/09/12) City of Culver City, California
Agenda Item Report
separate and apart from the City of Culver City including having a segregated
accounting system and a separate checking account.
DISCUSSION:
In consultation with the California Redevelopment Association, it has been
recommended that the Successor Agency utilize the same accounting structure as
the former Redevelopment Agency. Therefore, staff recommends that the
Successor Agency Board adopt the budget of the former Redevelopment Agency as
the budget for the Successor Agency. A separate bank account has been
established for the Successor Agency. Any remaining cash on hand of the former
Redevelopment Agency is being transferred to this account. Adopting the budget as
recommended will provide the necessary authority for staff to make payments as
included on the EOPS.
FISCAL ANALYSIS:
This item will provide the budgetary authority for the Successor Agency to make
payments as authorized by the EOPS.
ATTACHMENTS:
None
MOTION:
That the Board of Directors of the Successor Agency to the Culver City
Redevelopment Agency:
Adopt the budget of the former Redevelopment Agency to provide appropriations
authority for the Successor Agency.