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CC - FOUR-FIFTHS VOTE REQUIREMENT: (1) Approve Budget Amendments to (A) Eliminate Unnecessary Accounts Associated with the Dissolution of the Former Culver City Redevelopment Agency and Combine Remaining Appropriations, and (B) Transfer Land Sale Proceeds to the General Fund; and (2) Authorize the Chief Financial Officer to Perform the Necessary Accounting Entries.
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Meeting Date: January 8, 2018
Contact Person/Dept: Jeff Muir / Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: []
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (01/02/2018).
Department Approval: Jeff Muir (12/13/17)
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RECOMMENDATION
Staff recommends that the City Council:
1. Approve budget amendments to:
a. Eliminate unnecessary accounts associated with the dissolution of the former Culver City Redevelopment Agency (CCRA); and
b. Transfer land sale proceeds to the General Fund (budget amendments require four-fifths vote); and
2. Authorize the Chief Financial Officer to perform the necessary accounting entries.
BACKGROUND / DISCUSSION
In 2010, due to significant budget deficits faced by the State as a result of the Great Recession, Governor Brown began to discuss the idea of eliminating redevelopment as a means to reallocate tax revenues to the benefit of the State. In January of 2011, the City and former CCRA entered into a series of cooperation agreements in an effort to protect the assets of the CCRA. As a result of these agreements, the assets of the Agency were transferred to the City. This required creation of a multitude of new funds and accounts in the City's general ledger. Later in 2011, AB 1X 26 and AB 1X 27 were introduced to eliminate redevelopment agencies. After subs...
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