HomeMy WebLinkAbout07. Admin Budget Reso�T Lem i s m a -.
DATE: September 18, 2014
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That the Oversight Board adopt the following Resolution:
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Per ABx1 26, the Downey Successor Agency is required to prepare an
Administrative Budget for the six month period of January 1, 2015 through June
30, 2015. Further, the Legislation requires that the administrative budget must
be submitted to the Oversight Board for review and approval.
The administrative budget provides expense categories to account for expenses
incurred by the Successor Agency to wind down the business functions and
project obligations of the former redevelopment agency.
The Successor Agency is entitled to receive an administrative allowance of not
more than $250,000 per fiscal year from the Redevelopment Property Tax Trust
Funds ( RPTTF). The prepared budget allocates $125,000 or one -half of the
available administrative allowance. The total budget amount is linked to the
RPTTF request under ROPS 14 -15B. The balance of the administrative
allowance was allocated to the first six month period under ROPE 14 -15A.
This budget allocates the RPTTF administrative allowance among several Cost
Categories that the Successor Agency requires to complete its administrative
responsibilities and various tasks in winding down the redevelopment affairs of
the former Community Development Commission.
Resolution Approving Administrative Budget
September 18, 2014
Page 2
The budget allocations are listed in the following table,
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET
January 1 through June 30,
2015
Expense
Funding Source
Expense Cate �..
Allocation
Personnel / Staffifl2_
$
94,500.00
Administrative Allowance
Administrative Overhead
$
1,250.00
Administrative Allowance
Auditinq Services
$
1,750.00
Administrative Allowance
Leal Services/Consultants
$
25,500.00
Administrative Allowance
Other Professional Services
$
5,000.00
Administrative Allowance
Total Administrative Budget
$
125,000.00
The budget represents one half the maximum allowed under ABx1 26. The
second half was allocated for expenses in the six month period covered under
the approved ROPE 14-15A.
Attachment: "A" — Resolution, with Administrative Budget
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WHEREAS, the Oversight Board to the Successor Agency to the dissolved
redevelopment functions of the Downey Community Development Commission has been
appointed pursuant to the provisions of Health & Safety Code Section 34179; and
WHEREAS, pursuant to Assembly Bill 1484 of the 2011 -12 Legislative Session ( "AB
1484"), the Successor Agency to the dissolved redevelopment functions of the Downey
Community Development Commission ( "Successor Agency ") is a separate public agency now
charged with winding down the CDC's redevelopment affairs and the Successor Agency has
duly prepared the proposed Administrative Budgets for the period of January 1, 2015, through
June 30, 2015, in accordance with Health and Safety Code sections 34171(b) and 341770); and
WHEREAS, pursuant to Health and Safety Code sections 341770), the Oversight Board
must approve an administrative budget for a successor agency for it to become established,
valid, and operative for the applicable six -month fiscal period.
SECTION 1. The foregoing Recitals are true and correct and are incorporated herein..;
SECTION 2. The Administrative Budgets covering the period of January 1, 2015,
through June 30,_2015,- attached hereto and incorporated herein by reference as Exhibit "A'; are
hereby approved pursuant to Health and Safety Code Sections 341770), and any other law that
may apply to the approval by the Oversight Board of the identified ROPS for the identified
periods.
SECTION 3. Pursuant to Health and Safety Code section 34177(k), the Secretary or
authorized designee shall provide to the County Auditor - Controller administrative cost estimates
that are to be paid from property tax revenues deposited into the Redevelopment Property Tax
Trust Fund based on the Administrative Budgets for the identified period approved by this
Resolution.
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SECTION 4. The Secretary shall certify to the adoption of this Resolution.
PASSED AND ADOPTED by the Oversight Board at a meeting held on the 18th day of
September, 2014.
Eel m F.3 I INVIEV aim M! -:WWI
116*1 ROM =1 KNETA a
STATE OF CALIFORNIA
COUNTY OF ) SS
CITY OF )
I, Secretary to the Oversight Board, hereby certify that the foregoing
resolution was duly adopted at a meeting of the Oversight Board, held on the 18th day of
September, 2014.
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OVERSIGHT BOARD RESOLUTION NO,
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EXHIBIT "A"
Administrative Budgets