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Home My WebLink AboutCC RESO 2021-110RESOLUTION NO. 2021 — 110 RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY ADOPTING A BUDGET OF $4,400,238 FOR FISCAL YEAR 2021-22 WHEREAS, on June 15, 2021, the Executive Director submitted to the Board of the Successor Agency a Proposed Budget for the 2021-22 Fiscal Year, and WHEREAS, said Proposed Budget reflects the authorized expenditures of $4,400,238 for the 2021-22 Recognized Obligation Payment Schedule (ROPS 21-22 ) period of July 1, 2021 through June 30, 2022; and WHEREAS, said Proposed Budget has been discussed and deliberated in public session. NOW, THEREFORE, THE BOARD OF THE SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS FOLLOWS: Section 1: That the proposed budget for the Fiscal Year beginning July 1, 2021, attached hereto and incorporated by this reference herein as Exhibit A, with Successor Agency expenditures totaling $4,400,238, is hereby approved, adopted, and appropriated. Section 2: That the Executive Director is hereby authorized to make budgetary revisions between budget line items within a fund as necessary for the operation of the Successor Agency. Section 3: That the City Clerk shall certify to the passage and adoption of this Resolution and enter it into the book of original Resolution. PASSED and ADOPTED this 3rd day of August, 2021. Alejandra'Soteloolis, Chairwoman ATTEST: Luz Molina, Cij Clerk as Secretary to the Successor Agency APPROVED AS TO FORM: Charles E. Bell, Jr., City A . • ey as Successor Agency Cou EXHIBIT A SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY. FISCAL YEAR 2021-22 PROPOSED BUDGET Contents: • Estimated Financing Sources • Expenditure Account Detail • Recognized Obligation Payment Schedule (ROPS) 21-22 Authorized Items (summarized) SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY ESTIMATED FINANCING SOURCES FISCAL YEAR 2021-22 Acct. No. Account Title FY 2019 FY 2020 FY 2021 FY 2022 Actual Actual Adopted Proposed 711- 00000 Redev Obligations Retirement Fund 3011 RPTTF* Distribution $ 5,185,031 $ 1,204,954 $ 1,079,632 $ 2,774,138 3300 Investment Earnings 215,536 185,161 20,000 3320 Interest Income - Loans 8,462 7,824 7,174 6,510 Fund 711 Total Revenue $ 5,409,029 $ 1,397,939 $ 1,106,806 $ 2,780,648 Use of Fund 711 Fund Balance** 3,613,734 1,619,590 Successor Agency Total Financing Sources $ 5,409,029 $ 1,397,939 $ 4,720,540 $ 4,400,238 *Redevelopment Property Tax Trust Fund ** The amounts shown as the use of fund balance for the FY 2021 adopted and FY 2022 proposed budgets equal the sum of the Reserve Balance and Other Funds columns in the respective ROPS less the revenues in accounts 3300 and 3320 for the respective years. Fund balance arises either as a result of savings from prior ROPS periods or the carry- over of RPTTF allocations from one period to another. SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY EXPENDITURE ACCOUNT DETAIL FISCAL YEAR 2021-22 Account Number Account Title FY'LU'ly FY'LU2U Actuals Actuals FY LU21 FY 'LU2 Adopted Proposed 711-409 000-209 000-210 000-213 000-219 000-299 000-399 Balance Sheet Balance Sheet 000-480-0005 000-480-0006 Redev Obligations Retirement Fund Legal Services City of National City - SA Admin Services Professional Services Fiscal Agent Fees Contract Services Materials & Supplies Bond Principal Redemption - 2017A TARB** Bond Principal Redemption - 2017B TARB** Bond Interest Redemption - 2017A TARB Bond Interest Redemption - 2017B TARB Total Fund 711 788 12,572 10,000 250,000 243,452 245,444 250,000 449,321 24,666 49,500 74,000 3,560 2,700 4,750 4,000 2.294,066 2,255.407 200,000 4,556 - 2,964,000 2,918,000 2,991,000 2,923,000 202,000 198,000 203,000 208,000 1,105,362 1,032,130 958,564 884,934 60,605 55,956 51,154 46,304 $ 7,329,701 $ 6,730,311 $ 4,720,540 $ 4,400,238 ** Bond Principal Redemption amounts are shown as budgetary items for informational purposes only. In the general ledger and financial statements, bond principal payments made by the Successor Agency are shown as reductions to Long -Term Debt Payable instead of expenditures, consistent with accounting standards for fiduciary entities/funds. Description The Proposed Budget for the Successor Agency is consistent with the Recognized Obligation Payment Schedule for fiscal year 2021-22 (ROPS 21-22) as requested by the Successor Agency and approved by the State Department of Finance. The budget provides for the payment of debt service obligations for the 2017 tax allocation refunding bonds (TARBs), administrative services provided by the City, professional services pertaining to environmental remediation obligations of the former redevelopment agency, and financial services related to the TARBs. The budget also includes funding to pay for legal services as needed for an ongoing litigation matter. National City Successor Agency Recognized Obligation Payment Schedule (ROPS) 21-22 - Authorized Items (Summarized) Funding Sources Item # Project Name/Debt Obligation Obligation Type Payee Total Outstanding Debt or Obligation Retired ROPS 20-21 Total Bond Proceeds Reserve Balance Other Funds Redevelopment Property Tax Trust Fund (RPTTF) Admin RPTTF Totals 45,231,949 4,400,238 - 1,377,397 248,703 2,524,138 250,000 12 WI-TOD (DOA/Co-Op/Bond Docs/Other Grants) OPAIDDA/Construction City of National City/EnSafe 20,000 N 20,000 - 0 - 20,000 - 13 WI-TOD (DDA/Co-Op/Bond Docs/Other Grants) OPA/DDNConstruction City of National City/DTSC 15,000 N 15,000 - 0 - 15.000 - 87 Personnel and Admin Costs Admin Costs City of National City 250.000 N 250,000 - - - 250,000 110 Environmental Monitoring for CDC Properties OPNDDNConstruction County of San Diego 5.000 N 5,000 0 - 5,000 - 111 Environmental Monitoring for CDC Properties Remediation GeoSyntec Consultants 30,000 N 30,000 0 - 30.000 - 128 Contract for Financial Analysis Fees NHA Advisors 4,000 N 4,000 - - 4,000 - 162 Bonds Fees Bank of New York 4,000 N 4,000 - - - 4,000 - 179 Joint Defense and Cost Sharing Agreement with respect to the Affordable Housing Coalition of San Diego County v. Sandoval et al case Litigation City of National City/City of Lemon Grove 10,000 N 10,000 - - 10,000 - 180 2017 Tax Allocation Refunding Bond - Series A Principal Payment Refunding Bonds Issued After 6/27/12 Bank of New York Mellon Trust Company, N. A. 37.001,000 N 2,923,000 - 1,377,397 248.703 1,296,900 - 181 2017 Tax Allocation Refunding Bond - Series A Interest Payment Refunding Bonds Issued After 6/27/12 Bank of New York Mellon Trust Company. N. A. 5,599,823 N 884,934 - - 884,934 - 182 2017 Tax Allocation Refunding Bond - Series B Principal Payment Refunding Bonds Issued After 6/27/12 Bank of New York Mellon Trust Company. N. A. 2.066.000 N 208,000 - - - 208,000 - 183 2017 Tax Allocation Refunding Bonds- Series B Interest Payment Refunding Bonds Issued After 6/27/12 Bank of New York Mellon Trust Company, N. A. 227,126 N 48,304 - - - 46,304 - Passed and adopted by the Council of the City of National City, California, on August 3, 2021, by the following vote, to -wit: Ayes: Sotelo-Solis, Rodriguez, Bush, Morrison, Rios. Nays: None. Absent: None. Abstain: None. AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS Mayor of the City of National City, California BY: LUZ MOLINA City Clerk of the City of National City, California (ILE Shelley Chapel, MMC D puty Citydlerk I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 2021-110 of the City of National City, California, passed and adopted by the City Council of said City on August 3, 2021. Luz Molina, CJty Clerk