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Home My WebLink AboutCC RESO 2022-112RESOLUTION NO. 202 -- 112 RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY ADOPTING A BUDGET OF $4,431,809 FOR FISCAL YEAR 2022-23 WHEREAS, on June 21, 2022, the Executive Director submitted to the Board of the Successor Agency a Proposed Budget for the 2022-23 fiscal year, and WHEREAS, said budget reflects the authorized expenditures of $4,431,809 for the 2022-23 Recognized Obligation Payment Schedule BOPS 22-23) period of July 1, 2022 through June 30, 2023; and WHEREAS, said 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, CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS FOLLOWS: Section 1: That the proposed budget for the Fiscal Year beginning July 1, 2022, attached hereto and incorporated by this reference herein as Exhibit Al with Successor Agency expenditures totaling 4,431,80 , 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 Resolutions. PASSED and ADOPTED this 21st day of June, 202 „ p Alejan i ra o •-Solis, Chairwoman ATTEST: Luz Molina, CO Jerk as Secretary to theSuccessor Agency APPROVED AS TO FORM: Charles E. Bell, Jr.., City 'Forney as Successor Agency Co ► el Passed and adopted by the Board of the Successor Agency to the Community Development ent Commission as the National City Redevelopment Agency on June 21, 2022, by the following vote, to -wit: Ayes: Sotelo-Solis, Bush, Morrison, Rios, Rodriguez Nays: None. Absent: None, Abstain: None. AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS Chair of the Board of the Successor Agency, City of National City, California Luz Molina Secretary of the Board of the Successor Agency, City of National City, California EXHIBIT A SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY FISCAL YEAR 2022-23 PROPOSED BUDGET Contents: • Estimated Financing Sources • Expenditure Account Detail • Recognized Obligation Payment Schedule (ROPS) 22-23 Authorized Items (summarized) SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY ESTIMATED FINANCING SOURCES FISCAL YEAR 2022-23 Acct. No. Account Title FY 2020 Actual FY 2021 FY 2022 Actual Adopted FY 2023 Proposed 711- 0 000 Redev Obligations Retirement Fund 3011 RPTTF* Distribution 3300 3320 Investment Earnings interest Income - Loans Fund 711 Total Revenue Use of Fund 711 Fund Balance** Successor Agency Total Financing Sources `Redevelopment Property Tax TrustFund $ 1,204,954 2,687,984 $ 2,774,138 $ 3,436,042 185,161 33,782 7 8 24 5,442 1,397,939 5,332,372 6,730,311 6,510 $ 2,727,208 $ 2,780,648 1,968,197 1,619,590 41695,405 $ 4,400,238 gob ,832 $ 3,441,874 989,935 $ 4,431,809 ** The use of fund balance is the difference between the total actual or authorized expenditures and the total revenue received or budgeted. Fund balance arises either as a result of savings from prior RAPS periods or the carry-over of RPTTF allocations from one period to another. Successor agencies are required to use funds on hand prior to receiving new RPTTF distributions. SUCCESSOR AGENCY TO THE COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY REDEVELOPMENT AGENCY EXPENDITURE ACCOUNT DETAIL FISCAL YEAR 2022-23 Account Number Account Title FY 2020 FY 2021 FY 2022 Actual Actual Adopted FY 2023 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** 3ond Principal Redemption - 2017B TARB** Bond Interest Redemption - 2017A TARB Bond Interest Redemption - 2017B TARB Total Fund 711 243,452 24,666 2,700 2,255,407 3,667 245,444 39, 876 2,700 200,000 10,000 250,000 74,.000 4,000 10,000 353 220 4,000 4,000 2,918,000 2,991,000 2,923,000 2,996,000 198,000 203,000 208,000 212,000 1, 032,130 958,564 884,934 811,242 55,956 51,154 46,304 41,347 $ 6,730,311 $ 4,695,405 4,400,238 4,431,809 ** Bond Principal R,edempticn 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 2022-23 (ROPS 22-23) 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, and financial services related to the TARBs. The budget also includes funding to pay for legal services as needed for an ongoing litigation matter and reimbursement of hazardous waste generator fees related to environmental remediation of the Paradise Creek Park site paid by the City on behalf of the Successor Agency in fiscal year 2021-22. National City Successor Agency Recognized Obligation Payment Schedule (ROPS) 2 -23 `Authorized Items (Summarized) Funding Sources Item # Project Name/Debt Obligation Obligation Type Payee Total Outstanding Debt or Obligation Retired ROPS 22-23 Total Bond Proceeds Reserve Batanc: Other Funds Redevelopment Property Tax Trust Fund (RPTTF) Admin RPTTF Totals I 45,231,949 4,431,809 - 995,767 - 3,206,042 230,000 12 WI-TOD (UI)A1Go-(gyp/Bond Docs/Other Grants) OPA/DD ' /Construction City of National 'City/EnSafe I 20,000 - 13 WI-TOD (DDANCo-Op/Bond Docs/Other Grants) OPA/DDA/Construction City of National City/DTSC 15,000 N _ - - 0 - 87 Personnel and Admin Costs Adrnin Costs City of National City 250,000 N 230,000 - - - 230,000 110 Environmental Monitoring for CDC Properties OPAJDDA/Construction County of San Diego 5,000 N - - 0 - - 1 1 1 Environmental Monitoring for CDC Properties Remediatiorn GeoSyntec Consultants 30,000 N 0 - - _ 128 Contract for Financial Analysis si s Fees INI 1A Advisors 4,000 N 4,000 - - 4,000 - 162 Bonds Fees Bank of New York 4,000 tV 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 - 160 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 2,996.000 - 9 ,` . ; , ' 2,000,233 - 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 31 1,242 - 811,242 - 182 2017 Tax Allocation Refunding Bon 1 - Series B Principal Payment Refunding Bonds Issued After 6/27/12 Bank of New York Mellon Trust Company, N. A. 2,0 6,000 N 212,000 - - - 212,000 - 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 41,347 - - - 41,347 186 CDTFA Hazardous Waste Generator Fe Fees City of National City 123,220 123,220