HomeMy WebLinkAboutResolutionRESOLUTION NO. 2013 —
RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY TO THE
COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY
REDEVELOPMENT AGENCY AUTHORIZING FISCAL YEAR 2013 BUDGET
ADJUSTMENTS BY APPROVING CANCELLATION OF A FUND BALANCE
TRANSFER FROM THE REDEVELOPMENT OBLIGATION RETIREMENT
FUND ("RORF") TO CAPITAL PROJECTS FUND — HOUSING,
A DECREASE IN THE CAPITAL PROJECTS FUND — HOUSING
WI-TOD PHASE 1 APPROPRIATION, AND AN INCREASE
IN THE SUCCESSOR AGENCY LOW -MODERATE INCOME
HOUSING FUND WI-TOD PHASE 1 APPROPRIATION
WHEREAS, initially, staff planned to combine the Community Development
Commission ("CDC") Debt Service Fund, Tax Increment Fund, and Low -Moderate Housing
Income Fund ("LMIHF") into the newly -created Redevelopment Obligation Retirement Fund
("RORF") and to create new fund numbers for the housing and non -housing 2011 Tax Allocation
Bond ("TAB") Funds; and
WHEREAS, in conjunction with this plan, at the time of adoption of the fiscal
year 2013 budget, staff appropriated WI-TOD Phase 1 capital project expenditures to the TAB
housing fund ("Capital Projects Fund — Housing") and budgeted a fund balance transfer of
$5,000,000 from the RORF (to Capital Projects Fund — Housing) to fund them; and
WHEREAS, subsequently, staff determined the LMIHF accounts should be
maintained separately from others and, further, that cash and non -cash (receivables) LMIHF
assets should be split into two (2) different funds. It was also deemed prudent to not comingle
TAB proceeds with other monies; and
WHEREAS, as a result of the above -referenced determinations and fund
reorganization, WI-TOD Phase 1 capital project expenditures should be appropriated under the
Successor Agency's LMIHF (cash); and
WHEREAS, to affect the necessary changes, staff recommends three (3) budget
adjustments: 1) a decrease of $5,000,000 in the Capital Projects Fund — Housing appropriation;
2) an increase of $5,000,000 to the LMIHF appropriation; and 3) canceling the transfer of
$5,000,000 from the RORF to Capital Projects Fund — Housing.
NOW, THEREFORE, BE IT RESOLVED that the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency hereby
authorizes the following budget adjustments: 1) a decrease of $5,000,000 in the Capital
Projects Fund — Housing appropriation; 2) an increase of $5,000,000 to the LMIHF
appropriation; and 3) canceling the transfer of $5,000,000 from the RORF to Capital Projects
Fund — Housing.
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Resolution No. 2013 —
Page Two
PASSED and ADOPTED this 16th day of April, 2013.
Ron Morrison, Chairman
ATTEST:
Michael R. Dalla, City Clerk as
Secretary to the Successor Agency
APPROVED AS TO FORM:
Claudia Gacitua Silva
Successor Agency Counsel