HomeMy WebLinkAbout2012-04-10 OB Agenda Item No. 5OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE
TO: MEMBERS OF THE OVERSIGHT BOARD
FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL
DATE: APRIL 10, 2012
SUBJECT: SUCCESSOR AGENCY ADMINISTRATIVE BUDGET
Background
AB X1 26 provides for an administrative allowance to allow a Successor Agency to wind
down the former redevelopment agency and administer the Successor Agency and
Oversight Board. Pursuant to Health & Safety Code Section 341770), the Successor
Agency shall prepare an administrative budget and submit it to the Oversight Board for
its approval. The proposed administrative budget includes estimated costs through
June 30, 2012.
Discussion
The City Council of the City of Lake Elsinore, as Successor Agency to the
Redevelopment Agency of the City of Lake Elsinore is scheduled to meet and consider
the administrative budget following this meeting. Staff suggests approving the
Administrative Budget subject to adoption by the Successor Agency.
The administrative budget covers staff salaries, attorney and consultant costs, rent,
supplies, audit fees, record - keeping costs, and related administrative costs. The law
allows the greater of $250,000 or 5% of the property tax revenues listed on the ROPS
for the first year (or 3% of the revenues for the following fiscal years).
Recommendation
Adopt Resolution No. OB- 2012 -004 approving an Administrative Budget of the
Successor Agency subject to the adoption by the Successor Agency.
Prepared and approved by: Barbara Leibold,
City Attorney /Successor Agency Counsel
AGENDA ITEM 5 Page 1
Successor Agency Administrative Budget
April 10, 2012
Page 2
Attachments:
1. Resolution No. OB- 2012 -004 — A Resolution of the Oversight Board to the
Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore approving an Administrative Budget
AGENDA ITEM 5 Page 2
RESOLUTION NO. OB- 2012 -004
n
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE APPROVING AN
ADMINISTRATIVE BUDGET FOR THE SUCCESSOR
WHEREAS, the Oversight Board to the Successor Agency of the
Redevelopment Agency of the City of Lake Elsinore ( "Oversight Board ") has been
established to direct the Successor Agency to take certain actions to wind down the
affairs of the Redevelopment Agency in accordance with the California Health and
Safety Code; and
WHEREAS, the Oversight Board desires to approve an administrative budget for
the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore,
subject to the adoption thereof by the Successor Agency.
NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR
AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Administrative Budget, a copy of which is attached hereto and
incorporated herein as Exhibit "A ", is hereby approved, subject to the adoption thereof
by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore.
SECTION 2. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED at a special meeting of the Oversight
Board to the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore, held this 10th day of April, 2012 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Chairperson, Oversight Board to the
Successor Agency of the Redevelopment
Agency of the City of Lake Elsinore
AGENDA ITEM 5 Page 3
OVERSIGHT BOARD RESOLUTION NO. OB 2012 -004
Page 2 of 2
ATTEST:
Oversight Board Secretary
AGENDA ITEM 5 Page 4
EXHIBIT "A"
ADMINISTRATIVE BUDGET
SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
ADMINISTRATIVE BUDGET
FEBRUARY TO JUNE 2012
DESCRIPTION
Clty Staff Support Casts Q
Operating Costs:
ProfessionsY Outside Services . V 37,300
Travel & Meetings 2,500
Training & Education 2,000
Office Supplies 61000
Postage & Freight 1,500
Bank Fees 500
Other Misc. Expenses 8,p00
Total Operating Costs 57,000
AMOUNT
205,250
Total Administrative Budget
$ 263,050
AGENDA ITEM 5 Page 5