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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />JUNE 20, 2011 <br />TITLE: <br />RESOLUTION APPROVING FISCAL YEAR <br />2011-2012 COMMUNITY REDEVELOPMENT <br />AGENCY BUDGET <br />14 C~~..(.l~ <br />INTERI XECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />AGENCY SECRETARY USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1St Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution approving the fiscal year 2011/2012 budget of the Community Redevelopment <br />Agency as identified in the City of Santa Ana's Annual Budget. <br />DISCUSSION <br />Consistent with California Redevelopment Law, the annual funding plan and certain findings for <br />the Community Redevelopment Agency (Agency) must be approved annually by a resolution of <br />the Agency. The proposed overall budget for the Community Development Agency for fiscal year <br />2011-2012 is $101,810,435, of which $51,307,385 is comprised of various federal and state grants <br />and other miscellaneous sources. <br />The remaining $50,503,050 is the Redevelopment Agency's property tax increment revenue, and <br />represents a 1.9% decline in projected revenue from 2010-2011. The property tax increment <br />revenue is allocated to support the programs and projects of the Agency, including the payment of <br />debt service and obligations totaling $16,964,255 (33.6%), payment to the Low and Moderate- <br />Income Housing Fund totaling $13,497,905 (26.7%) pursuant to California Redevelopment Law, <br />payment of pass-through obligations to other taxing districts totaling $10,341,500 (20.5%), the <br />funding of eligible capital projects totaling $5,389,825 (10.7%), and the management and <br />administration of the merged redevelopment project areas totaling $4,309,565 (8.5%). <br />On an annual basis, the Agreement for Financial and Operating Services between the City and the <br />Agency is reviewed to ensure compliance with changes in California Redevelopment Law and the <br />State Controller's guidelines. There have been no recent changes in the law or state requirements <br />that necessitate another amendment to the existing agreement at this time. <br />3-1 <br />