HomeMy WebLinkAbout030-2012SARESOLUTION NO.30- 2012SA
ACCEPTING THE MID -YEAR FINANCIAL REPORT AND APPROVING
THE MID -YEAR ADJUSTMENTS TO THE FISCAL YEAR 2011/12 COMMUNITY
DEVELOPMENT AGENCY /SUCCESSOR AGENCY AND SUCCESSOR HOUSING
AGENCY OPERATING BUDGET
WHEREAS, on June 21, 2011, the Community Development Agency of the Town of
Danville (the "CDA ") adopted CDA Resolution No. 5 -2011, approving the CDA's
operating budget for fiscal year 2011/12; and
WHEREAS, on June 28, 2011, the Governor signed into law ABx1 26 (the "Dissolution
Act "), which established a process to dissolve all redevelopment agencies in the State of
California, including Danville's CDA; and
WHEREAS, through its December 29, 2011 decision in the case of California
Redevelopment Association v. Matosantos, the California Supreme Court declared the
Dissolution Act to be constitutional; and
WHEREAS, on January 10, 2012, acting in accordance with Health and Safety Code
Sections 341710) and 34173, the Danville Town Council adopted Resolution No. 6 -2012,
accepting the designation to serve as the Successor Agency to the CDA and the
Successor Housing Agency to the CDA; and
WHEREAS, pursuant to the Dissolution Act, the CDA was dissolved as of February 1,
2012, at which time by operation of law, the assets and payment obligations (defined in
the Dissolution Act as "Enforceable Obligations ") of the CDA were transferred to the
Town, acting in its capacity as Successor Agency, and the assets and obligations of the
CDA's Housing Fund were transferred to the Town, acting in its capacity as the
Successor Housing Agency; and
WHEREAS, the Town Council, acting as the Successor Agency and Successor Housing
Agency to the former CDA desires to approve mid -year adjustments to the operating
budget for the former CDA; now, therefore, be it
RESOLVED, that the Danville Town Council, acting as the Successor Agency and the
Successor Housing Agency to the former Community Development Agency of the Town
of Danville, approves the following adjustments to the Fiscal Year 2011/12 operating
budget;
• Property Tax Trust Fund revenues for the Successor Agency be reduced by
$176,276, due to lower assessed property values;
• Interest revenue for the Successor Agency be reduced by $4,000, due to lower
assessed property values and reduced fund balances;
• Employee Expense for the Successor Agency be reduced by $55,240, due to
transferring these expenses to the Town's General Fund;
• Property Tax Trust Fund revenues for the Successor Housing Agency be reduced
by $44,088, due to lower assessed property values;
• Interest revenue for the Successor Housing Agency be reduced by $300, due to
lower assessed property values and reduced fund balances;
• The transfer of $150,000 of CDA funds to the CIP General Purpose Revenue Fund
be eliminated, due to the dissolution of the CDA; and, be it further
RESOLVED, that effective February 1, 2012, all references in the Towri s budget for Fiscal
Year 2011/12 to the Community Development Agency Debt Service Fund shall be deemed
as references to the Town of Danville acting as the Successor Agency and that all
references to the Community Development Agency Low and Moderate Income Debt
Service Fund shall be deemed as references to the Town of Danville acting as the
Successor Housing Agency.
APPROVED by the Danville Town Council, acting as the Successor Agency to the
former Community Development Agency of the Town of Danville, at a regular meeting
on February 21, 2012, by the following vote:
AYES: Andersen, Arnerich, Doyle, Stepper, Storer
NOES: None
ABSTAINED: None
ABSENT: None
U'
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
PAGE 2 OF RESOLUTION NO.30- 2012SA