AgdaPkt 2008-07-21 - Laserfiche WebLink

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6.2A Page 1 July 21, 2008 SUBJECT Adoption of Redevelopment Agency Fiscal Year (FY) 2008-2009 budget and approval of amendment to City/Agency agreement for provision of administrative services. RECOMMENDATION 1. Adopt the resolution of the Redevelopment Agency approving the annual budget for FY 2008-2009 and Amendment No.1 to Agreement for Services with the City. 2. Adopt the resolution of the City approving the annual redevelopment budget for FY 2008-2009 and Amendment No.1 to Agreement for Services with the Agency. BACKGROUND The Redevelopment Agency Board reviewed the proposed Agency budget for FY 2008- 2010 at its study session of June 23, 2008 (see Attachment 3: "Staff Report"). The proposed budget needs to be adopted by resolution. The Agency is required to file an annual fiscal year report with the state by the end of the calendar year. The information in this staff report and the June 23rd staff report will be submitted as the final annual fiscal year budget report consistent with the requirements of State law. The entire report will be available for Board member review by the end of the calendar year. In January of 2003, the City and the Agency entered into a long-term contract obligating the City to provide administrative services to the Agency. The agreement protects Redevelopment Agency funds from State ''take-away'' by documenting and obligating the amount required to insure the Agency's ability to continue providing the administrative services required for revitalization activities in the Redevelopment Project Area. It is appropriate to continue to obligate and document those funds and to amend the agreement annually to reflect the current budget. Also, as required by redevelopment law, the Agency must file a statement of indebtedness that sets forth the Agency's various financial obligations. An annual resolution that establishes the amounts advanced to the Agency for administrative services provides documentation of that debt, assists Agency auditors in documenting Agency indebtedness, and provides an ongoing record for the City's and Agency's files. The resolutions by the Agency and the City (Attachments 1 and 2) approving the FY 2008-2009 budget also approve and authorize the execution of Amendment No. 1 to the Agreement for Services (Attachment 4) originally approved in 2003. AL TERNA TIVES