RESOLUTION NO. XX – 2022
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF EAST PALO ALTO
ACTING AS THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF EAST PALO ALTO
APPROVING THE FISCAL YEAR 2022-23 REVENUE AND EXPENDITURE BUDGET
FOR THE SUCCESSOR AGENCY
WHEREAS, pursuant to section 34172(a) of the California Health and Safety Code, the Redevelopment Agency of the City of East Palo Alto (the “Former Agency”) has been dissolved and no longer exists as a public body, corporate and politic, and pursuant to section 34173, and the Successor Agency to the Former Redevelopment Agency of the City of East Palo Alto (the “Successor Agency”) has become the successor entity to the Former Agency; and WHEREAS, the County Oversight Board to the Successor Agency adopted a Resolution on January 10,2022, approving the 2022-23 Annual Recognized Obligations Schedule (ROPS); and on March 11, 2022, the Department of Finance issued a determination letter authorizing payments on the 2022-23 Annual ROPS; and
WHEREAS, the Successor Agency accounts for, and transacts, the revenues and disbursements authorized by the Oversight Board and the Department of Finance, including authorizing budget appropriations for the same.
NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF EAST PALO ALTO HEREBY:
Adopts the Fiscal Year 2022-23 Successor Agency Budget, as follows:
Revenues Expenditures In Out
705 Successor Operating $ 3,959,000 $ (114,110) $ - $ - $ - $ 3,844,890 706 Successor Debt Service $ 1,552,430 $ (1,550,310) $ - $ - $ - $ 2,120 Successor Agency $ 5,511,430 $ (1,664,420) $ - $ - $ - $ 3,847,010 Operating Transfers Net Change
Fund Balance
Fund Description
Operating Capital
Improvement
Plan
FY 2022-23 Successor Agency Budget Summary
PASSED AND ADOPTED this 7
th day of June 2022 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Ruben Abrica
Successor Agency Chair
ATTEST:
James Colin
Interim Successor Agency
Secretary
APPROVED AS TO FORM:
Valerie J. Armento
Interim Successor Agency
Counsel