I. RECOMMENDATION:
City Manager and Financial Services Director recommend Board of Directors of the Successor Agency of the Former Redevelopment Agency of the City of Coalinga adopt Resolution No. SA-328 for the adoption of final budget spending plan for Fiscal Year 2019-2020, providing for the appropriation and expenditure of all sums set forth in said final budget, and provide for the transfers and additional appropriations.
II. BACKGROUND:
The Board of Directors (Board) of the Successor Agency and staff have been deliberating on an appropriation and budget plan for FY 2019-2020. Resolution No. SA-328 formally adopts the Board’s appropriation and budget plan for FY 2018-2019.
III. DISCUSSION:
City Council has discussed the budget plan for FY 2019-2020 at various meetings.
IV. ALTERNATIVES:
Council could decide to postpone adopting a final budget plan for FY 2019-2020.
V. FISCAL IMPACT:
Adoption of FY 2019-2020 final budget by the Board of the Successor Agency is necessary as required per State of California's mandate effective February 1, 2020 for dissolution of the Former Redevelopment Agency. |