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.
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.
City Council has discussed the budget plan for FY 2019-2020 at various meetings.
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.