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-335 for the adoption of final budget spending plan for Fiscal Year 2020-2021, 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 2020-2021. Resolution No. SA-335 formally adopts the Board’s appropriation and budget plan for FY 2020-2021.
III. DISCUSSION:
City Council has discussed the budget plan for FY 2020-2021 at various meetings.
IV. ALTERNATIVES:
Board could decide to postpone adopting a final budget plan for FY 2020-2021.
V. FISCAL IMPACT:
Adoption of FY 2020-2021 final budget by Board of the Successor Agency is necessary as required per State of California’s mandate effective February 1, 2012 for dissolution of the Former Redevelopment Agency of the City of Coalinga.
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