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Agenda Item No. S(D) OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE EL CERRITO REDEVELOPMENT AGENCY RESOLUTION 2012-XX RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE EL CERRITO REDEVELOPMENT AGENCY APPROVING THE SUCCESSOR AGENCY ADMINISTRATIVE BUDGET AS REQUIRED UNDER AB1X26 WHEREAS, as part of the 2011-12 State budget bill, AB1x26 (the "Dissolution Act") was enacted significantly modifying the Redevelopment Law to require the dissolution of redevelopment agencies throughout California and the establishment successor agencies to wind down the former redevelopment agencies' affairs; and WHEREAS, on August 15, 2011, pursuant to the Dissolution Act, the City elected to serve as the Successor Agency to the El Cerrito Redevelopment Agency (the "Successor"); and WHEREAS, Section 34179(a) of the Health and Safety Code provides for the establishment of an oversight board ("Oversight Board") of the successor agency to the former redevelopment agency ("Successor Agency"); and WHEREAS, the Dissolution Act requires the Successor to prepare a proposed administrative budget for each upcoming six-month period of the fiscal year and submit it to the Oversight Board for its approval; and WHEREAS, the Successor Agency has prepared a proposed administrative budget for the 2011-12 Fiscal Year and is hereby submitting it to the Oversight Board as Exhibit A to this Resolution. NOW THEREFORE, BE IT RESOLVED that the Oversight Board of the Successor Agency to the El Cerrito Redevelopment Agency hereby approves the Successor Agency Administrative Budget for the Fiscal Year 2011-12 (the "FY 11-12 Administrative Budget") attached hereto as Exhibit 1. BE IT FURTHER RESOLVED that this Resolution shall become effective immediately upon its passage and adoption. 319\01\1127515.1 ---PAGE BREAK--- ' Exhibit A Successor Agency Administrative Budget Fiscal Year 2011/2012 Entity I Activity Staffing Functions (Total Compensation plus Overhead for Indirect Costs) City Management Finance Risk Management Economic Development City Clerk Information Systems Legal Services Financial & Audit Services Bond-related Costs Supplies Postage Copies Website Advertising/Legal Notices Property Management Total Combined Total Funding Source Redev Property Tax Trust Fund Unfunded Successor Agency $51,674 $60,532 $4,126 $37,014 $13,674 $4,536 $60,000 $15,000 $7,500 $1,500 $100 $500 $2,000 $1,500 $1,000 $260,656 Oversight Board $33,910 $29,335 $2,063 $18,507 $8,204 $2,268 $500 $100 $500 $500 $1,500 $97,387 $358,043 $250,000 $108,043