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Agenda Item 20.

City Council Meeting

Meeting Date:	06/15/2021
FROM:	Bill Gallardo

Subject:

Public Hearing to Consider Adoption of 2021-22 Operating Budget for the Brea Community Benefit Financing Authority.

RECOMMENDATION

Adopt Resolution No. BCBFA 2021-01 appropriating funds for the Brea Community Benefit Financing Authority 2021-22 Operating Budget, as presented in the 2021-22 Proposed Budget document.

BACKGROUND/DISCUSSION

The Brea Community Benefit Financing Authority is a shared exercise of powers between the City of Brea and the Industrial Development Authority of the City of Brea, created by a Joint Powers Agreement in July 2014. The creation of such was necessary as the result of the Brea Redevelopment Agency’s dissolution and the inability of the Brea Public Financing Authority to continue operations in regards to any new bond issues.

Currently, bonds issued by the Brea Community Benefit Financing Authority include the 2014 Water Revenue Bonds which mature from 2021through 2024 and are supported by the City's Water Enterprise Fund. During FY 20-21, the City completed an advance refunding of the Brea Community Benefit Financing Authority 2014 Water Revenue Bonds, that were callable and maturing from 2025 through 2044. The new 2020 Water Revenue Refunding Bonds are paid directly from the City’s Water Enterprise Fund.

SUMMARY/FISCAL IMPACT

The fiscal impact for the Brea Community Benefit Financing Authority Operating Budget for 2021-22 is as follows:

	Fiscal Year 2021-22
Bond Principal	$385,000
Bond Interest	$69,075
Total	$454,075

RESPECTFULLY SUBMITTED

William Gallardo, City Manager
Prepared by: Alicia Brenner, Sr. Fiscal Analyst
Concurrence: Cindy Russell, Administrative Services Director

Attachments
Resolution