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Agenda Item 13.

City Council Meeting

Meeting Date:	06/20/2023
FROM:	Bill Gallardo

Subject:

Public Hearing to Consider Adoption of 2023-25 Biennial Operating Budget for the Brea Community Benefit Financing Authority

RECOMMENDATION

Adopt Resolution No. BCBFA 2023-01 appropriating funds for the Brea Community Benefit Financing Authority 2023-25 Operating Budget, as presented in the 2023-25 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 2021 through 2024 and are supported by the City's Water Enterprise Fund. During FY 2020-21, 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 2023-25 is as follows:

	Fiscal Year 2023-24	Fiscal Year 2024-25
Bond Principal	$420,000	$445,000
Bond Interest	32,750	11,125
Total	$452,750	$456,125

RESPECTFULLY SUBMITTED

William Gallardo, City Manager
Prepared by: Alicia Brenner, Budget Manager
Concurrence: Kristin Griffith, Director of Administrative Services

Attachments
Resolution