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Agenda Item 12.

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 Public Financing Authority

RECOMMENDATION

Adopt Resolution No. A 2023-01 appropriating funds for the Brea Public Financing Authority 2023-25 Operating Budget, as presented in the 2023-25 Proposed Biennial Budget document.

BACKGROUND/DISCUSSION

The Brea Public Financing Authority is a shared exercise of powers between the City of Brea and the former Brea Redevelopment Agency, created by a Joint Powers Agreement for the purpose of issuing debt to finance capital improvements.

Currently, outstanding bonds with annual debt requirements payable from this fund include the Brea Public Financing Authority 2021 Refunding Lease Revenue Bonds which have a final maturity on April 1, 2036 and are supported by the City’s General Fund.

It is noted that the Debt Summary included in the budget book includes information regarding outstanding bonds as of June 30, 2024 and June 30, 2025. Therefore, to maintain consistency, the annual debt requirement related to this bond included in the budget book for this fund and proposed for adoption, is based on the current bond amount outstanding for FY 2023-24.

SUMMARY/FISCAL IMPACT

The fiscal impact for the Brea Public Financing Authority Operating Budget for 2023-25 is as follows:

	Fiscal Year 2023-24	Fiscal Year 2024-25
Bond Principal	$ 0	$ 0
Bond Interest	88,800	88,800
Total	$ 88,800	$ 88,800

RESPECTFULLY SUBMITTED

William Gallardo, City Manager
Prepared by: Alicia Brenner, Budget Manager

Concurrence: Kristin Griffith, Director of Administrative Services

Attachments
Resolution