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Consent-General Government # 13.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Adopt resolution on utilization of proceeds from the Chula Vista decision. (No general fund impact) (Rinde) |
| Recommended Action |
| Adopt resolution on utilization of proceeds from the Chula Vista decision. |
| Strategic Plan Goal(s) |
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Thriving Residents |
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Safe Communities |
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Sustainable Environment |
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Flourishing Agriculture |
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Robust Economy |
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| Reason for Recommended Action/Background |
On June 29, 2021, the Department of Financial Services presented this item on redevelopment wind-down, the projected loss of pass-through revenues that the County would experience when those agencies wind down in approximately 2037 and 2046, and briefed the Board on the impacts and opportunities associated with the Chula Vista decision. The full staff report and background are provided in Attachment A to this staff report.
At the June 29, 2021 Board meeting staff recommended adoption of a resolution that would allow for these proceeds to be set aside for (1) Reserve Accumulation, or (2) reduction in long-term liabilities to best position the County to weather future revenue reductions at the time of wind down of the redevelopment agencies.
Per the Board's direction, staff has updated the resolution to allow for use of the funds for a third purpose to: (3) protect County's essential services from potential impacts of unanticipated events and circumstances not occurring during the normal course of operations (i.e. a fiscal emergency).
With this adjustment, staff requests that the Board adopt the attached resolution, provided as Attachment B to this staff report. |
| Collaborations (including Board advisory groups and external partner agencies) |
| The Department of Financial Services collaborated with County Counsel. |
| Competitive Bid Process |
| Not applicable. |
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