Title
Adopt a resolution to:
a. Adopt the Housing and Community Development Department (HCD) Recommended Budget for the Successor Agency to the Redevelopment Agency of the County of Monterey (Successor Agency) for Fund 3915 Section HCD003, Appropriation HCD109, Unit 310010 in the amount of $4,471,787 and estimated revenues in the amount of $2,885,521; and
b. Authorize and direct the Auditor-Controller and County Administrative Office to incorporate in the FY 2026-27 the Successor Agency Adopted Budget, Fund 3915 Section HCD003, Appropriation HCD109, Unit 310010.
Body
RECOMMENDATION:
It is recommended that the Board of Directors:
Approve and adopt the HCD Successor Agency Fiscal Year 2026-27 Recommended Budget.
SUMMARY:
The Housing and Community Development Department has prepared the Fiscal Year (FY) 2026-27 budget for the Successor Agency to the Redevelopment Agency (Successor Agency). The Successor Agency is required to prepare a Recognized Obligation Payment Schedule (ROPS) annually for review and approval by the Consolidated Oversight Board (OB) pursuant to state law. The ROPS must then be submitted to the California Department of Finance (DOF) for review and approval by February 1st each year. The ROPS represents the Successor Agency’s anticipated expenditures and revenue for the fiscal year. The Successor Agency ROPS for FY 2026-27 was reviewed and approved by the OB on January 15, 2026 (Exhibit A). On April 10, 2026, the DOF approved the Successor Agency's ROPS (Exhibit B).
A total of $4,471,787 is needed for the Agency’s ROPS for FY 2026-27 period anticipated expenditures. The majority of the annual Agency expenditures, $3,912,439 relates to the East Garrison development Item No. 8 (East Garrison Public Facilities) associated with the East Garrison Library with Sheriff Field Office Project. Of the remaining needs, $558,088 is related to the Item No. 10 (East Garrison DDA) for the Agency’s administration of the East Garrison Disposition and Devel...
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