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2013 06 18 SASUCCESSOR AGENCY To The La Quinta Redevelopment Agency AGENDA CITY HALL, 78 -495 Calle Tampico, La Quinta, CA REGULAR MEETING ON TUESDAY, JUNE 18, 2013 AT 4:00 P.M. CALL TO ORDER ROLL CALL: Agency Members: Evans, Franklin, Henderson, Osborne, Chairperson Adolph CLOSED SESSION - NONE PUBLIC COMMENT At this time, members of the public may address the Successor Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. The Successor Agency values your comments; however in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by GC 54954.2(b). CONFIRMATION OF AGENDA PRESENTATIONS — NONE WRITTEN COMMUNICATIONS — NONE onr_G nin APPROVAL OF MINUTES 1. MINUTES OF JUNE 4, 2013 CONSENT CALENDAR 1. DEMAND REGISTER DATED JUNE 18, 2013 SUCCESSOR AGENCY TO RDA AGENDA 1 JUNE 18, 2013 1 91 PAGE NO. 2. TREASURER'S REPORT DATED APRIL 30, 2013 8 3. REVENUE AND EXPENDITURES REPORT DATED APRIL 30, 2013 10 4. RESOLUTION TO ADOPT THE INVESTMENT POLICY OF THE CITY 18 OF LA QUINTA FOR FISCAL YEAR 2013/2014 [RESOLUTION SA 2013 -0051 DEPARTMENT REPORTS 1 . OVERSIGHT BOARD REPORT BUSINESS SESSION 1. RESOLUTION TO ADOPT THE FISCAL YEAR 2013/2014 66 SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY BUDGET [RESOLUTION SA 2013 -0061 STUDY SESSION — NONE ADJOURNMENT The next regular meeting of the City as Successor Agency to the La Quinta Redevelopment Agency will be held on July 2, 2013 commencing with closed session at 3:00 p.m. and open session at 4:00 p.m. in the City Hall, 78 -495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Susan Maysels, Agency Secretary of the City as Successor Agency to the La Quinta Redevelopment Agency, do hereby declare that the foregoing agenda was posted near the entrance to the Council Chambers at 78 -495 Calle Tampico and on the bulletin boards at the La Quinta Cove Post Office at 51 -321 Avenida Bermudas and at the Stater Brothers Supermarket at 78 -630 Highway 1 1 1, on June 14, 2013 DATED: June 14, 2013 SUSAN MAYSELS, Agency Secretary Successor Agency to the La Quinta Redevelopment Agency SUCCESSOR AGENCY TO RDA AGENDA 2 JUNE 18, 2013 2 Public Notices • The La Quinta City Hall is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777 -7103, twenty - four (24) hours in advance of the meeting and accommodations will be made. • If special electronic equipment is needed to make presentations to the Successor Agency, arrangement should be made in advance by contacting the City Clerk's Office at 777 -7103. A one (1) week notice is required. • If background material is to be presented to the Successor Agency during a meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this take place prior to the beginning of the meeting. • Any writings or documents provided to a majority of the Successor Agency regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78 -495 Calle Tampico, La Quinta, California, 92253, during normal business hours. SUCCESSOR AGENCY TO RDA AGENDA 3 JUNE 18, 2013 3 SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY MINUTES TUESDAY, JUNE 4, 2013 A regular meeting of the La Quinta City Council in their capacity as Successor Agency to the dissolved La Quinta Redevelopment Agency ( "SA ") was called to order at 4:48 pm by Chairperson Adolph. PRESENT: Agency Members Evans, Franklin, Henderson, Osborne, Chair Adolph ABSENT: None. PUBLIC COMMENT CLOSED SESSION - None CONFIRMATION OF AGENDA-- Confirmed PRESENTATIONS — None WRITTEN COMMUNICATIONS - None APPROVAL OF MINUTES MOTION — A motion was made and seconded by Agency Members Evans /Franklin to approve the minutes of May 21, 2013 as submitted. Motion passed unanimously. CONSENT CALENDAR 1 . DEMAND REGISTER DATED JUNE 4, 2013 MOTION — A motion was made and seconded by Agency Members Franklin /Evans to approve the Consent Calendar as recommended. Motion passed unanimously. DEPARTMENT REPORTS — None CITY AS SUCCESSOR AGENCY TO RDA 1 JUNE 4, 2013 4 ÞËÍ×ÒÛÍÍ ÍÛÍÍ×ÑÒ ïò ÎÛÍÑÔËÌ×ÑÒ ÑÚ ÌØÛ ÍËÝÝÛÍÍÑÎ ßÙÛÒÝÇ ÌÑ ÌØÛ ÚÑÎÓÛÎ Ôß ÏË×ÒÌß ÎÛÜÛÊÛÔÑÐÓÛÒÌ ßÙÛÒÝÇô ßËÌØÑÎ×Æ×ÒÙ ÌØÛ ×ÍÍËßÒÝÛ ßÒÜ ÍßÔÛ ÑÚ ÍËÞÑÎÜ×ÒßÌÛ ÌßÈ ßÔÔÑÝßÌ×ÑÒ ÎÛÚËÒÜ×ÒÙ ÞÑÒÜÍ ×Ò ÌÉÑ ÍÛÎ×ÛÍô ßÐÐÎÑÊ×ÒÙ ÌØÛ ÚÑÎÓ ÑÚ ßÒ ×ÒÜÛÒÌËÎÛ ÑÚ ÌÎËÍÌô Ú×ÎÍÌ ÍËÐÐÔÛÓÛÒÌßÔ ×ÒÜÛÒÌËÎÛ ÑÚ ÌÎËÍÌô ÑÚÚ×Ý×ßÔ ÍÌßÌÛÓÛÒÌô ÞÑÒÜ ÐËÎÝØßÍÛ ÝÑÒÌÎßÝÌô ÝÑÒÌ×ÒË×ÒÙ Ü×ÍÝÔÑÍËÎÛ ßÙÎÛÛÓÛÒÌô ÚÑÎÓ ÑÚ ÛÍÝÎÑÉ ßÙÎÛÛÓÛÒÌô ßÒÜ ÎÛÔßÌÛÜ ÜÑÝËÓÛÒÌÍ ßÒÜ ßËÌØÑÎ×Æ×ÒÙ ÝÛÎÌß×Ò ÑÌØÛÎ ßÝÌ×ÑÒÍ ×Ò ÝÑÒÒÛÝÌ×ÑÒ ÌØÛÎÛÉ×ÌØ Û¨»½«¬·ª» Ü·®»½¬±® Í°»ª¿½»µ °®»»²¬»¼ ¬¸» ¬¿ºº ®»°±®¬ô ©¸·½¸ · ±² º·´» ·² ¬¸» ÓÑÌ×ÑÒ ß ³±¬·±² ©¿ ³¿¼» ¿²¼ »½±²¼»¼ ¾§ ß¹»²½§ Ó»³¾»® Ûª¿²ñÚ®¿²µ´·² ¬± ¿¼±°¬ ¬¸» ¿¾±ª»ó³»²¬·±²»¼ Î»±´«¬·±² Ò±ò Íß îðïíóððìò ÍÌËÜÇ ÍÛÍÍ×ÑÒ Ò±²» ßÜÖÑËÎÒÓÛÒÌ Ì¸»®» ¾»·²¹ ²± º«®¬¸»® ¾«·²»ô ·¬ ©¿ ³±ª»¼ ¾§ ß¹»²½§ Ó»³¾»® Ú®¿²µ´·²ñÛª¿² ¬± ¿¼¶±«®² ¿¬ ìæëï °ò³ò Ó±¬·±² °¿»¼ «²¿²·³±«´§ò Î»°»½¬º«´´§ «¾³·¬¬»¼ô ÍËÍßÒ ÓßÇÍÛÔÍô ß¹»²½§ Í»½®»¬¿®§ Í«½½»±® ß¹»²½§ ¬± ¬¸» ¼·±´ª»¼ Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ Ý×ÌÇ ßÍ ÍËÝÝÛÍÍÑÎ ßÙÛÒÝÇ ÌÑ ÎÜß î ÖËÒÛ ìô îðïí ë SA MEETING DATE: June 18, 2013 ITEMTITLE: DEMAND REGISTER DATED JUNE 18, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 1 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: It is recommended the Successor Agency of the La Quinta Redevelopment Agency receive and file the Demand Register dated June 18, 2013 of which $3,468.75 represents Successor Agency expenditures as detailed below: Vendor: Account #: Amount: Purpose: Becky Caha 237 - 9001 - 702.32 -07 $3,468.75 PA1 Housing Consultant EXECUTIVE SUMMARY: None. FISCAL IMPACT: None. BACKGROUND /ANALYSIS: The City of La Quinta has elected to be the Successor Agency of the La Quinta Redevelopment Agency. The Successor Agency of the La Quinta Redevelopment Agency shall continue to make payments required pursuant to an adopted enforceable obligations payment schedule. The payments included on this Demand Register represent the prior month's expenditures. ALTERNATIVES: None. Respectfully submitted, Report prepared by: Sandra Mancilla, Account Technician Report approved for submission by: Robbeyn Bird, Finance Director S A MEETING DATE: June 18, 2013 ITEM TITLE: TREASURER'S REPORTS DATED APRIL 30, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 2 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: It is recommended the Successor Agency to the La Quinta Redevelopment Agency Board receive and file this Treasurer's Report. BACKGROUND AND ANALYSIS: Per City Investment Policy, these items are presented on a monthly basis reflecting the monthly Cash Balances, Investment Activities and the Portfolio Performance which is presented in the City Council's Consent Staff Report of this item. ALTERNATIVES: None. Report prepared by: Robbeyn Bird, Finance Director Report approved for submission by: Frank J. Spevacek, City Manager 8 SA MEETING DATE: June 18, 2013 ITEM TITLE: REVENUE AND EXPENDITURE REPORTS DATED APRIL 30, 2013 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Receive and File. EXECUTIVE SUMMARY: Monthly and year -to -date revenues and expenditures of the Successor Agency to the La Quinta Redevelopment Agency dated April 30, 2013. FISCAL IMPACT: None. BACKGROUND /ANALYSIS: Receive and File Transmittal of the April 30, 2013 Statements of Revenues and Expenditures for the Successor Agency to the La Quinta Redevelopment Agency. Actual revenues received and expenditures spent are $7,038,899 and $7,180,810, respectively. This represents approximately 50% of the budget. The funds budgeted are based on estimates listed on the Recognized Obligation Payment Schedule (BOPS) and are received in January and June of each year. The expenditures represent the debt service interest and principal on the former Redevelopment Agency bonds. ALTERNATIVES: None. Report prepared by: Robbeyn Bird, Finance Director Report approved for submission by: Frank J. Spevacek, City Manager Attachment: 1 . Revenues and Expenditure Reports for April 30, 2013 ïð ïï ïî ïí ïì ïë S A MEETING DATE: June 18 2013 ITEMTITLE: RESOLUTION FOR THE INVESTMENT POLICY OF THE CITY OF LA QUINTA FOR FISCAL YEAR 2013/2014 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 4 STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Adopt a Resolution of the City Council acting as the Successor Agency to the La Quinta Redevelopment Agency approving the Investment Policy for the Successor Agency to the La Quinta Redevelopment Agency for Fiscal Year 2013/2014. BACKGROUND AND ANALYSIS: The City has one investment policy for all entities including the Successor Agency to the La Quinta Redevelopment Agency. Please see the City Council's Consent Staff Report of this item for more in depth discussion of the Investment Policy for Fiscal Year 2013/2014. ALTERNATIVES: None. Report prepared by: Robbeyn Bird, Finance Director Report approved for submission by: Frank J. Spevacek ill ÎÛÍÑÔËÌ×ÑÒ ÒÑò Íß îðïíó ß ÎÛÍÑÔËÌ×ÑÒ ÑÚ ÌØÛ Ý×ÌÇ ÑÚ Ôß ÏË×ÒÌß ßÝÌ×ÒÙ ßÍ ÌØÛ ÍËÝÛÍÍÑÎ ßÙÛÒÝÇ ÌÑ ÌØÛ Ü×ÍÍÑÔÊÛÜ Ôß ÏË×ÒÌß ÎÛÜÛÊÛÔÑÐÓÛÒÌ ßÙÛÒÝÇ ÑÚ ÌØÛ Ý×ÌÇ ÑÚ Ôß ÏË×ÒÌß ßÐÐÎÑÊ×ÒÙ ßÒÜ ßÜÑÐÌ×ÒÙ ÌØÛ ßÓÛÒÜÛÜ ×ÒÊÛÍÌÓÛÒÌ ÐÑÔ×ÝÇ ÚÑÎ Ú×ÍÝßÔ ÇÛßÎ îðïíóîðïì ÉØÛÎÛßÍô ¬¸» ¹»²»®¿´ °«®°±» ±º ¬¸» ×²ª»¬³»²¬ Ð±´·½§ · ¬± °®±ª·¼» ¬¸» ®«´» ¿²¼ ¬¿²¼¿®¼ «»® ³«¬ º±´´±© ·² ·²ª»¬·²¹ º«²¼ ±º ¬¸» Ý·¬§ ±º Ô¿ Ï«·²¬¿å ¿²¼ ÉØÛÎÛßÍô ÊÖÙÎÌÕÑÝÌÅÏÜÔÙÛÊÕÈÙËÕÐÏÌÚÙÌÏØÎÌÕÏÌÕÊÅÏØÊÖÙûÕÊÅÏØòÝíÉÕÐÊÝÑË ·²ª»¬³»²¬ ¿½¬·ª·¬§ ¸¿´´ ¾»æ Í¿º»¬§ ±º °®·²½·°¿´ · ¬¸» º±®»³±¬ ±¾¶»½¬·ª» ±º ¬¸» ·²ª»¬³»²¬ °®±¹®¿³ò ×²ª»¬³»²¬ ±º ¬¸» Ý·¬§ ±º Ô¿ Ï«·²¬¿ ¸¿´´ ¾» «²¼»®¬¿µ»² ·² ¿ ³¿²²»® ¬¸¿¬ »»µ ¬± »²«®» ¬¸» °®»»®ª¿¬·±² ±º ½¿°·¬¿´ ·² ¬¸» ±ª»®¿´´ °±®¬º±´·±ò Ì¸» ·²ª»¬³»²¬ °±®¬º±´·± ¸¿´´ ®»³¿·² «ºº·½·»²¬´§ ´·¯«·¼ ¬± ³»»¬ ¿´´ ±°»®¿¬·²¹ ®»¯«·®»³»²¬ ¬¸¿¬ ³¿§ ¾» ®»¿±²¿¾´§ ¿²¬·½·°¿¬»¼ò Ì¸» ·²ª»¬³»²¬ °±®¬º±´·± ¸¿´´ ¾» ¼»·¹²»¼ ©·¬¸ ¬¸» ±¾¶»½¬·ª» ±º ¿¬¬¿·²·²¹ ¿ ³¿®µ»¬ ®¿¬» ±º ®»¬«®² ±® §·»´¼ ¬¸®±«¹¸±«¬ ¾«¼¹»¬¿®§ ¿²¼ »½±²±³·½ ½§½´»ô ¬¿µ·²¹ ·²¬± ¿½½±«²¬ ¬¸» ·²ª»¬³»²¬ ®·µ ½±²¬®¿·²¬ ¿²¼ ´·¯«·¼·¬§ ²»»¼å ¿²¼ ÉØÛÎÛßÍô ¿«¬¸±®·¬§ ¬± ³¿²¿¹» ¬¸» Ý·¬§ ±º Ô¿ íÉÕÐÊÝÑËÕÐÈÙËÊÑÙÐÊÎÏÌÊØÏÒÕÏÕË ¼»®·ª»¼ º®±³ ¬¸» Ý·¬§ Ñ®¼·²¿²½»ò Ó¿²¿¹»³»²¬ ®»°±²·¾·´·¬§ º±® ¬¸» ·²ª»¬³»²¬ °®±¹®¿³ · ¼»´»¹¿¬»¼ ¬± ¬¸» Ý·¬§ Ì®»¿«®»®ô ©¸± ¸¿´´ »¬¿¾´·¸ ¿²¼ ·³°´»³»²¬ ©®·¬¬»² ÎÌÏÛÙÚÉÌÙËØÏÌÊÖÙÏÎÙÌÝÊÕÏÐÏØÊÖÙûÕÊÅÑË·²ª»¬³»²¬ °®±¹®¿³ ½±²·¬»²¬ ©·¬¸ ¬¸» ×²ª»¬³»²¬ Ð±´·½§ º±® Ú·½¿´ Ç»¿® îðïíóîðïìå ¿²¼ ÉØÛÎÛßÍô ¬¸» ×²ª»¬³»²¬ Ð±´·½§ ©·´´ ¾» ¿¼±°¬»¼ ¾»º±®» ¬¸» »²¼ ±º Ö«²» ±º »¿½¸ §»¿® ¿²¼ ¿³»²¼»¼ ¿ ½±²·¼»®»¼ ²»½»¿®§ò ÒÑÉô ÌØÛÎÛÚÑÎÛô ÞÛ ×Ì ÎÛÍÑÔÊÛÜ ¾§ ¬¸» Ý·¬§ ±º Ô¿ Ï«·²¬¿ ß½¬·²¹ ¿ ¬¸» Í«½½»±® ß¹»²½§ ¬± ¬¸» Ü·±´ª»¼ Î»¼»ª»´±°³»²¬ ß¹»²½§ ±º ¬¸» Ý·¬§ ±º Ô¿ Ï«·²¬¿ ¬± ¿¼±°¬ ¬¸» Ú·½¿´ Ç»¿® ×²ª»¬³»²¬ Ð±´·½§ øÛ¨¸·¾·¬ ß÷ò ÐßÍÍÛÜô ßÐÐÎÑÊÛÜ ¿²¼ ßÜÑÐÌÛÜ ¿¬ ¿ ®»¹«´¿® ³»»¬·²¹ ±º ¬¸» Ý·¬§ ±º Ô¿ Ï«·²¬¿ ß½¬·²¹ ¿ ¬¸» Í«½½»±® ß¹»²½§ ¬± ¬¸» Ü·±´ª»¼ Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ¬¸ ß¹»²½§ô ¸»´¼ ±² ¬¸· ïè ¼¿§ ±º Ö«²»ô îðïí ¾§ ¬¸» º±´´±©·²¹ ª±¬»ô ¬± ©·¬æ ïé Resolution No. SA 2013- Investment Policy Adopted: June 18, 2013 Page 2 of 3 ßÇÛÍæ ÒÑÛÍæ ßÞÍÌß×Òæ ßÞÍÛÒÌæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ ÜÑÒ ßÜÑÔÐØô Ý¸¿·® Ý·¬§ ±º Ô¿ Ï«·²¬¿ ß½¬·²¹ ¿ Í«½½»±® ß¹»²½§ ¬± ¬¸» Ü·±´ª»¼ Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ ßÌÌÛÍÌæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ ÍËÍßÒ ÓßÇÍÛÔÍô ×²¬»®·³ Í»½®»¬¿®§ Ý·¬§ ±º Ô¿ Ï«·²¬¿ ß½¬·²¹ ¿ Í«½½»±® ß¹»²½§ ¬± ¬¸» Ü·±´ª»¼ Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ øÍÛßÔ÷ ßÐÐÎÑÊÛÜ ßÍ ÌÑ ÚÑÎÓæ ÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁÁ Óò ÕßÌØÛÎ×ÒÛ ÖÛÒÍÑÒô ß¹»²½§ Ý±«²»´ Ô¿ Ï«·²¬¿ Î»¼»ª»´±°³»²¬ ß¹»²½§ ïè 'GE of t-fie..DESERT EXHIBIT A CITY OF LA QUINTA Investment Policy Fiscal Year 2013/2014 1 M1111111 Table of Contents Section Topic page Executive Summary 2 General Purpose 4 II Investment Policy 4 III Scope q. IV Objectives 4 ► Safety of Principal ► Provide Liquidity ► Yield A Risk -Based Market Rate Of Return V Maximum Maturities 6 VI Prudence 6 VII Authority 7 Vill Ethics and Conflicts of Interest 7 IX Authorized Financial Dealers and Institutions 7 ► Broker /Dealers ► Financial Institutions X Permissible Deposits and Investments g XI Investment Pools 13 X11 Payment and Custody 13 XIII Interest Earning Distribution Policy 13 XIV Internal Controls and Independent Auditors 14 XV Reporting Standards 15 XVI Financial Assets and Investment Activity Not Subject to this Policy 16 XVII Investment of Bond Proceeds 16 XIII Investment Advisory Board - City of La Quinta 17 XIX Investment Policy Adoption 17 Appendices To is Page A Summary of Permissible Deposits and Investments 18 8 City of La Quinta Municipal Code Ordinance 2.70 - Investment Advisory Board 21 C City of La Quinta Municipal Code Ordinance 3.08 - Investment of Moneys and Funds 22 D Segregation of Major Investment Responsibilities 24 E Listing of Approved Financial Institutions 25 F Broker /Dealer Questionnaire and, Certification 26 G Request for Proposal for Professional Portfolio Management Firm 30 H Permissible Investment Chart — Professional Portfolio Management Firm 36 1 Investment Management Process and Risk 37 J Glossary 88 1 M1111111 îï îî îí îì îë îê îé îè îç íð íï íî íí íì íë íê íé íè íç ìð ìï ìî ìí ìì ìë ìê ìé ìè ìç ëð ëï ëî ëí ëì ëë ëê ëé ëè ëç êð êï êî SA MEETING DATE: June 18, 2013 ITEM TITLE: RESOLUTION TO ADOPT THE FISCAL YEAR 2013/2014 SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY BUDGET AGENDA CATEGORY: BUSINESS SESSION: 1 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDED ACTION: Adopt a Resolution of the Successor Agency to the La Quinta Redevelopment Agency approving the Fiscal Year 2013/2014 Budget. EXECUTIVE SUMMARY: The 2013/2014 proposed budget includes the Successor Agency to the La Quinta Redevelopment Agency administrative and operational budgets. FISCAL IMPACT: All Fiscal Year 2013/2014 revenues, operational expenses, and debt service payments, are included in the Proposed Fiscal Year 2013/2014 Budget. Revenues and expenditures are $19,902,600 and $19,890,300, respectively. BACKGROUND /ANALYSIS: Annually a budget is prepared and submitted to the Successor Agency to the La Quinta Redevelopment Agency board for review and approval. At the Successor Agency to the La Quinta Redevelopment Agency meeting of May 21, 2013, the Agency Proposed Budget was submitted for review. The revenues and expenditures for the Successor Agency budget are proposed at $19,902,600 and $19,308,200. There have been no changes made since this initial presentation. The surplus will be used for future eligible Successor Agency expenditures. 63 ALTERNATIVES: The alternative to the recommended action would entail further adjusting the various appropriations. Report prepared by: Robbeyn Bird, Finance Director Report approved for submission by: Frank J. 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