SPECIAL FUNDS
Fund 181: GREAT PARK CAPITAL FUND On October 24, 2014, a settlement agreement was entered into, resolving lawsuits filed by the City, Successor Agency, and Irvine Community Land Trust against the State of California. The lawsuit was related to debts owed by the former Redevelopment Agency to the City and Irvine Community Land Trust that the State Department of Finance denied property tax funding. The settlement agreement calls for the State to remit to the Successor Agency a total of $292 million in property tax receipts over an unspecified period. Which when received by the Successor Agency will be remitted to the City and the City disbursing 10 percent of the settlement received to the Irvine Community Land Trust. This fund has been created to facilitate the documenting of the sources and uses of the settlement agreement funding. Starting in FY 2023-25, this fund will also contain one-time capital funds for the Great Park to be used for the development of the Great Park. The projects funded during the FY 2023-25 budget are Hicks Canyon Wash Landscaping, Cultural Terrace Parking Lot, Road Edge Improvements, and LIFOC demolition, which were all previously allocated as part of allocations for City-wide, Great Park, and Cultural Terrace allocations.
2021-22 ACTUAL
2022-23
2023-24
2024-25
FUND 181
ESTIMATED 204,229,410
ADOPTED
ADOPTED
BEGINNING FUND BALANCE REVENUES MISCELLANEOUS REVENUES
222,103,415
186,733,040
155,403,682
(4,650,102)
2,168,562
3,069,018 27,990,526 31,059,544 6,514,500 55,874,402 62,388,902
2,965,334
TRANSFERS IN
-
-
-
SUB-TOTAL REVENUE
(4,650,102)
2,168,562
2,965,334
EXPENDITURES CONTRACT SERVICES
-
-
5,054,500
TRANSFERS OUT
13,223,902 13,223,902 87,615,356 (8,761,536) 10,270,000 115,105,590 204,229,410
19,664,932 19,664,932 46,933,862 (4,692,386) 10,270,000 134,221,564 186,733,040
-
SUB-TOTAL APPROPRIATIONS
5,054,500
ST CA SETTLEMENT AGREEMENT REC DUE TO IRVINE COMMUNITY LAND TRUST LOAN FUND 180 UTILITY CONNECT FUND BALANCE - CULTURE TERRANCE
- -
- -
10,270,000 145,133,682 155,403,682
10,270,000 143,044,516 153,314,516
ENDING FUND BALANCE
FY 2023-25 Adopted Budget
353
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