SPECIAL FUNDS
Fund 181: GREAT PARK SETTLEMENT FUND On October 24, 2014, a settlement agreement was entered into that resolved 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. In September 2017 and through the FY 2018-19 budget, the City Council authorized a loan of $10.2 million to the Orange County Great Park Fund 180, for the payment of water connection fees to the Irvine Ranch Water District. The Orange County Great Park Fund 180 has earmarked secondary maintenance revenues to pay back the loan. For FY 2019-20 and FY 2020-21, $41.4 million has been appropriated for new and existing construction projects in the Orange County Great Park. Some of the larger project are: $17.0 million for the Administration Building, $11.5 million for the Cultural Terrace Parking Lot 1, and for OCGP Site, Roadway, Parking Improvement at the Administration Site, $6.4million, and $2.1 million for the OCGP Shade Improvements.
2017-18 ACTUAL
2018-19
2019-20
2020-21
FUND 181
ESTIMATED
PROPOSED 262,800,000
PROPOSED 223,998,699
BEGINNING FUND BALANCE REVENUES MISCELLANEOUS REVENUES
-
-
- -
- -
1,065,199 1,065,199
1,161,561 1,161,561
SUB-TOTAL REVENUE
EXPENDITURES TRANSFERS OUT
- - - - - - -
- - - - - - -
39,866,500 39,866,500 44,722,949 187,784,166 (18,778,416) 10,270,000 223,998,699
1,573,500 1,573,500 65,990,916 163,695,381 (16,369,537) 10,270,000 223,586,760
SUB-TOTAL APPROPRIATIONS
FUND BALANCE - AVAILABLE
ST CA SETTLEMENT AGREEMENT REC DUE TO IRVINE COMMUNITY LAND TRUST
LOAN FUND 180 UTILITY CONNECT
ENDING FUND BALANCE
FY 2019-21 Proposed Budget
339
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