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OB - Item 3A - ROPS Submittal - July Through December 2014ROSEMEAD OVERSIGHT BOARD STAFF REPORT TO: THE HONORABLE CHAIR AND BOARD MEMBERS FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER ` DATE: FEBRUARY 19, 2014 V SUBJECT: ROPS SUBMITTAL —JULY THROUGH DECEMBER 2014 SUMMARY The Department of Finance (DOF) requires the Recognized Obligation Payment Schedule (ROPS) for the July through December 2014 be submitted by March 1, 2014. As with every previous ROPS, the layout and format of the schedules has been modified, and the schedules may look slightly different. The ROPS document now includes a summary page, a cash balance page, a schedule for the current ROPS period, a reconciliation page of prior ROPS periods, and a notes page. The Cash Balance page replaced the previous Fund Balance page to better reflect the nature of the report being focused on cash and not fund balance. As the Board may note in Column H for the worksheet, the Successor Agency under spent its allocation in the 2013 -14A period by $30,651 due to a lower than anticipated transfer to the Housing Corporation and a lower debt service payment thanks to interest earnings in the bond reserve fund. The Board may also note that despite excess property tax allocation ( RPTTF) in the ROPS period, the Successor Agency is still owed RPTTF from prior ROPS periods in which it did not receive full funding. A request for reimbursement is included in this ROPS and staff hopes to be able to work with the DOF to reconcile these amounts. A detailed explanation is provided in the Analysis section of this report. Printed copies of the entire new ROPS document have been included with this report for approval by the Board. Staff Recommendation: That the Oversight Board approve Resolution 2014 -0001 approving the ROPS for the period of July through December 2014. ANALYSIS In order to understand the summary worksheet it is easier to start from previous ROPS periods and work forward. The Prior Period Adjustment report reflects the ROPS period of 13 -14A (July 1, 2013 through December 31, 2013). As noted in the summary line at the top of the chart, the Successor Agency underspent the non - administrative RPTTF allowance by $30,651. There were two contributing factors to this under - utilization of funds. Due to excess revenue in the 2010 bond reserve fund, the debt service payment was $11.035 less than anticipated. Additionally, the transfer to the Housing Corporation was $19,616 less than the estimate. The Board will also note that on the Administrative side of this worksheet, the Successor Agency qualified for $147,795 of reimbursement, but only received $24,824 due to insufficient RPTTF when the funds were NO. r' distributed. � p ITEM Rosemead Successor Agency Oversight Board February 19, 2014 Page 2 of 2 Unfortunately, this worksheet does not net out any differences between non - Admin and Admin costs, so the Successor Agency must separately ask for reimbursement for the Admin costs. The Report of Cash Balances is designed to reconcile the funding and expenditures during the 13 -14A ROPS period along with the estimates of spending for the 13 -14B ROPS period. The Board will note that the excess RPTTF of $30,651 carries forward to this report and can also see at the bottom half of the report that the Successor Agency spent $138,562 more than it received. The third report is for the 14 -15A ROPS period of July 1, 2014 through December 31, 2014. Since the Department of Finance (DOF) approved the loan agreement between the City and the Successor Agency as the means for expending the existing bond funds on capital improvement projects, item 30 is now used to represent these funds. Items 12 -18, 20 -21 and 29 will no longer be used. Item 33 has been added to the ROPS to represent the shortfall in payment for administrative costs as discussed above. Additionally, item 34 has been added to consolidate all the administrative costs into one line item representing half of the annual $250,000 allocation. This change was discussed with the DOF during the previous ROPS period and should make reconciliation in the future much easier. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process in accordance with the Brown Act. Prepared by: Matthew E. Hawkesworth Assistant City Manager Attachments: Resolution 2014 -0001 RESOLUTION: 2014 -0001 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE PERIOD OF JULY 1, 2014 THROUGH DECEMBER 31, 2014 WHEREAS, California Health and Safety Code section 34179 requires that each Successor Agency have an Oversight Board; and WHEREAS, Section 34177 requires each Successor Agency to prepare a draft Recognized Obligation Payment Schedule ('BOPS') and section 34180 requires the Oversight Board to approve same, and WHEREAS, Section 34177 provides that each ROPS shall be forward looking to the next six months, and WHEREAS, section 34177 requires that the ROPS be transmitted to the County Auditor - Controller, the State Controller and the State Department of Finance; and WHEREAS, notwithstanding the sequencing contemplated in section 34177, the Department of Finance is requesting the ROPS be considered by the Oversight Board and transmitted as soon as possible; and WHEREAS, the County will not make any payments of property taxes to the Successor Agency for use in payment of the obligations listed on the ROPS until the ROPS has been approved by the Oversight Board. Any delay in such payment could impair the Successor Agency's ability to make payments for the enforceable obligations; and WHEREAS, the Successor Agency prepared a draft ROPS for the period July 1, 2014 through December 31, 2014 is attached hereto as Exhibit A. NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES: 1. The ROPS for the period July 1, 2014 through December 31, 2014 attached hereto as Exhibit A is hereby approved. 2. Successor Agency staff is directed to provide a copy of this Resolution along with the approved ROPS to the County Auditor - Controller, the State Controller's Office and the State Department of Finance. PASSED, APPROVED AND ADOPTED this 19th day of February 2014. Chairperson ATTEST: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager I HEREBY CERTIFY that the above and foregoing resolution was duly passed and adopted by the Oversight Board for the Successor Agency to the Rosemead Community Development Commission at its special meeting held on the 19th day of February 2014, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAINED: Matthew E.Hawkesworth Successor Agency Staff Assistant City Manager \ {�( z! |& \ } \\ }( \( }E/ ®## } ] } ] � ((ter :0 00 \ \{} \ \`} Er \ fA f f } j .1 Q Q f\ )) \\ kk \ `'e y O'er E N O $� Z Y � � F r $p E � 2 E� g rcw $ Eye � Y 2 ?o m w HZ z z z z z z z z z z z z z z z z z z v rc u °`o rc osm a mow na N � a , j V i h x E m�q WnE E¢im Ego 11, 6oUEw(��_— 0 'c o e e, 1 o ,. m a° rc z rc rc rc a° rc Ai... ........� § !� ! . / Hill �[ ! ) / z z so ( )) . ! _ !|f ;1.. _ 0{2 gG |!(| !! !r!! / ; 2 =� �!!,!!,!_! \'!)l =i!! 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