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OB - Item 3A - ROPS Submittal - January Through June 2015ROSEMEAD OVERSIGHT BOARD STAFF REPORT TO: THE HONORABLE CHAIR AND BOARD MEMBERS FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER DATE: AUGUST 20, 2014 SUBJECT: ROPS SUBMITTAL — JANUARY THROUGH JUNE 2015 SUMMARY The Department of Finance (DOF) requires the Recognized Obligation Payment Schedule (ROPS) for the January through June 2015 be submitted by October 3, 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 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. As the Board may note in Column H of the 'Report of Cash Balances" worksheet, the Successor Agency under spent its allocation in the 2014 -15B period by $21,331 due to a lower than anticipated transfer to the Housing Corporation. This represents the only adjustments for the ROPS. Staff Recommendation: That the Oversight Board approve Resolution 2014 -0008 approving the ROPS for the period of January through June 2015. ANALYSIS In order to understand the summary worksheet it is easier to start from previous ROPS periods and work forward. The 'Report of Prior Period Adjustment' reflects the ROPS period of 13 -14B (January 1, 2014 through June 30, 2014). As noted in the summary line at the top of the chart (Column M), the Successor Agency underspent the non - administrative RPTTF allowance by $21,331. The unspentfunds were due to a lowerthan anticipated transfer to the Housing Corporation. The "Report of Cash Balances" is designed to reconcile the funding and expenditures during the 13 -14B ROPS period along with the estimates of spending for the 14 -15A ROPS period. The Board will note that the excess RPTTF of $21,331 carries forward to this report (Column H, Row 5). The third report is for the 14 -15B ROPS period of January 1, 2015 through June 30, 2015. 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. Additionally, item 34 is used to consolidate all the administrative costs into one line item representing half of the annual $250,000 allocation. ?L Rosemead Successor Agency Oversight Board August 20, 2014 Page 2 of 2 The DOF has formalized this in their most recent set of instructions to all Successor Agencies. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process in accordance with the Brown Act. Prepared by: Ma h w1E.Hawkesworth Assistant City Manager Attachments: Resolution 2014 -0008 RESOLUTION: 2014 -0008 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 JANUARY 1, 2014 THROUGH JUNE 30, 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 January 1, 2015 through June 30, 2015 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 January 1, 2015 through June 30, 2015 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 20th day of August 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 201" day of August 2014, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAINED: Matthew E.Hawkesworth Successor Agency Staff Assistant City Manager Recognized Obligation Payment Schedule (ROPS 14 -15B) - Summary Filed for the January 1, 2015 through June 30, 2015 Period Name of Successor Agency: Rosemead Name of County: Los Angeles Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total Enforceable Obligations Funded with Non - Redevelopment Property Tax Trust Fund (RPTTF) Funding A Sources (B +C +D): $ 6,054,842 B Bond Proceeds Funding (ROPS Detail) 6,054,942 C Reserve Balance Funding (ROPS Detail) - D Other Funding (BOPS Detail) E Enforceable Obligations Funded with RPTTF Funding (F +G): F Non - Administrative Costs CROPS Detail) G Administrative Costs CROPS Detail) H Current Period Enforceable Obligations (A +E): $ 1,193,763 1,068,763 125,000 $ 7,248,605 Successor Agency Self-Reported Pi or Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): 1,193,763 J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (21,331) K Adjusted Current Period RPTTF Requested Funding (W) $ 1,172,432 County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding L Enforceable Obligations funded with RPTTF (E): 1,193,763 M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) - N Adjusted Current Period RPTTF Requested Funding (L -M) 1,193,763 Certification of Oversight Board Chairman: Pursuant to Section 34177 (m) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency. /s/ Name Signature Title Date Recognized Obligation Payment Schedule (ROPS 14 -15B) - ROPS Detail January 1, 2015 through June 30, 2015 (Report Amounts in Whole Dollars) A B C D E F G H I J N L M N O P Funding So." Non- Redeveloprmm Property Tax Trust Fund Non -RPTTF RPTTF Reserve ContracpAgniemenl ContractIAgreement Total Outstanding ItemA Project Name l Debt Obligation Obligation T a Execution Date Termination Date Paw Descrl tlonlProect Scope Pro act Area Debt or Obligation Retired Bond Proceeds Balance Other Funds Non -Admin Admin Six -Month Total $ ]6,505,80] It 6,054,842 It - $ - $ 1,068,763 $ 125,000 $ 7248605 1 2006A Tax Increment Bonds Bonds Issued On or 2123/2006 10112022 US Bank Tax Increment Bond Debt Service Merged 6,713,85 N 130.70 130,70 2 20068 Tax Increment Bonds Bonds Issued On or 1221/2006 10112033 US Bank Tax Increment Bond Debt Service Merged 36,472,418 N 511,093 511,093 Before 12/31/10 3 2010 Tax Increment Bonds Bonds Issued On or 612912010 12112023 US Bank Tax Increment Bond Debt Service Merge l 10,898,738 N 197,530 197.560 Before 12/31/10 4 Continuing Disclosure on Bonds Admin Owls 6112008 121312023 Urban Futures Continuing Disclosure service far Merged N - 2006A, 20008 and 2010 Bonds 5 State Controllers Report Bonds Issuetl After 4112/2011 61302016 RAMS Prepeation of Annual Report Merged N 12131/10 6 Bond Trustee Fees Admin Costs 2232006 10/12033 US Bank Banking has related to the 2008A, B Merged N and 2010 Bonds ]Annual Audit Admin Costs 41122011 8/302016 RAMS Annual audit Services Merged N 8 FinanceSstem Admin Costs 31282011 V72016 Bank of the West Lease Obligation for finance system Merged N 9 Statement of l ndebtedness Admin Costs 51612011 121312023 Redevelopment Reporting Preparation of Annual Report Merged N - Solutions 10 Ammage Calculations Admin Coeds 711112001 1213112023 Wrlldan Preparation ofarbitrage rebate Merged N - calwlation 11 Property Tax Audits4vtonitoring Admin Costs 6/13/2007 1213112023 HDL Monitor property tax collections and Merged N - apteals to ensure bond coverage 12 Rosemead Community Ctr. Palling ImprovemenVlnfrastr 41192011 81302011 Boghossian Engineering Community center parking lot design Merged N - Lot ucture 13 Rosemead Community Ctr. Paling Improvementnnfrastr 81102011 31312012 Will Material testing for parking lot Married N - Lot ucture ineerin 14 Zapopan Pant improvements ImprovemenVlnhastr 8/122013 12/312023 City of Rosemead MA accessibiliy& additional parking Merged N - ucture 15 Rosemead Park lmprovemerNS ImprovemenNnhastr 8/122013 12/312023 City of Rosemead ADA accessibility improvements Merged N - ucture 16 Rosemead Community Cis Parking Improvementllnfrastr 6/12/2013 12/312023 City of Rosemead ADA accessibility, been center 8 Merged N Lot ucture ouidoors ace 17 New Park at Rush B Walnut Grove Improvemendlnheatr 6fl22013 12/312023 City of Rosemead Community inhasWCture Merged N ucture im ovemenis 18 Sewer System Expansion ImprovemenVlnfraW 6/122013 12/312023 City of Rosemead Sewer main replacamentnupgrada on Merged N ucture Garvey Ave. 19 Employee Overhead Casts Admin Costs 7112011 1213112023 City of Rosemead Administrative costs (staffing, audits, Merged! N legal, supplies, etc) 20 Valley Blvd. Street Improvements ImprovemenVlnfrastr 61122013 12131/2023 City of Rosemead Infrastructure Improvements- Mergad N - ucture Downtown Comoor 21 Rosemead Park Turf Renovations Improvementilnhastr 61122013 12/31/2023 City of Rosemead Community infrastructure Merged N - ucture improvements 22 Senior Housing Land Lease- Miscellaneous 8/132002 12/312099 Rosemead Housintl Cost of annual land lease for property Merged 2,371,200 N 45,600 45,600 Angelus DavelopmentCorsomhon 23 Senior Housing Operations Miscellaneous 8/13/2002 12/312099 Rosemead Houston! Cost of annual operations and Marged 2,940,600 N 58,550 56,556 Overhead - An ales Development Corporation overhead subsidy 24 Senior Housing Shortall Subsidy- Miscellaneous 81 12/312099 Rosemead Housintl Cost to cover shortfall between rends Merged 426,531 N 8,202 8,202 Anifolui, Development Corporation and o rallonslmaintenance 25 Senior Housing Land Lease- Garvey Miscellaneous 81132002 12312099 Rosemead Harland Cost of annual land lease for property, Merged 4,018,384 N 46,100 46,100 Development Corporation 26 Senior Housing Operations Miscellaneous 8/132002 121312099 Rosemead Housintl Cost of annual operations and Merged 1,929,2]5 N 56.550 56,550 Overhead - Gary Development Corporation overhead subsidy 278enior Housing Shorfall Subsidy- Miscellaneous &132002 121312099 Rosemead Housintl Cwt to cover shortfall between rents Merged 1,429,969 N 16,405 16,405 Garve Development Corporation and o ralionslmaintenance 30Lwn Repayment to City of City/County Loans 91182013 6MOQ014 City of Rosemead Short-term loan from City to hort the Merged 6,054,842 N 6,05ge42 6.054.842 Rosemead After 62]/11 costs of Bond Proceeds Funded Pr " M MAO ,. . v vv ©v ©aaaoaaoa IM Recognized Obligation Payment Schedule (ROPS 14 -15B) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), Redevelopment Property Tax Trust Fund ( RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see https://rad.dof.ca.gov/rad- sa /pdf /Cash Balance Agency Tips Sheet.pdf. A B C D E F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Prior ROPS period balances RPTTF Bonds Issued Bonds Issued and DDR RPTTF distributed as Rent, Non - Admin on or before on or after balances reserve for Grants, and Cash Balance Information by ROPS Period 12131/10 01/01111 retained future period(s) Interest, Etc. Admin Comments ROPS 13 -14B Actuals (01101114 - 06130114) 1 Beginning Available Cash Balance (Actual 01101114) 7,091,679 - 2 Revenuellncome (Actual 06130114) RPTTF amounts should tie to the POPS 13 -14B distribution from the County Auditor - Controller during January 2014 11,421 1,188,115 3 Expenditures for ROPS 13.14B Enforceable Obligations (Actual 06130114) RPTTF amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 1,049,301 1 1 1 1 1,171,984 4 Retention of Available Cash Balance (Actual 06130114) RPTTF amount retained should only include the amounts distributed for debt service reserve(s) approved in ROPS 13 -148 6,053,799 5 ROPS 13 -14B RPTTF Prior Period Adjustment RPTTF amount should tie to the self- reported ROPS 13 -14B PPA in the No entry required Report of PPA, Column S 21.331 6 Ending Actual Available Cash Balance C to G= (1 +2- 3- 4),H= (1 +2- 3 -4 -5) (0) d d d (5,200) ROPS 14 -15A Estimate 107101114 - 12131/14 7 Beginning Available Cash Balance (Actual 07101114) (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H =5 +6) 6,053,799 _ 16,131 8 Revenuellncome (Estimate 12131114) RPTTF amounts should tie to the ROPS 14 -15A distribution from the County Auditor - Controller during June 2014 94,137 3,153,625 9 Expenditures for ROPS 14 -15A Enforceable Obligations (Estimate 12131114) 6,053,799 3,153,625 10 Retention of Available Cash Balance (Estimate 12131114) RPTTF amount retained should only include the amount distributed for debt service reserve(s) approved in ROPS 14 -16A 11 Ending Estimated Available Cash Balance (7 + 8 -9 -10) (0) 94,137 16,131 Recogniutl Obligation Payment Schedule (ROPS 14158) - Report of Prior Period Ad)usbnants Reported for the ROPS 13 -14B (January 1, 2014 through June 30, 2014) Pedod Pursuant to Health add Safety Code (HSC) sector, 34188 (a) (Report Amour,i5 in Whole Dollars) ROPS 13448 Successor Fgency(SA)SWI- repoibd Prbr Period AE)usMenY(Pi Psi to HSC Seclron 31186(a). SASarerepui Mmrepatl Nadfurences re wVrev equal avaiable Nndiig and Melractualezparlituresfor the ROPS 13-14B(Janwryllvougb June 2014) pence The amount ORetleve bpmMPmlKb' ry Tax Trust Fund(RPTTFI appmvenforthe ROPS 14-158 (Jauaryth nigh Az'e 2015) pxbd Ml be aRM by the SA'a selfigpned ROPS 1}143 prim perbd adju dddxL HSC S.im 34182 (a( at. sRe,v,, that the pricrlMicA atisInenas Of recorded by face are subject to deadly the munry auditor- wMroller (CAC) and the Slate Commal r. A S C 0 E F G H I J K L M N 0 P 0 R 5 T Non -RPTTF Expenditures RPTTF Expenditures Added P.O. Reserve Balance Offer Fund. Non -Mmin Mmin NO SA Non -Admin add Admen PPA (Amount Used to ONxI ROPS 14-158 R,untM RPM) hemp Product Name l Debt Obligation Authorized Actual Aubonzed Actual Authorize! Actual Auteuil Avalls de RPTTF (BOPS 13-148 distributed a all Omar available an 0111114) Net Leau.of Authorized l Available Actual Difference (II K IS less than L, Me difference is zam) Aulhotaed Available RPTTF (ROPS 1}148 de5mbmnd a on ducr available as 01HH4) NO Last or AuMOdzedl Available Actual OilM1redew (if total actual excesedstional authMZM, Me btal difference is zero) NO Deference ItOm SACOmmenb $ 7,077,559 It 110,9,301 It - S - S 7,780,878 S 38,281 S 1020,344 S 1.070,3 $ Toni S 1,049,813 f 21,231 S 122,974 if I2 Rfi 5 12.971 S 122,971 S - $ 21.331 1 2MHA Tax lruemenl 156,570 156,570 Vess8 156570 2 2PA'6B Tax lnaemmt 512.581 512,581 512,551 512581 3 2010 Tax lnvemers Bonds - 210,059 210,059 210,009 210039 - 4 command Disclosure on Bonds 5 State Canadian' Report 6 Bond Trustee Fees 7 Annual Asdt 8 Finance, susturn 9 tnumanem or Indebtedness 10 N eCalculatins - - - - 11 Properly Tax Asouldoneard 12 Rosemount Cammmey Ch Parkind Lot 13.670 13 Rosemead CommsmN Clr. Parkild Lot 1 1 12 7N 14 ZapoPan Park lm ro mans 1,00,IDO 15 Rosemead Park mpnexaments 280,000 16 Rosemead Command, Cb. Parkah, Lm 4,000,003 17 Near Park at Rush& Wemul(Inem 580,000 18 SevertfusnernExpassion 750.000 19 Em o OveTeaa Co. 102,205 20 Va"BIW. Street ements 250,003 21 Rosemead Park Turf Renovations 784000 22 Senor Hwsn9 taM leers - An Nus 38$01 08,281 7.319 7,319 7.319 7,319 23 Senor HOU9ng Otte.- Overview -Angelus 565`50 58.Me 58,550 58,550 24 Sarbr Houyrg SMnad SWS Nus 8,202 8.202 e0, 3.276 4,926 4,928 25 Saiw Houser, Lap Leese - Gerve all 48,100 'faim 46,100 26 Senor ...at, Utterances Creachused Garvev 34)550 alewo 56550 56,350 27 Senior homes, Branch SundM -Gan 18,405 16,405 10405 16,405 16,405 28 1 B. Returned Reserve 29 Master BOrMAgreement 30 Lan Bodon tto Guy of Rosemead 7.077,559 1019,301 31 Repaymactsem IF ShaMatl In 131450 32 Administative Cost A➢mverce Ad,