OB - Item 3B - ROPS Submittal - July 2016 Through June 2017ROSEMEAD OVERSIGHT
BOARD STAFF REPORT
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: CAROLYN CHU, FINANCE DIRECTOR
DATE: JANUARY 25, 2016
SUBJECT: ROPS SUBMITTAL —JULY 2016 THROUGH JUNE 2017
SUMMARY
The Department of Finance (DOF) requires the Recognized Obligation Payment
Schedule (ROPS) for the July 2016 through June 2017 be submitted by February 1,
2016. As with every previous ROPS, the layout and format of the schedules has been
modified, and the schedules may look slightly different. Also, this ROPS is for an entire
fiscal year. Previous ROPS have only been for a six month period.
The ROPS document includes a summary page, a cash balance page, a detail
schedule for the current ROPS period, and a notes page.
Staff Recommendation:
That the Oversight Board approve Resolution 2016 -001 OB approving the ROPS for the
period of July 2016 through June 2017.
ANALYSIS
The ROPS Detail report reflects the ROPS period of 16/17 A and B (July 1, 2016
through June 30, 2017). The Board will note that this detail report now covers an entire
fiscal year as opposed to one half of a fiscal year as in prior ROPS reports. 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. As in prior years,
Items 4 -21 will no longer be used. Also, as in the prior year, item 34 is used to
consolidate all of the administrative costs into one line item representing half of the
annual $250,000 allocation.
The 'Report of Cash Balances" is designed to reconcile the funding and expenditures
during the 15 -16B ROPS period along with the estimates of spending for the 16 -17A
and B ROPS period.
The Summary worksheet summarizes the amounts on both the ROPS Detail report and
the Report of Cash Balances.
ITEM NO. 3.13
Rosemead Successor Agency Oversight Board
January 25, 2016
Page 2 of 2
There is no Prior Period Adjustment (PPA) form for this ROPS. In the past, the PPA
was based on the expenses from two ROPS periods ago. Because the ROPS has
shifted to an annual period, we will need to have known the expenses from one full
fiscal year ago, which in this case would be fiscal year 15/16. Since we are currently in
the 15/16 fiscal year, we will resume the PPA for the next annual ROPS period.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in
accordance with the Brown Act.
Prepared by:
OL
Carolyn A. Chu
Finance Director
Attachments:
Resolution No. 2016 -0010B
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 25 day of
January 2016, by the following vote, to wit:
Carolyn A. Chu
Successor Agency Staff
Finance Director
RESOLUTION NO. 2016 -001 OB
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, 2016 THROUGH JUNE 30, 2017
WHEREAS, California Health and Safety Code section 34179 requires that each
Successor Agency have an Oversight Board; and
WHEREAS, Section 34177 required 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 full year; 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 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,
2016 through June 30, 2017 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, 2016 through June 30, 2017 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 25th day of January 2016.
Chairperson
ATTEST:
y
Carolyn A. Mu
Successor Agency Staff
Finance Director
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Rosemead Recognized Obligation Payment Schedule (ROPS 16 -17) - ROPS Detail
July 1, 2016 through June 30, 2017
Rosemead Recognized Obligation Payment Schedule (ROPS 16 -17) - ROPS Detail
July 1, 2016 through June 30, 2017
(Report Amounts
In Whole Dollars)
A
B
c
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
Item#
Project NamelDebt Obligation
Obligation Type
ComacYAgarament
Execution Data
Contract/Agreament
Termination Date
Payee
Description/Project Scope
Project Area
Total Outstanding
Debtor Obligation
Retired
ROPS 16 -17
Total
16 -17A
16 -17A
Total
Non - Redevelopment property Tax Trust Fund
Non - RPTTF
RPTTF
Bond Proceeds
Reserve Balance
Other Fund.
Nun -Admin
Adman
67
N
$
$
fib
N
$
$
09
N
$
$
70
N
1 $
$
71
N
$
$
72
N
$
$
731
N
$
$
74
N
5
$
75
N
$
$
79
N
$
$
77
N
$
$
70
N
$
$
79
N
$
$
80
N
$
$
81
N
$
$
82
N
$
$
83
N
$
$
84
N
$
$
65
N
$
$
86
N
$
$
871
N
$
$
88
N
$
$
69
N
$
$
90
N
$
$
91
N
It
$
92
N
$
$
93
N
$
$
94
N
$
$
95
N
$
$
95
N
$
$
97
N
$
$
98
N
$
$
99
N
$
$
100
N
$
$
01
N
$
$
R
S
T
U
V
W
16 -17B
Non- Retlevelopment Property Tax Tmst FpO
Non -RPTTF
RPTTF
Bond Proceeds
Reserve Balance
Other Fande
Non -Admin
Admin
16 -1]B
Total
g
$
$
$
5
S'
$
$I
8
$1
5'
$
$
$
E
Rosemead Recognized Obligation Payment Schedule (ROPS 16 -17) - Notes July 1, 2016 through June 30, 2017
Item # I Notes /Comments