OB - Item 3A - ROPS Submittal - July 2017- Through June 2018 Q- ° E M ® 9 ° ROSEMEAD OVERSIGHT
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TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: CAROLYN CHU, FINANCE DIRECTOR
DATE: JANUARY 23, 2017
SUBJECT: ROPS SUBMITTAL—JULY 2017 THROUGH JUNE 2018
SUMMARY
The Department of Finance (DOE) requires the Recognized Obligation Payment Schedule
(ROPS) for the July 2017 through June 2018 be submitted by February I, 2017. As with
previous ROPS, the layout and format of the schedules has been modified, and the schedules
may look slightly different. Also,as in the previous year, this ROPS is for an entire fiscal year.
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 2017-001 OB approving the ROPS for the period
of July 2017 through June 2018.
ANALYSIS
The ROPS Detail report reflects the ROPS period of 17-18 A and B (July 1, 2017 through June
30, 2018). This detail report covers an entire fiscal year which is the same as in the prior ROPS
report. Since the Department of Finance (DOE) approved the refinancing of Tax Allocation
Bonds Series 2006A and 20068, these bonds have been defeased and the Successor Agency
issued 2016 Subordinate Tax Allocation Refunding Bonds on December 14, 2016. Line item 35
is now used to represent the 2016 refunding bonds and line items 1 and 2 are shown as retired.
As in prior years, Items 4-21 will no longer be used and 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" typically includes cash balance information for two 6-month
periods. However, in order to transition to the Annual ROPS process, only actual ROPS 15-168
balances will be reported for ROPS 17-18. The two 6-month reporting periods will return during
the ROPS 18-19 period.
ITEM NO. 3.A
Rosemead Successor Agency Oversight Board
January 23.2017
Page 2 oft
The Summary worksheet summarizes the amounts on both the ROPS Detail report and the
Report of Cash Balances.
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 16/17. Since we are currently in the 16/17 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:
Carolyn A. Chu, Finance Director
Attachment: Resolution No. 2017-001 OB
RESOLUTION NO. 2017-01 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, 2017,
THROUGH JUNE 30,2018
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 ("ROPS") 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, 2017,
through June 30,2018, 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, 2017, through June 30, 2018, 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 23rd day of January 2017.
Chair
ATTEST:
Carolyn A. Chu
Successor Agency Staff
Finance Director
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 23rd day of January 2017, by the following vote,to
wit:
Carolyn A. Chu
Successor Agency Staff
Finance Director
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