OB - Item 3B - ROPS Submittal - July 2018 Through June 2019ROSEMEAD OVERSIGHT
BOARD STAFF REPORT
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: PEARL LIEU, FINANCE DIRECTOR
DATE: JANUARY 29, 2018
SUBJECT: ROPS SUBMITTAL — JULY 2018 THROUGH JUNE 2019
The Department of Finance (DOF) requires the Recognized Obligation Payment Schedule
(ROPS) for the July 2018 through June 2019 be submitted by February 1, 2018. 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 2018-001 OB approving the ROPS for the period
of July 2018 through June 2019.
ANALYSIS
The ROPS Detail report reflects the ROPS period of 18-19 A and B (July 1, 2018 through June
30, 2019). This detail report covers an entire fiscal year which is the same as in the prior ROPS
report. As in prior years, Items 1-2 and 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. Item 35 is used to represent the 2016 Subordinate Tax Allocation
Refunding Bonds.
The "Report of Cash Balances" includes cash balance information for ROPS 15-16 actual
balances.
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.
Rosemead Successor Agency Oversight Board
January 29, 2018
Page 2 of 2
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in accordance with
the Brown Act.
Prepared by:
Pearl Lieu, Finance Director
Attachment A: Resolution No. 2018-001 OB
Attachment B: ROPS 18-19
Attachment A
Resolution No. 2018-001 OB
RESOLUTION NO. 2018-001 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, 2018
THROUGH JUNE 30, 2019
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, 2018
through June 30, 2019 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, 2018 through June 30, 2019 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 29th day of January 2018.
Chairperson
ATTEST:
Pearl Lieu
Successor Agency Staff
Finance Director
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES)
CITY OF ROSEMEAD )
1, Pearl Lieu, Successor Agency Staff off the Oversight Board of the City of Rosemead,
California, do hereby certify that the foregoing Oversight Board Resolution, No. 2018-001, was
duly adopted by the Oversight Board of the City of Rosemead, California, at a special meeting
thereof held on the 29th day of January, 2018, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Pearl Lieu, Successor Agency Staff
Finance Director
Attachment B
Rosemead Recognized Obligation Payment Schedule
July 1, 2018 through June 30, 2019
Recognized Obligation Payment Schedule (ROPS 18-19) - Summary
Filed for the July 1, 2018 through June 30, 2019 Period
Successor Agency: Rosemead
County: Los Angeles
18-19A Total 18-19B Total
Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July - December) (January - June) ROPS 18-19 Total
A Enforceable Obligations Funded as Follows (B+C+D):
B Bond Proceeds
C Reserve Balance
D Other Funds
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
F RPTTF
G Administrative RPTTF
H Current Period Enforceable Obligations (A+E):
Certification of Oversight Board Chairman.
Pursuant to Section 34177 (o) 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 successor
agency.
/s/
Name
Signature
$ 3,190,848 $ 992,157 $ 4,183,005
3,065,848 867,157 3,933,005
125,000 125,000 250,000
$ 3,190,848 $ 992,157 $ 4,183,005
Title
Date
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Rosemead Recognized Obligation Payment Schedule (ROPS 18-19) -Report of Cash Balances
July 1, 2015 through June 30, 2016
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (]),Redevelopment Property Tax Trust Fu rid (RPTTF) maybe 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 Cash Balance Tips Sheet
A
B
C
D
E I
F
G
H
1
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
period balances
Prior ROPS
and
RPTTF
Bonds issued on
Bonds issued on
DDR RPTTF
distnbuted as
Rent,
Non -Admin
Cash Balance Information for ROPS 15-16 Actuals
or before
or after
balances
reserve for future
grants,
and
(07/01/15 -06/30/16)
12/31/10
01/01/11
retained
penod(s)
interest, etc.
Admin
Comments
1
Beginning Available Cash Balance (Actual 07/01/15)
3,105,782
2
Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16 total distribution from the
County Auditor -Controller during June 2015 and January 2016.
3,784
4,239,247
3
Expenditures for ROPS 15-16 Enforceable Obligations (Actual
06/30/16)
1,399,875
3,608,745
4
Retention of Available Cash Balance (Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 15-16 RPTTF Balances Remaining
No entry required
6
Ending Actual Available Cash Balance (06/30/16)
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 + 5)
$ 1,709,691
$ -
$ -
$ -
$ -
$ 630,502
Rosemead Recognized Obligation Payment Schedule (ROPS 18-19) - Notes July 1, 2018 through June 30, 2019
Item # Notes/Comments
30 This balance is comprised of interest.