CC - Item 5L - Rops Submittal - July 2023 Through June 2024ROSEMEAD SUCCESSOR
AGENCY BOARD
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: BEN KIM, EXECUTIVE DIRECTOR
DATE: DECEMBER 13, 2022
SUBJECT: ROPS SUBMITTAL — JULY 2023 THROUGH JUNE 2024
SUMMARY
The Department of Finance (DOF) requires the Recognized Obligation Payment Schedule
(ROPS) for the period July 1, 2023 through June 30, 2024 be submitted to the DOF by February
1, 2023. Prior to that, the ROPS must be reviewed and approved by the Los Angeles County
Consolidated Oversight Board. The deadline to submit the ROPS to the Oversight Board is
December 19, 2022.
STAFF RECOMMENDATION
That the Rosemead Successor Agency Board approve Resolution No. 2022-01 SA, approving the
ROPS for the period of July 1, 2023 through June 30, 2024 and, further, directing that staff
submit the ROPS to the Los Angeles County Consolidated Oversight Board.
ANALYSIS
The following worksheets are included as part of the ROPS 23-24:
1. The "Summary" worksheet summarizes the amounts on both the ROPS Detail report and
the Report of Cash Balances.
2. The "ROPS Detail" report reflects the ROPS period of FY 23-24 (July 1, 2023 through
June 30, 2024). Item 34 is used to consolidate all administrative costs into one line. Item
35 is used to represent the 2016 Subordinate Tax Allocation Refunding Bonds.
3. The "Report of Cash Balances" includes cash balance information for ROPS 20-21.
The Successor Agency is also required to produce an annual Administrative Budget, and the FY
23-24 Budget is attached to this report.
AGENDA ITEM 5.L
Rosemead Successor Agency Board
December 13, 2022
Page 2 of 2
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in accordance with
the Brown Act.
Submitted by:
Bryan Chua, Finance Director
Attachment A: Resolution No. 2022-01 SA
Attachment B: ROPS 23-24
Attachment C: FY 23-24 Administrative Budget
Attachment A
Resolution No. 2022-01 SA
RESOLUTION NO. 2022-01 SA
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION APPROVING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE
PERIOD OF JULY 1, 2023 THROUGH JUNE 30, 2024
WHEREAS, pursuant to California Health and Safety Code Section 34179 (q),
commencing on and after July 1, 2018, the County of Los Angeles shall have five consolidated
oversight boards encompassing five supervisorial districts;
WHEREAS, the First Supervisorial District Consolidated Oversight Board (Oversight
Board) has jurisdiction over the Successor Agency to the Former Redevelopment Agency to the
City of Rosemead;
WHEREAS, Section 34177 requires each Successor Agency to prepare a draft
Recognized Obligation Payment Schedule (ROPS) and section 34180 requires the First
Supervisorial District Consolidated Oversight Board to approve same;
WHEREAS, Section 34177 provides that each ROPS shall be forward looking to the
next full year;
WHEREAS, Section 34177 requires that the ROPS be transmitted to the County
Auditor -Controller, the State Controller and the State Department of Finance;
WHEREAS, notwithstanding the sequencing contemplated in section 34177, the
Department of Finance (DOF) is requesting the ROPS be considered by the Oversight Board and
transmitted to the DOF no later than February 1, 2023;
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 draft ROPS for the period July 1, 2023
through June 30, 2024 is attached hereto.
NOW THEREFORE, THE SUCCESSOR AGENCY TO THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
1. The ROPS for the period July 1, 2023 through June 30, 2024 attached hereto is
hereby approved.
2. Successor Agency staff is directed to provide to the First Supervisorial District
Consolidated Oversight Board (a) a copy of this Resolution along with (b) the
Successor Agency approved ROPS and (c) a Resolution for the Oversight Board
to approve.
PASSED, APPROVED AND ADOPTED this 13th day of December 2022.
APPROVED AS TO FORM:
Rachel Richman, Successor Agency Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) §
CITY OF ROSEMEAD )
Sean Dang, Chairperson
ATTEST:
Ericka Hernandez, Successor Agency Clerk
I, Ericka Hernandez, Successor Agency Clerk to the Rosemead Community Development
Commission of the City of Rosemead, California, do hereby certify that the foregoing
Successor Agency Resolution No. 2022-01 SA was duly adopted by the Board of the Successor
Agency, at a special meeting thereof held on the 13`h day of December, 2022, by the following
vote, to wit:
AYES: ARMENTA, CLARK, DANG, LOW, LY
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Ericka Hernandez, Successor Agency Clerk
Attachment B
ROPS 23-24
Recognized Obligation Payment Schedule (ROPS 23-24) - Summary
Filed for the July 1, 2023 through June 30, 2024 Period
Successor Agency: Rosemead
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
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.
23-24A Total
23-24B Total
ROPS 23-24
(July -
(January -
Total
December)
June)
$ 1,123,000
$
$ 1,123,000
1,123,000
1,123,000
$ 2,171,475
$ 478,750
$ 2,650,225
2,046,475
353,750
2,400,225
125,000
125,000
250,000
$ 3,294,475
$ 478,750
$ 3,773,225
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Attachment C
FY 23-24 Administrative Budget
Successor Agency of the Rosemead Community Development Commission
Administrative Budget
FY 2023-24 Administrative Budget (ROPS 23-24)
$ 170,000.00
PROFESSIONAL SERVICES
Auditing Services
$
10,000.00
Legal Services
$
10,000.00
Property Tax Services
$
12,600.00
Continuing Disclosure Services
$
6,400.00
Trustee Fees
$
6,000.00
Consulting Services
$
35,000.00
TOTAL
$ 250,000.00
Attachment C
Note: The Administrative Budget covers the costs incurred by the City of
Rosemead and professional services for the operations to the Successor Agency of
the Rosemead Community Development Commission