CC - Item 5C - ROPS Submittal from July 2024 through June 2025747..., ROSEMEAD SUCCESSOR
AGENCY BOARD
TO: THE HONORABLE CHAIR AND BOARD
f �MEMBERS
FROM: BEN KIM, EXECUTIVE DIRECTOR `0 "
DATE: DECEMBER 12, 2023
SUBJECT: ROPS SUBMITTAL — JULY 2024 THROUGH NNE 2025
SUMMARY
The Department of Finance (DOF) requires the Recognized Obligation Payment Schedule
(ROPS) for the period July 1, 2024 through June 30, 2025 be submitted to the DOF by February
1, 2024. 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 18, 2023.
STAFF RECOMMENDATION
That the Rosemead Successor Agency Board approve Resolution No. 2023-01 SA, approving
the ROPS for the period of July 1, 2024 through June 30, 2025 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 24-25:
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 24-25 (July 1, 2024 through
June 30, 2025). 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 21-22.
The Successor Agency is also required to produce an annual Administrative Budget, and the
FY 24-25 Budget is attached to this report.
AGENDA ITEM 5.0
Rosemead Successor Agency Board
December 12, 2023
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. 2023-01 SA
Attachment B: ROPS 24-25
Attachment C: FY 24-25 Administrative Budget
El
Attachment A
Resolution No. 2023-01 SA
RESOLUTION NO. 2023-01 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, 2024 THROUGH JUNE 30, 2025
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, 2024;
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, 2024
through June 30, 2025 is attached hereto.
NOW THEREFORE, THE SUCCESSOR AGENCY TO THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
1. The ROPS for the period July 1, 2024 through June 30, 2025 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 12th day of December 2023.
APPROVED AS TO FORM:
Rachel Richman, Successor Agency Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) §
CITY OF ROSEMEAD )
Steven Ly, 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. 2023-01 SA was duly adopted by the Board of the Successor
Agency, at a special meeting thereof held on the 12'h day of December, 2023, by the following
vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Ericka Hernandez, Successor Agency Clerk
Attachment B
ROPS 24-25
Recognized Obligation Payment Schedule (ROPS 24-25) - Summary
Filed for the July 1, 2024 through June 30, 2025 Period
Successor Agency: Rosemead
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
24-25A Total
December)
24-25B Total
(January
ROPS 24-25
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)
$ 2,166,492
$ 388,025
$ 2,554,517
F
RPTTF
2,101,092
322,625
2,423,717
G
Administrative RPTTF
65,400
65,400
130,800
H
Current Period Enforceable Obligations (A+E)
$ 2,166,492
$ 388,025
$ 2,554,517
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.
Name
/s/
Signature Date
Rosemead
Recognized Obligation Payment Schedule (BOPS 24-25) - ROPS Detail
July 1, 2024 through June 30, 2025
A
B
C
D
E
F
G
H
I
J
K
L I M N O P
O
R S T U V
W
ROPS 24.25A (Jul - Dec)
-
Fund Sources
Fund Sources
Ite4m
Obligation n
Agreement
Agreement
Project
Total
Retired
ROPS
24.25
24.25A
24-25B
Total
Bond
Reserve
Other
Admin
Bond
Reserve
Other
Admin
Project Name
Execution
Termination
Payee
Description
Area
Outstanding
Total
Total
Date
Date
gation
Obligation
Proceeds
Balance
Funds
RPTTF
RPTTF
Proceeds
Balance
Funtls
RPTTF
RPTTF
$21,940,992
$2,554,517
$-
$-
$-
$2,101,092
$65,400
$2,166,492LAMM
3
2010 Tax
Bonds Issued
06/29/
12/01/2023
US Bank
Tax
Merged
Y
Increment
On or Before
2010
Increment
Bonds
12/31/10
Bond Debt
Service
24
Senior
Miscellaneous
08/13/
12/31/2047
Rosemead
Cosl to rover
Merged
199,991
N
$199,991
-
-
199,991
-
$198.991
Housing
2002
Housing
shortfall
Shortfall
Development
between
Subsidy-
Corporation
rents and
Angelus
operations/
maintenance
27
Senior
Miscellaneous
08/13/
12/31/2057
Rosemeatl
Cost to cover
Merged
302,351
N
$302,351
-
302,351
-
$302,351
$-
Housing
2002
Housing
shortfall
Shortfall
Development
between
Subsidy-
Corporation
rents and
Garvey
operations/
maintenance
34
Administrative
Admin Costs
07/01/
12/31/2057
CRY of
Administrative
Merged
2,250,000
N
$130,600
-
-
65,400
$65,400
-
-
-
65,400
$65,400
Cost
2014
Rosemead
Cost
Allowance
Allowance
35
2016
Bonds Issued
12/14/
10/01/2033
US Bank
Tax
19,188,650
N
$1,921,375
-
-
1,596,75D
-
$1,598,750
-
-
322,625
-
$322,625
Subortlinale
After 12/31/10
2016
Increment
Tax Allocation
Bond Debt
Bonds
Service
Rosemead
Recognized Obligation Payment Schedule (ROPS 24-25) - Report of Cash Balances
July 1, 2021 through June 30, 2022
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (I), 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.
A
B
C D E F G
H
Fund Sources
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Prior ROPS
RODS 21-22 Cash Balances
RPTTF and
Comments
(07/01/21 - 06/30/22)
Bonds issued
Bonds issued
Reserve
Rent, grants,
Non -Admin
on or before
on or after
Balances retained
interest, etc.
and Admin
12/31/10
01/01/11
for future
period(s)
1
Beginning Available Cash Balance (Actual 07/01/21)
1,123,000
-
H-1 is reserve fund held by bond Trustee
RPTTF amount should exclude "A" period distribution
bank.
amount.
2
Revenuelincome (Actual 06/30/22)
4,059,495
RPTTF amount should tie to the ROPS 21-22 total
distribution from the County Auditor -Controller
3
Expenditures for ROPS 21-22 Enforceable Obligations
3,953,265
(Actual 06/30122)
4
Retention of Available Cash Balance (Actual 06130/22)
1,123,000
RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
5
ROPS 21-22 RPTTF Prior Period Adjustment
No entry required
RPTTF amount should tie to the Agency's ROPS 21-22 PPA
form submitted to the CAC
6
Ending Actual Available Cash Balance (06/30122)
S•
$-
$-
$-
$106,230
CtoF=(1+2-3-4),G=(1+2-3.4-5)
Rosemead
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes
July 1, 2024 through June 30, 2025
Attachment C
FY 24-25 Administrative Budget
Successor Agency of the Rosemead Community Development Commission
Administrative Budget
FY 2024-25 Administrative Budget (ROPS 24-25)
SALARIES AND BENEFITS
PROFESSIONAL SERVICES
$ 84,700
Auditing Services
$
5,300
Legal Services
$
5,000
Property Tax Services
$
12,600
Continuing Disclosure Services
$
4,000
Trustee Fees
$
3,000
Consulting Services
$
16,200
TOTAL
$ 130,800
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