OB - Item 3A - ROPS Submittal - July Through December 2015ROSEMEAD OVERSIGHT
BOARD STAFF REPORT
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER
DATE: FEBRUARY 9, 2015
SUBJECT: ROPS SUBMITTAL — JULY THROUGH DECEMBER 2015
SUMMARY
The Department of Finance (DOF) requires the Recognized Obligation Payment
Schedule (ROPS) for the June through December 2015 be submitted by March 3, 2015.
The ROPS document includes a summary page, a cash balance page, a schedule for the
current ROPS period, a reconciliation page of prior ROPS periods, and a notes page. As
the Board may note in Column H of the 'Report of Cash Balances" worksheet, the
Successor Agency under spent its allocation in the 2014 -15B period by $46,556 due to a
lower than anticipated transfer to the Housing Corporation, and a reduction in
Administrative Cost Allowance expenditures. This represents the only adjustments for the
ROPS.
Staff Recommendation:
That the Oversight Board approve Resolution 2015 -0001 approving the ROPS for the
period of July through December 2015.
ANALYSIS
In order to understand the summary worksheet it is easier to start from previous ROPS
periods and work forward. The "Report of Prior Period Adjustment' reflects the ROPS
period of 14 -15A (July 1, 2014 through December 31, 2014). As noted in the summary
line at the top of the chart (Column S), the Successor Agency underspent the total RPTTF
allocation by $46,556. The unspent funds were due to a lower than anticipated transfer
to the Housing Corporation, and a reduction in the Administrative Cost Allowance
expenditures.
The "Report.of Cash Balances" is designed to reconcile the funding and expenditures
during the 14 -15A ROPS period along with the estimates of spending for the 14 -15B
ROPS period. The Board will note that the excess RPTTF of $46,556 carries forward to
this report (Column H, Row 5). It is also important to note the repayment of the Rosemead
Chamber of Commerce loan on this schedule (Column G, Row 2).
The third report is for the 15 -16A ROPS period of July 1, 2015 through December 31,
2015. 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. Items 12 -18,
20 -21 and 29 will no longer be used. Additionally, item 34 is used to consolidate all the
administrative costs into one line item representing half of the annual $250,000 allocation.
.Vv..un A
Rosemead Successor Agency Oversight Board
February 9, 2015
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:
f�
Matthew E. Hawkesworth
Assistant City Manager
Attachments: Resolution 2015 -0001
RESOLUTION: 2015 -0001
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, 2015 THROUGH DECEMBER 31, 2015
WHEREAS, California Health and Safety Code section 34179 requires that each
Successor Agency have an Oversight Board; and
WHEREAS, Section 34177 requires 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 six months; 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 such 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, 2015
through December 31, 2015 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, 2015 through December 31, 2015 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 9th day of February 2015.
Chairperson
ATTEST:
Matthew E. Hawkesworth
Successor Agency Staff
Assistant City Manager
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 9t" day of February 2015, by the following vote,
to wit:
AYES:
NOES:
ABSENT:
ABSTAINED:
Matthew E. Hawkesworth
Successor Agency Staff
Assistant City Manager
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Recognized Obligation Payment Schedule (ROPS 15 -16A) - ROPS Detail
July 1, 2015 through December 31, 2015
(Report Amounts in Whole Dollars)
A
B
C
D
E
F
G
H
1
J
K
L
M
N
O
P S
Funding Source
r
Non - Redevelopment Property Tax Trust Fund
(Non- RPTTF)
RPTTF
j
Contract/Agreement
Contract/Agreement
Total Outstanding
Item #
Project Name / Debt Obligation
Obligation Type
Execution Date
Termination Date
Payee
Description /Project Scope
Project Area
Debt or Obligation
Retired
Bond Proceeds
Reserve Balance
Other Funds
Non -Admin
Admin
Six -Month Total
$ 73,509,991
$ 4,127,788
$ -
$ -
$ 3,063,762
$ 125,000
$ '. 7,316,550
1
2006A Tax Increment Bonds
Bonds Issued On or
2/23/2006
10/1/2022
US Bank
Tax Increment Bond Debt Service
Merged
6,583,14
N
1
$ 1,2 0 70'
2
2006B Tax Increment Bonds
Bonds Issued On or
12/21/2006
10/1/2033
US Bank
Tax Increment Bond Debt Service
Merged
35,961,326
N
601,093
$ 601,09' a
Before 12/31/10
's
3
2010 Tax Increment Bonds
Bonds Issued On or
6/29/2010
1211/2023
US Bank
Tax Increment Bond Debt Service
Merged
10,701,178
N
1,012,559
$ 9,012,55:
Before 12/31/10
4
Continuing Disclosure on Bonds
Admin Costs
6/1/2008
12/31/2023
Urban Futures
Continuing Disclosure service for
Merged
-
N
$ .
2006A, 20068 and 2010 Bonds
5
State Controllers' Report
Bonds Issued After
4/1212011
6/30/2016
RAMS
Preperation of Annual Report
Merged
-
N
$ .
12/31/10
6
Bond Trustee Fees
Admin Costs
2/23 /2006
10/1/2033
US Bank
Banking fees related to the 2006A, B
Merged
N
$
and 2010 Bonds
i7
Annual Audit
Admin Costs
4/12/2011
6/30/2016
RAMS
Annual audit services
Merged
-
N
$
8
Finance System
Admin Costs
3/28/2011
4/1/2016
Bank of the West
Lease Obligation for finance system
Merged
N
$
9
Statement of Indebtedness
Admin Costs
5/6/2011
12/31/2023
Redevelopment Reporting
Preparation of Annual Report
Merged
N
$ k
Solutions
10
Arbitrage Calculations
Admin Costs
7/11/2001
12/31/2023
Willdan
Preparation of arbitrage rebate
Merged
-
N
$
calculation
91
Property Tax Audits /Monitoring
Admin Costs
6/13/2007
12/31/2023
HDL
Monitor property tax collections and
Merged
-
N
$
appeals to ensure bond coverage
12
Rosemead Community Ctr. Parking
ImprovemenVlnfrastr
4/19/2011
6/30/2011
Boghossian Engineering
Community center parking lot design
Merged
-
N
$
Lot
ucture
13
Rosemead Community Ctr. Parking
ImprovemenVlnfrastr
8/10/2011
3/31/2012
Willdan
Material testing for parking lot
Merged
-
N
$
Lot
ucture
engineering
14
Zapopan Park Improvements
ImprovemenVlnfrastr
6/12/2013
12/31/2023
City of Rosemead
ADA accessibility & additional parking
Merged
N
$
ucture
15
Rosemead Park Improvements
ImprovemenVlnfrastr
6112/2013
12/31/2023
City of Rosemead
ADA accessibility improvements
Merged
-
N
$
ucture
16
Rosemead Community Ctr. Parking
ImprovemenVlnfrastr
6/12/2013
12/31/2023
City of Rosemead
ADA accessibility, teen center &
Merged
N
$
-
Lot
ucture
outdoor space
17
New Park at Rush & Walnut Grove
ImprovemenVlnfrastr
6/1212013
12/31/2023
City of Rosemead
Community infrastructure
Merged
-
N
$
ucture
improvements
!18
Sewer System Expansion
ImprovemenVlnfrastr
6/12/2013
12/3112023
City of Rosemead
Sewer main replacement/upgrade on
Merged
-
N
$
ucture
Garvey Ave.
19
Employee Overhead Costs
Admin Costs
7/1/2011
12/31/2023
City of Rosemead
Administrative costs (staffing, audits,
Merged
-
N
$
legal, supplies, etc.)
20
Valley Blvd. Street Improvements
ImprovemenVlnfrastr
6/12/2013
12/31/2023
City of Rosemead
Infrastructure improvements -
Merged
-
N
$
ucture
Downtown Corridor
21
Rosemead Park Turf Renovations
ImprovemenVlnfrastr
6 /12/2013
12/31/2023
City of Rosemead
Community infrastructure
Merged
-
N
$.
ucture
improvements
22
Senior Housing Land Lease -
Miscellaneous
8/13/2002
12/31/2099
Rosemead Housind
Cost of annual land lease for property
Merged
2,325,600
N
45,600
$ 45,60(
Angelus
I
Development Corporation
23
Senior Housing Operations
Miscellaneous
8/13/2002
12/31/2099
Rosemead Housind
Cost of annual operations and
Merged
2,884,050
N
56,550
$ 56,55(
Overhead - Angelus
Development Corporation
overhead subsidy
24
Senior Housing Shorfall Subsidy -
Miscellaneous
8/13/2002
12131/2099
Rosemead Housind
Cost to cover shortfall between rents
Merged
418,329
N
8,202
$ 8,202
Angelus
Development Corporation
and operations /maintenance
X25
Senior Housing Land Lease -
Miscellaneous
8/13/2002
12/31/2099
Rosemead Housind
Cost of annual land lease for property
Merged
3,972,284
N
46,100
$ 46, 10C
,....
Garvey
Development Corporation
26
Senior Housing Operations
Miscellaneous
8/13/2002
12/31/2099
Rosemead Housind
Cost of annual operations and
Merged
4,872,725
N
56,550
$ '. .`56,55(
Overhead - Garvey
Development Corporation
overhead subsidy
27
Senior Housing Shorfall Subsidy-
Miscellaneous
8/13/2002
12/31/2099
Rosemead Housind
Cost to cover shortfall between rents
Merged
1,413,564
N
16,405
$ 16,405 I
-
Garvey
I
Development Corporation land
operations /maintenance
Recognized Obligation Payment Schedule (BOPS 15 -16A) - ROPS Detail
July 1, 2015 through December 31, 2015
(Report Amounts in Whole Dollars)
Recognized Obligation Payment Schedule (BOPS 15 -16A) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (1), 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. For tips on how to complete the Report of Cash Balances Form, see https://rad.dof.ca.gov/rad-
sa /pdf /Cash Balance Agency Tips Sheet.pdf.
A
B
C
D
E
F
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior BOPS
Prior BOPS
period balances
RPTTF
Bonds Issued
Bonds Issued
and DDR RPTTF
distributed as
Rent,
Non -Admin
on or before
on or after
balances
reserve for future
Grants,
and
Cash Balance Information by BOPS Period
12/31/10
01/01/11
retained
period(s)
Interest, Etc.
Admin
I Comments
ROPS 14 -15A Actuals (07/01/14 - 12/31/14)
1
Beginning Available Cash Balance (Actual 07/01/14)
6,053,799
-
2
Revenue/Income (Actual 12/31/14)
RPTTF amounts should tie to the ROPS 14 -15A distribution from the
County Auditor - Controller during June 2014
4,891
25,000
3,153,625
$25,000 is the loan repayment from the Rosemea
3
Expenditures for ROPS 14 -15A Enforceable Obligations (Actual
12/31/14)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures in the Report of PPA, Columns L and Q
1,701,720
3,107,069
4
Retention of Available Cash Balance (Actual 12/31/14)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
4,356,970
5
ROPS 14 -15A RPTTF Prior Period Adjustment
RPTTF amount should tie to the self - reported ROPS 14 -15A PPA in the
No entry required
Report of PPA, Column S
46,556
6
Ending Actual Available Cash Balance
1 CtoG= (1 +2- 3- 4),H =(1 +2- 3-4-5)
$ -
$
$
$
$ 25,000
$
BOPS 14 -15B Estimate (01/01/15 - 06130/15)
7
Beginning Available Cash Balance (Actual 01 /01/15)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
$ 4,356,970
$
$
$
$ 25,000
$ 46,556
8
Revenue /Income (Estimate 06/30/15)
RPTTF amounts should tie to the BOPS 14 -15B distribution from the
Count Auditor - Controller during January 2015
1,141,781
9
Expenditures for ROPS 14 -15B Enforceable Obligations (Estimate
06/30/15)
229,182
1,193,763
10
Retention of Available Cash Balance (Estimate 06130/15)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
4,127,788
11
Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
$
$ -
$ -
$
-
$ 25,000
$ (5,426)
Recognized Obligation Payment Schedule (ROPS 15.16A) - Report of Prior Period Adjustments
Reported for the POPS 14 -15A (July 1, 2014 through December 31, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
TOPS 14 -15A Successor Agency (SA) Self- reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14 -15A (July through December 2014) period. The amount of
ledeveiopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15 -16A (July through December 2015) period will be offset by the SA's self- reported ROPS 14 -15A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self- reported by SAS are subject to audit by
he county auditor - controller (CAC) and the State Controller.
A
B
C
D
E
I F
G
H
I
J
K
L
M
N
O
P
O
R
S
T
Non -RPTTF Expenditures
RPTTF Expenditures
Net SA Non -Admin
and Admin PPA
(Amount Used to
Offset ROPS 15 -16A
Bond Proceeds
Reserve Balance
Other Funds
Non -Admin
Admin
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTTF
(If total actual
(HOPS 14 -15A
Difference
(HOPS 14 -15A
exceeds total
distributed + all other
Net Lesser of
(If K is less than L,
distributed + all other
Net Lesser of
authorized, the
Project Name /available
as of
Authorized /
the difference is
available as of
Authorized /
total difference is
Net Difference
Item #
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
07/1/14)
Available
Actual
zero)
Authorized
07/1/14)
Available
Actual
zero)
(M +R)
SA Comments
$ 7,077,559
$ 1,701,720
$ -
$ -
$ -
$ -
$ 3,028,625
$ 3,028,625
$ 3,028,625
$ 3,015,562
$ 13,063
$ 125,000
$ 125,000
$ 125,000
$ 91,507
$ 33,493
$ .:46,556
1
2006A Tax
-
-
-
1,191,578
1,191,578
$ 1,191,578
1,191,578
$
$
2
20068 Tax
-
-
597,581
597,581
$ 597,581
597,581
$
$
3
2010 Tax Increment
-
-
-
1,010,059
1,010,059
$ 1,010,059
1,010,059
$ -
$
Bonds
4
Continuing
-
-
$ -
$
$
Disclosure on Bonds
:.
5
State Controllers'
-
-
-
$
$ -
$ -
Report
6
Bond Trustee Fees
-
-
$
$
$
7
Annual Audit
-
-
-
$
$
8
Finance System
-
-
-
$
$
$
9
Statement of
-
-
-
$
$ -
$ -
Indebtedness
10
Arbitrage
-
-
-
$ -
$ -
$
Calculations
11
Property Tax
-
-
-
-
$
$
$ -
Audits/Monitorin
12
Rosemead
-
-
-
-
$ -
$
$
Community Ch.
Parking Lot
13
Rosemead
-
-
-
$
$ -
$
Community Ch.
Parking Lot
14
Zapopan Park
-
-
-
-
$ -
$ -
$
Improvements
15
Rosemead Park
-
-
-
$
$ -
$
Improvements
16
Rosemead
-
-
$
$
$
Community Ctr.
Parking Lot
17
New Park at Rush &
-
-
-
$
$
$
Walnut Grove
18
Sewer System
-
-
$ -
$
$
Expansion
19
Employee
-
-
-
-
$ -
$ -
$ -
Overhead Costs
20
Valley Blvd. Street
-
-
-
-
$
$
$ -
Improvements
21
Rosemead Park
-
-
-
$ -
$ -
$
Turf Renovations
22
Senior Housing
-
-
-
45,600
45,600
$ 45,600
45,600
$ -
$ -
Land Lease -
Angelus
23
Senior Housing
-
-
56,550
56,550
$ 56,550
56,550
$ -
$
Operations
Overhead - Angelus
24
Senior Housing
-
-
-
8,202
8,202
$ '8,202
8,202
$ -
$ -
Shorfall Subsidy -
Angelus
Recognized Obligation Payment Schedule (ROPS 15 -16A) - Report of Prior Period Adjustments
Reported for the BOPS 14 -15A (July 1, 2014 through December 31, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
1OPS 14 -15A Successor Agency (SA) Self- reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14 -15A (July through December 2014) period. The amount of
iodevelopment Property Tax Trust Fund (RPTTF) approved for the BOPS 15 -16A (July through December 2015) period will be offset by the SA's self - reported ROPS 14 -15A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self - reported by SAS are subject to audit by
he county auditor - controller (CAC) and the State Controller.
A
B
C
D
E
F
G
H
1
7 J
K
L
M
N
O
P
D
R
S
T
Non -RPTTF Expenditures
RPTTF Expenditures
Bond Proceeds
Reserve Balance
Other Funds
Non -Admin
Admin
Net SA Non -Admin
and Admin PPA
(Amount Used to
Offset ROPS 15 -16A
Requested RPTTF)
Item#
Project Name /
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
Available
RPTTF
(POPS 14 -15A
distributed +all other
available as of
07/1/14)
Net Lesser of
Authorized /
Available
Actual
Difference
(If K is less than L,
the Difference is
zero)
Authorized
Available
RPTTF
(POPS 14 -15A
distributed +all other
available as of
07/1/14)
Net Lesser of
Authorized /
Available
Actual
Difference
(If total actual
exceeds total
authorized, the
total difference is
zero)
Net Difference
(M +R)
SA Comments
$ 7,077,559
$ 1,701,720
$ -
$ -
$ -
$ -
$ 3,028,625
$ 3,028,625
$ 3,028,625
$ 3,015,562
$ 13,063
$ 125,000
$ 125,000
$ 125,000
$ 91,507
$ 33,493
$ 46,556
25
Senior Housing
Land Lease - Garvey
-
-
-
46,100
46,100
$ 46,100
46,100
$ -
$ -
26
Senior Housing
Operations
Overhead - Garvey
-
-
-
56,550
56,550
$ 56,550
56,550
$ -
$ -
27
Senior Housing
Shonall Subsidy -
Garvey
-
-
16,405
16,405
$ 16,405
3,342
$ 13,063
$ 13,063
29
Master Bond
Agreement
-
-
-
$
$ -
$ -
30
Loan Repayment to
City of Rosemead
7,077,559
1,701,720
-
-
-
$ -
$
$ -
31
Repayment of
RPTTF Shortfall in
13.14A
-
-
-
-
$
$ -
$
32
Administrative Cost
Allowance Adj.
-
-
-
-
$ -
$
$
33
Administrative Cost
Allowance Ad'.
-
-
-
$
$
$
34
Administrative Cost
Allowance
-
-
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$ -
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Recognized Obligation Payment Schedule (ROPS 15 -16A) - Notes