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OB - Item 4A - ROPS - Submittal for January Through June 2016ROSEMEAD OVERSIGHT BOARD STAFF REPORT TO: THE HONORABLE CHAIR AND BOARD MEMBERS FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER DATE: SEPTEMBER 14, 2015 SUBJECT: ROPS SUBMITTAL —JANUARY THROUGH JUNE 2016 SUMMARY The Department of Finance (DOF) requires the Recognized Obligation Payment Schedule (ROPS) for the January through June 2016 be submitted by October 5, 2015. As with every previous ROPS, the layout and format of the schedules has been modified, and the schedules may look slightly different. 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 underspent its allocation in the 2015 -16B period by $28,589 due to lower than anticipated administration costs as well as lower than anticipated transfer to the Housing Corporation. This represents the only adjustments for the ROPS. Staff Recommendation: That the Oversight Board approve Resolution 2015 -0007 approving the ROPS for the period of January through June 2016. 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 -15B (January 1, 2015 through June 30, 2015). As noted in the summary line at the top of the chart (column M and R), the Successor Agency underspent the non- administrative RPTTF allowance by $20,161 due to a lower than anticipated transfer to the Housing Corporation and also underspent the administrative RPTTF allowance by $8,428. This resulted in a total amount of $28,589 in underspent allowance. The 'Report of Cash Balances" is designed to reconcile the funding and expenditures during the 14 -15B ROPS period along with the estimates of spending for the 15 -16A ROPS period. The Board will note that the excess RPTTF of $28,589 carries forward to this report (Column H, Row 5). Item No. 4A Rosemead Successor Agency Oversight Board September 14, 2015 Paae 2 of 2 The third report is for the 15/168 ROPS period of January 1, 2016 through June 30, 2016. 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 4 -21 will no longer be used. Also, as in the prior year, item 34 is used to consolidate all of the administrative costs into one line item representing half of the annual $250,000 allocation. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process in accordance with the Brown Act. Prepared by: Matthew E. Hawkesworth Assistant City Manager Attachments: Resolution No. 2015 -0007 RESOLUTION NO. 2015 -0007 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 JANUARY 1, 2016 THROUGH JUNE 30, 2016 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 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 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 January 1, 2016 through June 30, 2016 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 January 1, 2016 through June 30, 2016 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 14th day of September 2015. Chairperson ATTEST: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager 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 14t day of September 2015, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAINED: Matthew E. 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