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HomeMy WebLinkAbout04 SUCCESSOR AGENCY APPROV OF OBLIGATION PAY'T FOR 7/1/14 - 12/31/141 .r .1 , m V d A AGENDA REPORT MEETING DATE: FEBRUARY 18 2014 TO: JEFFREY C. PARKER, CITY MANAGER Agenda Item 4 Reviewed. City Manager Finance Director ` FROM: SUCCESSOR AGENCY AND FINANCE DEPARTMENT SUBJECT: SUCCESSOR AGENCY APPROVAL OF THE RECOGNI= FD OBLIGATION PAYMENT SCHEDULE FOR PERIOD OF JULY 1, 2014 THROUGH DECEMBER 31, 2014 SUMMARY: Pursuant to AB 1X 26 and the recently passed AB 1484, the City of Tustin, acting as the Succe- sor Agency to the Tustin Community Redevelopment Agency (Successor Agency), is seeking approval of the Recognized Obligation Payment Schedule 14 -15A ( "ROPS 14 -15A ") for the period of July 1, 2014 through December 31, 2014. RECOMMENDATION: It is recommended the City Council, acting as the Successor Agency, approve ROPS 14 -15A for the period of July 1, 2014 through December 31, 2014, and authori .e submission of the ROPS 14 -15A to the Department of Finance ( "DoF ") by March 3, 2014, subject to the following conditions- 1. Review and approval by the Oversight Board; and 2. Should any subsequent modifications be required to ROPS 14 -15A by the Successor Agency, independent auditor, or the DoF, the Successor Agency s Executive Director and/or Finance Director, or their authorized designee, shall be authorized to make any augmentation, modification, additions or revisions as may be necessary subject to certification by the Oversight Board Chair. (Note: Pursuant to AB 1484- amended California Health and Safety Code (HSC) Secfon 34177(m), the above actions by the City's Successor Agency shall not become effective for forty -five (45) business days after approval by the Oversight Board pending a review by the DoF. Within five business days of the DoF's determination, the Successor Agency can request additional review by the DoF and an opportunity to meet and confer on disputed items.) Agenda Report February 18, 2014 Page 2 COORELATION TO STRATEGIC PLAN: ROPS 14 -15A has been prepared to be Stewardship, exercising fiscal discipline to stewardship of the public's assets. BACKGROUND: consistent with the City's value of Fiscal I've within the means and practicing sound Assembly Bill 1X 26, the "Dissolution Act ", as modified by the Califomia Supreme Court's decision in California Redevelopment Association, et al. v. Matosantos ( "Matosantos ") requires the Successor Agency to prepare � RecognLed Obligation Payment Schedule (BOPS) looking forward to the six month period covering July 1, 2014 through December 31, 2014, subject to Oversight Board approval. The DoF has given the ROPS a new naming convention of 14 -15A and 14-158 for fiscal year 2014 -15 with "A" representing the second half of the fiscal year. ROPS 14 -15A lists all enforceable obligations -hai are legally binding and enforceable agreements or contracts of the former Tustin Community Redevelopment Agency including those necessary for the continued administration of the Successor Agency to wind down the former Agency. Pursuant to the AB 1484- amended Dissolution Act (HSC 34177(I)(2)(B)), the Successor Agency is now required to submit a copy of the BOPS to the County Administrative Officer, the County Auditor - Controller, and the DoF at the same time that the Successor Agency submits the ROPS to the Oversight Board for approval. ROPS 14 -15A will be submitted to the Oversight Board at the- r regular meeting on February 25, 2014. Upon approval by the Oversight Board, a copy will be submitted to the County Auditor - Controller, the State Controller's Office and the DoF and posted on the Successor Agency's website. ROPS 14 -15A includes a form that reconciles estimated expenditures for the period of July 1, 2013 through December 31, 2013 with the actual expenditures. The Finance Department is currently closing out the ROPS expend-ture period and there could be adjustments between the submission of the ROPS to the City Council and the submission to the Oversight Board. Authorization is requested to allow the Successor Agency's Executive Director and/or Finance Director to augment, modify, add or revise the document as may be needed prior to submitting to the Oversight Board. In addition, authorization is requested, in response to Oversight Board, DoF, or County Auditor - Controller comments, to allow the Successor Agency's Executive Director and /or Finance Director to augment, modify, add or revise the document as may be needed. Agenda Report February 18, 2014 Page 3 Staff will be available to answer any questions the City Council may have. Jerry Craig Economic ev o t & Housing Manager Succes gency to the Tustin Community Retie elopment Agency Pamela Arends -King Finance Director Successor Agency fbr the Tustin Community Redevelopment Agency Attachment: ROPS 14 -15A (July 1, 2014 through December 31, 2014) i � � A} k- ek §7 _� 2a �ƒ � ik r =a §I 2� � � )| 2 � |� §§ 7z ■ � � K � i I q |_ R 7 &L t � } R « 2 k 2 § k 6 K ± o f E - L6 \ 7 ) 2 ! 4 0 u 0 . V. 0 = U $ ) ? 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