HomeMy WebLinkAboutSA3 SUCCESSOR AGENCY APPROVAL OF THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR PERIOD OF JULY 1, 2018 - JUNE 20, 2019Agenda Item
SA 3
Reviewed:
AGENDA REPORT City
Manager
Finance Director
kA
MEETING DATE: JANUARY 16, 2018
TO: JEFFREY C. PARKER, CITY MANAGER
FROM: SUCCESSOR AGENCY AND FINANCE DEPARTMENT
SUBJECT: SUCCESSOR AGENCY APPROVAL OF THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR PERIOD OF JULY 1, 2018
THROUGH JUNE 30, 2019
SUMMARY:
Pursuant to AB 1X 26 and Senate Bill ("SB") 107, the City of Tustin, acting as the
Successor Agency to the Tustin Community Redevelopment Agency (Successor
Agency), is seeking approval of the Recognized Obligation Payment Schedule 18-19
("ROPS 18-19") for the period of July 1, 2018 through June 30, 2019.
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency, approve ROPS
18-19 for the period of July 1, 2018 through June 30, 2019, and authorize submission of
the ROPS 18-19 to the Department of Finance ("DoF") by February 1_2018, subject to
the following conditions:
1. Review and approval by the Oversight Board; and
2. Should any subsequent modifications be required to ROPS 18-19 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 California Health and Safety Code (HSC) Section 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
January 16, 2018
Page 2
FISCAL IMPACT:
In ROPS 18-19, the City will receive Redevelopment Property Tax Trust Funds to pay
for the only enforceable obligations remaining: Series 2016 Tax Allocation Refunding
Bonds, associated bond administrative costs, and Successor Agency administrative
costs.
COORELATION TO THE STRATEGIC PLAN:
ROPS 18-19 has been prepared to be consistent with the City's value of Fiscal
Stewardship, exercising fiscal discipline to live within the means and practicing sound
stewardship of the public's assets.
I "kc] Z161 I I L1 I
Assembly Bill 1X 26, the "Dissolution Act", as modified by the California Supreme
Court's decision in California Redevelopment Association, et al. v. Matosantos
('.'Matosantos"), required the Successor Agency to prepare a Recognized Obligation
Payment Schedule (ROPS) every six months. With the September 2015 passage of SB
107, HSC Section 34177 was amended to add 34177(0), revising the number of ROPS
required during a fiscal year from two (2) six-month schedules to one (1) twelve-month
schedule. HSC Section 34177(o)(1)(E), does allow the Successor Agency to amend
the ROPS once during the one-year period, as long as it occurs before October 1st.
These requirements became effective on January 1, 2016.
As a result, the Successor Agency has prepared ROPS 18-19 for the period of July 1,
.2018 through June 30, 2019, and, upon Successor Agency approval, will submit it to the
Oversight Board for approval. ROPS 18-19 lists all enforceable obligations that 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 HSC Section 34177(1)(2)(6)), the Successor Agency is required to submit a
copy of the ROPS 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 18-19 will be submitted to the Oversight Board at
their regular meeting on January 23, 2018. 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.
Agenda Report
January 16, 2018
Page 3
ROPS 18-19 includes a report of Cash Balances, which includes the expenditures for
ROPS during the period of July 1, 2015 through June 30, 2016. 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, Do F, 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.
Staff will be available to answer any questions the Successor Agency may have.
AohnBuchanan
g Finance Director
Successor Agency to the Tustin
Community Redevelopment Agency
Jerry Craig 1 _
Deputy Director�E o mic Development
Successor�,.ency to the Tustin
Community Redevelopment Agency
Attachment: ROPS 18-19 (July 1, 2018 through June 30, 2019)
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