OVERSIGHT BOARD STAFF REPORT
MEETING DATE: JANUARY 25, 2017
PREPARED BY: Monica Delgado, Budget Manager/Administrative Services Department
APPROVED BY: City Manager
TITLE
PROPOSED ADMINISTRATIVE BUDGET FOR THE PERIOD JULY 1, 2017 THROUGH JUNE 30, 2018 (ROPS 17-18) AND RECOGNIZED OBLIGATION PAYMENTS SCHEDULE FOR JULY 1, 2017 THROUGH JUNE 30, 2018 (ROPS 17-18)
END
RECOMMENDATION(S):
RECOMMENDATION
1. Adopt resolution approving the proposed administrative budget for July 1, 2017 through June 30, 2018 (ROPS 17-18); and
2. Adopt resolution approving the Recognized Obligation Payments Schedule (ROPS) for July 1, 2017 through June 30, 2018.
BODY
REPORT NARRATIVE:
Pursuant to Redevelopment Dissolution law, the Successor Agency is required to prepare an administrative budget for each ROPS period. The law provides an administrative cost allowance to be paid annually to the Successor Agency in an amount equal to 3 percent of the approved expenditures from the Redevelopment Property Tax Trust Fund (RPTTF), but not less than $250,000 per year.
The proposed administrative budget, as attached, is for the twelve-month period commencing July 1, 2017 through June 30, 2018. The proposed administrative budget is primarily staff time for the oversight and implementation of the Long Range Property Management Plan and staff time to meet the reporting requirements for the dissolution of the former Redevelopment Agency. The amount requested for this ROPS period represents a 31 percent reduction from prior ROPS period, and the number of staff time budgeted for the period represents a 33 percent reduction from prior ROPS, does not account for the unforeseen events that would require additional staff time such as State and other regulatory audits. In addition, Successor Agency staff has been actively working with trustee for the 2013 Refunding Revenue Bonds to invest approximately $7 million in debt service reserve funds, and the advance annual debt service payments ...
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