City of Culver City, California
Agenda Item Report
Meeting Date: 09/22/2014 Item Number: C-2
SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY
AGENDA ITEM: (1) Adoption of a Resolution Approving the Recognized Obligation
Payment Schedule (ROPS) from January 1, 2015 Through June 30, 2015; (2)
Adoption of a Resolution Approving the Successor Agency Administrative Budget
from January 1, 2015 Through June 30, 2015; and (3) Authorization to the Executive
Director to Make Such Payments on Behalf of the Successor Agency.
Contact Person/Dept.: Jeff Muir Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _______________
Public Notification: Meetings and Agendas – Successor Agency (09/18/14).
Department Approval:
Jeff Muir (09/18/14)
Successor Agency General Counsel Approval:
Carol Schwab (by H. Baker) (09/18/14)
Chief Financial Officer Approval:
Jeff Muir (09/18/14)
Executive Director Approval:
John M. Nachbar (09/18/14)
RECOMMENDATION:
Staff recommends the Successor Agency Board (1) adopt a resolution approving the
Recognized Obligation Payment Schedule (ROPS) for the period of January 1, 2015
through June 30, 2015; (2) adopt a resolution approving the Successor Agency
Administrative Budget from January 1, 2015 through June 30, 2015; and (3)
authorize the Executive Director to make such payments on behalf of the Successor
Agency.
BACKGROUND / DISCUSSION:
Pursuant to AB X1 26, the Successor Agency must prepare a ROPS and
administrative budget for each six-month fiscal period (commencing each January 1
and July 1), listing the payments to be made by the Successor Agency during such
period. The ROPS must be submitted to the Oversight Board for review and
approval. Each Oversight Board-approved ROPS must be submitted to the State
Department of Finance (DOF) for review by March 1
st
and October 1
st
for the
following 6 month period.
On June 27, 2012, the Governor signed the State budget trailer bill AB 1484, which
imposed some additional requirements on successor agencies and clarified the roles
and responsibilities of the different agencies involved in the dissolution process.
Pursuant to AB 1484, the Successor Agency must submit the ROPS to the DOF
electronically in the manner of DOF’s choosing. A copy of the Oversight Board-
approved ROPS must be posted on the Successor Agency’s website.
City of Culver City, California
Agenda Item Report
The DOF may eliminate or modify any items on the ROPS before approving the
ROPS. The DOF must make its determination regarding the enforceable obligations
and the amount and funding source for each enforceable obligation listed on a
ROPS no later than 45 days after the ROPS is submitted. Within five business
days of the DOF’s determination, the Successor Agency may request to “meet and
confer” with the DOF on disputed items.
The Los Angeles County Auditor-Controller may object to the inclusion of any item
on the ROPS that is not demonstrated to be an enforceable obligation and may
object to the funding source proposed for any item. The Los Angeles County
Auditor-Controller must provide notice of its objections to the DOF, the Successor
Agency, and the Oversight Board by 60 days prior to the date of the next property
tax distribution. Property tax is distributed on January 1 and June 1 of each year.
If the Successor Agency does not submit an Oversight Board-approved ROPS by 90
days prior to the date of the next property tax distribution, the City of Culver City will
be subject to a civil penalty of $10,000 per day for every day that the ROPS is not
submitted to the DOF. The penalty is to be paid to the Los Angeles County Auditor-
Controller for distribution to the taxing entities. If the Successor Agency does not
timely submit a ROPS, creditors of the Successor Agency, the DOF, and affected
taxing entities may request a writ of mandate to require the Successor Agency to
immediately perform this duty.
If the Successor Agency fails to submit an Oversight Board-approved ROPS to the
DOF within five business days of “the date upon which the ROPS is to be used to
determine the amount of property tax allocations,” the DOF may determine whether
the County Auditor-Controller should distribute any of the property tax revenues to
the taxing entities, or whether any amount should be withheld for enforceable
obligations pending approval of the ROPS. It is not clear what is “the date upon
which the ROPS is to be used to determine the amount of property tax allocations.”
Administrative Budget
Pursuant to AB 26 and AB 1484, an “Administrative Cost Allowance” is paid to the
Successor Agency from property tax revenues allocated by the Los Angeles County
Auditor-Controller. The Administrative Cost Allowance is defined as an amount,
subject to the approval of the Oversight Board, which is up to 3% of the property tax
allocated for enforceable obligations from the Redevelopment Property Tax Trust
Fund (RPTTF). The amount shall not be less than $250,000 for any fiscal year
unless the Oversight Board reduces this amount.
City of Culver City, California
Agenda Item Report
The Administrative Budget being presented includes reimbursement for City staff
time, reimbursement to the City for indirect overhead costs, and operating and
contract service costs necessary to facilitate the wind down of the former Culver City
Redevelopment Agency.
FISCAL ANALYSIS:
The preparation and submittal of ROPS 14-15B is for the purpose of allowing the
Successor Agency to pay its enforceable obligations for the period from January 1,
2015 to June 30, 2015. The funding source for the payments of enforceable
obligations listed on ROPS 14-15B is the RPTTF (formerly Tax Increment).
ATTACHMENTS:
1. Proposed Resolution, including ROPS as Exhibit A; and
2. Proposed Resolution, including Administrative Budget as Exhibit A.
MOTION:
That the Successor Agency Board:
1. Adopt a resolution approving the Recognized Obligation Payment Schedule for
the period January 1, 2015 through June 30, 2015; and,
2. Adopt a resolution approving the Administrative Budget for the period January 1,
2015 through June 30, 2015; and,
3. Authorize the Executive Director to make payments included on the ROPS on
behalf of the Successor Agency (subject to approval of the ROPS and
Administrative Budget by the Oversight Board and the State Department of
Finance).
MEETING DATE: September 22, 2014
AGENDA ITEM: (1) Adoption of a Resolution Approving the Recognized
Obligation Payment Schedule (ROPS) for the Period of January
1, 2015 Through June 30, 2015 and Approving Certain Related
Actions; (2) Adoption of a Resolution Approving the Successor
Agency Administrative Budget for the Period of January 1, 2015
Through June 30, 2015 and Approving Certain Related Actions;
and (3) Authorize the Executive Director to Make Such
Payments on Behalf of the Successor Agency.
ATTACHMENTS
Pages
1. Proposed Resolution, including Administrative Budget as Exhibit A .. 1 – 8
2. Proposed Resolution, including ROPS as Exhibit A ............................. 9 – 24
1234567Direct Staff Costs FTE
FY 14-15
(Jul-Dec)
Economic Development Administrator 0.50 52,000
Economic Development Manager 0.50 33,000
Project Manager 0.25 20,000
CDD Director 0.10 27,000
Sr. Mgmt Analyst - CDD 0.25 19,000
Mgmt Analyst 0.25 20,000
City Manager 0.05 9,000
Assistant City Manager - City Clerk 0.10 13,000
CFO 0.15 17,000
2.15 210,000
Direct O&M
Contractual Services (Legal, Consulting) 192,000
Successor Agency/Oversight Board Meeting Costs 3,000
Office Supplies 3,000
198,000
Total Direct Costs 408,000
Indirect Cost Allocation (20%) 42,000
Total Cost 450,000
Exhibit 'A'
Culver City Successor Agency Administrative Budget
January 1, 2015 through June 30, 2015
8910111213141516Name of Successor Agency: Culver City
Name of County: Los Angeles
Current Period Requested Funding for Outstanding Debt or Obligation
A 17,280,599 $
B 17,120,000
C -
D 160,599
E 23,259,651 $
F 22,809,651
G 450,000
H Current Period Enforceable Obligations (A+E): 40,540,250 $
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E): 23,259,651
J (3,369,122)
K 19,890,529 $
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 23,259,651
M -
N 23,259,651
Name Title
/s/
Signature Date
Administrative Costs (ROPS Detail)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column S)
Adjusted Current Period RPTTF Requested Funding (I-J)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA)
Adjusted Current Period RPTTF Requested Funding (L-M)
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (m) of the Health and Safety code, I
hereby certify that the above is a true and accurate Recognized
Obligation Payment Schedule for the above named agency.
Recognized Obligation Payment Schedule (ROPS 14-15B) - Summary
Filed for the January 1, 2015 through June 30, 2015 Period
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding
Sources (B+C+D):
Non-Administrative Costs (ROPS Detail)
Enforceable Obligations Funded with RPTTF Funding (F+G):
Bond Proceeds Funding (ROPS Detail)
Reserve Balance Funding (ROPS Detail)
Other Funding (ROPS Detail)
Six-Month Total
17AB C D E F G H I J K L M N O P
Bond Proceeds
Reserve
Balance Other Funds Non-Admin Admin
312,957,451 $ 17,120,000 $ - $ 160,599 $ 22,809,651 $ 450,000 $ 40,540,250 $
1 1993 Tax Allocation Bonds Bonds Issued On or 10/20/1993 11/1/2014 US Bank as Trustee Bond issue to fund non-housing Merged - Y - -
2 1999 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
9/30/1999 11/1/2025 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 23,159,436 N 468,951 468,951
3 2002 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
4/4/2002 11/1/2025 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 19,686,450 N 399,431 399,431
4 2004 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
4/14/2004 11/1/2023 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 80,371,843 N 1,488,144 1,488,144
5 2005 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
11/10/2005 11/1/2025 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 22,470,685 N 381,894 381,894
6 2011 Tax Allocation Bonds Bonds Issued After
12/31/10
3/1/2011 11/1/2028 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 83,404,875 N 1,183,800 1,183,800
7 Debt Service Trustee Fees Fees 10/20/1993 11/1/2028 US Bank Debt Service account maintenance
fees charged by trustee
Merged 170,000 N - -
8 Arbitrage Rebate Calculations Fees 6/1/2002 11/1/2028 BLX (Bond Logistix LLC) Arbitrage rebate calculations on
outstanding bond issuances as
required by the Internal Revenue
Service
Merged 140,000 N 7,500 7,500
9 Continuing Disclosure Filing -
Existing Bonds
Fees 5/10/2011 11/1/2028 Applied Best Practices, LLC File required continuing disclosure
documents related to outstanding bond
issuances as required by the Bond
Covenants
Merged 45,000 N 2,000 2,000
10 Legal Services - Existing Litiation
and Property Disposition
Legal 11/1/1978 11/23/2029 Kane Ballmer Berkman Legal services necessary for preparing
purchase and sale agreements and
other legal documents related to
property disposition. Also for existing
litigation.
Merged 4,600,000 N 160,599 39,401 200,000
11 Existing Litigation Legal 7/11/2000 11/23/2029 Greenberg Glusker Fields
Claman & Machtinger LLP
Legal Services related to Casmalia
Land Fill litigation
Merged 50,000 N - -
14 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 City of Culver City Staff costs, contractual services,
OB/SA meeting costs, City overhead
for support of SA operations
Merged N 450,000 450,000
15 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 Various Contractual Services (Legal,
consulting, etc.)
Merged N -
16 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 Various SA/Oversight Board Meeting Costs Merged N -
17 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 Various Office Supplies Merged N -
18 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 City of Culver City Indirect Cost Allocation (5% of direct
costs)
Merged N -
19 Unfunded CalPERS Pension
Liabilities
Unfunded Liabilities 7/1/2014 12/31/2014 CalPERS Unfunded CalPERS pension obligation,
per CalPERS actuarial valuation as of
June 30, 2010.
Merged 496,800 N -
20 Unfunded OPEB Liabilities Unfunded Liabilities 7/1/2014 12/31/2014 U.S. Bank Unfunded actuarial accrued liability as
of June 30, 2011, per AON Consulting,
Inc.
Merged 1,552,500 N -
21 Westfield OPA OPA/DDA/Constructi
on
4/18/2008 7/26/2024 Westfield Inc OPA for improvements to regional mall Merged 7,265,000 N 2,400,000 2,400,000
Recognized Obligation Payment Schedule (ROPS 14-15B) - ROPS Detail
January 1, 2015 through June 30, 2015
(Report Amounts in Whole Dollars)
Item # Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month Total Project Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
18AB C D E F G H I J K L M N O P
Bond Proceeds
Reserve
Balance Other Funds Non-Admin Admin
Recognized Obligation Payment Schedule (ROPS 14-15B) - ROPS Detail
January 1, 2015 through June 30, 2015
(Report Amounts in Whole Dollars)
Item # Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month Total Project Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
22 Culver Hotel OPA OPA/DDA/Constructi
on
1/15/2011 6/30/2016 Century Wilshire Inc OPA for improvements to downtown
hotel
Merged 70,000 N -
23 2004 ERAF loan SERAF/ERAF 6/21/2004 6/30/2014 Culver City Housing
Authority
Housing set aside loan to make
required ERAF pymnt
Merged 25,848 N -
24 2005 ERAF loan SERAF/ERAF 5/10/2005 6/30/2015 Culver City Housing
Authority
Housing set aside loan to make
required ERAF pymnt
Merged 1,068,000 N -
25 2006 ERAF loan SERAF/ERAF 5/10/2006 6/30/2016 Culver City Housing
Authority
Housing set aside loan to make
required ERAF pymnt
Merged 996,000 N -
26 2010 SERAF loan SERAF/ERAF 5/10/2010 6/30/2015 Culver City Housing
Authority
Housing set aside loan to make
required SERAF pymnt
Merged 10,946,277 N -
27 Housing Set Aside Loan Miscellaneous 7/1/1985 11/23/2029 Culver City Housing
Authority
Repay set aside defered from 1985 -
1996 per Section 33334.6
Merged 36,039,591 N -
28 Debt Service Loan City/County Loans
After 6/27/11
2/7/2013 6/30/2014 City of Culver City Cash flow loan from City to make debt
service pymnt and pay administrative
costs
Merged 1,500,000 N -
29 Bond Disclosure Preparation
(reimbursement to SA for
enforceable obligation listed on
ROPS I. Actual cost exceeded
original estimate by amount listed in
column M)
RPTTF Shortfall 6/1/2002 11/1/2028 BLX (Bond Logistix
LLC)/Successor Agency
Reimbursement to the Successor
Agency for enforceable obligations
approved on ROPS I as enforceable
obligations, but payments slightly
exceeded the estimated amount, which
was subsequently withheld by the LA
County A-C from the January 2, 2013
remittance even though the payments
were for approved enforceable
obligations.
Merged 3,515 N -
30 Arbitrage Rebate Calculations
(reimbursement to SA for
enforceable obligation listed on
ROPS I. Actual cost exceeded
original estimate by amount listed in
column M)
RPTTF Shortfall 5/10/2011 11/1/2028 Applied Best Practices,
LLC/Successor Agency
Reimbursement to the Successor
Agency for enforceable obligations
approved on ROPS I as enforceable
obligations, but payments slightly
exceeded the estimated amount, which
was subsequently withheld by the LA
County A-C from the January 2, 2013
remittance even though the payments
were for approved enforceable
obligations.
Merged 9,000 N -
31 MOU with Downtown Business
Association
(reimbursement to SA for
enforceable obligation listed on
ROPS I. Actual cost exceeded
original estimate by amount listed in
column M)
RPTTF Shortfall 7/1/2011 6/30/2012 Downtown Business
Association
Reimbursement to the Successor
Agency for enforceable obligations
approved on ROPS I as enforceable
obligations, but payments slightly
exceeded the estimated amount, which
was subsequently withheld by the LA
County A-C from the January 2, 2013
remittance even though the payments
were for approved enforceable
obligations.
Merged 5,630 N -
19AB C D E F G H I J K L M N O P
Bond Proceeds
Reserve
Balance Other Funds Non-Admin Admin
Recognized Obligation Payment Schedule (ROPS 14-15B) - ROPS Detail
January 1, 2015 through June 30, 2015
(Report Amounts in Whole Dollars)
Item # Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month Total Project Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
32 Financial consulating services
necessary to prepare SA owned real
property for disposition
Property Dispositions 3/8/1999 11/23/2029 Keyser Marsten Associates Financial consultant services
necessary for the administration of the
Successor Agency and maintaining
assets prior to disposition.
Merged 100,000 N -
33 Real property appraisal services
necessary to prepare SA owned real
property for disposition
Property Dispositions 1/1/2014 6/30/2014 Lea Associates Financial consultant services
necessary for the administration of the
Successor Agency and maintaining
assets prior to disposition.
Merged 60,000 N -
34 Asset maintenance for Successor
Agency owned real property
Property
Maintenance
1/1/2014 6/30/2014 King Fence Rental of fence to secure various
Successor Agency properties
Merged 10,000 N -
35 Asset maintenance for Successor
Agency owned real property
Property
Maintenance
7/1/2009 7/1/2014 Marina Landscape Landscape maintenance for various
Successor Agency properties
Merged 100,000 N 2,500 2,500
36 Asset maintenance for Successor
Agency owned real property
Property
Maintenance
1/1/2014 6/30/2014 Various Various maintenance and repair
services for various Successor Agency
owned real property, as needed.
Merged 250,000 N 3,810 3,810
37 Preparation of Pass Through
payment calculation per LAUSD
litigation
Litigation 1/1/2014 6/30/2014 HdL Court ruling in LAUSD v. County of Los
Angeles requires additional prior year
pass through payments.
Merged 10,000 N -
38 Payment of outstanding pass
through to LAUSD per litigation
Litigation 1/1/2014 6/30/2014 Los Angeles Unified School
District
Court ruling in LAUSD v. County of Los
Angeles requires additional prior year
pass through payments.
Merged N -
39 Settlement Agreement approved by
Oversight Board and DoF
Litigation 1/1/2014 6/30/2014 Rush Pacifica Settlement agreement between SA and
Developer. Approved by OB and DOF.
Merged 400,000 N 400,000 400,000
40 Refunding of 1999 and 2002 TABs Bonds Issued On or
Before 12/31/10
3/8/1999 11/23/2029 Keyser Marsten Associates Prepare required fiscal consultants
report for TAB refunding.
Merged 50,000 N -
41 1993 Tax Allocation Bonds -
Reserve
Reserves 10/20/1993 11/1/2014 US Bank as Trustee Build required debt service reserve for
November bond payment
Merged N - -
42 1999 Tax Allocation Bonds -
Reserve
Reserves 9/30/1999 11/1/2025 US Bank as Trustee Build required debt service reserve for
November bond payment
Merged N 1,763,951 1,763,951
43 2002 Tax Allocation Bonds -
Reserve
Reserves 4/4/2002 11/1/2025 US Bank as Trustee Build required debt service reserve for
November bond payment
Merged N 1,679,431 1,679,431
44 2004 Tax Allocation Bonds -
Reserve
Reserves 4/14/2004 11/1/2023 US Bank as Trustee Build required debt service reserve for
November bond payment
Merged N 7,223,144 7,223,144
45 2005 Tax Allocation Bonds -
Reserve
Reserves 11/10/2005 11/1/2025 US Bank as Trustee Build required debt service reserve for
November bond payment
Merged N 606,894 606,894
46 2011 Tax Allocation Bonds -
Reserve
Reserves 3/1/2011 11/1/2028 US Bank as Trustee Build required debt service reserve for
November bond payment
Merged N 4,608,800 4,608,800
47 SA Admin Allowance RPTTF Shortfall 1/1/2014 6/30/2014 City of Culver City Due to RPTTF shortfall in ROPS 13-
14B, notAdmin Cost Allocation was
paid.
Merged 479,000 N -
48 SA Admin Allowance RPTTF Shortfall 7/1/2014 12/31/2014 City of Culver City Due to RPTTF shortfall in ROPS 14-
15A, notAdmin Cost Allocation was
paid.
Merged 302,001 N -
49 Housing Entity Admin Allowance Housing Entity Admin
Cost
1/1/2015 11/23/2029 Culver City Housing
Authority
AB471 Housing Entity Administrative
Cost Allowance
Merged N 150,000 150,000
20AB C D E F G H I J K L M N O P
Bond Proceeds
Reserve
Balance Other Funds Non-Admin Admin
Recognized Obligation Payment Schedule (ROPS 14-15B) - ROPS Detail
January 1, 2015 through June 30, 2015
(Report Amounts in Whole Dollars)
Item # Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month Total Project Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
50 Bond Proceeds Master Agreement Bonds Issued On or
Before 12/31/10
9/3/2014 City of Culver City Master Agreement for transfer of
remaining pre-2011 bond proceeds to
City for expenditure as approved by
OB Resolution 2014-OB-013.
Merged 17,120,000 N 17,120,000 17,120,000
51 N -
52 N -
53 N -
54 N -
55 N -
56 N -
57 N -
58 N -
59 N -
60 N -
61 N -
62 N -
63 N -
64 N -
65 N -
66 N -
67 N -
68 N -
69 N -
70 N -
71 N -
72 N -
73 N -
74 N -
75 N -
76 N -
77 N -
78 N -
79 N -
80 N -
81 N -
82 N -
83 N -
84 N -
85 N -
86 N -
87 N -
88 N -
89 N -
90 N -
91 N -
92 N -
93 N -
94 N -
21AB CDEFGH I
Other RPTTF
Bonds Issued
on or before
12/31/10
Bonds Issued
on or after
01/01/11
Prior ROPS
period balances
and DDR
RPTTF
balances
retained
Prior ROPS
RPTTF
distributed as
reserve for
future period(s)
Rent,
Grants,
Interest, Etc.
Non-Admin
and
Admin
ROPS 13-14B Actuals (01/01/14 - 06/30/14)
1 Beginning Available Cash Balance (Actual 01/01/14)
58,806 91,330
2 Revenue/Income (Actual 06/30/14)
RPTTF amounts should tie to the ROPS 13-14B distribution from the
County Auditor-Controller during January 2014
63,269 7,699,962
3 Expenditures for ROPS 13-14B Enforceable Obligations (Actual
06/30/14)
RPTTF amounts, H3 plus H4 should equal total reported actual
expenditures in the Report of PPA, Columns L and Q
4,330,840
4 Retention of Available Cash Balance (Actual 06/30/14)
RPTTF amount retained should only include the amounts distributed for
debt service reserve(s) approved in ROPS 13-14B
3,369,122
5 ROPS 13-14B RPTTF Prior Period Adjustment
RPTTF amount should tie to the self-reported ROPS 13-14B PPA in the
Report of PPA, Column S
No entry required
3,369,122
6 Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
- - - 58,806 154,599 (3,369,122)
ROPS 14-15A Estimate (07/01/14 - 12/31/14)
7 Beginning Available Cash Balance (Actual 07/01/14)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
- - - 3,427,928 154,599 -
8 Revenue/Income (Estimate 12/31/14)
RPTTF amounts should tie to the ROPS 14-15A distribution from the
County Auditor-Controller during June 2014
6,000 10,412,620
9 Expenditures for ROPS 14-15A Enforceable Obligations (Estimate
12/31/14)
3,427,928 10,412,620
10 Retention of Available Cash Balance (Estimate 12/31/14)
RPTTF amount retained should only include the amount distributed for
debt service reserve(s) approved in ROPS 14-15A
11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
- - - - 160,599 -
Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), 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.
Fund Sources
Comments
Bond Proceeds Reserve Balance
Cash Balance Information by ROPS Period
22A B C D E F G H I J K L M N O P Q R S T
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 14-15B
Requested RPTTF)
Authorized Actual Authorized Actual Authorized Actual Authorized
Available
RPTTF
(ROPS 13-14B
distributed + all other
available as of
01/1/14)
Net Lesser of
Authorized /
Available Actual
Difference
(If K is less than L,
the difference is
zero) Authorized
Available
RPTTF
(ROPS 13-14B
distributed + all other
available as of
01/1/14)
Net Lesser of
Authorized /
Available Actual
Difference
(If total actual
exceeds total
authorized, the
total difference is
zero)
Net Difference
(M+R)
- $ - $ - $ - $ - $ - $ 18,348,821 $ 7,699,962 $ 7,699,962 $ 4,330,840 $ 3,369,122 $ 479,000 $ $ - - $ 3,369,122 $
1 1993 Tax Allocation Bonds - - - 147,265 147,157 147,157 147,157 - -
2 1999 Tax Allocation Bonds - - - 501,873 501,414 501,414 501,414 - -
3 2002 Tax Allocation Bonds - - - 428,525 428,504 428,504 428,504 - -
4 2004 Tax Allocation Bonds - - - 1,450,450 1,449,844 1,449,844 1,449,844 - -
5 2005 Tax Allocation Bonds - - - 386,300 386,287 386,287 386,287 - -
6 2011 Tax Allocation Bonds - - - 1,265,200 1,264,421 1,264,421 1,264,421 - -
7 Debt Service Trustee Fees
- - - 12,000 5,896 5,896 5,896 - -
8 Arbitrage Rebate
Calculations - - - 15,000 5,000 5,000 5,000 - -
9 Continuing Disclosure Filing
- Existing Bonds - - - 15,000 1,288 1,288 1,288 - -
10 Legal Services - Existing
Litiation and Property
Disposition - - - 200,000 132,699 132,699 132,699 - -
11 Existing Litigation - - - 5,000 - - -
12 Financial Audit - - - - - - -
13 Financial Audit - - - - - - -
14 SA Admin Allowance - - - - - - -
15 SA Admin Allowance - - - - - - -
16 SA Admin Allowance - - - - - - -
17 SA Admin Allowance - - - - - - -
18 SA Admin Allowance - - - - - - -
19 Unfunded CalPERS
Pension Liabilities - - - 49,680 - - -
20 Unfunded OPEB Liabilities - - - 155,250 - - -
21 Westfield OPA - - - 1,500,000 - - -
22 Culver Hotel OPA - - - 17,500 - - -
23 2004 ERAF loan - - - - - - -
24 2005 ERAF loan - - - - - - -
25 2006 ERAF loan - - - - - - -
26 2010 SERAF loan - - - - - - -
27 Housing Set Aside Loan - - - - - - -
28 Debt Service Loan - - - 1,500,000 - - -
29 Bond Disclosure
Preparation (reimbursement
to SA for enforceable
obligation listed on ROPS I.
Actual cost exceeded
original estimate by amount
listed in column M)
- - - - - - -
30 Arbitrage Rebate
Calculations
(reimbursement to SA for
enforceable obligation listed
on ROPS I. Actual cost
exceeded original estimate
by amount listed in column
M)
- - - - - - -
RPTTF Expenditures
SA Comments
Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Prior Period Adjustments
Reported for the ROPS 13-14B (January 1, 2014 through June 30, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS 13-14B 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 13-14B (January through June 2014) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the
ROPS 14-15B (January through June 2015) period will be offset by the SA’s self-reported ROPS 13-14B prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to audit by the county auditor-controller (CAC) and the State Controller.
Item #
Project Name / Debt
Obligation
Non-RPTTF Expenditures
Non-Admin Admin Bond Proceeds Reserve Balance Other Funds
23A B C D E F G H I J K L M N O P Q R S T
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 14-15B
Requested RPTTF)
Authorized Actual Authorized Actual Authorized Actual Authorized
Available
RPTTF
(ROPS 13-14B
distributed + all other
available as of
01/1/14)
Net Lesser of
Authorized /
Available Actual
Difference
(If K is less than L,
the difference is
zero) Authorized
Available
RPTTF
(ROPS 13-14B
distributed + all other
available as of
01/1/14)
Net Lesser of
Authorized /
Available Actual
Difference
(If total actual
exceeds total
authorized, the
total difference is
zero)
Net Difference
(M+R)
- $ - $ - $ - $ - $ - $ 18,348,821 $ 7,699,962 $ 7,699,962 $ 4,330,840 $ 3,369,122 $ 479,000 $ $ - - $ 3,369,122 $
RPTTF Expenditures
SA Comments
Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Prior Period Adjustments
Reported for the ROPS 13-14B (January 1, 2014 through June 30, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS 13-14B 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 13-14B (January through June 2014) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the
ROPS 14-15B (January through June 2015) period will be offset by the SA’s self-reported ROPS 13-14B prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to audit by the county auditor-controller (CAC) and the State Controller.
Item #
Project Name / Debt
Obligation
Non-RPTTF Expenditures
Non-Admin Admin Bond Proceeds Reserve Balance Other Funds
31 MOU with Downtown
Business Association
(reimbursement to SA for
enforceable obligation listed
on ROPS I. Actual cost
exceeded original estimate
by amount listed in column
M)
- - - - - - -
32 Financial consulating
services necessary to
prepare SA owned real
property for disposition - - - 25,000 8,330 8,330 8,330 - -
33 Real property appraisal
services necessary to
prepare SA owned real
property for disposition - - - 50,000 - - -
34 Asset maintenance for
Successor Agency owned
real property - - - 2,500 - - -
35 Asset maintenance for
Successor Agency owned
real property - - - 30,000 - - -
36 Asset maintenance for
Successor Agency owned
real property - - - 50,000 - - -
37 Preparation of Pass
Through payment
calculation per LAUSD
litigation - - - 10,000 - - -
38 Payment of outstanding
pass through to LAUSD per
litigation - - - - - - -
39 Settlement Agreement
approved by Oversight
Board and DoF - - - 400,000 - - -
40 Refunding of 1999 and
2002 TABs - - - 50,000 - - -
41 1993 Tax Allocation Bonds -
Reserve - - - - - - -
42 1999 Tax Allocation Bonds -
Reserve - - - 1,726,873 577,057 577,057 577,057 577,057
43 2002 Tax Allocation Bonds -
Reserve - - - 1,653,525 552,547 552,547 552,547 552,547
44 2004 Tax Allocation Bonds -
Reserve - - - 1,575,410 526,443 526,443 526,443 526,443
45 2005 Tax Allocation Bonds -
Reserve - - - 606,295 202,601 202,601 202,601 202,601
46 2011 Tax Allocation Bonds -
Reserve - - - 4,520,175 1,510,474 1,510,474 1,510,474 1,510,474
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
24