eComments During Meetings: When available, click here to submit eComments during a live meeting | Attendees must register here to attend all virtual meetings.

File #: 24-546    Version: 1 Name: SA - CONSENT ITEM: (1) Adoption of a Resolution Approving the Recognized Obligation Payment Schedule (ROPS) from July 1, 2024 through June 30, 2025; (2) Adoption of a Resolution Approving the Successor Agency Administrative Budget from July 1, 2024 throu
Type: Minute Order Status: Consent Agenda
File created: 12/8/2023 In control: City Council Meeting Agenda
On agenda: 1/8/2024 Final action:
Title: SA - CONSENT ITEM: (1) Adoption of a Resolution Approving the Recognized Obligation Payment Schedule (ROPS) from July 1, 2024 through June 30, 2025; (2) Adoption of a Resolution Approving the Successor Agency Administrative Budget from July 1, 2024 through June 30, 2025; and (3) Authorization to the Executive Director to Make Such Payments on Behalf of the Successor Agency.
Attachments: 1. SA RESO ROPS 24_25, 2. SA RESO Admin Budget 24_25
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
title
SA - CONSENT ITEM: (1) Adoption of a Resolution Approving the Recognized Obligation Payment Schedule (ROPS) from July 1, 2024 through June 30, 2025; (2) Adoption of a Resolution Approving the Successor Agency Administrative Budget from July 1, 2024 through June 30, 2025; and (3) Authorization to the Executive Director to Make Such Payments on Behalf of the Successor Agency.

body
Meeting Date: January 8, 2024

Contact Person/Dept.: Lisa Soghor/Finance
Phone Number: (310) 253-5835

Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]

Attachments: Yes [X] No []

Public Notification: (E-Mail) Meetings and Agendas - Successor Agency (01/03/2024)

Department Approval: Lisa Soghor, Chief Financial Officer (12/27/2023)
______________________________________________________________________


RECOMMENDATION

Staff recommends the Successor Agency Board (1) adopt a resolution approving the Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2024 through June 30, 2025; (2) adopt a resolution approving the Successor Agency Administrative Budget from July 1, 2024 through June 30, 2025; and (3) authorize the Executive Director to make such payments on behalf of the Successor Agency.


BACKGROUND / DISCUSSION

Pursuant to AB X1 26 as amended by AB 1484 and SB 107 ("Dissolution Law"), the Successor Agency must prepare a ROPS and administrative budget for each fiscal period (commencing each 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 February 1st each year.

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 proc...

Click here for full text