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SA - (1) Adoption of a Resolution Approving the Recognized Obligation Payment Schedule (ROPS) from January 1, 2016 through June 30, 2016; (2) Adoption of a Resolution Approving the Successor Agency Administrative Budget from January 1, 2016 through June 30, 2016; and (3) Authorization to the Executive Director to Make Such Payments on Behalf of the Successor Agency.
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Contact Person/Dept: Jeff Muir
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - Successor Agency (08/19/15)
Department Approval: Jeff Muir, Chief Financial Officer (08/10/15)
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RECOMMENDATION
Staff recommends the Successor Agency Board (1) adopt a resolution approving the Recognized Obligation Payment Schedule (ROPS) for the period of January 1, 2016 through June 30, 2016; (2) adopt a resolution approving the Successor Agency Administrative Budget from January 1, 2016 through June 30, 2016; 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 approximately March 1st and October 1st for the following 6 month period.
On June 27, 2012, the Governor signed the State budget trailer bill A...
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