title
SA - (1) Adoption of a Resolution Approving the Recognized Obligation Payment Schedule (ROPS) from July 1, 2016 through June 30, 2017; (2) Adoption of a Resolution Approving the Successor Agency Administrative Budgets for the Periods July 1, 2016 through December 31, 2016 and January 1, 2017 through June 30, 2017; and (3) Authorization to the Executive Director to Make Such Payments on Behalf of the Successor Agency.
body
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 (12/30/15)
Department Approval: Jeff Muir, Chief Financial Officer (12/28/15)
______________________________________________________________________
RECOMMENDATION
Staff recommends the Successor Agency Board (1) adopt a resolution approving the Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2016 through June 30, 2017; (2) adopt a resolution approving the Successor Agency Administrative Budgets for the periods July 1, 2016 through December 31, 2016 and January 1, 2017 through June 30, 2017; 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 Act), the Successor Agency must prepare a ROPS and administrative budget for each fiscal year (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 yea...
Click here for full text