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HomeMy WebLinkAboutRes OB-064 (2)OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE PALM DESERT REDEVELOPMENT AGENCY STAFF REPORT REQUEST: ADOPT RESOLUTION NO. OB - 064 APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE SIX-MONTH PERIOD FROM JULY 1, 2014 THROUGH DECEMBER 31, 2014 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 SUBMITTED BY: Veronica Tapia, Management Analyst II DATE: February 24, 2014 CONTENTS: Resolution OB - 064 Recognized Obligation Payment Schedule (7/1/14 - 12/31/14) Recommendation By Minute Motion that the Oversight Board adopt Resolution OB - 064 approving the Recognized Obligation Payment Schedule for the six-month period of July 1, 2014 through December 31, 2014 ("ROPS 14-15A"). Executive Summary Pursuant to AB X1 26, the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") 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. All ROPS must be approved by the Oversight Board and submitted to the State Department of Finance ("DOF") for review. Background Pursuant to AB X1 26, the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") 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. All ROPS must be approved by the Oversight Board. Furthermore, each Oversight Board -approved ROPS must be submitted to the State Department of Finance ("DOF") for review. Pursuant to AB 1484, successor agencies must submit an oversight board -approved Recognized Obligation Payment Schedule to the DOF and to the County Auditor- Controller (CAC) no fewer than 90 days before the date of property tax distribution. The property tax distribution date for the ROPS 14-15A period is June 3, 2014. G \rda\Veronica Tapia \Word Files Staff Reports \Oversight Board\Staff Reports\Staff Report-ROPS 14-15A 2-24-14 doc Staff Report — Oversight Board Approval of ROPS 14-15A Page 3 of 3 February 24, 2014 A copy of the Oversight Board -approved ROPS must be posted on the Successor Agency's website. 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 meet and confer period may vary, but an untimely submission of ROPS 14-15A may result in a meet and confer period of less than 30 days. The CAC 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 CAC must provide notice of its objections to the DOF, the Successor Agency and the Oversight Board by April 1, 2014. Penalties for Failure to Make Timely Submission If the Successor Agency does not submit an Oversight Board -approved ROPS by March 1, 2014, the City of Palm Desert 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 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. Additionally, if the Successor Agency does not submit a ROPS within 10 days of March 1st, the Successor Agency's administrative cost allowance for that period will be reduced by 25 percent. 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 CAC should distribute any of 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." Staff recommends that the Oversight Board for the Successor Agency to the Palm Desert Redevelopment Agency adopt Resolution No. OB — 064 , approving the Recognized Obligation Payment Schedule for the six-month fiscal period from July 1, 2014 through December 31, 2014 and taking certain related actions. Fiscal Impact G \rda\Veronica Tapia Word Files\Staff Reports\Oversight Board\Staff Reports\Staff Report-ROPS 14-15A 2-24-14.doc Staff Report — Oversight Board Approval of ROPS 14-15A Page 3 of 3 February 24, 2014 The preparation and submittal of ROPS 14-15A is for the purpose of allowing the Successor Agency to pay its enforceable obligations for the period from July 1, 2014 to December 31, 2014. Submitted by: \eajoyekk,_-_-/ Veronica Tapia, Management nal yst II Approval: Moore, Director of Housing iJ hn M. Wohlmuth, Executive Director il Gl aul S. Gibson, Director of Finance (5-o, Ord1,(ey A6r S ) � %( BY OVERSIGHT B ARD ON 2: P-4--1 VERIFIED BY Original on file with City Clerk's Office G:\rda\Veronica Tapia\Word Files\Staff Reports\Oversight Board\Staff Reports\Staff Report-ROPS 14-15A 2-24-14 doc RESOLUTION NO. OB ' 064 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE SIX-MONTH FISCAL PERIOD FROM JULY 1, 2014 THROUGH DECEMBER 31, 2014, AND TAKING CERTAIN RELATED ACTIONS RECITALS: A. Pursuant to Health and Safety Code Section 34177(1), the Successor Agency to the Palm Desert Redevelopment Agency (the "Successor Agency") must prepare a proposed Recognized Obligation Payment Schedule ("ROPS") before each six-month fiscal period (commencing each January 1 and July 1) and submit each proposed ROPS to the oversight board for the Successor Agency (the "Oversight Board") for approval. B. Pursuant to Health and Safety Code Section 34177(I)(2)(C) and (m), the Successor Agency must (1) submit the Oversight Board -approved ROPS for the six- month fiscal period from July 1, 2014 through December 31, 2014 ("ROPS 14-15A"), to the DOF, the Office of the State Controller, and the County Auditor -Controller no later than March 1, 2013; and (2) post a copy of the Oversight Board -approved ROPS 14- 15A on the Successor Agency's website. NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. The above recitals are true and correct and are a substantive part of this Resolution. Section 2. The Oversight Board hereby approves proposed ROPS 14-15A, substantially in the form attached hereto as Exhibit A. Staff of the Successor Agency is hereby authorized and directed to submit a copy of Oversight Board -approved ROPS 14-15A to the DOF, the Office of the State Controller, and the County Auditor -Controller and to post a copy of the Oversight Board -approved ROPS 14-15A on the Successor Agency's Internet website (being a page on the Internet website of the City of Palm Desert). Section 3. The Oversight Board hereby designates John M. Wohlmuth, as the official designated to whom DOF may make a request for review in connection with actions taken by the Oversight Board. Section 4. The officers of the Oversight Board and the staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, including requesting additional review by the DOF and an opportunity to meet and G:\rda\Veronica Tapia\Word Files\Staff Reports\Oversight Board\Staff Reports\OB Resolution Approving ROPS 14-15A 2-24-14 docx RES. NO. OB - 064 confer on any disputed items, and any such actions previously taken by such officers and staff are hereby ratified and confirmed. PASSED, APPROVED AND ADOPTED this 24th day of February, 2014. AYES: NOES: ABSENT: ABSTAIN: ATTEST: ROBERT A. SPIEGEL, CHAIR RACHELLE D. KLASSEN, SECRETARY OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 2 G:\rda\Veronica Tapia\Word Files\Staff Reports\Oversight Board\Staff Reports\OB Resolution Approving ROPS 14-15A 2-24-14 docx RES. NO. OB - 064 EXHIBIT A SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY RECOGNIZED OBLIGATION PAYMENT SCHEDULE (July 1, 2014 through December 31, 2014) G.\rda\Veronica Tapia\Word Files\Staff Reports\Oversight Board\Staff Reports\OB Resolution Approving ROPS 14-15A 2-24-14.docx / 2 r Adjusted Current Period RPTTF Requested Funding (L-M) 2 3 0 / / / 0 cn 0 3 0 f 0 / 0 \ 0 / 0 \ 0 / 0 0 3 Enforceable Obligations funded with RPTTF m 7 03 / CO CO CO / w Q 0 q . / County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding X C Adjusted Current Period RPTTF Requested Funding (I-J) Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) Enforceable Obligations funded with RPTTF (E): Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding 7 oIA CZ 0 CO k o k Current Period Enforceable Obligations (A+E): C / ƒ = O T m c 0=» 2 3 3 & & 0 (D n @ c 0 5 c C u)6D_ «0 off o 0- (D CI 0. 0 u33 / 2 \ CD q ] 0 / =m / k IV m = c 11 0. 0 0. 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O-W w . o cn jm w 0) N CO C O T OC 0) D (� 0 3 3 cn a) o rn i 0 0 Q- a a 3 C 3 Q C W C o wd - Dw0 0 a -"s El-0am 0o C .4.G D m `Q m cnm a. cn 0 D 7' 0 0 0) C_ O D C o 3 0 C 0 cr = o a) E a.a 0o m m m 0 o Q 0 m i 3 O o 2 3 o O cn a) W 11) CQ W T 00) j (D 3 r 0) __ �v m c o w : CD a.3 Q o p o D O 0 0 o Q_ Q o � m 6 m CD C o. 0 3 Z 1-9`96L`90 I. $ cn cn cn co 000 00 al (T1 C)1 v v -4 -4 -4 V FR — co -.i (n V ao CO1D -4. CO O Oo N N OD -CO O 0) ? CCO. 0 01 0 CO V V ER ER ft N N.) O c.,) o) - 0) Cn V O N o N -co c -co 00 co N N co co -w N *Q^ m C . a ,n. fR 0 O , C 0 0 0 C1 Q -t o m fluiv Cni CA :1 z CA (D O 0) N 0 0 0 0 0. 3 3 Q o E om DO m CDO 3 W(521 13 Q a) -0 . 3 - (CD 0" o a p 3 C C) m m < s 2 m N r. O. 0 Ni 0 XI 0Q 0 70 cQ m., E - (D < 2) uo Q. m _ 3 - ff) 0') N Om Q. (D.o f5D 3 .p 0- O - tT c) () O -„ c �, o = N D iu N x C 01am co a 0 m.a m m i 1 Fr) m Q. _ C71 1 iA O 0 U0i co CT N V -co N (J1 o U1 LLb`8 L l `LO L Cash Balance Information by ROPS Period 0) O aaoi.eq ao uo panssl spuo8 panssl spuo8 spaaooad puo8 a7 — -.. 0 Z o m m 2 cn1 0 0 T (�D O N (D c W o 0) 0) 4) Q ID CCD 5' 0 0 Z 01 0 N Q- D) Q 0 CO Q . 0) D Q (D : n ,MI C X (0D �= m 3 C1 0- (1)07 OC O Q. -na_ - a) c 0 5 a) O 1 u) - rn m- w (o 0 co co 0 V 21,479,279 ROPS 13-14A included on this line per instructions, however received in prior period. 0 5- CD Z O 7 D D 2 Q Q N O O 5- -n o -co 0) C)1 V Q o a) — 0 o ctn° m w C O n' C) CO 0 < n aoN O 0 Ali 0 �. (n (D CD aa)) cn 1' 0 0 (D O ,G mC 0 C) 0 CO O n C 3 0 O Q o -0 O v aa)) 0.N 0- o 0 Cr ma) 07• cn s;u0ww03 saoanoS punj Y J O N F.) C m o 0 0 = 0» 0 o. 5 - Q m 0 l J 0 Q. m N 0 1) W 0 w V V 0 Q. m m 0 10 3 m m 0 D 0 a Q X 0 T Q Q H v -n 3 0) 1T CD 0 Q a) 0 m 0) 0 0 m 0 a) 3 -n 2. O Q N 0 0D a G) 0 lD 0 X 0 Q 2 O Q. C cn O n 6 O (D 3 X Q 0- CI) 0 0 CO N� CD 0. 0 ca. a) 0 Cv 3 z 0 D m 0 Q 0 lD :3 o 0 U) 0 1 O D Xi CD 0 0 0 a) N CO W C) N 8 8' 8 8' 8 8 8 Of O 88 g c -o -o 9 = Z �" F � � 41rfri; 1 cn cn N t N §I 8 D V 3�. 0 8 3. �H S N 3 ::1:11! I 111: h 8 VP a 3 'c gg 8 0§n W8 8 8 8 8 8 N 8 8 0 n VI 8 401 8 8 m � a 3 7 feh A e, .saanl!puadx3 dlldii-u0N 8 8 a a m c a m $ N o m 4 D a c m o v s- o ▪ - Ln- 0-03 m p 0 3a9 -�'g's mH; n m a m oc rt m $a m 13 D 9 ter. m o $ Es 0 3 4. m O cn pN m▪ A_m 6 Ve- y:). m am �m C (14 N O a m a m mm Co)lo >m g x` cn _ na m a o m O g v 8AD 8.� m o 0 0- to, H m m g g- 6 m 3 0 0 m c Net Lesser of Authorized! Available RPTTF Expenditures c < -0 g ROPS 13-14A CAC PPA: To be completed by the CAC upon submittal of the ROPS 14-15A by the SA to Finance and the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they calculate the PPA. Also note that the admin amounts do not need to be listed at the line item level and may be entered as a lump sum. a E z D 3 a 0 0 z Net Lesser of Authorized/ Available E a 9 0 Difference z 4 Net CAC Non- Admin and Admin PPA (Amount Used to Offset POPS 14- 15A Requested RPTTF) 0 a 0 0 0 3 3 m 88 2 2 8, 2 _ 8m 3 8 m m .2,r 2 c 4 < 4 ® a ® a ®ate 0 0 0 0 8 c o qi 9 5 D 8 a a 8 1 8 -Et '2 2 8 8 8 8 8 9 3� �3 �Z'mS 83 8 ass 83R 9 9 9 9 8 $m 8 8 3 8 2 3 2-0 oz a naiec eel tea 8 -69 69 411 49 8 66 VP -49 C F. & a n 3 D 8 0 a 3 seznupuedx3 311dU-uoN stunllpuedx3 dlldld Q o � (i m u n m 0 v sm8 0 aaa i W cj -1 n y ¢+ Ta c m f n v 3 m T qq � N 6 ,44 O m � O � 6 31 O� . vT 3 N N v 9 m o y o8 m o» 3 N mn ) O o a w AAm_ 6 8 f m m N a6 O - m a m OD ral wv of D8-0 r o m m m nm y w Q � m �a o (3 v z m 8 .. y m °1 m x o � O a 8 C yy O' L- »-3 m0 � O � o y aE O o o m 3 �m m n Q O D v a m v N 2 0 p 30 y c ti Net Lesser o1 Authorized / Available RPTTF Expenditures c < f N ROPS 13-14A CAC PPA: To be completed by the CAC upon submittal of the ROPS 14-15A by the SA to Finance and the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they calculate the PPA. Also note that the admin amounts do not need to be listed at the line item level and may be entered as a lump sum. F - _ z 3 0 a o 0 3 Net Lesser o1 Authorized / Available Adobe CAC a a O a a z O Net CAC Non- Admin and Admin PPA (Amount Used to Offset ROPS 14- 15A Requested RPTTF) 0 D g 3 3 G m b in € 3 2c N: g _gym W. 2 m-' o w 0 I 8 8 3 3 8 4 4 3 30 3 ;V E 8 D�d in 3 1 3 ga OP a H 40.1 ot to 41. ° "a0 3 a' '0 m z a -O a .0 ti 3 0 x 3 0 1.4 z 0 S 0 D 0 ° 3 0