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Consider adopting a resolution approving the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the Dixon Successor Agency for the period from July 1, 2019 through June 30, 2020
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Published Notice Required? Yes ___ No _X _
Public Hearing Required? Yes ___ No _X _
RECOMMENDATION:
It is recommended that the Solano Consolidated Oversight Board (SCOB) adopt the resolution approving the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the Dixon Successor Agency for the period from July 1, 2019 through June 30, 2020.
DISCUSSION:
The Dixon Successor Agency is required to submit an Oversight Board approved Recognized Obligation Payment Schedule (ROPS) to the California Department of Finance for July 1, 2019 through June 30, 2020 (FY2019/20) no later than February 1, 2019 or be subject to a daily fine of $10,000 per California Senate Bill 107 (SB 107).
The Solano Consolidated Oversight Board is requested to approve the FY2019/20 ROPS for the Dixon Successor Agency. The attached schedules include a summary of obligations, anticipated expenditures, report of cash balances, and an administrative budget. There are no changes to current obligations and no additional obligations reported. The agency has total obligations of $458,489 being funded by Redevelopment Property Tax Trust Fund (RPTTF) and reserve funds. The agency has estimated administrative expenses for FY2019/20 of $20,880.
If approved, the ROPS will be submitted to the Department of Finance prior to the February 1, 2019 deadline.
The Health and Safety Code also has a provision that agencies that have received a Finding of Completion may file a Last and Final ROPS if all of the following conditions are met:
* The remaining debt is limited to administrative costs and payments pursuant to enforceable obligations with defined payment schedules including, but not limited to, debt service, loan agreements and contracts.
* All re...
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