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Consider adopting a resolution approving the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the Fairfield Successor Agency for the period of 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 Fairfield Successor Agency for the period of July 1, 2019 through June 30, 2020.
DISCUSSION:
Pursuant to Part 1.85 of Division 24 of the current California Health and Safety Code (the "Redevelopment Dissolution Law"), the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") for each one-year fiscal period (commencing each July 1), listing the payments to be made by the Successor Agency during such period. All ROPS must be approved by the Solano Consolidated Oversight Board. Furthermore, each Oversight Board-approved ROPS must be submitted to the State Department of Finance ("DOF") for review.
The proposed resolution authorizes the Successor Agency to submit a ROPS to the DOF and establishes a proposed administrative budget. The Successor Agency must submit an Oversight Board-approved ROPS for the time period July 1, 2019 through June 30, 2020 ("ROPS 19-20") to the DOF, the Office of the State Controller and the County Auditor-Controller no later than February 1, 2019. The Successor Agency must also post the ROPS on the Successor Agency's website.
If the Successor Agency does not submit an Oversight Board-approved ROPS by February 1, 2019, the City of Fairfield 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 ROP...
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