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Consider adopting a resolution approving a Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the City of Suisun City 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 a Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the City of Suisun City Successor Agency for the period of July 1, 2019 through June 30, 2020.
DISCUSSION:
The following provides an overview of deadlines and process associated with the ROPS:
ROPS Submittal Deadline - February 1, 2019, is the deadline to submit a ROPS covering the period of July 1, 2019, through June 30, 2020 to the Department of Finance (DOF).
ROPS Submittal/Approval Process - The Successor Agency must submit the ROPS to the County Auditor-Controller, County Administrative Officer, and the DOF at the same time as the ROPS is submitted to the Solano Consolidated Oversight Board.
ROPS Form - The DOF has provided the form for this ROPS period.
Penalties - A penalty may be levied on the City of $10,000 per day for each day the ROPS is delinquent. Failure to submit the ROPS within 10 days of the deadline will result in a 25% reduction of the Successor Agency's maximum administrative cost allowance for the period covered by the delinquent ROPS.
Pursuant to Health and Safe Code Section 34171 (b), an administrative cost allowance is provided to the Successor Agency. The Successor Agency developed an administrative budget for FY2019/20 that takes into account the winding down of operations of the Successor Agency. The attached schedules include a summary of obligations, anticipated expenditures, report of cash balances, and an administrative budget. The administrative budget for FY2019/20 is consistent with the previously ad...
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