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Consider adopting a resolution approving the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the Vallejo 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 Vallejo Successor Agency for the period of July 1, 2019 through June 30, 2020.
DISCUSSION:
In 2011, the Governor signed into law AB1X 26 (the "Dissolution Act") which immediately suspended most activities of Redevelopment Agencies prior to their elimination effective October 1, 2011. Assembly Bill 1484 ("AB 1484") was signed by the Governor in 2012, adding significant new or modified actions and deadlines. The Dissolution Act was further amended by SB 107 on September 22, 2015.
ROPS
The Dissolution Act requires successor agencies to prepare a ROPS which sets forth the successor agency's enforceable obligations and scheduled payments for such enforceable obligations for the upcoming ROPS reporting period. The ROPS is the base document used by the County Auditor-Controller (the "CAC") in determining how much property tax increment revenue is needed to meet current Agency obligations and administrative expenses, and if any current residual tax revenue is available to distribute among local taxing entities. The ROPS are prepared by staff and submitted for consideration and approval by the Solano Consolidated Oversight Board. All ROPS are further subject to approval by the Department of Finance (DOF) and to audit by the CAC.
The proposed resolution approves $1,838,021 which includes administrative expenses to be paid from the Redevelopment Property Tax Trust Fund (RPTTF) and other funding for the July 1, 2019 to June 30, 2020 ROPS reporting period. D...
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