Resolution No. 2023/28 adopts ROPS 23-24, which is included as Exhibit A to this report. After adoption by the Successor Agency, ROPS 23-24 will be submitted to the Countywide Oversight Board for approval. The Oversight Board is scheduled to meet on January 23, 2023. As required under Health and Safety Code Section 34179.6, ROPS 23-24 will be submitted to the State Controller's Office, Department of Finance (DOF) and the County Auditor-Controller and will be posted on the Successor Agency's website. The DOF must receive ROPS 23-24 no later than February 1, 2023.
ROPS 23-24 authorizes all payments to be made by the Successor Agency for enforceable obligations for the twelve-month time period between July 1, 2023, and June 30, 2024. The payments noted on the ROPS are estimates. In most cases, assumptions made for ROPS 23-24 were based on actual expenditures in the prior ROPS and expected expenditures in the upcoming period.
The title page of ROPS 23-24 shows that enforceable obligations require $8,696,555 from the Redevelopment Property Tax Trust Fund (the “RPTTF”) and $250,000 for Administrative RPTTF. This amount assumes the RPTTF has already set aside pass-through payments to taxing entities and administrative costs for the County Auditor-Controller.
Without approving the Recognized Obligation Payment Schedule, the County Auditor-Controller would not be able to allocate funds to the Successor Agency for staffing services and payment of recognized obligations during this twelve-month period, and the Successor Agency would risk defaulting on enforceable obligations.