SPECIAL
CITY COUNCIL/SUCCESSOR
AGENCY/PUBLIC FINANCE AUTHORITY
MEETINGAGENDA
December 5, 2022
3:00 PM
The Mission of the City of Coalinga is to provide for the preservation of the community character by delivering quality, responsive City services, in an efficient and cost-effective manner, and to develop, encourage, and promote a diversified economic base in order to ensure the future financial stability of the City for its citizens.
Notice is hereby given that the City Council will hold a Special Meeting, on December 5, 2022 in the City Council Chambers located at 155 West Durian, Coalinga, CA. Persons with disabilities who may need assistance should contact the City Clerk at least 24 hours prior to this meeting at 935-1533 x113. Anyone interested in translation services should contact the City Clerk at least 24 hours prior to the meeting at 935-1533 x113.
The Special Meeting will begin at 6:00 p.m. and the agenda will be as follows:
1. CALL TO ORDER
1. Pledge of Allegiance
2. Changes to the Agenda
3. Council's Approval of Agenda
2. AWARDS, PRESENTATIONS, APPOINTMENTS AND PROCLAMATIONS (NONE)
3. CITIZEN COMMENTS
This section of the agenda allows members of the public to address the City Council on any item within the jurisdiction of the Council. Members of the public, when recognized by the Mayor, should come forward to the lectern, identify themselves and use the microphone. Comments are normally limited to three (3) minutes. In accordance with State Open Meeting Laws, no action will be taken by the City Council this evening and all items will be referred to staff for follow up and a report.
Citizen Comments submitted in writing to the City Clerk by 5:00pm on the day of the City Council meeting shall be distributed to the City Council and included in the record, however they will not be read.
4. PUBLIC HEARINGS (NONE)
5. CONSENT CALENDAR
1. Adopt Resolution No. SA-343 Approving the Recognized Obligation Payment Schedule 23-24 for July 2023 through June 2024 and the Fiscal Year 2023-24 Administrative Budget
6. ORDINANCE PRESENTATION, DISCUSSION AND POTENTIAL ACTION ITEMS (NONE)
7. ANNOUNCEMENTS
1. City Manager's Announcements
2. Councilmembers' Announcements/Reports
3. Mayor's Announcements
8. FUTURE AGENDA ITEMS
9. CLOSED SESSION (NONE)
10. CLOSED SESSION REPORT
Closed Session: A "Closed" or "Executive" Session of the City Council, Successor Agency, or Public Finance Authority may be held as required for items as follows: personnel matters; labor negotiations; security matters; providing instructions to real property negotiators; legal counsel regarding pending litigation; and protection of records exempt from public disclosure.
Closed session will be held in the Administration Building at 155 W. Durian Avenue and any announcements or discussion will be held at the same location following Closed Session.
11. ADJOURNMENT
STAFF REPORT - CITY COUNCIL/SUCCESSOR AGENCY/PUBLIC FINANCE
AUTHORITY
Subject: Adopt Resolution No. SA-343 Approving the Recognized Obligation Payment Schedule 23-24 for July 2023 through June 2024 and the FiscalYear 2023-24 Administrative Budget
Meeting Date: December 5, 2022
From: Marissa Trejo, City Manager
Prepared by: Mai Vang, Financial Services Director
I. RECOMMENDATION:
Financial Services Director recommends the Successor Agency adopt Resolution No. SA-343 Approving the Recognized Obligation Payment Schedule 23-24 for July 2023 through June 2024 and the Fiscal Year 2023-24 Administrative Budget.
II. BACKGROUND:
A Recognized Obligation Payment Schedule (“ROPS”) covering the period of July 1, 2023 through June 30, 2024 is due by February 1, 2023 pursuant to Health and Safety Code (“HSC”) Section 34177(o). The ROPS requests necessary payments for each enforceable obligation of the former Coalinga Redevelopment Agency for FiscalYear (“FY”) 2023-24.
ROPS 23-24 has been prepared for the Successor Agency Board’s consideration and is attached to this staff report. The Fresno Countywide Oversight Board (“Oversight Board”) would also review the ROPS 23-24 at its meeting on January 19, 2023. Once approved, staff would transmit it electronically to the Department of Finance (“DOF”), State Controller, and Fresno County Auditor-Controller (“CAC”) for their review. The adopted ROPS must be transmitted by February 1, 2023, or the Successor Agency would be subject to a penalty of $10,000 per day. With DOF approval, the Auditor-Controller would be authorized to disperse property tax revenue to pay ROPS obligations on June 1, 2023 and January 2, 2024.
III. DISCUSSION:
As per their practice, the DOF provides successor agencies a partially completed ROPS form to standardize the form and make it consistent with the automated tracking system. DOF continues to make minor annual changes to the ROPS forms and process for submitting the ROPS.
Redevelopment Property Tax Trust Funds (“RPTTF”) requested for 23-24 ROPS period payments are net of cash carried over from the ROPS 20-21 period; this cash is referred to as the “prior period adjustment”.
The Prior Period Adjustment for ROPS 20-21 was reported by the Coalinga Successor Agency staff to the County Auditor-Controller in September of this year and reported a total of $16,809 of unspent RPTTF funds from carried over from the ROPS 20-21 period.
For ROPS 23-24, the Successor Agency is requesting a total of $1,359,303 in Redevelopment Property Tax Trust Fund money to fund ROPS obligations, $1,283,294 for the first half of the fiscal year and $76,009 for the second half of the fiscal year. The obligations listed on the ROPS include:
Item #9: $122,000 for Successor Agency Administrative Budget Item #44: $1,228,803 for 2018 Tax Allocation Refunding Bonds (TARB) debt service payment Item #45: $3,500 for 2018 TARB FiscalAgent Fees
Item #46: $5,000 for 2018 TARB Continuing Disclosure report With its approval, the Successor Agency ROPS 23-24 would continue the process of dissolving the financial affairs of the former redevelopment agency, which should, based on current obligations, be completed after September 15
th
, 2025.
Once approved by the Successor Agency, the ROPS 23-24 and the accompanying administrative budget would be considered by the Fresno Countywide Oversight Board.
IV. ALTERNATIVES:
None
V. FISCAL IMPACT:
For ROPS 23-24, the Successor Agency is requesting a total of $1,359,303 in Redevelopment Property Tax Trust Fund money to fund ROPS obligations, $1,283,294 for the first half of the fiscal year and $76,009 for the second half of the fiscal year.
ATTACHMENTS:
File Name Description
Coalinga_SA_Staff_Report_ROPS_23-24.docx Staff Report for Reso No. SA-343 ROPS 23-24 Resolution_No._SA-343_ROPS_23-24.pdf Resolution No. SA-343 ROPS 23-24 ROPS_Payment_Schedule_23-24.pdf ROPS Payment Schedule 23-24 ROPS_Administrative_Budget_23-24.pdf ROPS Administrative Budget 23-24
STAFF REPORT
TO: THE SUCCESSOR AGENCY TO THE COALINGA REDEVELOPMENT
AGENCY
FROM: SHANNON JENSEN, CITY CLERK
DATE: December 1, 2022
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE 23-24 FOR THE JULY 2023 THROUGH JUNE 2024 PERIOD AND
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR
FISCAL YEAR 2023-24
BACKGROUND
A Recognized Obligation Payment Schedule (“ROPS”) covering the period of July 1, 2023 through June 30, 2024 is due by February 1, 2023 pursuant to Health and Safety Code (“HSC”) Section 34177(o). The ROPS requests necessary payments for each enforceable obligation of the former Coalinga Redevelopment Agency for Fiscal Year (“FY”) 2023-24.
ROPS 23-24 has been prepared for the Successor Agency Board’s consideration and is attached to this staff report. The Fresno Countywide Oversight Board (“Oversight Board”) would also review the ROPS 23-24 at its meeting on January 19, 2023. Once approved, staff would transmit it electronically to the Department of Finance (“DOF”), State Controller, and Fresno County Auditor-Controller (“CAC”) for their review. The adopted ROPS must be transmitted by February 1, 2023, or the Successor Agency would be subject to a penalty of $10,000 per day. With DOF approval, the Auditor-Controller would be authorized to disperse property tax revenue to pay ROPS obligations on June 1, 2023 and January 2, 2024.
Recognized Obligation Payment Schedule
As per their practice, the DOF provides successor agencies a partially completed ROPS form to standardize the form and make it consistent with the automated tracking system. DOF continues to make minor annual changes to the ROPS forms and process for submitting the ROPS.
Redevelopment Property Tax Trust Funds (“RPTTF”) requested for 23-24 ROPS period payments are net of cash carried over from the ROPS 20-21 period; this cash is referred to as the “prior period adjustment”. The Prior Period Adjustment for ROPS 20-21 was reported by the Coalinga Successor Agency staff to the County Auditor-Controller in September of this year and reported a total of $16,809 of unspent RPTTF funds from carried over from the ROPS 20-21 period.
Staff Report
For ROPS 23-24, the Successor Agency is requesting a total of $1,359,303 in Redevelopment Property Tax Trust Fund money to fund ROPS obligations, $1,283,294 for the first half of the fiscal year and $76,009 for the second half of the fiscal year. The obligations listed on the ROPS include:
Item #9: $122,000 for Successor Agency Administrative Budget Item #44: $1,228,803 for 2018 Tax Allocation Refunding Bonds (TARB) debt service payment
Item #45: $3,500 for 2018 TARB Fiscal Agent Fees
Item #46: $5,000 for 2018 TARB Continuing Disclosure report With its approval, the Successor Agency ROPS 23-24 would continue the process of dissolving the financial affairs of the former redevelopment agency, which should, based on current obligations, be completed after September 15th, 2025.
Once approved by the Successor Agency, the ROPS 23-24 and the accompanying administrative budget would be considered by the Fresno Countywide Oversight Board.
RECOMMENDATION:
Staff recommends that the Agency:
1. Adopt Resolution No. 2022-SA343 Approving the Recognized Obligation Payment Schedule 23-24 for July 2023 through June 2024 and the Fiscal Year 2023-24 Administrative Budget
A B C D E F G H I JK
$ 1,359,303 6,803,235.00 $
9 Successor Agency Administrative Costs Admin Costs 1/1/2014 6/30/2027 Administrative Staff Administrative Cost Allowance-Staff &
Admn costs Coalinga 2,756,000 $ N 122,000 $
44 2018 Tax Allocation Refunding Bonds
Refunding Bonds Issued After 6/27/12 6/19/2018 9/15/2025 Wells Fargo Refunding of 2000 and 2009 Series A, B and C tax allocation bonds issued to fund non-housing projects Coalinga 2,991,265 $ N 1,228,803 $ 45 2018 Tax Allocation Refunding Bonds - Fiscal Agent Fees Fees 6/19/2018 9/15/2025 Wells Fargo Fiscal agent fees for 2018 TARB Coalinga 14,000 $ N 3,500 $ 46 2018 Tax Allocation Refunding Bonds - Continuing Disclosure Fee Fees 9/12/2018 3/31/2027 RSG, Inc Annual Continuing disclosure report for
2018 TARB Coalinga 25,000 $ N 5,000 $
$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -
Coalinga Successor Agency Recognized Obligation Payment Schedule (ROPS 21-22) - ROPS Detail July 1,2020 through June 30, 2021
(Report Amounts in Whole Dollars)
Item # Project Name/Debt Obligation Obligation Type
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date Payee Description/Project Scope Project Area Total Outstanding
Debt or Obligation Retired
ROPS 23-24
Total
L M N O PQR S T U VW
Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF $ - - $ - $ 1,283,294 $ - $ 1,283,294 $ - $ - $ - $ 76,009 $ - $ 76,009 $ $ 61,000 61,000 $ $ 61,000 61,000 $
$ 1,213,794 1,213,794 $ $ 15,009 15,009 $
$ 3,500 3,500 $ $ -
$ 5,000 5,000 $ $ -
$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ -$ - $ - "Agency" Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail July 1,2023 through June 30, 2024
(Report Amounts in Whole Dollars)
23-24B
Total
Fund Sources Fund Sources
23-24A (July - December)
23-24A
Total
23-24B (January - June)
A B CDEFG H
Reserve Balance Other Funds RPTTF
Bonds issued on or
before 12/31/10
Bonds issued on or
after 01/01/11
Prior ROPS RPTTF
and Reserve
Balances retained for
future period(s)
Rent,
Grants,
Interest, etc.
Non-Admin
and
Admin
1 Beginning Available Cash Balance (Actual 07/01/20)
RPTTF amount should exclude "A" period distribution amount 347,863 43,525 357,547
C): $347,863 for Bond Expenditure Agreement in ROPS 21-22;F): Other funds reserved for ROPS 20-21 ($113,796) + Other funds for ROPS 21-22 ($62,350) + Other Funds for ROPS 22-23 ($181,401);G): $17,540 PPA 17-18 + $4,117 in 18-19 PPA held for ROPS 21-22 + $21,868 in 19-20 PPA held for ROPS 22-23;
2 Revenue/Income (Actual 06/30/21)
RPTTF amount should tie to the ROPS 20-21 total distribution from the County Auditor-Controller 1, 14,373 204,798
F): Interest Income of $6,996 + Kit Sang Laan property Loan Principal payments of $7,377G): RPTTF distribution 20-21 A&B 3 Expenditures for ROPS 19-20 Enforceable Obligations
(Actual 06/30/20)
1, 115,661 205,529
F): $113,796 moved to Other Funds for Item #1 + $220 overspent on Item #18 + $1,644 overspent on Item #46 + $1 residual adjustment;G): Approved RPTTF expenditures 4 Retention of Available Cash Balance (Actual 06/30/21) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
347,863 25,985 243,751
C): $347,863 reserved for Bond Expenditure Agreement in ROPS 21-22;F): $62,350 retained for ROPS 21-22 + $181,401 retained for ROPS 22-23;G): $4,117 in PPA 18-19 retained for ROPS 21-22 + $21,868 in PPA 19-20 retained for ROPS 22-23;
5 ROPS 20-21 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 20-21 PPA
form submitted to the CAC
16,809 PPA 20-21
6 Ending Actual Available Cash Balance (06/30/21)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$ 0 0 $ 0 $ 12,508 $ 0 $
Coalinga Successor Agency Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances July 1, 2020 through June 30, 2021
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see Cash Balance Tips Sheet.
ROPS 20-21 Cash Balances
(07/01/20 - 06/30/21)
Fund Sources
Comments
Bond Proceeds
ANNUAL JUL‐DEC JAN ‐ JUN
Expense Category FY 2023‐24 2023 2024 Description
RPTTF RPTTF RPTTF
$ 40,000 80,000 $ 40,000 $
City Manager's Office ‐ Provide direction to staff and
consultants as needed; reviews and oversees SA
administration. Finance Department ‐ Process
payment of enforceable obligations; maintain
documentation of SA records; coordinate with
consultants to answer questions and provide
documentation as needed for reporting preparation
and as requested by the Oversight Board, County
Auditor‐Controller, and DOF; administration and
implementation of SA wind‐down activities.
$ 40,000 80,000 $ 40,000 $
Service Expenses RPTTF RPTTF RPTTF
$ 7,500 15,000 $ 7,500 $
Prepare ROPS, PPA, staff reports and resolutions for
SA and OB; coordinate and answer questions for
Oversight Board, County Auditor‐Controller, and
DOF; other SA services as needed. (Includes RSG's
contract)
$ 5,000 10,000 $ 5,000 $ Audits and other financial services as needed. $ 1,000 2,000 $ 1,000 $
Provide general legal services as needed, review staff
reports and resolutions, other legal services as
needed.
$ 7,500 15,000 $ 7,500 $ Office overhead, utilities, maintenance and repairs, supplies, trainings, conferences, other SA expenses.
$ 21,000 42,000 $ 21,000 $
Total Expenses 122,000 $ 61,000 $ 61,000 $
Coalinga Successor Agency Administrative Budget
ANNUAL & SIX‐MONTH ADMINISTRATIVE BUDGETS
FISCAL YEAR 2023‐24
Personnel Costs Subtotal
Professional Services
Accounting and Auditing
Legal Services
Overhead & Department
Expenses
Service Costs Subtotal
Personnel Expenses
Salaries and Wages