Successor Agency to the Redevelopment Agency of the City of Riverside TO: HONORABLE MAYOR AND CITY COUNCIL DATE: JANUARY 11, 2022 FROM: COMMUNITY & ECONOMIC DEVELOPMENT WARDS: ALL
DEPARTMENT
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE 2022-2023 ISSUE:
Recommend that the Countywide Oversight Board adopt a resolution approving the Recognized Obligation Payment Schedule for expenditures from July 1, 2022, through June 30, 2023.
RECOMMENDATION:
That the Successor Agency:
Adopt the attached resolution (Attachment 1) approving the Recognized Obligation Payment Schedule for expenditures from July 1, 2022, through June 30, 2023 (ROPS 22-23 – Attachment 2); and Recommend that the Countywide Oversight Board adopt a separate resolution approving the Recognized Obligation Payment Schedule for expenditures from July 1, 2022, through June 30, 2023, for the Department of Finance’s final consideration and approval.
BACKGROUND:
As required by Health and Safety Code Section 34177(o), beginning July 2016, the Successor Agency was required to prepare an annual Recognized Obligation Payment Schedule (ROPS) for each fiscal year. Each ROPS must include the amount and funding source for all payments required during the period for all enforceable obligations of the Successor Agency. The first annual ROPS was due to the Department of Finance (DOF) on February 1, 2016.
The ROPS presented today includes all payments required for the period of July 1, 2022, through June 30, 2023, pursuant to Health and Safety Code Section 34186(a). The variance between the estimated obligations and actual payments will be offset from the Redevelopment Property Tax Trust Fund (RPTTF) distribution for the period of July 1, 2022, through June 30, 2023.
DISCUSSION:
Senate Bill 107 (SB 107) requires Oversight Board approval and submittal of the ROPS 22-23 to the DOF before February 1, 2022. In accordance with SB 107, a copy of the ROPS 22-23 will also be submitted to the County Administrative Officer, the County Auditor-Controller, and the DOF for review at the same time that the Successor Agency submits it to the Countywide Oversight Board for approval.
Funding for obligations on the ROPS 22-23 will come first from the RPTTF, which is administered by the County Auditor-Controller, and secondly from bond funds and cash on hand.
Upon approval by the Countywide Oversight Board, the ROPS 22-23 will be submitted to the County Auditor-Controller, the State Controller’s Office and the DOF in addition to posting it on the Successor Agency section of the City’s website as required by SB 107.
STRATEGIC PLAN ALIGNMENT:
This item contributes to the Envision Riverside 2025 City Council Strategic Priority 3 – Economic Opportunity, particularly Goal 3.4: Collaborate with key partners to implement key policies and programs that promote local business growth and ensure equitable opportunities for all.
Moreover, declaring approval of the draft ROPS also aligns with each of the five Cross-Cutting Threads as follows:
Community Trust: Approving the draft ROPS in a public forum demonstrates that Riverside is committed to community trust. For example, the draft ROPS will be certified by an external audit overseen by the County Auditor-Controller, and a copy of the approved ROPS will be submitted to the County of Riverside Auditor-Controller, State Controller’s Office, and Department of Finance and is posted on the Successor Agency website.
Equity: Approving the draft ROPS demonstrates that Riverside is committed to equal access to community benefits for all Riverside residents. For example, the various line items on the draft ROPS represent properties and positive economic projects for the redevelopment project areas throughout the City.
Fiscal Responsibility: Approving the draft ROPS demonstrates that Riverside is committed to fiscal responsibility. For example, staff have requested sufficient funding on the draft ROPS to ensure that sufficient funding for property maintenance and economic project-related costs ensure no impact to the City’s General Fund.
Innovation: Approving the draft ROPS demonstrates that Riverside is committed to innovation. For example, the draft ROPS contains funding to ensure the future viability of innovative economic projects that will provide a positive impact to the entirety of the City.
Sustainability & Resiliency: Approving the draft ROPS demonstrates that Riverside is committed to sustainability and resiliency. For example, the draft ROPS 22-23 includes the amount and funding source for all payments required during the period for all enforceable obligations of the Successor Agency to promote sustainable community and economic development and projects to encourage community engagement and resiliency.
FISCAL IMPACT:
There is no fiscal impact associated with this report since expenditures will come from the RPTTF, bond funds, and cash on hand.
Prepared by: David Welch, Community & Economic Development Director Certified as to
availability of funds: Edward Enriquez, Chief Financial Officer/Treasurer Approved by: Rafael Guzman, Assistant City Manager
Approved as to form: Phaedra A. Norton, City Attorney
Attachments:
Resolution
ROPS 2022-2023
Annual ROPS 2022-2023 • Page 2