Report to Successor Agency
Tuesday, September 05, 2017
Consent
SUBJECT:
Title
CONSIDER CARSON OVERSIGHT BOARD-APPROVED AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE 17-18 COVERING THE PERIOD FROM JULY 1, 2017 THROUGH JUNE 30, 2018 (SUCCESSOR AGENCY)
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I. SUMMARY
Presented for the Carson Successor Agency's information is a copy of the Oversight Board-approved Amended Recognized Obligation Payment Schedule (ROPS) 17-18. The Oversight Board-approved documents were submitted to the State Department of Finance, County Auditor Controller, and other required agencies on August 30, 2017, in advance of the October 1, 2017 submission deadline.
II. RECOMMENDATION
Recommendation
RECEIVE and FILE.
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III. ALTERNATIVES
TAKE another action the board deems appropriate.
IV. BACKGROUND
Successor Agencies are now required to submit an annual ROPS each fiscal year. One amendment to the annual ROPS is allowed per year and must be submitted before October 1st. The Carson Oversight Board has approved the Carson Successor Agency's amended ROPS for fiscal year 2017-2018.
The amendment does the following:
* Line Item No. 105 (BNY Western Trust): Corrects the amount needed to cover the Agency's costs for fiscal/financial analysis services. An amount of $14,250 was requested in ROPS 17-18 section A, but nothing was requested in section B. The amendment will add $14,250 to the line item to cover costs that should have been included in section B.
* Line Item No. 111 (Other Post-Employment Benefits): Corrects the amount needed to cover the Agency's obligation for Other Post-Employment Benefits (OPEB). There was nothing requested in the original ROPS 17-18, but $318,044 should have been included and the line item was also erroneously "retired." (A line item is considered retired by DOF when the obligation is fully satisfied and the line item will no longer be used. Since the ROPS template does not change, the line is retired instead of removed.) This...
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