REQUEST FOR SUCCESSOR AGENCY ACTION
SUBMITTED TO: Honorable Chair and Board Members
SUBMITTED BY: Al Zelinka, Executive Director
VIA: Sunny Han, Chief Financial Officer
PREPARED BY: Sunny Han, Chief Financial Officer
Subject:
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Adopt Successor Agency Resolution No. 2023-03 approving an Amended Recognized Obligation Payment Schedule 23-24B for the FY 2023-24 Fiscal Period of January 1, 2024 to June 30, 2024, Subject to Submittal to, and Review by the Oversight Board and the State Department of Finance under California Health and Safety Code, Division 24, Part 1.85; and, Authorizing the Posting and Transmittal of the ROPS
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Statement of Issue:
The Successor Agency is requested to approve the Amended Recognized Obligation Payment Schedule (ROPS) for the period January 1, 2024 through June 30, 2024. An approved ROPS must be submitted to the County of Orange Oversight Board by September 19, 2023, and then to the Department of Finance (DOF) by October 1, 2023.
Financial Impact:
The ROPS provides the County Auditor-Controller with the amount of the former Redevelopment Agency's enforceable obligations for which the Successor Agency anticipates incurring expenditures. Once approved by DOF, the Successor Agency will be entitled to receive property tax revenue up to the amount of the DOF-approved enforceable obligations included in the Payment Schedule. The
Amended ROPS requests an additional $10,000,000 in funds to support existing legally required enforceable obligations for FY 2023/24.
Recommended Action:
recommendation
Adopt Successor Agency Resolution No. 2023-03, "A Resolution of The Successor Agency to the Redevelopment Agency of the City of Huntington Beach Approving an Amended Recognized Obligation Payment Schedule 23-24B for the FY 2023-24 Fiscal Period of January 1, 2024 to June 30, 2024, Subject to Submittal to, and Review by the Oversight Board and the State Department of Finance under California Health and Safety Code, Division 24,...
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