REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Eric G. Parra, Interim City Manager
PREPARED BY: Sunny Han, Chief Financial Officer
Subject:
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Adopt Successor Agency Resolution Nos. 2023-04 and 2023-05 approving the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the Huntington Beach Successor Agency for the period of July 1, 2024, through June 30, 2025, in accordance with Health and Safety Code Section 34177 and related actions
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Statement of Issue:
The Successor Agency is requested to approve the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the period of July 1, 2024 through June 30, 2025. An approved ROPS must be submitted to the County of Orange Oversight Board by January 23, 2024, and then to the Department of Finance (DOF) by February 1, 2024. This is the sixth year that the Successor Agency is submitting the annual ROPS to the Countywide Oversight Board.
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 ROPS requests $15,276,097 in funds to support existing legally required enforceable obligations for FY 2024/25.
Recommended Action:
recommendation
A) Adopt Resolution No. 2023-04, "A Resolution of the Successor Agency to the Redevelopment Agency of the City of Huntington Beach Approving the Successor Agency Administrative Budget for the Period July 1, 2024, through June 30, 2025;" and,
B) Adopt Resolution No. 2023-05, "A Resolution of the Successor Agency to the Redevelopment Agency of the City of Huntington Beach Approving the Recognized Obligation Payment Schedule for the Period ...
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