Successor Agency"" of MEETING DATE: 8 /22/2012
e• - ITEM NO: L1
SUCCESSOR AGENCY TO THE TOWN OF LOS GATOS
SOS eaS °S REDEVELOPMENT AGENCY
DATE: AUGUST 15, 2012
TO: CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY TO THE
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
FROM: GREG LARSON, EXECUTIVE DIRECTOR' /G�G�r�
SUBJECT: SUCCESSOR AGENCY ACTIONS
A. ADOPT RESOLUTION APPROVING ADMINISTRATIVE
BUDGET FOR SUCCESSOR AGENCY FOR JANUARY 1, 2013
TO JUNE 30, 2013
B. ADOPT RESOLUTION APPROVING A THIRD RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD
JANUARY 1, 2013 TO JUNE 30, 2013
RECOMMENDATION:
It is recommended that the Successor Agency take the following actions:
1. Adopt a Resolution approving the Administrative Budget for the Successor
Agency for January 1, 2013 to June 30, 2013
2. Adopt a Resolution approving the Third Recognized Obligation Payment
Schedule for January 1, 2013 to June 30, 2013
BACKGROUND:
Pursuant to AB x1 26 and the recently enacted AB 1484, the Successor Agency must
prepare a proposed administrative budget and a Recognized Obligation Payment
Schedule ( "ROPS ") for each six -month fiscal period, both of which must be submitted to
the Oversight Board for approval. The format for the ROPS was recently revised and
issued by the State Department of Finance and includes all of the enforceable obligations
(payments due) for each six -month fiscal period. Each proposed administrative budget
must include all of the following: (1) estimated amounts for Successor Agency
administrative costs for the applicable six -month fiscal period; (2) proposed sources of
PREPARED BY: GREG LARSON
Town Manager
Reviewed by: 3LDeputy Director ti a_General Counsel ,!J %$finance
N : %NiGR\Adu inWorkFiles\2012 Council RepoitM -23 -2012 SA ROPS 3 staff repoit.doe
PAGE
CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
SUBJECT: SUCCESSOR AGENCY DISSOLUTION ACTIONS
August t5, 2012
payment for the administrative costs; and (3) proposals for arrangements for
administrative and operations services provided by the Town or other entity.
The Successor Agency is required to submit the Third ROPS (which includes the
Administrative Budget) for the period of January 1, 2013 to June 30, 2013 to the
Oversight Board for approval and then submit the Oversight Board - approved Third
ROPS to the State Department of Finance, the State Controller and the County Auditor -
Controller no later than September 1, 2012.
In order to meet the State imposed deadlines, Town staff prepared the Third ROPS for the
Successor Agency Board's approval at this meeting. Staff also recommends that the
Board approve the Administrative Budget for the same period (January 1, 2013 to June
30, 2013) on the same date as the Board's approval of the Third ROPS. If approved, both
of these items will be considered for approval by the Oversight Board for the Successor
Agency to the Town of Los Gatos Redevelopment Agency at its next meeting on August
23, 2012.
CONCLUSION:
It is recommended that the Successor Agency Board adopt the attached resolution
(Attachment 1) authorizing the approval and adoption of a Third Recognized Obligation
Payment Schedule and the Administrative Budget for the January 1, 201' ) to June 30,
2013 period.
ENVIRONMENTAL ASSESSMENT:
This action is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT:
Approval and adoption of the attached Successor Agency's Administrative Budget for
January 1, 2013 to June 30, 2013 and the Third Recognized Obligation Schedule (ROPS
3) for the same period (January — June, 2013) will ensure the timely payment of
enforceable obligations as listed in Attachment 1.
Attachments:
Attachment 1: Third POPS and Administrative Budget (January 1, 2013 —June 30, 20t3)
Attachment 2: Resolution of the Successor Agency of the Town of Los Gatos approving
and adopting the Third Recognized Obligation Payment Schedule and
Administrative Budget