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Home My WebLink AboutEnforceable Obligation Payment Schedule - EOPS - For periodOversight Board of the Successor Agency to the Redevelopment Agency MEETING DATE: April 5, 2012 SUBJECTIACTION: APPROVE THE ENFORCEABLE OBLIGATION PAYMENT SCHEDULE (EOPS) AND THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) FOR THE HUNTINGTON BEACH SUCCESSOR AGENCY RECOMMENDED ACTION A) Approve the Enforceable Obligation Payment Schedule (EOPS) for the period covering August 1, 2011 to June 30, 2012; and B) Approve the Recognized Obligation Payment Schedule (ROPS) for the period covering January 1, 2012 to June 30, 2012. BACKGROUND AND DISCUSSION The State of California enacted AB1X 26 which dissolved redevelopment agencies and designated Successor Agencies to "wind -down" the activities of the former redevelopment agencies under the supervision of newly created Oversight Boards. AB1X 26 defines the amended and restated EOPS as a listing of all legally binding and enforceable agreements or contracts of the former Redevelopment Agency, including those necessary for the continued administration and operation of the Successor Agency. The original EOPS was adopted on August 15, 2011, first amended on January 31, 2012, subsequently revised on April 2, 2012, and submitted to the County Auditor -Controller, State Department of Finance and the State Controller's Office, pursuant to AB1X 26. The ROPS, which is virtually identical to the EOPS, but is for a six-month period only, was approved administratively on January 31, 2012 as well. The Successor Agency is also asked to approve the ROPS for the Enforceable Obligations of the former Redevelopment Agency, subject to review and certification by an external auditor as to accuracy, and also subject to approval by the Oversight Board. The approved ROPS is due by April 15, 2012 at which time the Successor Agency will submit its first ROPS to the County Auditor -Controller, State Controller, and State Department of Finance for the period of January 1, 2012 to June 30, 2012. The ROPS will be prepared and submitted every six (6) months thereafter. Pursuant to AB1X 26, The County Auditor -Controller will conduct an audit of the EOPS and ROPS by July 1, 2012, and submit its findings to the State Controller's Office by July 15, 2012.