02-05-2013 - Successor Agency Treasurers Report for the Month - Item SA2 (2).pdfRevieWerApic S11-)y: Thomas Bachman
Asst. City Manager/Finance Director
Prepared by: Clara Wo
Interim Finance Directo
City of West Covina
Memorandum
AGENDA
Item No.
Date February 5, 2013
TO: Christopher J. Chung, City Manager
and City Council
FROM: Thomas Bachman
Assistant City Manager/Finance Director
SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORT FOR DECEMBER
2012
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, receive and file this report.
DISCUSSION:
Effective January 1, 2006, Section 53646 of the Government Code states that a city's chief
fiscal officer may submit quarterly reports to their legislative body. This report is to include
the type of investment, issuer, date of maturity, par and dollar amount invested on all
securities, investments, and money held by the local agency. It must also include a statement
that the portfolio is in compliance with the City's investment policy, or manner in which it is
not in compliance, and note the ability of the local agency to meet its expenditure
requirements for the next six months or provide an explanation as to why sufficient money
may not be available, if applicable.
Although it is no longer a requirement to submit quarterly reports to the local legislative
body, the Finance Department will continue to submit treasurer's reports to the West Covina
City Council, acting as the Successor Agency to the West Covina Redevelopment Agency on
a monthly basis.
The December Report shows the Agency's portfolio decreased by $2,233,640 from
$5,106,902 on November 30, 2012, to $2,873,262. Approximately 40 percent of the portfolio
is invested with the City's pooled cash. The remaining Agency's surplus funds are in
investment pools with the State of California Local Agency Investment Pool (LAIF) and the
Los Angeles County Investment Pool (LACIP). These funds are completely liquid since the
City could withdraw them at any time. Approximately 58 percent of the portfolio is on
deposit in LACIP and the remaining two percent of available cash is on deposit in the
checking account.
Bond Detail Report:
The December report also includes a Bond Detail Report. This report shows how Fiscal
Agents are investing Successor Agency cash, which they hold to service various debts. This
information is reported to the City Council quarterly.
chman, Assistant City Manager/Finance Director
SUCCESSOR AGENCY
STATEMENT OF TREASURER'S ACCOUNTABILITY
DECEMBER 31, 2012
TYPES OF DEPOSITS:
CHECKING ACCOUNTS
WELLS FARGO GENERAL CHECKING
SUB-TOTAL
OTHER INVESTMENTS:
November 30
DEPOSITS WITHDRAWALS
51,001.13
51,001.13
375,000.00
375,000.00
356,696.10
356,696.10
LOCAL AGENCY INVESTMENT FUND (LAIF)
LOS ANGELES COUNTY POOL (LACIP)
CITY OF WEST COVINA POOLED CASH
SUB-TOTAL
TOTAL
2,027.82
2,024,095.99
3,029,777.35
5,055,901.16
5,106,902.29
2,468.86
3,790,088.45
3,792,557.31
4,167,557.31
375,000.00
5,669,500.90
6,044,500.90
6,401,197.00
*NEGATIVE BALANCE REFLECTS OUTSTANDING CHECKS
It has been verified that this investment portfolio is in conformity with the City of West Covina's investment policy which was approved by the City Council on January 18, 2005.
The investment portfolio plus the recognized obligation payment schedules (ROPS) for January to June of 2013 approved by the State Department of Finance on December 18, 2012
provide sufficient cash flow liquidity to meet estimated expenditures for the next six months. This report is accurate with respect to all information received as of December 31, 2012.
EARNED INTEREST YIELD THIS PERIOD: 0.457% SIX-MONTH TREASURY BILL YIELD: 0.110%
PREPARED BY:
7 )ca
Clara Wong, Interim Finance Director
inPPROVED BY:
rian V. Smithson,
Description of Issuer Maturity Date
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc. Open
First American Funds, Inc. Open
First American Funds, Inc. Open
First American Funds, Inc. Open
U.S. Tress & Agency 5/30/2014
First American Funds, Inc. Open
U.S. Treas & Agency 5/30/2014
Open
Open
Ending Balances
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
u. uti
Open
Open 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Type of Bond
Bond
Bond
Interest Series A
Interest Series A
Interest Series B
Interest Series B
Reserve Series A
Reserve Series A
Reserve Series A
Reserve Series B
Reserve Series B
Reserve Series B
Project Fund Series B
Project Fund Series B
Principal Account
Principal Account
Type of Investment
First American Treas Oblig Cl d Corp Trust
Cash
First American Tress Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
FHLB
Cash
First American Treas Oblig Cl d Corp Trust
FHLB
Cash
First American Treas Oblig CI d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
Revenue Fund
Revenue Fund
Revenue Fund
Purchase Fund
Purchase Fund
UC Fund
L/C Fund
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
Direct Pay LOC #NZS668499
Cash
Original Cost Shares/Face Amount Market Value Rate I
0.03
0.00
0.03
2,414.00
0.00
0.03
0.00
0.03
2,414.00
0.00
1.390
1.420
103,076.00
114,680.87
0.00
114,680.87
194.59
0.00
194.59
570,511.39
101,411.00
114,680.87
0.00
114,680.87
194.59
0.00
194.59
563,185.39
2,414.00
710.00
0.00
710.00
3,774.90
340,000.00
0.00
343,774.90
1,411.00
100,000.00
0.00
2,414.00
710.00
0.00
710.00
3,774.90
345.661 00
0.00
349,435.90
1,411.00
101,665.00
0.00
0 03
0.00
0.03
2.414.00
0.00
2,414.00
710.00
0.00
710.00
3,774.90
340,812.60
0.00
344,587.50
1,411 00
100,239 00
0.00
101,650.00
114,680.87
0.00
114,680.87
194.59
0.00
194.59
564,236.99
First American Funds, Inc.
First American Funds, Inc.
Wells Fargo Bank, NA 10/13/2013 1.00 1.00 0.00
0.00 0.00 0.00
1.00 1.00 0.00
WEST COVINA SUCCESSOR AGENCY
BOND DETAIL REPORT
December 31, 2012
Description of Bond
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1998 Housing Set-Aside Bonds Series A, B
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
1999 Tax Allocation Bonds
Ending Balances 1.00 1.00 0.00
Type of Investment Description of Issuer
2,364,881.38 2,388,625.88 *Market valuations have been provided by U.S. Bank Corporate Trust Services GRAND TOTALS 2,347,399.70
Description of Bond
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2001 RDA Housing Set-Aside T/A Rev Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
2002 RDA T/A Revenue Refunding Bonds
Type of Bond
Special Fund
Special Fund
Interest Account
Interest Account
Reserve Account
Reserve Account
Reserve Account
Project Fund
Project Fund
Special Fund
Special Fund
Special Fund
Interest Account
Interest Account
Reserve Fund
Reserve Fund
Reserve Fund
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
FNMA DISCOUNT NOTE
Cash
First American Treas Oblig CI d Corp Trust
Cash
First American Treas Oblig Cl d Corp Trust
Cash
First American Treas Oblig CI d Corp Trust
Cash
First American Government Obligation Fd CL D
FHLB
Cash
Maturity Date
Open
Open
Open
3/1/2013
Open
Ending Balances
Open
Open
Open
5/30/2014
Ending Balances
Original Cost Shares/Face Amount Market Value Rate I
0.00
0 00
0.00
0.00
0 00
0.00
448.88
779,100.62
0.00
779,549.50
50.43
0.00
50.43
779,599.93
7.029.28
0.00
0.00
7,029.28
0.00
0.00
0.00
4,166.40
992,366.10
0.00
996,532.50
1,003,561.78
0.00
0.00
0.00
0.00
0.00
0.00
448.88
799.936.00
0.00
800,384.88
50.43
0.00
50.43
800,435.31
7,029.28
0 00
0.00
7,029.28
0.00
0.00
0.00
4,166.40
1,006.483.50
0.00
1,010,649.90
1,017,679.18
1.400
5.360
WEST COVINA SUCCESSOR AGENCY
BOND DETAIL REPORT
December 31, 2012
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
U.S. Tress & Agency
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
First American Funds, Inc.
U.S. Treas & Agency
0.00
0.00
0.00
0.00
0.00
0.00
448.88
800,000.00
0.00
800,448.88
50.43
0.00
50.43
800,499.31
7,029.28
0.00
0.00
7,029.28
0.00
0.00
0.00
4,166.40
990,000.00
0.00
994,166.40
1,001,195.68
City of West Covina
Memorandum
AGENDA
Item: SA-3
TO: Christopher J. Chung, Executive Director Date: February 5, 2013
and Successor Agency Board Members
FROM: Thomas Bachman
Finance Director
SUBJECT: APPROVAL AND TRANSMITTAL OF AN ADMINISTRATIVE
BUDGET FOR THE SUCCESSOR AGENCY TO THE WEST
COVINA REDEVELOPMENT AGENCY, AND A SCHEDULE OF
DISTRIBUTION OF FUTURE TAX REVENUES (RECOGNIZED
OBLIGATIONS PAYMENT SCHEDULES "ROPS") PURSUANT
TO AB1X 26 FOR THE PERIOD OF JULY 1 — DECEMBER 31,
2013
RECOMMENDATION:
It is recommended the City Council, acting as the Successor Agency to the West Covina
Redevelopment Agency, adopt the attached resolution:
RESOLUTION NO. A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF WEST COVINA, ACTING AS
SUCCESSOR AGENCY TO THE WEST COVINA REDEVELOPMENT
AGENCY APPROVING AND AUTHORIZING THE TRANSMITTAL
OF AN ADMINISTRATIVE BUDGET FOR THE SUCCESSOR
AGENCY TO THE WEST COVINA REDEVELOPMENT AGENCY,
AND SCHEDULES OF DISTRIBUTION OF FUTURE TAX
REVENUES (RECOGNIZED OBLIGATIONS PAYMENT
SCHEDULES "ROPS") FOR THE PERIOD JULY 1 — DECEMBER 31,
2013, PURSUANT TO ASSEMBLY BILL 1X 26 (AB1X 26)
DISCUSSION:
The Successor Agency is required to file a Schedule of Distribution of Future Tax
Revenues (Recognized Obligation Payment Schedule "ROPS") schedule every six
months in order to receive a distribution of property tax increment dollars with which to
fund the obligations of the former redevelopment agency. These obligations include
bond debt service payments, amounts due under existing agreements with commercial
property owners, repayment of amounts borrowed from the Housing Fund to fund
property tax shifts mandated by the state, cost of litigation to protect assets of the former
redevelopment agency, repayment of loans to the City, and administrative costs of the
successor agency to wind down the affairs of the former redevelopment agency. While
many of these listed items are not necessarily debt, they are considered obligations for
purposes of this mandated report and must be listed on this report if they are to be funded
with distributions of future tax increment dollars. These items are not debt obligations of
the City of West Covina.
The ROPS schedule (Attachment 2) lists all amounts that will be paid in the period July 1
through December 31, 2013. Once approved by the Successor Agency, the ROPS must
then be approved by the seven-member Successor Agency Oversight Board. The ROPS
will be presented to the Oversight Board at their scheduled meeting on February 7, 2013.
Once the ROPS is approved by the Oversight Board, it then must be sent to the State
Department of Finance (DOF) by March 1, 2013. DOF holds final approval authority of
the items listed on the ROPS and directs the Los Angeles County Auditor-Controller on
which items to distribute tax increment funds for to the Successor Agency.
The Successor Agency is also required to adopt an administrative budget for each
upcoming six-month period. Attachment 3 to this report is the administrative budget for
the Successor Agency for the period of July — December 2013. The July — December
administrative budget is 1/2 of the fiscal year 2013-14 estimated annual costs. This
budget is to be funded by the administrative allowance, which is equal to an amount that
is the greater of 3% of the enforceable obligations, or $250,000 annually. The City will
have to absorb any administrative costs above this administrative.
The total amount of funding requested for enforceable obligations on this ROPS is
$7,279,803 and includes many of the same items that have been previously approved by
DOF. New items, listed as items 49 — 54 on the ROPS, include litigation for the slope
failure at the BKK landfill site, unfunded pension liabilities and other retirement benefits
for former CDC staff, outstanding pass through liabilities of the former redevelopment
agency and the reconciliation amount for ROPS 1 that was withheld by the county from
the City's ROPS 3 payment. Additionally, because DOF is using a modified format for
this ROPS, the Successor Agency is required to include items that have been previously
denied by DOF on the last ROPS. These items have no amounts attached to them on this
ROPS, and they may become enforceable obligations in the future if certain criteria are
met.
The Successor Agency Administrative Budget is also attached for approval. This budget
contains the specific items that are included in the administrative budget on line 12 of the
ROPS.
FISCAL IMPACT:
The City, as successor agency, cannot receive or spend any funds unless the amounts are
listed on a Recognized Obligations Payment Schedule. This schedule identifies all
outstanding obligations that must be satisfied before the Agency can be dissolved. The
obligations listed on this schedule will receive property tax allocations distributed by the
county as their funding source.
If the City's administrative costs exceed the administrative allowance, that amount will
have to be absorbed by the City.
Finance Director
Attachments: No. 1 — Resolution
No. 2 — Schedule of Distribution of Future Tax Revenues
No. 3 — Successor Agency Administrative Budget
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA, ACTING AS SUCCESSOR AGENCY TO THE
WEST COVINA REDEVELOPMENT AGENCY APPROVING AND
AUTHORIZING THE TRANSMITTAL OF AN ADMINISTRATIVE
BUDGET FOR THE SUCCESSOR AGENCY TO THE WEST
COVINA REDEVELOPMENT AGENCY, AND SCHEDULES OF
DISTRIBUTION OF FUTURE TAX REVENUES (RECOGNIZED
OBLIGATIONS PAYMENT SCHEDULES "ROPS") FOR THE
PERIOD JULY 1 — DECEMBER 31, 2013, PURSUANT TO
ASSEMBLY BILL 1X 26 (AB1X 26)
WHEREAS, the Community Development Commission of the City of West
Covina ("Commission") is a community development commission organized and
existing under and pursuant to the California Community Development Commission Law
(Part 1.7 of Division 24, commencing with Section 34100, of the Health and Safety Code
of the State of California) (the "CDCL"); and
WHEREAS, the City Council of the City of West Covina ("City") approved and
adopted the Redevelopment Plans for the following Redevelopment Projects
("Redevelopment Plans") covering certain properties within the City (the "Project
Areas"):
1. On December 20, 1971 the West Covina City Council adopted the original
Central Business District Redevelopment Project Area by adoption of Ordinance No.
1180.
2. On July 14, 1975 the West Covina City Council adopted the original Eastland
Redevelopment Project Area by adoption of Ordinance No. 1269.
3. On December 21, 1993 the West Covina City Council approved the Merger of
the Central Business District and the Eastland Redevelopment Project Areas by adoption
of Ordinance No. 1927 and Ordinance No. 1928, which adopted the merged area as the
West Covina Redevelopment Project Area and added three non-contiguous areas to the
merged project area; and
WHEREAS, as part of the 2011-12 State budget bill, the California Legislature
has enacted and the Governor has signed, companion bills AB 1X 26 and AB 1X 27,
requiring that each redevelopment agency be dissolved unless the community that created
it enacts a resolution committing it to making certain payments; and
WHEREAS, on December 29, 2011, the California Supreme Court upheld AB1X
26, which dissolved all of the redevelopment agencies in the State of California as of
February 1, 2012, and struck down AB1X 27; and
WHEREAS, at a meeting of January 10, 2012, the City of West Covina took
action to designate itself as the Successor Agency and the Community Development
Commission as the Housing Successor Agency, as provided in California Health and
Safety Code §§ 34173 and 34176; and
WHEREAS, Health and Safety Code Section 34169(h), which is set forth in Part
1.8, requires a Successor Agency to prepare and submit an approved Recognized
Obligation Payment Schedule for the period from July 1, 2013 to December 31, 2013 to
the State Department of Finance by March 1, 2013, which must list the minimum
amounts that must be paid by the successor agency over that six (6) month period to
fulfill its enforceable obligations during that period; and
WHEREAS, the West Covina City Council, acting as Successor Agency to the
West Covina Redevelopment Agency, reserves the right to appeal any determination of
the California Director of Finance or other entity regarding the propriety of this
resolution as well as any future determinations; and
WHEREAS, while the West Covina City Council, acting as Successor Agency to
the West Covina Redevelopment Agency, currently intends to comply with the state-
mandated obligations established hereunder; and
WHEREAS, all other legal prerequisites to the adoption of this resolution have
occurred.
NOW, THEREFORE, BE IT RESOLVED by the West Covina City Council,
acting as Successor Agency to the West Covina Redevelopment Agency, as follows:
SECTION 1. The foregoing Recitals are incorporated into this Resolution by this
reference, and constitute a material part of this Resolution.
SECTION 2. The Schedule of Distribution of Future Tax Revenues (Recognized
Obligations Payment Schedule "ROPS") attached hereto as Attachment "2" is approved
and the City Manager is authorized to transmit the same to the Los Angeles County
Auditor-Controller, the State Controller and the State Department of Finance in
accordance with Health and Safety Code Section 34169 subject to all reservations of
rights and contingencies set forth above.
SECTION 3. The Administrative Budgets for the Successor for the six-month
period July — December 2013, attached hereto as Attachment "3" is approved and the City
Manager is authorized to transmit the same to the Los Angeles County Auditor-
Controller, the State Controller and the State Department of Finance in accordance with
Health and Safety Code Section 34169 subject to all reservations of rights and
contingencies set forth above.
SECTION 5. The City Manager or designee is authorized to take all actions
necessary to implement this Resolution, including without limitation, the posting of this
Resolution and the Recognized Obligation Payment Schedule on the City's website, and
the provision of notice of adoption of this Resolution and such Schedule to the County
Auditor-Controller, the State Controller and the State Department of Finance.
SECTION 6. The City Clerk shall certify as to the passage and adoption of this
Resolution, and it shall thereupon take effect and be in full force, except that this
Resolution shall not be effective during any period of time that the Stay remains
effective.
APPROVED AND ADOPTED at a regular meeting of the City Council of the
City of West Covina this 5 th day of February 2013.
Mayor Shelley Sanderson
ATTEST:
Assistant City Clerk Susan Rush
I SUSAN RUSH, ASSISTANT CITY CLERK, of the City of West Covina do hereby
certify that the foregoing resolution was duly adopted by the West Covina City Council,
acting as Successor Agency to the West Covina Redevelopment Agency, at a meeting
thereof held on the 5 th day of February 2013, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Assistant City Clerk Susan Rush
APPROVED AS TO FORM:
City Attorney
SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Filed for the July 1, 2013 to December 31, 2013 Period
Name of Successor Agency: WEST COVINA (LOS ANGELES)
Outstanding Debt or Obligation
Total Outstanding Debt or Obligation
Current Period Outstanding Debt or Obligation
A Available Revenues Other Than Anticipated RPTTF Funding
B Enforceable Obligations Funded with RPTTF
C Administrative Allowance Funded with RPTTF
D Total RPTTF Funded (B + C = D)
E Total Current Period Outstanding Debt or Obligation (A + B + C = E) Should be same amount as ROPS form six-month total
F Enter Total Six-Month Anticipated RPTTF Funding
G Variance (F - D = G) Maximum RPTTF Allowable should not exceed Total Anticipated RPTTF Funding
Prior Period (July 1, 2012 through December 31, 2012) Estimated vs. Actual Payments (as required in HSC section 34186 (a))
H Enter Estimated Obligations Funded by RPTTF (lesser of Finance's approved RPTTF amount including admin allowance or the actual amount distributed)
I Enter Actual Obligations Paid with RPTTF
J Enter Actual Administrative Expenses Paid with RPTTF
K Adjustment to Redevelopment Obligation Retirement Fund (H - (I +1) = K)
L Adjustment to RPTTF (D - K = L)
Total
$313,066,621
Six-Month Total
$5,636,746
$7,067,770
$212,033
$7,279,803
$12,916,549
$7,279,803
$0
$5,616,065
$4,795,449
$241,173
$579,443
$6,700,360
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m) of the Health and Safety code,
I hereby certify that the above is a true and accurate Recognized
Obligation Payment Schedule for the above named agency.
Name Title
/s/
Signature Date
Oversight Board Approval Date:
WEST COVINA (LOS ANGELES)
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-144)
July 1,2013 through December 31, 2013
Item K Project Name / Debt Obligation
Contract/Agreement
Execution Date
Contract/Agreement
Termination Date Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation
Total Due During
Fiscal Year
2013-14
Funding Source
Bond Proceeds Reserve Balance Admin Allowance RPTTF Other
$313,066,621 $18,124,391 $0 $1,453,446 $212,033 $7,067,770 $4,183,300
1 1999 Tax Allocation Bonds 11/1/1999 11/1/2029 US Bank Fund capital projects in Merged Area Merged 4,998,083 154,400 0 0 0 7,200 0
2 2002 Tax Allocation Bonds 6/1/2002 9/1/2022 US Bank Refund outstanding 1993 bonds Merged 11,164,574 981,110 0 0 0 786,536 0
3 2006 Lease Revenues Bonds 9/19/2006 6/1/2036 City of West Covina Reimburse City for BLD Debt Service Merg/Citywide 28,555,769 1,135,196 0 0 0 567,598 0
4 1998 Housing Set Aside Bonds 4/1/1998 9/1/2025 US Bank Acquisition and rehab of a housing proj Merged 5,625,916 432,682 0 0 0 326,679 0
5 2001 Housing Set Aside Bonds 12/1/2001 9/1/2030 US Bank Development of a senior housing proj Merged 10,599,627 770,195 0 0 0 599,718 0
6 SERAF 2010 Housing Loan 2/16/2010 6/30/2015 Housing Successor Agency Repay SERAF to the housing fund Merged 4,896,981 1,632,328 0 0 0 816,164 0
7 SERAF 2011 Housing Loan 1/18/2011 6/30/2016 Housing Successor Agency Repay SERAF to the housing fund Merged 1,076,382 268,594 0 0 0 134,297 0
8 DDA - The Lakes 6/26/1987 6/30/2038 Gateway Crescent, LLC Allocated bond costs & maint for park structure Merged 1,380,000 250,000 0 0 0 190,000 0
9 CFD Tax Increment Pledge 6/26/1989 9/1/2022 Fashion Plaza CFD Tax Increment pledged Ito CFD Merged 14,427,095 1,450,000 0 0 0 725,000 0
10 135 - CFD 10/19/2004 10/19/2054 Coastal Sage Scurb CFD CFD Assessment Merged 4,694,059 74,835 0 0 0 37,418 0
11 Repay County Loan 6/19/1990 8/20/2021 County of Los Angeles Repay Loan of Defered Tax Increment Merged 12,171,800 1,366,844 0 0 0 1,366,844 0
1.2 SA Adminstrative Budget SA staff, Various Operations for both project areas Merged 16,520,339 484,361 0 0 212,033 0 0
13 City Cooperative Agreement City of West Covina Reimbursement of advanced SA expenses Merged 500,000 150,000 0 0 0 75,000 0
14 Anticipated/Existing Litigation 3/16/2006 Squire Sanders & Dempsey Enforcement of judgments/obligations Merged 2,400,000 1,200,000 0 0 0 600,000 0
15 Anticipated/Existing Litigation Alvarez-Glasman Colvin Enforcement of judgments/obligations Merged 240,000 120,000 0 0 0 60,000 0
16 Anticipated/Existing Litigation Eminent Domain Law Group RDA property litigation Merged 300,000 100,000 0 0 0 50,000 0
17 Anticipated/Existing Litigation Hunsucker Goldstien RDA property litigation Merged 100,000 50,000 0 0 0 25,000 0
18 Project Administrative Costs Various Project specific related costs Merged 0 0 0 0 0 0
19 AB 1484 Auditing Fees White Nelson Diehl Evans AB 1464 Auditing Fees Merged 262,500 15,000 0 0 0 15,000 0 0
20 Oversight Board Legal Services TBD Oversight Board Legal Services Merged 0 0 0 0 0 0 0
21 Successor Agency Legal Services Alvarez-Glasman Colvin Successor Agency Legal Services Merged 0 0 0 0 0 0 0
22 Property Management Plan IRIS I nna-Panae Prnoerty Management Plan ner AR 1484 Marvell qnn non 0 0 0 300,000 0
23 Oty Note - Adoto-ustration 8/9/1971 - , / , City of West Cowna hepayC1tyfvaa&mn&ronstuictvwr - '- - Mer . 0
24 City Nate- CIP . . -, ' 2/28/1972 .- 5/3012025.. Crty of Wv-st CovinA Repay Crty (cc .caprtal protects ,
..
-25 Cety Note fteecdvrog . 12/16/1985 6/ . City -014,1 Covroa . Repay 0-ty tor revabnog crock Meryed
.1- 26 Sales Tax Reirobursernertt 712 6/30/2 ,. Crty et West Covina Reirotrorsc-Oty foc CFO Sales Tax
2/ 6eit 6/21/2011 -_ ' Gaff course feepigmentagotmAgregmen $41010
at 1996 CFD Refunding Bonds //1/1996 9/1/2022 US Bank Fund Fashion Plaza Improvements Merged 43,711,800 3,944,550 0 0 0 0 3,030,600
29 1988 Lease Rev Refunding Bonds 8/1/1988 8/1/2018 Wells Fargo Bank Fund Lakes Parking Project Merged 3,831,000 539,900 0 0 0 0 502,700
30 OPA - CFO 6/26/1989 9/1/2022 Westfield Corporation CFD admix and developer repayment Merged 95,123,569 650,000 0 0 0 0 650,000
31 Anticipated/Existing Litigation 3/16/2006 Squire Sanders & Dempsey Enforcement of judgments/obligations Feb-Jun 2012 Merged 0 0 0 0 0 0 0
32 Anticipated/Existing Litigation 3/16/2006 Squire Sanders & Dempsey Enforcement of judgments/obligations Jul-Dec 2012 Merged 0 0 0 0 0 0 0
33 Anticipated/Existing Litigation 3/16/2006 Alvarez-Glasman Colvin Enforcement of judgments/obligations Feb-Jun 2012 Merged 0 0 0 0 0 0 0
34 Anticipated/Existing Litigation 3/16/2006 Alvarez-Glasman Colvin Enforcement of judgments/obligations Jul-Dec 2012 Merged 0 0 0 0 0 0 0
35 Anticipated/rxisting Litigation Eminent Domain Law Group RDA property litigation: Feb-Jun 2012 Merged 0 0 0 0 0 0 0
36 Anticipated/Existing Litigation Eminent Domain Law Group RDA property litigation: Jul-Dec 2012 Merged 0 0 0 0 0 0 0
37 Anticipated/Existing Litigation Hunsucker Goldstien RDA property litigation: Feb-Jun 2012 Merged 0 0 0 0 0 0 0
38 Anticipated/Existing Litigation Hunsucker Goldstien RDA property litigation: Jul-Dec 2012 Merged 0 0 0 0 0 0 0
39 Successor Agency Legal Services Alvarez-Glasman Colvin Successor Agency Legal Services: Feb-Jun 2012 Merged 0 0 0 0 0 0 0
40 SioccAtthr Agency Legal Service, Alvarez-Glasman Colvin Successor AKAncy Legal Services: Jul-Dec 2012 Merged 0 0 0 0 0 0 0
Oty flote'- Adrointstration • 5/9/1971 - -. City of WestOyeina - Iterpay Oty forQ-drnon St cormtructron, Febsh.ro 2012 ... . Merged
• 42 (Ay Hale., AcIrrterstratkoci";,...' -..13_: 8/9/1571 6130/2025 Cltrof Repay City for artrrdin & cortrtruittion: AA-11w 2012 - -,:-
43 , aty9iote---5/P.i,:-,-'1 .-- 7... 2/213,11972 •,' .. • ','---,-.A 6/K0/2025 - l.'1.--.:, 7.':.: -, ',..- Oty of West Cmina" .,- - Repay-Crty forcapkal pnecfs Feb...tur 2012-.7'.1..c 0 t't.,....,..0 -
City-Now...CM ".', it 2/28/3972'-- -,--.-' 8/30/2025.,A-' - Cgry Di West Repay Off fot ncarritai '..141-0ec , tiite_vd - 0 -"- t- - `-'----0
0
.
45 1998- 2006 Bonds Per bond documents Individual bond dates US Bank Bond Fiscal Agent Fees Merged 16,000 0 0 7,500 0
46 1998- 2006 Bonds Per bond documents Individual bond dates Wells Fargo Bank Bond Letter of Credit Fees Merged 58,080 0 0 0 29,040 0
47 1998- 2006 Bonds Per bond documents Individual bond dates Wells Fargo Bank Bond Remarketing Fees Merged 4,800 0 0 0 2,400 0
48 1998- 2006 Bonds Per bond documents Individual bond dates Standard and Pours Bond Credit Agency Surveilance Fees Merged 2,000 0 0 0 2,000 0
49 Anticipated/Existing Litigation Law Office of Robert Gooko RDA property litigation - BKK slope failure Merged 375,000 200,000 0 0 0 100,000 0
50 Unfunded Pension Liabilities ongoing CalPERS Payment for unfunded pension obligations Merged 1,341,967 89,464 0 0 0 44,732 0
51 Retirement Benefits ongoing Former employee Payment for retirement obligations Merged 1,197,721 25,924 0 0 0 12,962 0
52 ROPS 1 RORF Reserve City of West Covina Adjustment to Redevelopmt Obligation Retirement Fund Merged 1,453,446 1,453,446 0 1,453,446 0 0 0
53 Outstanding Pass Through Obligations Various taxing entities Consultant for ROPS and property management plan Merged 168,682 168,682 0 0 0 168,682 0
54 Contractual Services ROPS/Property Plan Gonsalves and Sons Landfill closure mitigation to approved recreation use Merged 72,000 36,000 0 0 0 18,000 0
55 BKK Landfill Closure Agreements Various Landfill closure mitigation to approved recreation use Merged 45,578,311 0 0 0 0 0 0
Six-Month Total
$12,916,549
7,200
786,536
567,598
326,679
599,718
816,164
134,297
190,000
725,000
37,418
1,366,844
212,033
75,000
600,000
60,000
50,000
25,000
0
15,000
0
0
300,000
0
0
0
0
0
3,030,600
502,700
650,000
0
0
0
0
0
0
0
0
0
0
0
0
0
7,500
29,040
2,400
2,000
100,000
44,732
12,962
1,453,446
168,682
18,000
0
WEST COVINA (LOS ANGELES)
Pursuant to Health and Safety Code section 34186 (a)
PRIOR PERIOD ESTIMATED OBUGATIONS vs. ACTUAL PAYMENTS
RECOGNIZED OBUGAT1ON PAYMENT SCHEDULE (ROPS II)
July 1,2012 through December 31,2012
Item 4 Project Name / Debt Obligation Payee Description/Project Scope Project Area
LMIHE Bond Proceeds Reserve Balance Admin Allowance RPTTP 0th
Estimate Actual Estimate Actual Estirnate Actual Estimate Actual Estimate Actual Estimate
$0 $0 $0 $0 $0 $0 $241,173 $241,173 $5,374,892 $4,795,449 $3,683,700
1999 Tax Allocation Bonds US Bank Fund capital projects in Merged Area Merged 171,600 157,696
2 2002 Tax Allocation Bonds US Bank Refund outstanding 1993 bonds Merged . 782,736 781,186
3 1996 GED Refunding Bonds US Bank Fund Fashion Plaza Improvements Merged 0 0 2,798,700
4 1988 Lease Rev Refunding Bnds Wells Fargo Bank Fund the Lakes Parking Project Merged 462,740 0
5 2006 Lease Revenues Bonds City of West Covina Reimburse City for BLD Debt Service Merg/Citywide 563,490 563,500
6 1998 Housing Set Aside Bonds US Bank Acquisition and rehab of a housing proj Merged 330,729 330,529
7 2001 Housing Set Aside Bonds US Bank Development of a senior housing proj Merged 591,717 591,592
8 SERAF 2010 Housing Loan Housing Successor Agy Repay SERAF to the housing fund Citywide 816,164 816,164
9 SERAF 2011 Housing Loan Housing Successor Agy Repay SERAF to the housing fund Citywide 133,297 133,297
10 DOA - The Lakes Various Bond admin & maint for park structure Merged 135,000 198,307
11 OPA - CFD Westfield et al CFO admin & Developer repayment Merged 0 0 885,000
12 CFO Tax Incrernent Pledge Plaza CFO Tax Increment pledged ho CFD Merged 0 0
13 COO- CFD CSS Corn Fac Dist CFD Assessment Merged 37,419 36,684
14 SB2557 Admin County of Los Angeles Tax Collection Services Merged 0 0
15 Passthrus Other taxing entities Passthrus per agreements and code Merged 0 0
16 Repay County Loan County of Los Angeles Repay Loan of Defered Tax Increment Merged 1,350,000 1,186,494
17 Non personnel operation cost Various Operations for both project areas Merged 0 0
18 Administrative Allowance Various employees Salaries and benefits for personnel Merged 241,173 204,940 0 0
19 Anticipated/Existing Litigation Various Enforcement of obligations Merged 0 0
20 City Note - Administration City of West Covina Repay City for admin & construction Merged 0 0
21 City Note - CIP City of West Covina Repay City for capital projects Merged 0 0
22 City Note Revolving City of West Covina Repay City for revolving credit Merged 0 0
23 Sales Tax Reimbursement City of West Covina Reimburse City for CFO Sales Tax Merged 0 0
24 Golf Course Agreement Various Golf Course Implementation Agreement Merged 0 0
25 Reserve for ROPS 3 Admin Allowance Various employees Salaries and benefits for personnel Merged 0 36,233
er
Actual
$3,683,700
2,798,700
885,000
Successor Agency to the West Covina Redevelopment Agency Attachment 3
Administrative Budget
Used for July-Dec 2013 ROPS
Annual July-Dec
Amount 2013
Salaries & Benefits 340,150 170,075
M & 0
Consultants 25,000 12,500
Legal Fees 30,000 15,000
Phone 908 454
Cell Phone 720 360
Supplies 2,500 1,250
-
A & 0 65,000 32,500
Liability Insurance 16,800 8,400
Subtotal 140,928 70,464
Total Budget 481,078 240,539
Administrative BudgetAdmin Budget 2013-141/31/2013