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OCII details ROPS 2017‑18 amendment and financing changes, including bond refundings and Folsom Streetscape funding
Summary
OCII staff presented amendments to the 2017‑18 Recognized Obligation Payment Schedule to reflect additional bond proceeds, increased project costs for Folsom Streetscape, modular housing predevelopment, and timing changes that keep RPTTF non‑admin revenue‑neutral.
OCII staff reviewed proposed amendments to the Fiscal Year 2017‑18 Recognized Obligation Payment Schedule (ROPS) during the Sept. 19 meeting, describing changes tied to bond refundings, construction cost updates and reconciliations to the agency work plan.
Deputy Director for Finance explained the agency is requesting additional authority across multiple funding sources to reflect updated financing choices and development partner cost estimates. Key elements noted included requests for bond proceeds related to 2017D and 2017E refundings, approximately $5.9 million in additional bond funding for Folsom Streetscape construction to reflect higher cost estimates, $1.5 million to evaluate modular construction approaches on Mission Bay Block 9 (to support different cash‑flow timing), and technical adjustments to debt‑service timing to make the RPTTF (property tax) distributions revenue‑neutral.
Staff said the aggregate amended ROPS totals roughly $543.3 million, reflecting changes in bond proceeds, developer reimbursements and property‑tax funded obligations. The agency emphasized that the RPTTF non‑admin increase being requested is structured so it will not change net distributions to taxing entities after proper timing and offsetting adjustments.
Commissioners asked questions about projected interest rates, the size of the outstanding bond portfolio (staff reported about $1 billion outstanding), and how prior cuts to the agency’s operating budget were absorbed. Staff said operating cuts were addressed through shifting some professional‑service costs to requesting city departments, accelerating property transfers to reduce carrying costs, deferring special projects, and re‑using prior‑year unexpended authority for some IT purchases.
Staff will submit the amendment to the Department of Finance on schedule and expects DOF feedback by mid‑December; the commission received the item as informational during this meeting.
