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OCII previews ROPS 2016—17 and budget priorities: debt service, housing and Transbay infrastructure
Summary
OCII presented an expedited Recognized Obligation Payment Schedule (ROPS) for July 2016—206/30/2017 under SB 107, highlighting a $416 million wrap of obligations with debt service about 30% of the total and substantial housing, Mission Bay bond and Transbay infrastructure expenditures; staff will refine the annual budget in spring.
Deputy Director Sally Ors presented a high-level overview of the Recognized Obligation Payment Schedule (ROPS) for fiscal year 2016—2017 (item 5G). Because SB 107 changed ROPS reporting to an annual format and created an accelerated schedule, OCII must transmit a first-pass ROPS to the Oversight Board and Department of Finance by February 1.
Ors said the agency produced an initial ROPS package that aggregates approximately $416 million in uses across tax increment, bond proceeds and other funding sources. Debt service is the largest single category (roughly 30 percent of the ROPS total). OCII plans significant housing and infrastructure expenditures across Mission Bay, Transbay and Hunters Point Shipyard/Candlestick Point project areas; Mission Bay shows a larger available tax increment in this period because of planned bond issuances and infrastructure reimbursement needs. Ors noted the DOF requested more granular separation of pure administrative costs from project-management staffing and said line-item recategorizations were reflected in the ROPS spreadsheet.
Ors also described available funding for affordable housing (including recently received in-lieu fees) and noted the agency's plan to issue housing bonds in spring and Transbay infrastructure bonds later in the year. OCII staff framed the ROPS submittal as a first-pass number that will be refined in the normal annual budget process after the required transmissions to the Oversight Board and DOF.
There were no public speaker cards for the ROPS presentation and commissioners did not request substantive changes at the workshop; staff will return with a refined annual budget in the spring and submit the ROPS to the Oversight Board for action.
Source: OCII presentation at the January 19, 2016 commission meeting (item 5G).
