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OCII outlines ROPS guidance changes, proposes excess bond‑proceeds uses for neighborhood projects
Summary
Staff updated the commission on Department of Finance guidance affecting accrual and reserves in the Recognized Obligation Payment Schedule (ROPS) and proposed uses for roughly $1.1 million in non‑housing, tax‑exempt excess bond proceeds for capital projects such as streetscape and façade improvements across project areas. No action was required.
OCII staff updated the commission on proposed changes and clarifications to the Recognized Obligation Payment Schedule (ROPS) for the July–December 2014 period, including new Department of Finance guidance on accrual treatment and reserves and candidate uses for excess tax‑exempt bond proceeds.
Deputy Director Sally Orth summarized guidance from the Department of Finance that allows successor agencies to accrue expenditures made after a ROPS period up to the time of the department’s true‑up so those payments can be reflected in the earlier ROPS period. "Our current analyst… feels that…
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