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Council approves FY 2024–25 ROPS; successor agency to submit schedule to oversight board
Summary
Acting as the successor agency, the council approved the FY 2024–25 Recognized Obligation Payment Schedule; staff said the largest expense continues to be outstanding bonds of roughly $12.5 million and the schedule will be submitted to the Lake County Oversight Board and State Department of Finance.
The Clear Lake City Council, sitting as the successor agency to the former Clear Lake redevelopment agency, unanimously approved the Recognized Obligation Payment Schedule (ROPS) for the 2024–25 fiscal period.
Director of Finance (speaker 21) told the council the ROPS must be presented to the Lake County Oversight Board on Jan. 25 and submitted to the State Department of Finance by Feb. 1. He said the expenses on the 2024–25 schedule are consistent with prior years and that the largest liability remains the annual bond payment, with approximately $12,500,000 outstanding.
Council Member Sleet moved to approve the ROPS for the period July 1, 2024 through June 30, 2025; Council Member Purdock seconded. The motion passed with unanimous votes in the online portal. No public comment or amendments were recorded on the item.
Next steps: with council approval the ROPS will be presented to the Lake County Oversight Board and then submitted to the State Department of Finance by the Feb. 1 deadline.
