HomeMy Public PortalAbout2023-01-17-LSAThis Agenda contains a brief general description of each item to be considered. Copies of the Staff reports or
other written documentation relating to each item of business referred to on the Agenda are on file in the Office of
the City Clerk and are available for public inspection. Any person who has a question concerning any of the
agenda items may call the City Manager at (310) 603-0220, ext. 200.
Procedures for Addressing the Council
IN ORDER TO EXPEDITE CITY COUNCIL BUSINESS, WE ASK THAT ALL PERSONS WISHING TO ADDRESS THE
COUNCIL SUBMIT YOUR COMMENTS IN ADVANCE TO CITYCLERK@LYNWOOD.CA.US OR FILL OUT A FORM
PROVIDED AT THE PODIUM, AND TO TURN IT IN TO THE CITY CLERK PRIOR TO THE START OF THE
MEETING. FAILURE TO FILL OUT SUCH A FORM WILL PROHIBIT YOU FROM ADDRESSING THE COUNCIL IN
THE ABSENCE OF THE UNANIMOUS CONSENT OF THE COUNCIL.
AGE N D A
City of Lynwood as Succe ssor Age ncy
to the Lynwood Re de v e lopme nt Agency
TO BE HE L D ON
January 17, 2023
CO U N C I L C H A MB ERS - 11350 BULLI S RD. LY NWOOD, CA 90262 or We b
confe rence via ZOO M - To participate v ia Zoom or by telephone : 1-669-900-9128
or 1-253-215-8782 Mee ting I D: 835 2029 8238
Duly Poste d on 1/12/2023 By MQ
6:00 PM
1.C ALL TO OR D ER
2.C E R T IF IC ATION OF AGE N D A P OS T IN G B Y S E C R E TARY
3.R OL L C AL L OF ME MB E R S
Oscar F lores, Mayor
Ri ta S oto, Mayor P ro Tem
Gabri ela C amacho, C ouncil Member
J uan Munoz-Guevara, C ouncil Member
J ose L uis S olache, C ouncil Member
P U B L IC OR AL C OMMU N IC AT ION S
(Regarding Agenda Items Only)
N ON-AGE N D A P U B LIC OR AL C OMMU N IC AT ION S
THIS PORTION PROVIDES AN OPPORTUNITY FOR THE PUBLIC TO ADDRESS THE LYNWOOD SUCCESSOR
AGENCY ON ITEMS WITHIN THE JURISDICTION OF THE LYNWOOD SUCCESSOR AGENCY AND NOT LISTED
ON THE AGENDA. IF AN ITEM IS NOT ON THE AGENDA, THERE SHOULD BE NO SUBSTANTIAL DISCUSSION
OF THE ISSUE BY LYNWOOD SUCCESSOR AGENCY, BUT LYNWOOD SUCCESSOR AGENCY MAY REFER THE
Lynwood Successor Agency - Page 1 of 46
MATTER TO STAFF OR SCHEDULE SUBSTANTIVE DISCUSSION FOR A FUTURE MEETING. (The Ralph M.
Brown Act, Government Code Section 54954.2 (a).)
C ON SEN T C AL E N D AR
ALL MATTERS LISTED UNDER THE CONSENT CALENDAR WILL BE ACTED UPON BY ONE MOTION
AFFIRMING THE ACTION RECOMMENDED ON THE AGENDA. THERE WILL BE NO SEPARATE DISCUSSION ON
THESE ITEMS PRIOR TO VOTING UNLESS MEMBERS OF THE COUNCIL OR STAFF REQUEST SPECIFIC
ITEMS TO BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE ACTION.
4.T R E AS U R E R'S MON T H LY IN V E S T ME N T R E P OR T
Comments:
The purpose of this item is to have the Honorable Mayor and the Lynwood C ity C ouncil, as
S uccessor to Lynwood Redevelopment B oard revi ew the Treasurer ’s Monthly Investment Report
as requi red by S tate S tatutes. (C T)
Recommendation:
The following is the Investment Report for the month ending D ecember 31, 2022. This report is
provi ded to ensure C ity C ouncil is informed of the D epartment’s investment activities. The report
satisfies the recommended reporting requi rements of the C ity of Lynwood, which addresses the
C ity C ouncil’s request for monthly financial information.
It is recommended that the C ity C ouncil for the C ity of Lynwood receive and file the attac hed Monthly
Investment R eport.
5.AD OP T ION OF T H E R E C OGN IZE D OB L IGATION PAYMEN T SC H E D U L E F OR T H E
P E R IOD OF JU LY 1, 2023 TO J U N E 30, 2024 (R OP S 23-24) AN D AD OP T ION OF T H E
AD MIN IS T R AT IVE B U D GE T
Comments:
The S uccessor to the Lynwood Redevelopment A gency will consi der approving the Recogni zed
Obligation P ayment S chedule (R OP S ) for the period of J uly 1, 2023 to J une 30, 2024, to
facili tate the payment of "enforceable obligations". If the S uccessor to the Lynwood
Redevelopment A gency does not submit the ROP S to the S tate D epartment of F i nance (D O F )
by F ebruary 1st, the S uccessor A gency shall be subject to a civil penalty equal to $10,000 per day
for every day the schedule is not submitted to the D OF. The ROP S 23-24 has been prepared for
consideration and the approval of the S uccessor to the Lynwood Redevelopment A gency to
submi t to the S econd D i strict C onsolidated Oversight B oard in order to meet the F ebruary 1st
deadline. (F IN)
Recommendation:
S taff recommends that the C ity C ounci l, as S uccessor to the Lynwood Redevelopment A gency,
adopt the attached resolution entitled: “A RE S OL UTION O F THE C ITY C OUNC IL OF THE
C ITY O F LYNW O OD , C OUNTY OF L OS A NGE L E S , S TATE OF C A L IF ORNIA , A S
S UC C E S S O R TO TH E LYNW OOD RE D E V E L OP M E NT A GE NC Y A P P ROV ING THE
RE C OG NIZE D OB L IGATION PAYM E NT S C HE D UL E C O V E RING TH E P E R IOD OF J ULY
1, 2023 TO J UNE 30, 2024 A ND A D OP TING THE A D M INIS TRATIV E B UD GE T”.
AD J OU R N ME N T
C ITY O F LYN W OO D A S S UC C E S S O R A GE NC Y TO THE LYNW OO D R E D E V E L O P M E NT
A G E NC Y M E E TINGS W IL L B E P O S TE D A S NE E D E D . THE NE X T M E E TING W IL L B E HE L D
IN THE C OUNC IL C HA M B E RS O F C ITY H A L L A NNE X , 11350 B UL L IS RO A D , C ITY OF
LYNW O OD , C A L IF ORNIA .
Lynwood Successor Agency - Page 2 of 46
A genda I tem # 4.
AGENDA STAF F REPORT
D AT E: J anuary 17, 2023
TO: Honorable Mayor and Members of Lynwood C ity C ouncil, as S uccessor to Lynwood
Redevelopment B oard
AP P R OV E D B Y: E rnie Hernandez, C ity Manager
P R E PAR E D B Y: S heila Harding, D eputy C ity Treasurer
S U B J E C T: TRE A S URE R'S M O N TH LY INV E S TME NT RE P ORT
Recommendation:
The following is the Investment Report for the month endi ng D ecember 31, 2022. This report is provi ded to ensure
C ity C ouncil is i nformed of the D epartment’s investment activi ti es. The report satisfies the recommended
reporting requirements of the C i ty of Lynwood, which addresses the C ity C ouncil’s request for monthly fi nancial
information.
It is recom mended that the C ity C ouncil for the C ity of Lynwood rec eive and file the attached Monthly Investment R eport.
Background:
Government C ode S ection 53607, last amended 1996, with reference to the reporting of investment transacti ons
states that the Treasurer shall make a monthly report of those transacti on to the legislative body. Government
C ode S ection 53646 (b) (1), last amended 2004, with reference to discussion related to establishment of an
Investment P olicy and i nvestment reporting states that “the Treasurer may render a quarterly report”. To determi ne
the applicable code inasmuch as reference to Government C ode S ection 53607 or non-compli ance thereof has
never been included i n past audit findings. While Government C ode S ection 53646 (b) (1) which is the most
current version related to Investment Reporting utilizes the word “may” indicating the reporting mechanism is
optional, to err on the side of caution, and in order to ensure that we are in compliance with all Government C odes,
a new procedure of submitting monthly reports to the C ouncil/A gency agenda was implemented. A ttached for
C ouncil/A gency revi ew is the C ity’s/A gency’s Monthly Treasurer ’s Report.
Discussion and Analysis:
The investment transactions were executed i n accordance with the C ity's Investment P olicy and the C ali forni a
S tate Government C ode S ection 5346(b)(3) that requires the general fund is able to meet its expenditure
requirements for the next six months.
Lynwood Successor Agency - Page 3 of 46
Fiscal Impact:
The action recommended in this report will not have a fiscal impact on the C ity.
Coordinated With:
F HN F inanci al Main S treet A dvisors currently monitors the C ity’s i nvestment activities.
AT TAC H ME N T S:
Description
AC TIV IT Y & S U MMARY R E P OR T - D E C E MB E R 2022
F H N E C ON OMIC R EPOR T - D E C E MB E R 2022
N R F & C ON F E R EN C E B OAR D GL OB AL - D E C E MB E R 2022
Lynwood Successor Agency - Page 4 of 46
ACTIVITY & PERFORMANCE SUMMARY
DECEMBER 2022
1
The following is the City’s cash flow and the monthly investment report. The monthly report includes a summary
of the City’s investment portfolio, a monthly review of the investment market as prepared by the investment
managers and detailed information on monthly transactions, cash flows and investments by issuer.
FHN Investment Advisors manage the portion of investments not invested by LAIF (State Local Agency Investment
Fund).
The tables below provide key statistics regarding the City’s cash flow and investment portfolio as of December 31,
2022.
Type Balances Held
Cash - US Bank $48,689,265.10
Cash - JPMorgan Chase Bank $8,056,091.92
Local Agency Investment Fund $9,595,678.13
FHN Investment Advisors/BNY 25,744,440 .91
TOTAL $66,341,035.15
FHN ACCOUNT SUMMARY
31-Dec 30- Nov
Market Value $35,344,239 $35,314,063
Book Value $36,481,176 $36,466,189
Variance (1,136,936) ($1,152,126)
Par Value $36,500,250 $36,492,754
Net Asset Value $96.88 $96.84
Book Yield 2.38% 2.35%
Market Yield 3.95% 3.88%
Years to Maturity 1.69 1.75
Effective Duration 1.45 1.45
FHN INVESTMENT COMPLIANCE
% %
Company Book Value of
Portfolio
Allowed
by Policy
US Treasuries 6,499,374.86 17.82% 100%
US Federal Agencies 10,450,169.07 28.65% 100%
Supranational Obligations $0.00 0% 30%
LAIF 9,595,678.13 26.30% 75%
Commercial Paper 1,478,968.63 4.05% 25%
Money Market Funds 52,571.67 0.14% 20%
Negotiable Certificates of Deposit 4,915,622.91 13.47% 30%
Lynwood Successor Agency - Page 5 of 46
ACTIVITY & PERFORMANCE SUMMARY
DECEMBER 2022
2
Corporate Obligations 3,488,790.30 9.56% 30%
State and Local Governments $0.00 0% 100%
Total 36,481,175.57 100.00%
All of the City’s rated investments were rated “A” or higher by at least two rating agencies on December 2022.
The City’s investments comply with its current investment policy, which emphasizes the safety, liquidity, and
return of its investments, allowing the city to meet its expenditures for the next six months.
PURCHASES & MATURITIES
No Purchases or Redemptions for the month of December 2022.
FHN INCOME EARNED SUMMARY
December
Month End
Fiscal Year to
Date
INTEREST
Interest Received/Purchased. 7,495.34 191,919.53
Plus Accrued Interest at End of Period 165,558.38 165,558.38
Less Accrued Interest at Beginning of Period -124,829.88 -74,680.06
Interest Earned During Period 48,223.84 282,797.85
Total Adjustments for Amortization/Accretion 7,491.20 25,036.43
Total Capital Gains or Losses 0.00 0.00
Total Earnings During Period 55,715.04 307,834.28
Lynwood Successor Agency - Page 6 of 46
Quarterly Economic and Market Update
December 2022
Lynwood Successor Agency - Page 7 of 46
Economic and Market Update
*Estimates for the current quarter/month, some data are lagged Sources: FHN Main Street and Bloomberg
Case-Shiller Home Prices YOY*8.6%16.0%(7.4%)
Consumer Confidence 108.3 103.2 5.1
Gold (per ounce)$1,824.02 $1,660.61 $163.41
Dollar Index 103.52 112.12 (8.60)
U.S. Avg Regular Unleaded $3.21 $3.80 ($0.59)
Retail Sales YOY*8.7%8.4%0.3%
S&P 500 3,840 3,586 7.1%
Consumer Price Index YOY*7.6%8.2%(0.6%)
1-5 Yr A-AAA Corporate Spread 0.69%0.81%(0.12%)
Dow Jones 33,147 28,726 15.4%
30 Year Mortgage Rate 6.66%5.83%0.83%
1-5 Yr Agency Spread 0.07%0.03%0.04%
10 Year T-Note 3.88%3.83%0.04%
U.S. Fed Debt Avg Yield*2.30%1.99%0.31%
3 Year T-Note 4.23%4.29%(0.06%)
5 Year T-Note 4.01%4.09%(0.09%)
2 Year T-Note 4.43%4.28%0.15%
3 Month T-Bill 4.37%3.27%1.10%
Labor Force Participation 62.3%62.3%0.0%
Effective Fed Funds Rate 4.33%3.08%1.25%
U.S. Payrolls Monthly Change 223,000 269,000 (46,000)
Unemployment Rate 3.5%3.5%0.0%
12/31/2022
Item 12/31/2022 9/30/2022 Change
2Lynwood Successor Agency - Page 8 of 46
Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
Estimate: Bloomberg's Survey of Economists
As of: 12/31/2022
12/31/2022
-1.4
5.2
4.7
1.8 3.3
2.3
1.3
0.6 2.4
1.2 2.4
2.0
1.7 2.0 3.4 4.1
2.8 2.8 2.9
0.7 2.2 2.7 3.6
1.8
-4.6
-29
.
9
35
.
3
3.9 6.3 7.0
2.7
7.0
-1.6 -0.6
3.2
1.1
0.0
-0.6
0.0
-45
-35
-25
-15
-5
5
15
25
35
45
Q1
2
0
1
4
Q2
2
0
1
4
Q3
2
0
1
4
Q4
2
0
1
4
Q1
2
0
1
5
Q2
2
0
1
5
Q3
2
0
1
5
Q4
2
0
1
5
Q1
2
0
1
6
Q2
2
0
1
6
Q3
2
0
1
6
Q4
2
0
1
6
Q1
2
0
1
7
Q2
2
0
1
7
Q3
2
0
1
7
Q4
2
0
1
7
Q1
2
0
1
8
Q2
2
0
1
8
Q3
2
0
1
8
Q4
2
0
1
8
Q1
2
0
1
9
Q2
2
0
1
9
Q3
2
0
1
9
Q4
2
0
1
9
Q1
2
0
2
0
Q2
2
0
2
0
Q3
2
0
2
0
Q4
2
0
2
0
Q1
2
0
2
1
Q2
2
0
2
1
Q3
2
0
2
1
Q4
2
0
2
1
Q1
2
0
2
2
Q2
2
0
2
2
Q3
2
0
2
2
Q4
2
0
2
2
Q1
2
0
2
3
Q2
2
0
2
3
Q3
2
0
2
3
Pe
r
c
e
n
t
U.S. GDP (Quarter over Quarter Annualized)*
Estimates
3Lynwood Successor Agency - Page 9 of 46
Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
12/31/2022
Estimate: Bloomberg's Survey of Economists
As of: 12/31/2022
8.7
8.0
4.1
4.7
-0.6
7.1
2.1 2.1
-0.7
6.9
2.6 2.6
6.1
4.4
5.8
6.5 6.6
2.7
4.9
3.1
0.2
3.3
5.3 5.6
-0.5 -0.2
5.4
4.6
5.5
3.2
-0.3
2.5
-1.8
4.6
7.2
4.2
3.5 3.5
4.2
3.7
1.9
-0.1
3.5
2.8
4.0
2.7
3.8
4.4 4.5 4.8
4.1
1.0
1.7
2.8
3.9
3.5
2.8
2.0
0.1
-2.6
2.7
1.5
2.3
1.8 2.3 2.7
1.7 2.2
2.9
2.3
-2.8
5.9
1.9
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
19
5
0
19
5
2
19
5
4
19
5
6
19
5
8
19
6
0
19
6
2
19
6
4
19
6
6
19
6
8
19
7
0
19
7
2
19
7
4
19
7
6
19
7
8
19
8
0
19
8
2
19
8
4
19
8
6
19
8
8
19
9
0
19
9
2
19
9
4
19
9
6
19
9
8
20
0
0
20
0
2
20
0
4
20
0
6
20
0
8
20
1
0
20
1
2
20
1
4
20
1
6
20
1
8
20
2
0
20
2
2
Pe
r
c
e
n
t
U.S. Annual GDP *
1980s 3.2%1990s 3.2%2000s 1.9%2010s 2.3%1960s 4.5%1970s 3.3%1950s 4.2%
4Lynwood Successor Agency - Page 10 of 46
Economic and Market Update
Source: Bureau of Labor Statistics
12 Month Average Job Change 375,250
12/31/2022
-22
-20
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
M
i
l
l
i
o
n
s
U.S. Monthly Non-Farm Payrolls Change
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
M
i
l
l
i
o
n
s
U.S. Monthly Non-Farm Payrolls YOY Change
5Lynwood Successor Agency - Page 11 of 46
Economic and Market Update
Source: Bureau of Labor Statistics
12/31/2022
0
5
10
15
20
25
30
Ju
n
-
1
8
Au
g
-
1
8
Oc
t
-
1
8
De
c
-
1
8
Fe
b
-
1
9
Ap
r
-
1
9
Ju
n
-
1
9
Au
g
-
1
9
Oc
t
-
1
9
De
c
-
1
9
Fe
b
-
2
0
Ap
r
-
2
0
Ju
n
-
2
0
Au
g
-
2
0
Oc
t
-
2
0
De
c
-
2
0
Fe
b
-
2
1
Ap
r
-
2
1
Ju
n
-
2
1
Au
g
-
2
1
Oc
t
-
2
1
De
c
-
2
1
Fe
b
-
2
2
Ap
r
-
2
2
Ju
n
-
2
2
Au
g
-
2
2
Oc
t
-
2
2
De
c
-
2
2
Pe
r
c
e
n
t
Unemployment Rates
U.S.A Nevada California Idaho Washington Hawaii Oregon Utah
6Lynwood Successor Agency - Page 12 of 46
Economic and Market Update
Source: Bureau of Labor Statistics
12/31/2022
128
130
132
134
136
138
140
142
144
146
148
150
152
154
156
De
c
-
1
2
Ju
l
-
1
3
Fe
b
-
1
4
Se
p
-
1
4
Ap
r
-
1
5
No
v
-
1
5
Ju
n
-
1
6
Ja
n
-
1
7
Au
g
-
1
7
M
a
r
-
1
8
Oc
t
-
1
8
M
a
y
-
1
9
De
c
-
1
9
Ju
l
-
2
0
Fe
b
-
2
1
Se
p
-
2
1
Ap
r
-
2
2
No
v
-
2
2
M
i
l
l
i
o
n
s
U.S. Number of Employed
Full-Time and Part-Time
60.0
60.5
61.0
61.5
62.0
62.5
63.0
63.5
64.0
De
c
-
1
2
Ju
l
-
1
3
Fe
b
-
1
4
Se
p
-
1
4
Ap
r
-
1
5
No
v
-
1
5
Ju
n
-
1
6
Ja
n
-
1
7
Au
g
-
1
7
M
a
r
-
1
8
Oc
t
-
1
8
M
a
y
-
1
9
De
c
-
1
9
Ju
l
-
2
0
Fe
b
-
2
1
Se
p
-
2
1
Ap
r
-
2
2
No
v
-
2
2
Pe
r
c
e
n
t
U.S. Labor Force Participation Rate
7Lynwood Successor Agency - Page 13 of 46
Economic and Market Update
Source: Department of Labor and Bloomberg
12/31/2022
Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in order to file for
unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must
be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
19
9
6
19
9
7
19
9
8
19
9
9
20
0
0
20
0
1
20
0
2
20
0
3
20
0
4
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
20
1
3
20
1
4
20
1
5
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
M
i
l
l
i
o
n
s
Weekly Initial Jobless Claims
(4 Week Moving Average)
8Lynwood Successor Agency - Page 14 of 46
Economic and Market Update
*Real: Inflation Adjusted
Source: U.S. Census Bureau Source: Conference Board
12/31/2022
-30
-20
-10
0
10
20
30
40
50
60
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
Pe
r
c
e
n
t
U.S. Real* Retail Sales YOY % Change
40
50
60
70
80
90
100
110
120
130
140
Ju
n
-
1
2
De
c
-
1
2
Ju
n
-
1
3
De
c
-
1
3
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
De
c
-
2
2
In
d
e
x
V
a
l
u
e
U.S. Consumer Confidence
9Lynwood Successor Agency - Page 15 of 46
Economic and Market Update
CPIX: Consumer Price Index, excluding food and energy PCEC: Personal Consumption Expenditure Core
Source: Bureau of Labor Statistics and Bureau of Economic Analysis
12/31/2022
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
Pe
r
c
e
n
t
CPI and CPIX YOY % Change
CPI CPIX
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
Pe
r
c
e
n
t
PCE and PCEC YOY % Change
PCE PCEC
10Lynwood Successor Agency - Page 16 of 46
Economic and Market Update
Sources: New (U.S. Census Bureau),Existing (National Assoc. of Realtors)
Source: Case-Shiller Seasonally Adjusted Annual Rate
12/31/2022
0
2
4
6
8
10
12
14
16
18
20
22
24
Ju
l
-
1
4
De
c
-
1
4
M
a
y
-
1
5
Oc
t
-
1
5
M
a
r
-
1
6
Au
g
-
1
6
Ja
n
-
1
7
Ju
n
-
1
7
No
v
-
1
7
Ap
r
-
1
8
Se
p
-
1
8
Fe
b
-
1
9
Ju
l
-
1
9
De
c
-
1
9
M
a
y
-
2
0
Oc
t
-
2
0
M
a
r
-
2
1
Au
g
-
2
1
Ja
n
-
2
2
Ju
n
-
2
2
YO
Y
P
e
r
c
e
n
t
Case-Shiller 20 City U.S. Home Price Index
YOY % Increase
200
300
400
500
600
700
800
900
1,000
1,100
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
Ne
w
-Th
o
u
s
a
n
d
s
Ex
i
s
t
i
n
g
-M
i
l
l
i
o
n
s
U.S. New and Existing Home Sales
Existing-Left
New-Right
11Lynwood Successor Agency - Page 17 of 46
Economic and Market Update
Source: U.S. Treasury
12/31/2022
$12
$13
$14
$15
$16
$17
$18
$19
$20
$21
$22
$23
$24
$25
$26
$27
$28
$29
$30
$31
$32
$33
De
c
-
1
2
Ju
n
-
1
3
De
c
-
1
3
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
Tr
i
l
l
i
o
n
s
U.S. Federal Debt Outstanding
1.3
1.5
1.7
1.9
2.1
2.3
2.5
2.7
De
c
-
1
2
Ju
n
-
1
3
De
c
-
1
3
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Interest Bearing Debt Avg Rate
12Lynwood Successor Agency - Page 18 of 46
Economic and Market Update
Fed Funds Anticipated Rate from the September 21, 2022 FOMC Meeting
Source: Bloomberg
12/31/2022
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
De
c
-
2
0
2
2
Ja
n
-
2
0
2
3
Fe
b
-
2
0
2
3
M
a
r
-
2
0
2
3
Ap
r
-
2
0
2
3
M
a
y
-
2
0
2
3
Ju
n
-
2
0
2
3
Ju
l
-
2
0
2
3
Au
g
-
2
0
2
3
Se
p
-
2
0
2
3
Oc
t
-
2
0
2
3
No
v
-
2
0
2
3
De
c
-
2
0
2
3
Ja
n
-
2
0
2
4
Fe
b
-
2
0
2
4
M
a
r
-
2
0
2
4
Ap
r
-
2
0
2
4
M
a
y
-
2
0
2
4
Ju
n
-
2
0
2
4
Ju
l
-
2
0
2
4
Au
g
-
2
0
2
4
Se
p
-
2
0
2
4
Oc
t
-
2
0
2
4
No
v
-
2
0
2
4
De
c
-
2
0
2
4
Ja
n
-
2
0
2
5
Fe
b
-
2
0
2
5
M
a
r
-
2
0
2
5
Ap
r
-
2
0
2
5
M
a
y
-
2
0
2
5
Ju
n
-
2
0
2
5
Ju
l
-
2
0
2
5
Au
g
-
2
0
2
5
Se
p
-
2
0
2
5
Oc
t
-
2
0
2
5
No
v
-
2
0
2
5
De
c
-
2
0
2
5
Ja
n
-
2
0
2
6
Pe
r
c
e
n
t
Fed Funds FuturesFed's Anticipated Rates
Fed Funds Futures
13Lynwood Successor Agency - Page 19 of 46
Economic and Market Update
Source: Bloomberg
Figures may not total due to rounding
12/31/2022
3Y 4.23 4.29 -0.06
30Y 3.97 3.78 0.19
5Y 4.01 4.09 -0.09
10Y
4.37
3.88 3.83 0.04
Change9/30/2212/30/22
3M
Maturity
0.154.284.432Y
0.723.994.711Y
0.833.934.766M
1.103.27
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
3M 6M 1Y 2Y 3Yr 5Y 10Y 30Y
Pe
r
c
e
n
t
U.S. Treasury Yield Curve Change
12/30/22
9/30/22
-20
0
20
40
60
80
100
120
3M 6M 1Y 2Y
3Y
r 5Y
10
Y
30
Y
Ba
s
i
s
P
o
i
n
t
s
Basis Point Change
14Lynwood Successor Agency - Page 20 of 46
Economic and Market Update
Source: Bloomberg
12/31/2022
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
5.00
De
c
-
1
7
M
a
r
-
1
8
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Yields: 3M and 1Y
1Y
3M
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
De
c
-
1
7
M
a
r
-
1
8
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Yields: 2Y and 5Y
5Y
2Y
15Lynwood Successor Agency - Page 21 of 46
Economic and Market Update
Source: Bloomberg
12/31/2022
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Jan
-
5
4
Jan
-
5
6
Jan
-
5
8
Jan
-
6
0
Jan
-
6
2
Jan
-
6
4
Jan
-
6
6
Jan
-
6
8
Jan
-
7
0
Jan
-
7
2
Jan
-
7
4
Jan
-
7
6
Jan
-
7
8
Jan
-
8
0
Ja
n
-
8
2
Jan
-
8
4
Jan
-
8
6
Jan
-
8
8
Jan
-
9
0
Jan
-
9
2
Jan
-
9
4
Jan
-
9
6
Jan
-
9
8
Jan
-
0
0
Jan
-
0
2
Jan
-
0
4
Jan
-
0
6
Ja
n
-
0
8
Jan
-
1
0
Jan
-
1
2
Jan
-
1
4
Jan
-
1
6
Jan
-
1
8
Jan
-
2
0
Jan
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Yields 2Yr and 5Yr -Fed Funds Target Rate
5Yr
2Yr
Fed Funds
16Lynwood Successor Agency - Page 22 of 46
Economic and Market Update
Source: Bloomberg
12/31/2022
Global Treasury Rates
2 Year Yields 5 Year Yields 10 Year Yields
0.03%
1.22%
2.74%
2.77%
2.83%
2.89%
3.24%
3.40%
3.53%
4.05%
4.43%
-2.0%0.0%2.0%4.0%
Japan
Switzlnd
Germany
Portugal
France
Spain
Italy
Australia
England
Canada
USA
0.23%
1.42%
2.57%
2.87%
2.95%
3.14%
3.41%
3.60%
3.68%
4.00%
4.00%
-1.0%1.0%3.0%5.0%
Japan
Switzlnd
Germany
France
Portugal
Spain
Canada
England
Australia
Italy
USA
0.41%
1.58%
2.57%
3.11%
3.30%
3.58%
3.65%
3.66%
3.87%
4.05%
4.70%
0.0%1.0%2.0%3.0%4.0%5.0%
Japan
Switzlnd
Germany
France
Canada
Portugal
Spain
England
USA
Australia
Italy
17Lynwood Successor Agency - Page 23 of 46
Economic and Market Update
ICE BofAML Index (option adjusted spread vs. Treasury)ICE BofAML Index (option adjusted spread vs. Treasury)
1-5Yr Non-Callable Agency (GVPB)Corporate A-AAA Excluding Yankee (CVAC)
Source: ICE BofAML Indices
12/31/2022
Current Spread is 7 Current Spread is 69
-20
0
20
40
60
80
100
120
140
160
180
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: 1-5Yr Agency vs Treasury
0
50
100
150
200
250
300
350
400
450
500
550
600
650
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: 1-5Yr A-AAA Corporate vs Treasury
18Lynwood Successor Agency - Page 24 of 46
Economic and Market Update
*ICE BofAML Index (option adjusted spread vs. Treasury)*ICE BofAML Index (option adjusted spread vs. Treasury)
AAA Rated ABS (R0A1)CMO Agency 0-3Yr PAC (CM1P)
Source: ICE BofAML Indices
12/31/2022
Current Spread is 88 Current Spread is 71
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: AAA Asset Backed vs Treasury
-150
-100
-50
0
50
100
150
200
250
300
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: 0-3Yr Agency CMO vs Treasury
19Lynwood Successor Agency - Page 25 of 46
Economic and Market Update
Source: Bloomberg
12/31/2022
-7.0
-1.9
-0.1
0.6 0.7 0.9 1.6 1.9 2.0 2.4
4.3 4.7 4.8
7.4 7.6
8.6 9.0 9.7
10.8
15.8 15.9
17.7
(10)
(5)
0
5
10
15
20
Pe
r
c
e
n
t
Selected Sector Quarterly Total Returns
20Lynwood Successor Agency - Page 26 of 46
Economic and Market Update
Source: Bloomberg
12/31/2022
-32.6 -31.2
-26.2
-21.9 -21.2
-18.2 -18.0 -16.2 -15.2 -14.4 -13.1 -13.0 -12.2 -12.2
-7.0 -5.6 -3.9
-0.6
0.9
9.5
17.5
29.0
(40)
(30)
(20)
(10)
0
10
20
30
40
Pe
r
c
e
n
t
Selected Sector Year-Over-Year Total Returns
21Lynwood Successor Agency - Page 27 of 46
Economic and Market Update
Sources: Bloomberg, FHN Main Street
12/31/2022
3.50
3.60
3.70
3.80
3.90
4.00
4.10
4.20
4.30
4.40
4.50
9/
3
0
/
2
2
10
/
3
/
2
2
10
/
6
/
2
2
10
/
9
/
2
2
10
/
1
2
/
2
2
10
/
1
5
/
2
2
10
/
1
8
/
2
2
10
/
2
1
/
2
2
10
/
2
4
/
2
2
10
/
2
7
/
2
2
10
/
3
0
/
2
2
11
/
2
/
2
2
11
/
5
/
2
2
11
/
8
/
2
2
11
/
1
1
/
2
2
11
/
1
4
/
2
2
11
/
1
7
/
2
2
11
/
2
0
/
2
2
11
/
2
3
/
2
2
11
/
2
6
/
2
2
11
/
2
9
/
2
2
12
/
2
/
2
2
12
/
5
/
2
2
12
/
8
/
2
2
12
/
1
1
/
2
2
12
/
1
4
/
2
2
12
/
1
7
/
2
2
12
/
2
0
/
2
2
12
/
2
3
/
2
2
12
/
2
6
/
2
2
12
/
2
9
/
2
2
Pe
r
c
e
n
t
5 Year Treasury Note Yield
Yields Higher After
Bank Of Japan Raises
Cap On 10-Year Japan
Government Bonds
Core CPI Up 0.6%
Month Over Month
Fed Hikes Rates
75bpsUnemployment Rate
Dropped To 3.5%, The
Lowest Level In Decades
Q3 GDP Up 2.6%
Powell Says Fed May
Slow Down Pace Of
Rate Hikes
Treasuries Post Biggest
Annual Loss Ever, As
Inflation Takes Toll
CPI YoY Up 7.1% Versus
Expected 7.3%, Beating
Expectations
San Francisco Fed's Daly
Says Rate Pause Is Off
The Table
October CPI 0.4% MoM
Core 0.3%
22Lynwood Successor Agency - Page 28 of 46
Economic and Market Update
Sources: Bloomberg, FHN Financial, FHN Main Street
12/31/2022
28,000
29,000
30,000
31,000
32,000
33,000
34,000
35,000
9/
3
0
/
2
2
10
/
3
/
2
2
10
/
6
/
2
2
10
/
9
/
2
2
10
/
1
2
/
2
2
10
/
1
5
/
2
2
10
/
1
8
/
2
2
10
/
2
1
/
2
2
10
/
2
4
/
2
2
10
/
2
7
/
2
2
10
/
3
0
/
2
2
11
/
2
/
2
2
11
/
5
/
2
2
11
/
8
/
2
2
11
/
1
1
/
2
2
11
/
1
4
/
2
2
11
/
1
7
/
2
2
11
/
2
0
/
2
2
11
/
2
3
/
2
2
11
/
2
6
/
2
2
11
/
2
9
/
2
2
12
/
2
/
2
2
12
/
5
/
2
2
12
/
8
/
2
2
12
/
1
1
/
2
2
12
/
1
4
/
2
2
12
/
1
7
/
2
2
12
/
2
0
/
2
2
12
/
2
3
/
2
2
12
/
2
6
/
2
2
12
/
2
9
/
2
2
Dow Jones Industrial Average
Sales Forecast By Best Buy
Dampens Concerns High
Inflation Would Lead To
Poor Holiday Shopping
Season
Upbeat Corporate Earnings
And Economic Data Cause
Stocks To Rally
August Job
Openings Fall To 14-
Month Low
Powell Says Fed Could
Slow Down Pace Of
Interest Rate Hikes As
Early As December
University Of Michigan Inflation
Expectations Rise For First Time
In Seven Months
Lower Than Expected
October CPI Raises Hopes
For Slower Tightening
Apple Gains On Earnings
Help Push Stocks Higher
Smaller Than Expected
Increase In CPI Lifts
Investor Confidence
Pace Of Rate Hikes
Expected To Slow
23Lynwood Successor Agency - Page 29 of 46
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24Lynwood Successor Agency - Page 30 of 46
1
MONTHLY ECONOMIC REVIEW
DECEMBER 2022
NATIONAL RETAIL FEDERATION
After two straight quarters of year-over-year decline, the third quarter’s 2.6% annualized growth in
gross domestic product was a solid improvement and much better than expected. The third quarter’s
results clearly dispelled the notion that the U.S. economy is in a recession, and the silver lining was the
ongoing resiliency in consumption. Even though consumers made fewer purchases, they continued to
spend on both goods and services and helped lift GDP. A strong labor market, rising wages and access to
excess savings built up during the pandemic have given households strong balance sheets that have
helped spending continue despite inflation and higher interest rates.
Nonetheless, the economy is cooling and interest-sensitive sectors, in particular, have seen a significant
pullback in spending. This has been especially notable in housing, where the Federal Reserve's
aggressive efforts to rein in inflation have resulted in a sharp rise in mortgage rates that have left many
potential buyers unable to afford a home. Correspondingly, builder confidence in the market for newly
built single-family homes posted its 11th straight monthly decline in November and builders are cutting
back on single-family construction.
GDP is expected to grow very gradually in the closing months of 2022, at best about half of what was
recorded in the third quarter. Consumers are stepping back to a degree and changing how they allocate
their resources, spending more on food and less on other retail goods. At the same time, spending on
services has been hearty in recent months and there is no reason to expect that it will moderate even
with the continued upward pace of service sector inflation.
Even with inflation, the willingness to spend has been stable for the better part of this year, with retail
sales growing 7.5% year over year for the first 10 months. That is on track with NRF’s forecasts that
overall, 2022 retail sales and November-December holiday sales will both grow between 6% and 8%
over 2021. The pace slowed to 6.5% in October, but that was largely due to the comparison against
strong early holiday shopping in 2021.
Many eyes have focused on October’s inflation data, and a range of measures was better than expected.
The big questions are whether inflation has peaked, and will it be coming down? The Consumer Price
Index was up 7.7% year over year, down from 8.2% in September for the lowest inflation level since
January. At the same time, core inflation (which excludes food and energy) was at 6.3%, down from
September’s 40-year high of 6.6%. Meanwhile, average hourly earnings for October were up 4.7% year
over year compared with 5% in September, also sending a message that inflation may be receding.
While these changes were all in the right direction, it is too soon to see if they are the beginning of a
stable downward trend.
Overall job growth has clearly slowed since the start of the year, but labor demand is not cooling as
quickly as the Fed – and markets – would like. Additions are moderating but job openings bounced back
in September to 10.7 million from 10.3 million in August. The labor market eased somewhat in October
as payrolls increased by 261,000.
Lynwood Successor Agency - Page 31 of 46
2
It is hard to anticipate whether the Fed’s monetary tightening will lead to a recession or how bad one
might be if it does occur. The risk is clearly elevated by the current framework of rate hikes, but the full
effects remain to be seen and one key is how much slowing in the labor market is needed to bring wage
growth in line with the Fed’s long-run inflation goals.
As the labor market slows further, as expected in 2023, income growth should slow with it. The good
news is that slower job gains should sap momentum from both consumer spending and rising labor
costs, hopefully reducing inflationary pressure.
Even though both may slow, employment will still be growing, and consumer spending should remain
positive. There will be economic hardships, and some may feel like they are in a recession. But for those
who have jobs and feel secure about their employment, careful spending will continue. The downside
risk is that “sticky” wages and prices for services – both tend to stay up once they go up – will keep
inflation aloft and push the Fed to hold rates higher for longer.
So, what does this all mean? The slowdown in economic growth in 2022 combined with the expansion in
the labor market have clearly helped bring economic activity in better balance with labor. But there is a
long journey ahead between where we are now and where we need to be. If inflation pressures
continue to lessen, the Fed may not be inclined to persist with aggressive interest rate hikes, but that
remains to be seen. In the meantime, if prices for gas, groceries and other products decelerate, we will
all be able to breathe a little easier.
CONFERENCE BOARD GLOBAL ECONOMIC REPORT
Global real GDP growth is slowing rapidly, from 5 percent year over year in Q3 of 2021 to 3.3 percent in
Q3 of 2022. As headwinds to global growth are intensifying, we expect yearly global GDP growth to
moderate further to about 2 percent from Q4 2022 onward. Headwinds include persistent inflationary
pressures limiting demand and production, very rapid tightening of global financial conditions, and low
levels of business and consumer confidence in large economies around the world.
The Conference Board Global Leading Economic Index has contracted for a couple of months now,
pointing to rising risks of a downturn. Our forecast for global GDP is for 3.2 percent growth in 2022 and
2.1 percent in 2023. Global growth of 2.1 percent does not formally constitute a global recession, but if
achieved it would be the weakest growth rate since 2001 (outside of global recession years 2009 and
2020). In 2024, the global economy likely will experience a modest revival to 2.7 percent growth as
shocks related to the pandemic, inflation, and monetary tightening fade. However, growth rates in 2024
After growing by an estimated 1.9 percent in 2022, real GDP is forecast to stagnate for the full year of
2023 and pick up again in 2024 with 1.7 percent growth.
Europe
Europe has likely entered into recession as of Q4 2022 and probably will remain so into the early part of
2023. European economies expected to experience recession include large economies such as Italy,
Germany, and the UK, as well as smaller economies such as Czech Republic, Denmark, Hungary, Poland,
Romania, Sweden, and Switzerland. CEO confidence fell to an all-time low in H2 2022, reflecting the
Lynwood Successor Agency - Page 32 of 46
3
challenging outlook ahead. Still, a variety of factors including fading supply chain woes, a robust labor
market, and fiscal stimulus portend a short and shallow recession.
After growing by an estimated 3.5 percent in 2022, real GDP is forecast to slow to 0.2 percent growth for
the full year of 2023 and pick up again in 2024 with 1.1 percent growth.
China
The Chinese economy has been buffeted by significant challenges from the pandemic, housing, and
external trade in 2022. Businesses and consumers chafed at mobility restrictions and lockdowns, and the
government has responded by softening its dynamic zero-COVID-19 policies. Confidence among
multinational company CEOs improved in H2 2022 in anticipation of better economic performance in
2023. Still, China is not ready to fully shift away from the polices, given low vaccination rates among the
elderly and widespread fear of the virus among the general population. Even once restrictions are lifted,
there will be an adjustment period as the fear factor subsides. This points to H2 2023 as the period for a
resurgence of consumer spending on services, limiting full-year 2023 growth.
After growing by an estimated 2.7 percent in 2022, real GDP is forecast to pick up to 5.1 percent growth
for the full year of 2023 and 4.8 percent for 2024.
Emerging Markets
Economic conditions for economies outside China, Europe, and the US are expected to be mixed. While
Asian economies apart from China have fared well from reopening, postpandemic, slowing external
demand as the US and Europe head toward recession is beginning to cloud growth prospects. The same
is true for Latin American economies dependent upon trade with the US and in commodities, whose
prices have retreated from early-year peaks. Tighter monetary policy and political instability threatening
fiscal outlooks are also troubling select Latin American economies. Elsewhere, Turkey will experience
materially slower growth in 2023, but it will avoid recession. Russia and Ukraine will remain in recession
due to the ongoing conflict, sanctions (Russia), and widespread destruction (Ukraine).
Lynwood Successor Agency - Page 33 of 46
A genda I tem # 5.
AGENDA STAF F REPORT
D AT E: J anuary 17, 2023
TO: Honorable Mayor and Members of the C i ty C ouncil
AP P R OV E D B Y: E rnie Hernandez, C ity Manager
P R E PAR E D B Y: Harry Wong, D irector of F inance & A dministration
S U B J E C T: A D OP TION OF THE RE C O GNIZE D OB L IG ATION PAYME NT S C HE D UL E F O R THE
P E RIO D OF J ULY 1, 2023 TO J UNE 30, 2024 (RO P S 23-24) A ND A D OP TIO N O F THE
A D M INIS TRATIV E B UD GE T
Recommendation:
S taff recommends that the C ity C ouncil, as S uccessor to the Lynwood Redevelopment A gency, adopt the
attached resolution entitled: “A RE S OL UTION OF THE C ITY C O UNC IL OF THE C ITY OF LYNW O OD ,
C O UNTY O F L O S A NG E L E S , S TATE OF C A L IF ORNIA , A S S U C C E S S OR TO THE LYNW O OD
R E D E V E L O P M E NT A GE NC Y A P P RO V ING THE RE C OGNIZE D O B L IGATIO N PAYME N T S C HE D UL E
C O V E RING THE P E RIO D O F J U LY 1, 2023 TO J UNE 30, 2024 A ND A D OP TING THE A D M INIS TRATIV E
B U D G E T”.
Background:
On J une 27, 2012, the S tate L egislature passed A B 1484, the redevelopment budget trailer bill. The primary
purpose of A B 1484 is to make technical and substantive amendments to A B x1 26. A B 1484 contains signi fi cant
new requirements and harsh financial penalties on the S uccessor A gency and the C ity if certai n provisions under
A B 1484 are not carried out. P er S ecti on 34177(m) of the Health and S afety C ode, the Recognized Obli gati on
P ayment S chedule (RO P S ) must be submitted by the S uccessor A gency, after approval by the oversight board, to
the S tate D epartment of F i nance (D O F ), S tate C ontroller, C ounty A dministrative Officer, and the C ounty A udi tor-
C ontroller (C A C ) no later than 90 days before the date of property tax distribution.
On S eptember 22, 2015, the Governor approved S enate B ill No. 107 (S B 107). S B 107 makes several changes
to the Redevelopment A gency (RD A ) dissolution process. One of the key changes was changing the ROP S to
an annual submittal. P ursuant to S ection 34177(o)(1) of the Health and S afety C ode, commenci ng wi th the
R OP S covering the period from J uly 1, 2016 to J une 30, 2017, i nclusive, and for each peri od from J uly 1 to J une
30, inclusive thereafter, a S uccessor A gency shall submit an Oversight B oard approved RO P S to the D epartment
of F inance and to the C ounty A uditor-C ontroller no later than F ebruary 1st of each year.
Discussion and Analysis:
Lynwood Successor Agency - Page 34 of 46
R OP S
To facilitate the payment of “enforceable obligations” a S uccessor A gency i s required to prepare a RO P S . The
general rule under A B x1 26 and A B 1484 is that S uccessor A genci es can only make payments on enforceable
obligations listed in the ROP S by the funds i dentified in the ROP S . S B 107 expanded types of enforceable
obligations that may be included in the R OP S .
E nforceable obligations include, but are not limited to, the followi ng items:
1. B onds;
2. L oans or moneys borrowed by the redevelopment agency for lawful purpose;
3. P ayments required by the federal government, preexi sti ng obligations to the S tate, or obli gations i mposed
by state law, payments that are made by the county-auditor controller, or legal enforceable payments requi red
in connection with the agencies’ employees
4. Judgments or settlements entered by a court or bindi ng arbi trati on;
5. A greement or C ontract entered into prior to June 28, 2011 with a third party;
6. C ontracts or agreements necessary for the administrati on or operation of the S uccessor A gency;
7. A mounts borrowed from or payment owing to the L ow and Moderate Income Housing F und (L M IHF );
8. A greement between a city that created the former redevelopment agency and the former redevelopment
agency; and
9. L oan from the C ity to the S uccessor A gency for administrative costs, enforceable obligations, or project-
related expenses at the city’s discreti on only to the extent that the S uccessor A gency receives an insuffi ci ent
distributi on of Redevelopment P roperty Tax Trust F und (RP TTF ) or other approved sources are insuffi ci ent
to pay approved enforceable obligations. S uch loans placed on the ROP S reduces the A dministrative C ost
A llowance gi ven to the S uccessor A gency.
Under S B 107, contracts or agreements between the C ity, C ounty, or C ity and C ounty that created the
Redevelopment A gency can now be included. Repayments of C ity and former A gency loans will only be granted
once the S uccessor A gency receives a F inding of C ompleti on (F OC ) from the D OF. On D ecember 16, 2015, the
D O F notified the C ity that the F OC had been granted.
Administrative B udget
P ursuant to 34177(j), a S uccessor A gency is required to prepare a proposed admi ni strati ve budget and submi t it
to the Oversight B oard for its approval. S B 107 limits the S uccessor A gency’s administrative cost allowance to an
amount not to exceed 3% of the actual property tax distributed to the S uccessor A gency for payment of
enforceable obligations, reduced by the S uccessor A gency’s administrati ve cost allowance and loan payments
made to the C ity that created the Redevelopment A gency and limit a S uccessor A gency’s annual administrative
costs to an amount not to exceed 50% of the total RP TTF di stributed to pay enforceable obligations.
Fiscal Impact:
If a S uccessor A gency does not submit a RO P S by the deadli ne, the C ity that created the Redevelopment
A gency shall be subject to a civil penalty equal to $10,000 per day for every day the schedule is not submitted to
the D OF. A dditionally, if an A gency does not submit a ROP S within 10 days of the deadline, the maximum
administrati ve cost allowance for that period will be reduced by 25%.
It is anticipated that the RO P S will be the basis of the distribution of tax increment by the C ounty A udi tor-
C ontroller. Not receiving funding will jeopardize the Lynwood S uccessor A gency’s ability to make “enforceable
obligation” payments such as the bond debt service payments.
Coordinated With:
E xecutive D i rector's Office
A gency C ounsel
C ommunity D evelopment
Lynwood Successor Agency - Page 35 of 46
AT TAC H ME N T S:
Description
Reso_R OP S P ayment Schedule for 23-24 and Admin Budget
Lynwood Draft R OPS 23-24
Lynwood Successor Agency - Page 36 of 46
SUCCESSOR AGENCY RESOLUTION NO. __________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD, COUNTY OF
LOS ANGELES, STATE OF CALIFORNIA, AS SUCCESSOR TO THE LYNWOOD
REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE COVERING THE PERIOD OF JULY 1, 2023 TO JUNE 30,
2024 AND ADOPTING THE ADMINISTRATIVE BUDGET
WHEREAS, pursuant to Section 34177(o)(1) of the Health and Safety Code,
commencing with the Recognized Obligation Payment Schedule (ROPS) covering the
period from July 1, 2016, to June 30, 2017, inclusive, and for each period from July 1 to
June 30, inclusive, thereafter, a Successor Agency shall submit an Oversight B oard-
approved ROPS to the Department of Finance and to the County Auditor-Controller no
later than February 1, 2016, and each February 1 thereafter; and
WHEREAS, pursuant to Section 34177(a)(3) of the Health and Safety Code, only
those payments listed on the ROPS may be made by the Successor Agency from the
funds specified in the ROPS; and
WHEREAS, pursuant to Section 34177 (m)(1)(B) of the Health and Safety Code,
if the Successor Agency fails to submit a ROPS by the deadline , then the City is subject
to a civil penalty of $10,000 per day for every day the schedule is not submitted ; and, in
addition, if the Successor Agency fails to submit a ROPS within 10 days of the deadline
the maximum administrative cost allowance for that period will be reduced by 25%; and
WHEREAS, the pursuant to 34177(j) of the Health and Safety Code, a
Successor Agency is required to prepare a proposed Administrative Budget and submit
it to the Oversight Board for approval.
NOW, THEREFORE, THE SUCCESSOR AGENCY DOES HEREBY RESOLVE
AS FOLLOWS:
Section 1. Recitals. The Recitals set forth above are true and correct and
incorporated herein by reference.
Section 2. Approval to adopt the ROPS 23-24. The Lynwood Successor
Agency hereby authorizes staff to prepare the ROPS 23-24 covering the period of July
1, 2023 to June 30, 2024, approves the ROPS 23-24 in the form attached hereto as
Exhibit A, and to submit the completed ROPS 23-24 to the Oversight Board.
Section 3. Authorization to Make Changes. To avoid any civil penalty that may
be imposed, the Lynwood Successor Agency authorizes the City Manager or designee
to make changes as necessary to the ROPS 23-24 before it is adopted by the Oversight
Board; and, after the ROPS 23-24 is adopted by the Oversight Board, to reflect any
changes made by the Oversight Board and to make any changes to the ROPS 23-24
thereafter, as necessary.
Lynwood Successor Agency - Page 37 of 46
2
Section 4. Posting; Transmittal to Appropriate Agencies. The City Manager or
designee is authorized and directed to post a copy of the ROPS 23-24 on the City’s
website. The City Manager or designee is further authorized and directed to transmit ,
by mail or electronic means, to the County Auditor -Controller, County Chief
Administrative Officer, the State Controller, and the State Department of Finance a copy
of the ROPS 23-24; and to respond to questions and request for documents and
information from the County and State agencies relating to the ROPS.
Section 5. Approval to adopt the Administrative Budget. The Lynwood
Successor Agency adopts the Administrative Budget as included in the ROPS 23-24.
The City Manager or designee is authorized to submit the Administrative Budget to the
Oversight Board for approval. The City Manager or designee is authorized to make
changes to the Administrative Budget as necessary.
Section 6. This resolution shall be effective immediately upon its adoption.
Section 7. The City Clerk shall certify to the adoption of this resolution and
hereafter the same shall be in full force and effect.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Successor
Agency of the City of Lynwood, this 17th day of January, 2023.
________________________________
Oscar Flores
Mayor
ATTEST:
_______________________________ ________________________________
Maria Quinonez Ernie Hernandez
City Clerk City Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
_______________________________ ________________________________
Noel Tapia Harry Wong
City Attorney Director of Finance & Administration
Lynwood Successor Agency - Page 38 of 46
Recognized Obligation Payment Schedule (ROPS 23-24) - Summary
Filed for the July 1, 2023 through June 30, 2024 Period
Successor Agency: Lynwood
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
23-24A Total
(July -
December)
23-24B Total
(January -
June)
ROPS 23-24
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ - $ - $ -
B Bond Proceeds - - -
C Reserve Balance - - -
D Other Funds - - -
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 2,465,466 $ 569,177 $ 3,034,643
F RPTTF 2,340,466 444,177 2,784,643
G Administrative RPTTF 125,000 125,000 250,000
H Current Period Enforceable Obligations (A+E) $ 2,465,466 $ 569,177 $ 3,034,643
Certification of Oversight Board Chairman:
Name Title
Pursuant to Section 34177 (o) 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 successor agency. /s/
Signature Date
Lynwood Successor Agency - Page 39 of 46
Lynwood
Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail
July 1, 2023 through June 30, 2024
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired
ROPS
23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$17,583,931 $3,034,643 $- $- $- $2,340,466 $125,000 $2,465,466 $- $- $- $444,177 $125,000 $569,177
6 2011 Tax
Allocation
Bonds Series
A
Bonds
Issued After
12/31/10
03/07/
2011
03/01/2038 US Bank Corp Bond issue to fund
non housing
projects
Project
Area A
- N $- - - - - - $- - - - - - $-
7 2011 Tax
Allocation
Bonds Series
A
Reserves 03/07/
2011
03/01/2038 US Bank Corp H&S34171(d)(1)(A)
To hold reserve for
future Debt Service
payment due to
uneven semi-
annual debt
service payment.
Project
Area A
- N $- - - - - - $- - - - - - $-
8 2011 Tax
Allocation
Bonds Series
B
Bonds
Issued After
12/31/10
03/07/
2011
03/01/2038 US Bank Corp Bond issue to fund
housing projects
Project
Area A
- N $- - - - - - $- - - - - - $-
11 1999 City and
Agency
Cooperation
Agreement
(#7)
City/County
Loan (Prior
06/28/11),
Cash
exchange
09/07/
1999
09/30/2019 City of
Lynwood
Loan to carry out
3100 E. Imperial
Hwy project
(34167(d)(2) H&S)
Project
Area A
338,836 N $- - - - - - $- - - - - - $-
15 Agreement -
The Gardens
OPA/DDA/
Construction
02/23/
2009
02/23/2064 Atlantic
Gardens
formerly
Cedars
Engineering
Annual Rental
Subsidy (The
Gardens). Rental
apartment housing
to qualified
seniors. Low and
Very Low Income.
Project
Area A &
Alameda
920,400 N $23,010 - - - - - $- - - - 23,010 - $23,010
20 Notice of Entry
of Judgment -
Rogel v LRA
(Case No.
BS106592)
SEE NOTES
FOR
SUPPLEMENT
Litigation 03/23/
2009
06/30/2015 Housing
Authority:
LMIHAF
Re. Notice of
Ruling Re. Order
March 23, 2009
and Notice of Entry
of Judgment April
23, 2013 . Taking
into account units
already
constructed, 65
units remain to be
produced by March
31, 2015. 51 units
must be restricted
to very low income.
Project
Area A &
Alameda
- N $- - - - - - $- - - - - - $-
22 Order
Awarding
Plaintiffs
Litigation 03/23/
2009
06/30/2015 Counsels for
Plaintiffs
(Public
Order Awarding
Plaintiffs Attorneys'
Fees and Costs.
Project
Area A &
Alameda
1,322,411 N $206,968 - - - 103,484 - $103,484 - - - 103,484 - $103,484
Lynwood Successor Agency - Page 40 of 46
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired
ROPS
23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Attorneys'
Fees and
Costs.(Case
No.
BS106592)
SEE NOTES
FOR
SUPPLEMENT
Counsel Law
Center)
23 Notice of Entry
of Judgment -
Rogel v LRA
(Case No.
BS106592)
SEE NOTES
FOR
SUPPLEMENT
Litigation 03/23/
2009
06/30/2015 Consultant to
serve as
"Administrator"
Re. Notice of
Ruling Re. Order
March 23, 2009
and Notice of Entry
of Judgment April
23, 2013 . Court
Ruling requires
hiring of
"Administrator."
Project
Area A &
Alameda
150,000 N $150,000 - - - 75,000 - $75,000 - - - 75,000 - $75,000
60 Administrative
Cost
Allowance
Admin
Costs
07/01/
2016
06/30/2018 Various
staffing cost,
vendors, City
of Lynwood, &
misc.
expenses.
County Auditor
Controller did not
allocate an
administrative cost
allowance in the
2nd ROPS
because the DOF
approved RPTTF
exceeds actual tax
increment
distribution. H & S
34171 (b) limits
administrative
expenses to 3% for
2012-13 per DOF
Project
Area A
and
Alameda
250,000 N $250,000 - - - - 125,000 $125,000 - - - - 125,000 $125,000
76 Property
Disposition of
Successor
Agency
properties
Property
Dispositions
07/01/
2016
06/30/2018 Various
Vendors,
Agency
Counsel ,
misc. cost and
staffing cost
Preparation of
Successor Agency
property for
disposal including
maintenance,
fencing, listing,
posting etc.
Project
Area A &
Alameda
- N $- - - - - - $- - - - - - $-
86 2011 Tax
Allocation
Bonds Series
B
Bonds
Issued After
12/31/10
03/07/
2011
03/01/3038 US Bank Corp H&S34171(d)(1)(A)
To hold reserve for
Debt Service
payment due to
uneven semi-
annual debt
service payment.
Assist in the debt
service coverage
ratio for continuing
disclosure.
Project
Area A &
Alaemda
- N $- - - - - - $- - - - - - $-
87 Difference RPTTF 01/01/06/30/2017 Various Per DOF direction Project 427,269 N $427,269 - - - 427,269 - $427,269 - - - - - $-
Lynwood Successor Agency - Page 41 of 46
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired
ROPS
23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
between
approved
actual RPTTF
funding
received and
DOF approved
enforceable
obligations
Shortfall 2016 vendors,
staffing cost,
legal costs,
and others
to list difference
between approved
enforceable
obligations and
actual RPTTF
Area A
and
Alameda
92 Tax Allocation
Revenue
Refunding
Bonds (Project
Area A),
Series 2013 A
Revenue
Bonds
Issued After
12/31/10
12/24/
2013
09/01/2028 US Bank Corp Refunding of 1999
Tax Allocation
Bonds Project
Area A. Tax
Allocation
Revenue
Refunding Bonds
(Project Area A),
Series 2013 A
Project
Area A
- N $- - - - - - $- - - - - - $-
93 Tax Allocation
Revenue
Refunding
Bonds (Project
Area A),
Series 2013 A
-Reserve
Reserves 12/24/
2013
09/01/2028 US Bank Corp H&S34171(d)(1)(A)
To hold reserve for
Debt Service
payment due to
uneven semi-
annual debt
service payment.
Assist in the debt
service coverage
ratio for continuing
disclosure.
Project
Area A
- N $- - - - - - $- - - - - - $-
94 Alameda
Project Area
Tax Allocation
Refunding
Bonds, Series
2013A
Revenue
Bonds
Issued After
12/31/10
12/24/
2013
09/01/2024 US Bank Corp Refunding of 1999
Tax Allocation
Alameda bonds.
Alameda Project
Area Tax Allocation
Refunding Bonds,
Series 2013A
Alameda - N $- - - - - - $- - - - - - $-
95 Alameda
Project Area
Tax Allocation
Refunding
Bond, Series
2013A-
Reserve
Revenue
Bonds
Issued After
12/31/10
12/24/
2013
09/01/2024 US Bank Corp H&S34171(d)(1)(A)
To hold reserve for
Debt Service
payment due to
uneven semi-
annual debt
service payment.
Assist in the debt
service coverage
ratio for continuing
disclosure.
Alameda - N $- - - - - - $- - - - - - $-
101 2010
Promissory
Note
City/County
Loan (Prior
06/28/11),
Cash
exchange
05/04/
2010
06/30/2014 City of
Lynwood
2010 Promissory
Note between the
City and former
Lynwood
Redevelopment
Project
Area A
1,214,903 N $- - - - - - $- - - - - - $-
Lynwood Successor Agency - Page 42 of 46
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired
ROPS
23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Agency
102 2022 Tax
Allocation
Refunding
Bonds
Revenue
Bonds
Issued After
12/31/10
10/27/
2022
09/01/2031 US Bank Corp Refunding of Tax
Allocation Bonds
(Project Area A),
2011 Series A;
Taxable Tax
Allocation Bonds
(Housing Projects),
2011 Series B; Tax
Allocation
Revenue
Refunding Bonds
(Project Area A),
Series 2013A; Tax
Allocation
Revenue
Refunding Bonds
(Alameda Project
Area), Series
2013A
Project
Area A
and
Alamaded
12,960,112 N $1,977,396 - - - 1,734,713 - $1,734,713 - - - 242,683 - $242,683
Lynwood Successor Agency - Page 43 of 46
Lynwood
Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances
July 1, 2020 through June 30, 2021
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other
funding source is available or when payment from property tax revenues is required by an enforceable obligation.
A B C D E F G H
ROPS 20-21 Cash Balances
(07/01/20 - 06/30/21)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.
Non-Admin
and Admin
1 Beginning Available Cash Balance (Actual 07/01/20)
RPTTF amount should exclude "A" period distribution
amount.
-
2 Revenue/Income (Actual 06/30/21)
RPTTF amount should tie to the ROPS 20-21 total
distribution from the County Auditor-Controller
5,311,908 2G: Amount includes received Agency
RPTTF and County held funds for Bond
payments; $4,358,510 for Period A; $953,398
for Period B.
3 Expenditures for ROPS 20-21 Enforceable Obligations
(Actual 06/30/21)
8,598,243 3G: Includes total SA expenditures and tax
increment withheld by County for bond
payments: $2,594,628 withheld; $6,003,615
SA expenditures.
4 Retention of Available Cash Balance (Actual 06/30/21)
RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
5 ROPS 20-21 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 20-21 PPA
form submitted to the CAC
No entry required 183,797 G5: Taken from PPA submitted on 9.29.2022.
6 Ending Actual Available Cash Balance (06/30/21) $- $- $- $- $(3,470,132)
Lynwood Successor Agency - Page 44 of 46
Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other
funding source is available or when payment from property tax revenues is required by an enforceable obligation.
A B C D E F G H
ROPS 20-21 Cash Balances
(07/01/20 - 06/30/21)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.
Non-Admin
and Admin
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
Lynwood Successor Agency - Page 45 of 46
Lynwood
Recognized Obligation Payment Schedule (ROPS 23-24) - Notes
July 1, 2023 through June 30, 2024
Item # Notes/Comments
6
7
8
11
15
20
22
23
60
76
86
87
92
93
94
95
101
102
Lynwood Successor Agency - Page 46 of 46