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Recognized Obligation Payment Schedule 23-24 <br />January 17, 2023 <br />Page 2 <br />3 <br />1 <br />5 <br />7 <br />The ROPS includes the administrative cost allowance as required under Health and <br />Safety Code Section 34177 (j) through (k), and is presented in the format designed by <br />the Department of Finance (DOF). <br />Upon Successor Agency approval, the ROPS will be submitted to the Orange <br />Countywide Oversight Board for approval at its January 24, 2023 meeting. Upon OCOB <br />approval, the ROPS will be submitted to the DOF, County, and other appropriate <br />entities as required by the Dissolution Act by the February 1, 2023 deadline. The ROPS <br />will also posted on the Successor Agency’s website. <br />FISCAL IMPACT <br />The Successor Agency is limited to making only payments listed on the approved <br />ROPS for each annual period. Administrative expenses are capped at three percent of <br />the actual property tax distributed for the ROPS in the preceding fiscal year or the <br />minimum of $250,000 per year. However, the OCOB has been requesting that <br />successor agencies reduce and minimize the administrative allowance necessary to <br />oversee the remaining obligations on the ROPS. Therefore, the Successor Agency <br />estimates the administrative cost allowance for FY 2023-24 will be $125,000. <br />A FY 23-24 budget will be presented to City Council for approval in the Redevelopment <br />Obligation Retirement Funds (account no. 67118021-various, 67018843-various) upon <br />approval of the ROPS by DOF. <br /> <br />EXHIBIT(S) <br />1. Resolution <br />a. Recognized Obligation Payment Schedule 23-24 <br />Submitted By: Michael L. Garcia, Executive Director of Community Development <br />Approved By: Kristine Ridge, City Manager