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Recognized Obligation Payment Schedule 2022-2023 <br />January 18, 2022 <br />Page 2 <br />The ROPS includes the administrative cost allowance as required under Health and <br />Safety Code Section 34177 0) through (k), and is presented in the format designed by the <br />Department of Finance (DOF). <br />Upon Successor Agency approval, the ROPS will be submitted to the Orange Countywide <br />Oversight Board for approval at its January 25, 2022 meeting. Upon OCOB approval, the <br />ROPS will be submitted to the DOF, County, and other appropriate entities as required <br />by the Dissolution Act by the February 1, 2022 deadline. The ROPS will also posted on <br />the Successor Agency's website. <br />FISCAL IMPACT <br />The Successor Agency is limited to making only payments listed on the approved ROPS <br />for each annual period. Administrative expenses are capped at three percent of the actual <br />property tax distributed for the ROPS in the preceding fiscal year or the minimum of <br />$250,000 per year. However, the OCOB has been requesting that successor agencies <br />reduce and minimize the administrative allowance necessary to oversee the remaining <br />obligations on the ROPS. Therefore, the Successor Agency estimates the administrative <br />cost allowance for FY 2022-23 will be $130,000. <br />Funds will be budgeted for FY 22/23 in the Redevelopment Obligation Retirement Funds <br />(account no. 67118021-various, 67018843-various) upon approval of the ROPS by DOF. <br />EXHIBIT(S) <br />1. Resolution <br />A. Recognized Obligation Payment Schedule 22-23 <br />Submitted By: Steven Mendoza, Assistant City Manager <br />Approved By: Kristine Ridge, City Manager <br />