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ROPS and Administrative Budget May 7, 2012 Page 2 On April 2, 2012, the Successor Agency approved the ROPS and Successor Agency's proposed Administrative Budget ("Budget") for the period of February 1, 2012 through June 30, 2012. The ROPS and Budget were then approved by the Oversight Board at its April 10, 2012 meeting, and subsequently made available to the appropriate entities [State Controller's Office, State Department of Finance (DOF), and/or County-Auditor Controller] as required by law. The April 10, 2012 ROPS is currently under review by the DOF and County. The ROPS (Exhibit A of Exhibit 1) and Budget (Exhibit B of Exhibit 1) for the July 1, 2012 through December 31, 2012 period is now being presented for Successor Agency approval. Following action by the Successor Agency, the ROPS will be presented to the Oversight Board for its approval, and then filed as required with the appropriate entities. The State Department of Finance has requested that this ROPS as approved by the Oversight Board, be submitted to the DOF and County Auditor-Controller by May 11, 2012. The Santa Ana Oversight Board is scheduled to meet May 8, 2012 to review the ROPS and Budget. FISCAL IMPACT California Health and Safety Code Section 34173(e) stipulates that "the liability of any successor agency, acting pursuant to the powers granted under the act adding this part, shall be limited to the extent of the total sum of property tax revenues it receives pursuant to this part and the value of assets transferred to it as a successor agency for a dissolved redevelopment agency." Thus, the City's obligations as Successor Agency are limited by the amount of property taxes and the value of assets it receives in its role as the Successor Agency. -"h ( / f C-q a-,(- k Nancy T. d ards Interim Exe utive Director Community Development Agency NTE/SG/mlr Exhibits: 1. ROPS & Administrative Budget Resolution 3-2