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ROPS 15 -16A & ADMINISTRATIVE BUDGET February 17, 2015 Page 2 Board to the Successor Agency has oversight with respect to the Dissolution process, including review and approval of the Recognized Obligation Payment Schedule (ROPS). This is the eighth ROPS prepared by the Successor Agency, and is presented in the format designed by the Department of Finance (DOF). The ROPS 15 -16A will be reviewed and approved by the Oversight Board in a special meeting tentatively scheduled for February 26, 2015. Following action by the Oversight Board, the ROPS will be submitted to the DOF, County, and other appropriate entities as required by AB 1484 by the March 3, 2015 deadline. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal #4 City Financial Stability, Objective #1, (Maintain a stable, efficient and transparent financial environment.) FISCAL IMPACT The Successor Agency is limited to making only payments listed on the approved RODS for each six month period and the administrative expenditures of the Successor Agency are limited to items listed in the approved Administrative Budget for each six month period. Administrative expenses are capped by law at the greater of three percent of the property tax funds distributed for the ROPS, or $250,000 per year. Thus far, Santa Ana's Successor Agency has received the greater amount of three percent based on the approved property tax funds. Funds will be available in the Redevelopment Obligation Retirement Funds (account no. 67118021- various, 67018843 - various, and 67018850 - various) upon adoption of the FY 2015 -16 budget by City Council and approval of the BOPS by DOF. APPROVED AS TO FUNDS AND ACCOUNTS: C�:�tnn��r mil, elly Reend s Francisco Gutierrez Executive f r ct r Executive Director Community evelopment Agency Finance and Management Services Agency KR/SG /sb Exhibit: 1. ROPS & Administrative Budget 3 -2