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RODS 16 -17 & Administrative Budget <br />February 2, 2016 <br />Page 2 <br />• The California Department of Finance (DOF) is required to make its determination no later <br />than April 15th of each year; <br />• Successor agencies allowed to submit one amendment to the ROPS no later than October <br />15t of each year, but only to amend the amounts requested and approved by DOF on the <br />annual ROPS. <br />• Effective FY 16/17, the administrative cost allowance is up to three percent of the actual <br />property tax distributed to the successor agency in the preceding fiscal year, reduced by <br />the successor agency's administrative cost allowance and revitalized loan repayments to <br />the city. The minimum amount of $250,000 per year remains; <br />• Meet and Confer will no longer be available for ROPS items that are the subject of <br />litigation disputing DOF's previous or related determination; and <br />• The County Auditor - Controller given the authority to request documents related to <br />enforceable obligations for review. <br />This is the tenth RODS prepared by the Successor Agency and is presented in the format <br />designed by the Department of Finance (DOF). The ROPS 16 -17 was reviewed and approved <br />by the Oversight Board in a special meeting on January 28, 2016. <br />Following action by the Oversight Board, the ROPS was submitted to the DOF, County, and other <br />appropriate entities as required by the Dissolution Act by the February 1, 2016 deadline. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #4 - City Financial Stability, <br />Objective #1 (Maintain a stable, efficient and transparent financial environment). <br />FISCAL IMPACT <br />The Successor Agency is limited to making only payments listed on the approved ROPS for each <br />annual period. Administrative expenses are capped at three percent of the actual property tax <br />distributed for the ROPS in the preceding fiscal year or the minimum of $250,000 per year. The <br />Successor Agency is anticipated to be approved for $250,000 in administrative cost allowance for <br />FY 16/17. <br />Funds will be budgeted for FY 16/17 in the Redevelopment Obligation Retirement Funds <br />(account no. 67118021 - various, 67018843 - various, and 67018850 - various) upon approval of the <br />RODS by DOF. <br />3 -2 <br />