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ROPS 16 -17 & Administrative Budget <br />February 16, 2016 <br />Page 2 <br />The ROPS was submitted to the DOF, County, and other appropriate entities as required by the <br />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 payments only to those 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 $250,000 per <br />year. The Successor Agency is anticipated to be approved for $250,000 in administrative cost <br />allowance for 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 />ROPS by DOF. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Kelly Reender Francisco Gutierrez <,V_ utive <br />Exac Cii o or Executive Director <br />Community Development Agency Finance and Management Services Agency <br />KR /SG /sb <br />Exhibit: 1. ROPS & Administrative Budget FY 2016 -2017 <br />3 -2 <br />