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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 /> City Council 3 - 2 1/18/2022 <br />