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5.Administrative Budget 7 Successor Agency to the former iii Redwood Redwood City Redevelopment Oil"GoIifarmie , bJInm 1 NV Agency Agenda Report To: Oversight Board Members From: Audrey Seymour Ramberg, Interim Finance Director Date: February 19, 2015 Re: Administrative Budget for the period of July 1, 2015 through December 31, 2015 for the Successor Agency of the Former Redwood City Redevelopment Agency RECOMMENDATION Approve, by resolution, the recommended Successor Agency administrative budget for the period of July 1, 2015 through December 31, 2015. BACKGROUND Under AB x1 26 Successor Agencies are required to submit their administrative budget to their Oversight Board for approval for each six-month Recognized Obligation Payment Schedule (ROPS) period. The administrative budget is then placed on the appropriate ROPS for Oversight Board approval. For the period of July 1, 2015 through December 31, 2015 the Successor Agency administrative budget is comprised of employee costs (salaries and benefits) for those employees who are directly involved in the Successor Agency activities, audit fees and legal fees provided to the Oversight Board (see Exhibit A of the Resolution - Attachment One). Attachment Two lists the positions and corresponding portions of each position that are included in this budget and the associated projected costs. Under AB x1 26, the Successor Agency is provided an administrative cost allowance of $250,000 annually and has limited the administrative budget accordingly. The proposed administrative budget has been reduced to $58,745 for July 1, 2015 through December 31, 2015 to align with the decreased activity expected in the next fiscal year.