TITLE
Recommendation to adopt resolution approving the results of the Successor Agency Fund (non Housing) Due Diligence Review.
DISCUSSION
Section 34179.5 of the California Health and Safety Code, as adopted by AS 1484, requires the Successor Agency to employ a licensed accountant to conduct a Due Diligence Review to determine the unobligated balances of the Successor Agency fund (non Housing) available for transfer to taxing entities.
The Due Diligence Review must include the following:
1) The dollar value of assets transferred from the former Redevelopment Agency to the Successor Agency on or about February 1, 2012.
2) The dollar value of assets and cash, and cash equivalents transferred after June 1, 2011 through September 30, 2012, by the former Redevelopment Agency or the Successor Agency to the city that formed the Redevelopment Agency, and the purpose of each transfer.
3) The dollar value of any cash or cash equivalents transferred after June 1, 2011 through September 30,2012, by the former Redevelopment Agency or the Successor Agency to any other public agency or private party and the purpose of each transfer.
4) Balances needed to satisfy the Recognized Obligation Payment Schedule (ROPS) for the 2012-13 fiscal year (ROPS II and III).
5) The review shall total the net balance available after deducting the total amounts described in Items 2 through 4 above.
The "net balance" from Item 5 represents the amount of unobligated Successor Agency funds (non Housing) to be remitted to the County Auditor-Controller for distribution to the taxing entities.
The Successor Agency contracted with the firm of Macias, Gini, and O'Connell, LLP to conduct the Due Diligence Review in accordance with the procedures developed by the California Society of CPAs, with input from the State Controller's Office and the Department of Finance. The results of this review are attached as Exhibit A.
Pursuant to Section 34179.6, the Oversight Board held a public commen...
Click here for full text