2 - DUE DILIGENCE ALL FUNDS AND ACCT BALANCES

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REQUEST FOR SUCCESSOR AGENCY ACTION MEETING DATE: DECEMBER 17, 2012 TITLE: CLERK OF THE COUNCIL USE ONLY: APPROVED DUE DILIGENCE REVIEW FOR ALL OTHER FUNDS AND ACCOUNT BALANCES ? As Recommended ? As Amended ? Implementing Resolution ? Other ()?A(,PA ? 2 /%./1' CITY MANAGER RECOMMENDED ACTION Receive and file. DISCUSSION CONTINUED TO FILE NUMBER AB 1484, which was adopted on June 27, 2012, requires that the Successor Agency employ a licensed accountant approved by the County of Orange Auditor-Controller to conduct Due Diligence Reviews (DDRs) to determine the unobligated balances available for transfer to taxing entities. The Low to Moderate Income Housing Fund DDR which has been submitted to the Department of Finance (DOF) was the first of two such reviews to be performed. This DDR is for the prior redevelopment agency's non-housing funds ("All Other Funds and Account Balances"), and must be submitted to the Oversight Board for its review and approval. In addition, it must be submitted to the County Auditor-Controller's Office, State Controller's Office and the DOF. AB 1484 requires that the Oversight Board hold a public comment session at least five business days prior to holding an approval vote in compliance with Health and Safety Code 34179.6(b). The request to consider the DDR and hold a public comment session took place at the Oversight Board meeting on Tuesday, December 11, 2012. After the Oversight Board consideration for final approval of the DDR, tentatively scheduled for January 8, 2013, it will be submitted to the DOF and County Auditor-Controller for DOF's determination of the amount to be disbursed. DOF must complete its review and determination by April 1, 2013. If there are any items in dispute, the Successor Agency will have the opportunity to request a Meet and Confer with DOF. 2-1