HomeMy WebLinkAbout2 - REVIEW LOW TO MODERATE INCOME HOUSING FUNDREQUEST FOR
SUCCESSOR AGENCY
ACTION
?p
MEETING DATE:
OCTOBER 1, 2012
TITLE:
DUE DILIGENCE REVIEW FOR THE LOW
AND MODERATE INCOME HOUSING FUND
A, )L
CLN-CITY MANAGER
RECOMMENDED ACTION
Receive and file.
CLERK OF THE COUNCIL USE ONLY:
APPROVED
? As Recommended
? As Amended
? Implementing Resolution
? Other
CONTINUED TO
FILE NUMBER
DISCUSSION
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 a Due
Diligence Review (Review) to determine the unobligated balances available for transfer to taxing
entities. The low and moderate income housing fund is the first of two such reviews to be
performed. The Review must be submitted to the Oversight Board for their review and approval.
In addition, it must be submitted to the County Auditor-Controller's Office, State Controller's
Office and the Department of Finance (DOF).
AB 1484 also requires that the Oversight Board hold a public comment session at least five
business days prior to holding an approval vote. The request to approve the Review will take
place at the Oversight Board meeting on Tuesday, October 9, 2012. which will comply with
Health and Safety Code 34179.6(b). At that time, the Oversight Board shall consider any
opinions provided by the County Auditor-Controller regarding the Review, if received.
After Oversight Board approval of the Review, it will be submitted to the DOF and County
Auditor-Controller for the final determination of the amount to be disbursed. DOF must complete
its determination by November 9, 2012. If there are any items in dispute, the Successor Agency
will have the opportunity to request a Meet and Confer with DOF.
FISCAL IMPACT
There is no fiscal impact associated with this action.
"h " W_ r-'? &&)aZ42
Nancy T. Ed rds
Interim Exec ve Director
Community Development Agency
NTE/SLB/kg
Exhibit: 1. Due Diligence Review
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SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SANTA ANA
Independent Accountant's Report on
Applying Agreed-Upon Procedures
on the Successor Agency to the
Redevelopment Agency of the City of Santa Ana
As Prescribed in Section 34179.5 of
the California Health and Safety Code
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SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Table of Contents
Page
Independent Accountant's Report on Applying Agreed-Upon Procedures ............................................... I
ATTACHMENT
A. Agreed-Upon Procedures and Findings ........................................................................................ 3
EXHIBITS
A. Asset Transfers to the City, February 1, 2012 through June 30, 2012 ........................................ 11
B. Asset Other Than Cash and Cash Equivalants Transferred to the Housing Successor ..............13
C. Housing Assets Needed to Satisfy Obligations on the BOPS,
July 1 2012 through June 30, 2013 .......................................................................................15
D. Assets Available to Distribute to Taxing Entities .......................................................................17
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Newport Beach
wa 4675 MacArthur Court, Suite 600
Certified Public Accotuttants. Newport Beach, CA 92660
949.221.0025
Sacramento
Walnut Creek
Successor Agency to the Community Redevelopment Agency Oakland
of the City of Santa Ana LA/Century City
Santa Ana, California
San Diego
Independent Accountant's Report on Seattle
Applying Agreed-Upon Procedures
We have performed procedures enumerated in Attachment A, which were agreed to by the Successor
Agency to the Community Redevelopment Agency (Successor Agency) of the City of Santa Ana (City),
California, the California State Controller's Office and California Department of Finance (collectively
referred to as Specified Parties) solely to assist you in determining the balances available for transfer to
taxing entities from assets transferred to the Successor Agency from the Low and Moderate Income
Housing Funds of the former redevelopment agency, as prescribed in Section 34179.5 of the California
Health and Safety Code (Code). The management of the Successor Agency is responsible for the
accounting records. This agreed-upon procedures engagement was conducted in accordance with
attestation standards established by the American Institute of Certified Public Accountants. The
sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we
make no representation regarding the sufficiency of the procedures described in Attachment A, either for
the purpose for which this report has been requested, or for any other purpose.
The scope of this engagement was limited to performing the agreed-upon procedures set forth in
Attachment A. Attachment A also identifies the findings noted as a result of the procedures performed.
We were not engaged to and did not conduct an audit, the objective of which would be the expression of
an opinion on the balances available for transfer to taxing entities from assets transferred to the Successor
Agency from the Low and Moderate Income Housing Fund of the former redevelopment agency or other
financial information presented in the attached exhibits. Accordingly, we do not express such an opinion.
Had we performed additional procedures, other matters might have come to our attention that would have
been reported to you.
This report is intended solely for the information and use of the Successor Agency, California State
Controller's Office and the California Department of Finance, and is not intended to be, and should not be
used by anyone other than these specified parties.
)ha,c,.,, ram.,. s o tn?d Z-e-P
Newport Beach, California
September 26, 2012
www.mgocpa.com
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SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings
Low and Moderate Income Housing Fund
Our procedures and findings are as follows:
I ) Procedure:
Obtain from the Successor Agency a listing of all assets that were transferred from the Low and
Moderate Income Housing Funds of the former redevelopment agency to the Successor Agency
on or about February 1, 2012. Agree the amounts on this listing to account balances established in
the accounting records of the Successor Agency. Identify in the Agreed-Upon Procedures (AUP)
report the amount of the assets transferred to the Successor Agency as of that date.
Finding: Based on our discussion with management, all of the assets of the Low and Moderate
Income Housing Fund of the former redevelopment agency were transferred to the Housing
Successor upon dissolution. As such, there were no assets transferred from the Low and Moderate
Income Housing Funds to the Successor Agency. We verified the results of our inquiry with
management through inspection of the Successor Agency's accounting records.
However, in compliance with the intent of Assembly Bill 1484, that is to remit all unencumbered
assets from the Low and Moderate Income Housing Fund to the taxing entity, the Successor
Agency intends to properly transfer any unencumbered assets from the Housing Successor to the
Successor Agency upon conclusion of the due diligence review.
2) Procedures:
If the State Controller's Office has completed its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as
an exhibit to the AUP report. If this has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency of transfers from the Low and Moderate
Income Housing Funds of the former redevelopment agency (excluding payments for goods
and services) to the city, county, or city and county that formed the redevelopment agency for
the period from January 1, 2011 through January 31, 2012. For each transfer, the Successor
Agency should describe the purpose of the transfer and describe in what sense the transfer
was required by one of the Agency's enforceable obligations or other legal requirements.
Provide this listing as an attachment to the AUP report.
B. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for
goods and services) from the low and moderate income housing assets held by the Successor
Agency to the city, county, or city and county that formed the redevelopment agency for the
period from February 1, 2012 through June 30, 2012. For each transfer, the Successor
Agency should describe the purpose of the transfer and describe in what sense the transfer
was required by one of the Agency's enforceable obligations or other legal requirements.
Provide this listing as an attachment to the AUP report
C. For each transfer, obtain the legal document that formed the basis for the enforceable
obligation that required any transfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the transfer.
2-9 3
SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Low and Moderate Income Housing Fund
Findings: We noted that the State Controller's Office has not completed its review of transfers as
of the date of this report. Procedure 2A is not applicable to the Successor Agency as there were
no transfers from the Low and Moderate Income Housing Funds of the former redevelopment
agency to the City for the period from January 1, 2011 through January 31, 2012.
For procedures 2B and 2C, we reviewed the Housing Asset Transfer Form submitted to the
Department of Finance and noted disallowed transfers of assets (land held for resale: 415 and
423 S. Raitt Street) in the aggregate amount of $1,000,000. All other assets listed on the Housing
Asset Transfer Form were approved by the Department of Finance. The Housing Successor does
not concur with the findings and has requested a "meet and confer" session with the Department
of Finance. As of the date of this report, a "meet and confer" session has not been scheduled.
However, for the purposes of this procedure, we have included the items disallowed by the
Department of Finance as a finding on Exhibit A.
Further, we noted other assets that were transferred from the former Low and Moderate Income
Housing Fund to the Housing Succesor that were not included on the Housing Asset Transfer
Form submitted and evaluated by the Department of Finance. For those assets in question, there
were no legal requirements or enforceable obligations requiring the transfer of such assets. As a
result, we have included such transfers as a finding on Exhibit A. Please refer to Exhibit A for
the results of procedures 2B and 2C.
3) Procedures:
If the State Controller's Office has completed its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as
an exhibit to the AUP report. If this has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency of all transfers (excluding payments for
goods and services) from the former redevelopment agency's Low and Moderate Income
Housing Fund to any other public agency or to private parties for the period from January 1,
2011 through January 31, 2012. For each transfer, the Successor Agency should describe the
purpose of the transfer and describe in what sense the transfer was required by one of the
Agency's enforceable obligations or other legal requirements. Provide this listing as an
attachment to the AUP report.
B. Obtain a listing prepared by the Successor Agency of all transfers (excluding payments for
goods and services) from the low and moderate income housing assets held by the Successor
Agency to any other public agency or private parties for the period from February 1, 2012
through June 30, 2012. For each transfer, the Successor Agency should describe the purpose
of the transfer and describe in what sense the transfer was required by one of the Agency's
enforceable obligations or other legal requirements. Provide this listing as an attachment to
the AUP report.
C. For each transfer, obtain the legal document that formed the basis for the enforceable
obligation that required any transfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the transfer.
2-10
SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Low and Moderate Income Housing Fund
Findings: We noted that the State Controller's Office has not completed its review of transfers
as of the date of this report. Transfers to other public agencies or private parties, as defined in
Health and Safety Code 34179.5 (C) (3), is the "...dollar value of any cash and cash equivalents
transferred after January 1, 2011, through June 30, 2012..." There were no transfers of cash and
cash equivalents to other public agencies or private parties from the former redevelopment
agency's Low and Moderate Income Housing Fund or Successor Agency. As such, procedures
3A through 3C are not applicable.
4) Procedure:
Obtain from the Successor Agency a listing of all assets of the Low and Moderate Income
Housing Fund as of June 30, 2012 for the report that is due October 1, 2012 and a listing of all
assets of all other funds of the Successor Agency as of June 30, 2012 (excluding the previously
reported assets of the Low and Moderate Income Housing Fund) for the report that is due
December 15, 2012. When this procedure is applied to the Low and Moderate Income Housing
Fund, the schedule attached as an exhibit will include only those assets of the Low and Moderate
Income Housing Fund that were held by the Successor Agency as of June 30, 2012 and will
exclude all assets held by the entity that assumed the housing function previously performed by
the former redevelopment agency. Agree the assets so listed to recorded balances reflected in the
accounting records of the Successor Agency. The listings should be attached as an exhibit to the
appropriate AUP report.
Finding: Based on our discussion with management, all of the assets of the Low and Moderate
Income Housing Fund of the former redevelopment agency were transferred to the Housing
Successor upon dissolution. As such, there were no assets transferred from the Low and Moderate
Income Housing Funds to the Successor Agency. We verified the results of our inquiry with
management through inspection of the Successor Agency's accounting records.
However, in compliance with the intent of Assembly Bill 1484, that is to remit all unencumbered
assets from the Low and Moderate Income Housing Fund to the taxing entity, the Successor
Agency intends to properly transfer any unencumbered assets from the Housing Successor to the
Successor Agency upon conclusion of the due diligence review.
5) Procedures:
Obtain from the Successor Agency a listing of asset balances transferred from the Low and
Moderate Income Housing Fund held on June 30, 2012, that are restricted for the following
purposes:
A. Unspent bond proceeds:
i. Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures, amounts set aside for debt service payments,
etc.)
ii. Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
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SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Low and Moderate Income Housing Fund
iii. Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by the Successor Agency as
restricted.
B. Grant proceeds and program income that are restricted by third parties:
i. Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
ii. Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
C. Other assets considered to be legally restricted:
i. Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
ii. Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
iii. Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by Successor the Agency as
restricted.
D. Attach the above mentioned Successor Agency prepared schedule(s) as an exhibit to the AUP
report. For each restriction identified on these schedules, indicate in the report the period of
time for which the restrictions are in effect. If the restrictions are in effect until the related
assets are expended for their intended purpose, this should be indicated in the report.
Findings: Based on our discussion with management, all of the assets of the Low and Moderate
Income Housing Fund of the former redevelopment agency were transferred to the Housing
Successor upon dissolution. However, of the unencumbered assets identified in the results to
Procedure 2 and Exhibit A, management has determined that none are restricted and unavailable
for distribution to taxing entities.
6) Procedures:
A. Obtain from the Successor Agency a listing of assets transferred from the Low and Moderate
Income Housing Fund as of June 30, 2012 that are not liquid or otherwise available for
distribution (such as capital assets, land held for resale, long-term receivables, etc.) and
ascertain if the values are listed at either purchase cost (based on book value reflected in the
accounting records of the Successor Agency) or market value, as recently estimated by the
Successor Agency.
B. If the assets listed at 6A are listed at purchase cost, trace the amounts to a previously audited
financial statement (or to the accounting records of the Successor Agency) and note any
differences.
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SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Low and Moderate Income Housing Fund
C. For any differences noted in 613, inspect evidence of disposal of the asset and ascertain that
the proceeds were deposited into the Successor Agency trust fund. If the differences are due
to additions (this generally is not expected to occur), inspect the supporting documentation
and note the circumstances.
D. If the assets listed at 6A are listed at recently estimated market value, inspect the evidence (if
any) supporting the value and note the methodology used. If no evidence is available to
support the value and/or methodology, note the lack of evidence.
Findings: Of the unencumbered assets identified in the results to Procedure 2 and Exhibit A, we
noted assets (land held for resale: 415 and 423 S. Raitt Street) in the aggregate amount of
$1,000,000 that are not liquid or otherwise available for distribution to the taxing entities. Please
refer to Exhibit B for the results of the procedures performed.
7) Procedures:
A. If the Successor Agency believes that asset balances transferred from the Low and Moderate
Income Housing Fund need to be retained to satisfy enforceable obligations, obtain from the
Successor Agency an itemized schedule of asset balances (resources) as of June 30, 2012,
that are dedicated or restricted for the funding of enforceable obligations and perform the
following procedures. The schedule should identify the amount dedicated or restricted, the
nature of the dedication or restriction, the specific enforceable obligation to which the
dedication or restriction relates, and the language in the legal document that is associated with
the enforceable obligation that specifies the dedication of existing asset balances toward
payment of that obligation.
i. Compare all information on the schedule to the legal documents that form the basis for
the dedication or restriction of the resource balance in question.
ii. Compare all current balances to the amounts reported in the accounting records of the
Successor Agency or to an alternative computation.
iii. Compare the specified enforceable obligations to those that were included in the final
Recognized Obligation Payment Schedule approved by the California Department of
Finance.
iv. Attach as an exhibit to the report the listing obtained from the Successor Agency. Identify
in the report any listed balances for which the Successor Agency was unable to provide
appropriate restricting language in the legal document associated with the enforceable
obligation.
B. If the Successor Agency believes that future revenues, together with balances transferred
from the Low and Moderate Income Housing Fund dedicated or restricted to an enforceable
obligation, are insufficient to fund future obligation payments, and thus retention of current
balances is required, obtain from the Successor Agency a schedule of approved enforceable
obligations that includes a projection of the annual spending requirements to satisfy each
obligation and a projection of the annual revenues available to fund those requirements and
perform the following procedures:
i. Compare the enforceable obligations to those that were approved by the California
Department of Finance. Procedures to accomplish this may include reviewing the letter
from the California Department of Finance approving the Recognized Enforceable
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SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Low and Moderate Income Housing Fund
Obligation Payment Schedules for the six month period from April 1, 2012 through June
30, 2012, and for the six month period October 1, 2012 through March 31, 2013.
ii. Compare the forecasted annual spending requirements to the legal document supporting
each enforceable obligation.
a. Obtain from the Successor Agency its assumptions relating to the forecasted annual
spending requirements and disclose in the report major assumptions associated with
the projections.
iii. For the forecasted annual revenues:
a. Obtain from the Successor Agency its assumptions for the forecasted annual revenues
and disclose in the report major assumptions associated with the projections.
C. If the Successor Agency believes that projected property tax revenues and other general
purpose revenues to be received by the Successor Agency are insufficient to pay bond debt
service payments (considering both the timing and amount of the related cash flows), obtain
from the Successor Agency a schedule demonstrating this insufficiency and apply the
following procedures to the information reflected in that schedule.
i. Compare the timing and amounts of bond debt service payments to the related bond debt
service schedules in the bond agreement.
ii. Obtain the assumptions for the forecasted property tax revenues and disclose major
assumptions associated with the projections.
iii. Obtain the assumptions for the forecasted other general purpose revenues and disclose
major assumptions associated with the projections.
D. If procedures 7A, B, or C were performed, calculate the amount of current unrestricted
balances of assets transferred from the Low and Moderate Income Housing Fund necessary
for retention in order to meet the enforceable obligations by performing the following
procedures.
i. Combine the amount of identified current dedicated or restricted balances and the amount
of forecasted annual revenues to arrive at the amount of total resources available to fund
enforceable obligations.
ii. Reduce the amount of total resources available by the amount forecasted for the annual
spending requirements. A negative result indicates the amount of current unrestricted
balances that needs to be retained.
iii. Include the calculation in the AUP report.
Findings: We noted that no assets were transferred from the Low and Moderate Income Housing
Fund of the former redevelopment agency to the Successor Agency. However, as noted in the
results to Procedure 1, the Housing Successor maintained the unencumbered assets of the Low
and Moderate Income Housing Fund. Based on our inquiry with Management, the Successor
Agency does not believe that the unencumbered asset balances in question are dedicated or
restricted to satisfy enforceable obligations and thus need to be transferred to the Successor
Agency.
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SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Low and Moderate Income Housing Fund
8) Procedure:
If the Successor Agency believes that, as of June 30, 2012, cash balances transferred from the
Low and Moderate Income Housing Fund need to be retained to satisfy obligations on the
Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2012 through
June 30, 2013, obtain a copy of the final ROPS for the period of July 1, 2012 through December
31, 2012, and a copy of the final ROPS for the period January 1, 2013 through June 30, 2013. For
each obligation listed on the ROPS, the Successor Agency should add columns identifying (1)
any dollar amounts of existing cash transferred from the Low and Moderate Income Housing
Fund that are needed to satisfy that obligation and (2) the Successor Agency's explanation as to
why the Successor Agency believes that such balances are needed to satisfy the obligation.
Include this schedule as an attachment to the AUP report.
Findings: Based on our inquiry with management, the Successor Agency believes that
$30,593,530 of the unencumbered cash balances as of June 30, 2012, are needed to satisfy
obligations on the ROPS. Please refer to Exhibit C for the results of the procedures performed
9) Procedure:
Include a schedule detailing the computation of the Balance Available for Allocation to Affected
Taxing Entities from assets transferred to the Successor Agency from the Low and Moderate
Income Housing Fund. Amounts included in the calculation should agree to the results of the
procedures performed in each section above. The schedule should also include a deduction to
recognize amounts already paid to the County Auditor-Controller on July 12, 2012, as directed by
the California Department of Finance. The amount of this deduction presented should be agreed
to evidence of payment.
Finding: Please refer to Exhibit D for the results of the procedures performed.
10) Procedure:
Obtain a representation letter from Successor Agency management acknowledging their
responsibility for the data provided to the practitioner and the data presented in the report or in
any attachments to the report. Included in the representations should be an acknowledgment that
management is not aware of any transfers (as defined by Section 34179.5) from assets of the Low
and Moderate Income Housing Fund from either the former redevelopment agency or the
Successor Agency to other parties for the period from January 1, 2011 through June 30, 2012,
that have not been properly identified in the AUP report and its related exhibits. Management's
refusal to sign the representation letter should be noted in the AUP report as required by
attestation standards.
Finding: No exceptions were noted as a result of this procedure.
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SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
EXHIBIT D - LOW AND MODERATE INCOME HOUSING FUND ASSETS TRANSFERRED
TO THE SUCCESSOR AGENCY THAT ARE AVAILABLE TO DISTRIBUTE TO AFFECTED TAXING ENTITIES
SUMMARY OF BALANCES AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES
Total amount of assets held by the successor agency as of June 30, 2012 (procedure 5) $
Add the amount of any assets transferred to the city or other parties for which an enforceable
obligation with a third party requiring such transfer and obligating the use
of the transferred assets did not exist (procedures 2 and 3) 31,593,530
Less assets legally restricted for uses specified by debt
covenants, grant restrictions, or restrictions imposed by other
governments (procedure 5) -
Less assets that are not cash or cash equivalents (e.g., physical assets) - (procedure 6) (1,000,000)
Less balances that are legally restricted for the funding of an enforceable
obligation (net of projected annual revenues available to fund those obligations) - (procedure 8) -
Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9)
Less the amount of payments made on July 12, 2012, to the County Auditor-Controller as
directed by the California Department of Finance
Amount to be remitted to county for disbursement to taxing entities
Note that separate computations are required for the Low and Moderate Income Housing Fund held by the
Successor Agency and for all other fiords held by the Successor Agency.
(30,593,530)
NOTES: For each line shown above, an exhibit should be attached showing the composition of the summarized amount.
If the review finds that there are insufficient funds available to provide the full
amount due, the cause of the insufficiency should be demonstrated in a separate schedule.
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