HomeMy WebLinkAbout2 - DUE DILIGENCE ALL FUNDS AND ACCT BALANCESREQUEST 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
Due Diligence Review
December 17, 2012
Page 2
FISCAL IMPACT
There is no fiscal impact associated with this action.
n gt'm W- e-,? mz-t)O--e?
Nancy T. Edw ds
Interim Execut a Director
Community Development Agency
NTE/SG/kg
Exhibit: 1. Due Diligence Review
2-2
As Prescribed in Section 34179.5 of
the California Health and Safety Code
Certified Public Accountants.
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 Community Redevelopment Agency, Except
its Low and Moderate income Housing Fund
2-4
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF SANTA ANA, EXCEPT ITS LOW AND MODERATE INCOME HOUSING FUND
Table of Contents
Page
Independent Accountant's Report on Applying Agreed-Upon Procedures ...............................................1
ATTACHMENT
A. Agreed-Upon Procedures and Findings ........................................................................................ 3
EXHIBITS
A. Former Redevelopment Agency, Except its Low and Moderate Income Housing
Find, Asset Transfers to the City of Santa Ana for the Period from
January 1, 2011 through January 31, 2012 ............................................................................. 11
B. Successor Agency, Except its Low and Moderate Income Housing Find, Asset
Transfers to the City of Santa Ana for the Period from February 1, 2012
through June 30, 2012 ............................................................................................................ 13
C. Former Redevelopment Agency, Except its Low and Moderate Income Housing
Fund, Asset Transfers to Public Agencies for the Period from January 1, 2011
through January 31, 2012 ....................................................................................................... 15
D. Successor Agency, Except its Low and Moderate Income Housing Find, Asset
Transfers to Public Agencies for the Period from February 1, 2012
through June 30, 2012 ............................................................................................................ 17
E. Condensed Summary of Financial Data ...................................................................................... 19
F. Successor Agency Assets, Excluding Low and Moderate Income Housing Fund
Assets, Held by the Successor Agency at June 30, 2012 ......................................................... 21
G. Successor Agency Restricted Assets, Excluding Low and Moderate Income
Housing Find Restricted Assets, Held by the Successor Agency
at June 30, 2012 ....................................................................................................................... 23
H. Successor Agency Assets Other than Cash and Cash Equivalents, Excluding Low
and Moderate Income Housing Fund Assets, Held by the Successor Agency
at June 30, 2012 ....................................................................................................................... 25
I. Successor Agency Assets, Excluding Low and Moderate Income Housing Fund
Assets, Needed to Satisfy Obligations on the Recognized Obligation Payment
Schedules for the Period from July 1, 2012 through June 30, 2013 ........................................ 27
J. Successor Agency Assets, Excluding Low and Moderate Income Housing Fund
Assets, Available to Distribute to Affected Taxing Entities .................................................... 29
2-5
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2-6
Certified Public Accountants.
Successor Agency to the
Commtunity Redevelopment Agency
of the City of Santa Ana
Santa Ana, California
Independent Accountant's Report on
Applying Agreed-Upon Procedures
We have performed the procedures in Attachment A, which were agreed to by the Successor Agency to
the Community Redevelopment Agency of the City of Santa Ana (Successor Agency), 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, excluding assets transferred from the Low and Moderate Income
Housing Fund of the former redevelopment agency, as prescribed in Section 34179.5 of the California
Health and Safety Code (Code) as of June 30, 2012.
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.
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 die sufficiency
of the procedures, either for the purpose for which this report has been requested, or for any other
purpose.
Sarramento
Oakland
LA/Century City
Newport [Beach
San Diego
Seattle
We were not engaged to and did not conduct an audit, the objective of which would be the expression of
an opinion on the assets transferred to the Successor Agency, excluding assets transferred from the Low
and Moderate Income Housing Fund of the former redevelopment agency, and the balance available for
transfer to the taxing entities. Accordingly, we do not express such an opinion. Had we performed
additional procedures, other matters may 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 California Department of Finance and is not intended to be, and should not be,
used by anyone other than these specified parties.
'moo
Newport Beach, California
December 7, 2012
Walnut Creek
2121 N Celit.,,rnia Blvd., Suite 750
Wilnut CroPk, CA 94596
925.274.0190
www.mgocpa,com 2-71
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2-a
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings
Successor Agency, Except Its Low and Moderate Income Housing Fund
our procedures and findings are as follows:
1) Procedure:
Obtain from the Successor Agency a listing of all assets that were transferred from the former
redevelopment agency to the Successor Agency, excluding assets transferred from the Low and
Moderate Income Housing Fund of the former redevelopment 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: We noted the former redevelopment agency transferred assets in the amount of
$59,225,010 from the former redevelopment agency to the Successor Agency, excluding assets
transferred from the Low and Moderate Income Housing Fund of the former redevelopment
agency, on February 1, 2012. This amount included unrealized gain on investments at January
31, 2012, of $85,026. We agreed the assets transferred to the underlying accounting records of
the Successor Agency.
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 (excluding payments for
goods and services) from the former redevelopment agency, excluding the Low and Moderate
Income Housing Fund, 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 dne 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 Successor Agency, excluding the Low and Moderate Income
Housing Fund 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-S
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except its 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. For procedures 2A, 2B and 2C, we reviewed the legal documents
that formed the basis for the transfers. Please refer to Exhibits A and B for the results of the
procedures performed.
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 transfers (excluding payments for
goods and services) from the former redevelopment agency, excluding the 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 transfers (excluding payments for
goods and services) from the Successor Agency, excluding the Low and Moderate Income
Housing Fund, 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.
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..." For procedures 3A, 3B and 3C, we
reviewed the legal docuunents that formed the basis for the enforceable obligations that required
any transfers and the language in the documents that required the transfers. Please refer to
Exhibits C and D for the results of the procedures performed.
2-140
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except its Low and Moderate Income Housing Fund
4) Procedures:
A. Obtain from the Successor Agency a summary of the financial transactions of the
Redevelopment Agency and the Successor Agency in the format set forth in the attached
schedule for the fiscal periods indicated in the schedule. For purposes of this summary, the
financial transactions should be presented using the modified accrual basis of accounting.
End of year balances for capital assets and long-term liabilities (in total) should be presented
at the bottom of the summary schedule for information purposes.
B. Ascertain that for each period presented, the total of revenues, expenditures, and transfers
accounts firlly for the changes in equity from the previous fiscal period.
C. Compare amounts in the schedule relevant to the fiscal year ended June 30, 2010, to the state
controller's report (SCR) filed for the Redevelopment Agency for that period.
D. Compare amounts in the schedule for the other fiscal periods presented to account balances in
the accounting records or other supporting schedules. Describe in the report the type of
support provided for each fiscal period.
Findings: We noted a difference of $377,495 between the long-term debt reported in the SCR
and the amounts reported in the fiscal year 2010 financial statements. The difference is due to
bond premiums and discounts and other post employment benefit obligations not reported in the
SCR. Financial data for the fiscal periods ending June 30, 2010 and 2011 is supported by the
audited financial statements. Financial data for the periods ending January 31, 2012 and June 30,
2012, is supported by Successor Agency accounting records. Please refer to Exhibit E for a
summary of the financial transactions.
5) Procedure:
Obtain from the Successor Agency a listing of assets, excluding the Low and Moderate Income
Housing Find Assets, held by the Successor Agency at June 30, 2012. 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 AUP report.
Finding: No exceptions were noted as a result of the procedure performed. Please refer to
Exhibit F for a listing of all assets of the Successor Agency, excluding the Low and Moderate
Income Housing Fund Assets, held by the Successor Agency at June 30, 2012.
G) Procedures:
Obtain from the Successor Agency a listing of assets, excluding the Low and Moderate Income
Housing Fund Assets, held by the Successor Agency at June 30, 2012, that are restricted for the
following purposes:
241
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except its Low and Moderate Income Housing Fund
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 (include 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 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 (include in the AUP report a
description of such documentation).
iii. Obtain from the Successor Agency a copy of the grant agreement 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.
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 (include 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 the Successor 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 the schedule(s), 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 puupose, this should be indicated in the report.
Findings: No exceptions were noted as a result of the procedures performed. Please refer to
Exhibit G for the listing of the Successor Agency's restricted assets, excluding the Low and
Moderate Income Housing Fund Assets, held by the Successor Agency at Tune 30, 2012.
2-162
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Fund
7) Procedures:
A. Obtain from the Successor Agency a listing of assets, excluding the Low and Moderate
Income Housing Fund Assets, held by the Successor Agency at 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 7A 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.
C. For any differences noted in 7B, inspect evidence of disposal of the asset and ascertain that
the proceeds were deposited into the Successor Agency host find. 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 7A 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: No exceptions were noted as a result of the procedures. Please refer to Exhibit H for
the listing of Successor Agency's assets other than cash and cash equivalents, excluding the Low
and Moderate Income Housing Fund Assets, held by the Successor Agency at June 30, 2012.
8) Procedures:
A. If the Successor Agency believes that asset balances, excluding the Low and Moderate
Income Housing Fund Assets held by the Successor Agency, 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 finding 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 towards payment of that obligation.
i. Compare all information on the schedule to the legal document that forms 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.
2-13
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Fund
iv. Attach as an exhibit to the AUP 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 restrictive language in the legal document associated with the
enforceable obligation.
B. If the Successor Agency believes that future revenues, together with balances (excluding the
Low acid Moderate Income Housing Funds held by the Successor Agency) dedicated or
restricted to an enforceable obligation, are insufficient to fiend fiiture 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 amiual revenues
available to fiend 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
Obligation Payment Schedules for the six month periods from January 1, 2012 through
June 30, 2012, and July 1, 2012 through December 31, 2012.
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 the 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 the 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
fiom 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 the major
assumptions associated with the projections.
iii. Obtain the assumptions for the forecasted other general purpose revenues and disclose the
major assumptions associated with the projections.
D. If procedures 8A, 8B, or 8C were performed, calculate the amount of current unrestricted
balances, excluding the Low and Moderate Income Housing Fund Assets, held by the
Successor Agency that are necessary for retention in order to meet the enforceable obligations
by performing the following procedures.
2-1A
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except its Low and Moderate Income Housing Fund
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 fiord
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: For procedures 8A and 8D, we noted the Successor Agency did not believe that asset
balances, excluding the Low and Moderate Income Housing Fund Assets, held by the Successor
Agency pertaining to this procedure are dedicated or restricted for the finding of enforceable
obligations. Procedures 8B and 8C are not applicable to the Successor Agency.
9) Procedure:
If the Successor Agency believes that, as of June 30, 2012, cash balances, excluding the Low and
Moderate Income Housing Fund Assets, held by the Successor Agency need to be retained to
satisfy obligations on the Recognized Obligation Payment Schedules (BOPS) for the period of
July 1, 2012 through June 30, 2013, obtain copies of the final ROPS for the periods of July 1,
2012 through December 31, 2012, and 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 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
$25,761,601 of the cash balances, excluding the Low and Moderate Income Housing Fund
Assets, held by the Successor Agency at June 30, 2012, are needed to satisfy obligations on the
ROPS for the period of July 1, 2012 through December 31, 2012. No exceptions were noted as a
result of the procedure performed. Please refer to Exhibit I for the results of this procedure.
10) Procedure:
Include a schedule detailing the computation of the Balance Available for Allocation to Affected
Taxing Entities. 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: No exceptions were noted as a result of the procedure performed. Please refer to
Exhibit J for the results of this procedure.
2-195
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Attachment A - Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Fund
11) Procedure:
Obtain a representation letter from Successor Agency management acluiowledging 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 either the former
redevelopment agency or the Successor Agency, excluding the Low and Moderate Income
Housing Fund, 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
refiisal 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.
2-16
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2-A'%bF4
COAD&UNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
E%HIDIT E - CONDENSED SUTIMARY OF FINANCIAL DATA
Redevelopment Redevelopment Redevelopment Successor
Agency Agency Agency Agency
12 Months Ending 12 Months Ending 7 Months Ending 5 Months Ending
6/3012010 6/30/2011 1/3112012 613012012
Assets:
Cash and investment S 78,194,774 S 97,301,614 S 109,035,467 S 70,091,383
Investments with fiscal agent 8,599,156 6,746,113 6,681,755 6,679,285
Receivables:
Accounts - - 399,752 -
Tax increment 1,371,726 1,116,633 - -
interest 283,540 266,718 6 18,563
Loan and notes 38,831,329 38,690,133 38,699,250 600
Due from other funds 321,287 254,283 - -
Advances to otherflmds 8,702,359 7,202,359 7,202,359 -
Land held for resale 25,623,503 26,253,330 24,525,878 278,200
Deposits 100 100 100 -
Total Assets 161,927,774 177,831,283 186,544,567 77,068,031
Liabilities:
Accounts payable 2,666,035 5,317,379 - 3,058,978
Due to other funds 321,287 254,283 - -
Due to other governments 5,982,689 2,009,770 - 5,568,314
Advances from other flmds 8,702,359 7,202,359 7,202,359 -
Deferred revenues 38,831,329 38,340,133 38,340,133 -
Deposits 347,499 14,000 647,313 -
Total Liabilities 56,851,198 53,137,924 46,189,805 8,627,292
Equity 105,076,576 124,693,359 140,354,762 68,440,739
Total Liabilities + Equity S 161,927,774 S 177,831,283 S 196,544,567 S 77,068,031
Total Revenues S 58,701,626 S 56,304,019 S 32,156,533 S 160,078
Total Expenditures/Expenses 65,780,754 103,103,393 14,661,844 13,456,650
Total Transfers - 66,416,157 (1,833,286) (151,500)
Ezhaordinary gain 81,888,811
Net change in equity (7,079,128) 19,616,783 15,661,403 68,440,739
Beginning Equity 112,155,704 105,076,576 124,693,359 -
Ending Equity S 105,076,576 S 124,693,359 S 140,354,762 S 68,440,739
Reconciliation of Redevelopment Agency Ending Equity at January 31, 2012, to Successor Agency Beginning Equity at February 1, 2012
Redevelopment Agency Ending Equity $ 140,354,762
Transfer to Santa Ana Housing Successor (58,465,951) "
Extraordinary gain on RDA dissolution (81,888,811)
Successory Agency Beginning Equity S
The amount of assets reported as transferred to the Housing Successor at February 1, 2012, per the Low and Moderate Income Housing Fund (Lt1ffEff) Due Diligence
Report, was $126,672,242. However, cash in the amount of 529,866,161 was subsequently transferred back to the Successor Agency. The reconciliation is as follows:
Assets transferred to Housing Successor at February 1, 2012, per LMlHF Report S 126,672,242
Cash subsequently transferred back to Successor Agency from Housing Successor (29,866,161)
Liabilities related to assets transferred to Housing Successor _ (38,340,130)
Equity transfer to Housing Successor S 58,465,951
Other Information (show year end balances for all three years presented)
Capital Assets S - S 685,382 S 1,051,762
Long-tervr debt 116,771,009 113,060,680 109,140,705
2-25
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2-26
CONEWNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
EXHIBIT F - SUCCESSOR AGENCY ASSETS, EXCLUDING LOW AND 1%IODERATE INCOME
HOUSING FUND ASSETS, HELD BY THE SUCCESSOR AGENCY AT JUNE 30, 2012
Assets 6/3012012
Cash and investments held in City treasury $ 40,225,222
Cash and investments held by trustee
Loan and notes receivable
Interest receivable
Unamortized issuance cost
Capital Assets - Non Depreciable
Land held for resale
Total Assets
6,679,285
600
18,563
668,059
1,051,762
278,200
$ 48 921691
2-27
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COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
EXHIBIT J - SUCCESSOR AGENCY ASSETS, EXCLUDING LO-VAT AND MODERATE INCOME HOUSING
FUND ASSETS, 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) $ 48,921,691
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)
Less assets legally restricted for uses specified by debt
covenants, grant restrictions, or restrictions imposed by other
governments (procedure 6) (15,048,956)
Less assets that are not cash or cash equivalents (e.g., physical assets) - (procedure 7) (2,017,184)
Less balances that are legally restricted for the funding of an enforceable
obligation (net of projected annual revenues available to find those obligations) - (procedure 8)
Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9) (25,761,601)
Less the amount of payments made on July 12, 2012, to the County Auditor-Controller,
as directed by the California Department of Finance (1,160,097)
Amount to be remitted to County for disbursement to taxing entities $ 4,933,853
2-ME
2-36