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SALINAS OVERSIGHT BOARD
AGENDA WEDNESDAY JANUARY 9, 2013
4:00 p.m. CITY COUNCIL ROTUNDA 200 Lincoln Avenue, Salinas, California
1. Pledge of Allegiance
2. Roll Call
3. Public Comment—for items not on the agenda 4. Public Comment -
Opportunity for Public Comment On Due Diligence Review results of the Salinas Successor Agency (“All other funds”)
5. Approval of Minutes (10.15.12)
6. Reports and Information
Successor Agency Staff will provide a verbal update on the status of review by the Department of Finance concerning ROPS#3, the DDR for the Low and Moderate Income Housing Fund, and the State Controller’s Report regarding Asset Transfers
7. Public Hearing Adoption of resolution making required factual findings of continued governmental use and directing transfer of pedestrian walkway property (230 Main Street) from the Salinas Successor Agency to the City of Salinas consistent with Health and Safety Code Sections 34181(a) and 34191.3
Recommendation: Approve resolution directing the transfer of ownership of the Salinas Train Station properties from Salinas Successor Agency to City of Salinas.
8. Board Referrals
Staff will provide a table showing all Board referrals and the reply status of each
9. Future Agenda Items (Special Meeting Tuesday January 15, 2013)
10. Adjournment. DISABILITY-RELATED MODIFICATION OR ACCOMMODATION, INCLUDING AUXILIARY AIDS OR SERVICES, MAY BE REQUESTED BY ANY PERSON WITH A DISABILITY WHO REQUIRES A MODIFICATION OR ACCOMMODATION IN ORDER TO PARTICIPATE IN THE MEETING.
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REQUESTS SHOULD BE REFERRED TO THE CITY CLERK’S OFFICE AT 200 LINCOLN AVENUE, SALINAS, 758-7381, AS SOON AS POSSIBLE BUT NO LATER THAN 5 P.M. OF THE LAST BUSINESS DAY PRIOR TO THE MEETING. PUBLIC AGENDA MATERIAL SHALL BE MADE AVAILABLE FOR INSPECTION IN THE ECONOMIC AND COMMUNITY DEVELOPMENT OFFICE, 65 WEST ALISAL STREET, SECOND FLOOR, SALINAS CA 93901. This agenda was posted on the bulletin boards located in the City Clerk’s office in City Hall and at the Council Chamber Rotunda on December 6, 2012. Denise Ledezma, Administrative Aide/Board Secretary
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DATE: January 9, 2013 FROM: Don Reynolds, Project Manager SUBJECT: ADOPTION OF A RESOLUTION MAKING REQUIRED FACTUAL FINDINGS
OF CONTINUED GOVERNMENTAL USE AND DIRECTING TRANSFER OF 230 MAIN STREET, A PEDESTRIAN WALKWAY (ASSESSOR’S PARCEL NUMBER 002-242-032) FROM THE SALINAS SUCCESSOR AGENCY TO THE CITY OF SALINAS CONSISTENT WITH HEALTH AND SAFETY CODE SECTIONS 34181(a) AND 34191.3
RECOMMENDATION: It is recommended that the Oversight Board approve the attached resolution directing the transfer of ownership of the pedestrian walkway at 230 Main Street, APN 002-242-032, for continued governmental use, consistent with Health and Safety Code Sections 34181(a) and 34191.3, and communicate this action to the State Controller’s Office and Department of Finance for approval. DISCUSSION: On December 18, 2012, the Salinas Successor Agency adopted Resolution Number 9 requesting the Salinas Oversight Board (“OB”) to consider directing the transfer of real property at 230 Main Street from the Successor Agency to the City based upon the evidence that includes its construction and continual government use as a public pedestrian walkway. The second attachment is the December 18, 2012 Successor Agency staff report that provides the facts and history of the property’s governmental use. AB1484, adopted June 27, 2012, was reviewed with the Oversight Board at its meeting July 11, 2012. An option under AB 1484 is for the Successor Agency and Oversight Board to work together to receive a “finding of completion” from the Department of Finance, upon receipt of which the Oversight Board can approve a long-term property disposition plan (postponing actions on these properties until at least March 2013). Upon additional review of AB 1484, it has been determined that there are no provisions that prohibit the Oversight Board from reviewing assets and disposing of assets for governmental use before this date. In fact, those specific sections of Health Safety Code Sections 34177 and 34188 that are part of ABx1-26 remain in place and new Health and Safety Code Section 34191.3 exempt transfers for governmental use from suspension. The parcel at 230 Main Street is now 1,790 square feet of sidewalk and planters. It was acquired by the Salinas Urban Renewal Agency by use of eminent domain which requires a public purpose, in 1979 to complete a pedestrian walkway as part of an outdoor public mall. It connects the parking lot and Melody Lane, to the 200 block of Main Street. Because “Salinas Urban Renewal Agency”
REPORT TO THE SALINAS OVERSIGHT BOARD
City of Salinas, California
Agenda Item
No.PH 7.a
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remained as the owner of title, it was inadvertently overlooked and was not identified for transfer as were other Redevelopment Agency properties in March 2011. In 1980 the Windfall Restaurant located at 228 Main Street added a “sun room” by buying 933 square feet of 230 Main Street from the Salinas Urban Renewal Agency. The Restaurant owner does not own 228 Main Street. The Windfall later became Hullabaloo Restaurant. When Hullabaloo closed in 2009, the ownership of the small parcel reverted back to the owner of the Windfall Restaurant. The owner of 228 Main Street has recently closed off the wall that connected the sun-room to 228 Main Street, leaving this small remnant without access to utilities. The owner of the small parcel now requires access through 230 Main Street to connect utilities so it can be re-opened for retail use. Certain encroachment and easement agreements have to be executed to allow this to happen. Certainty of title at 230 Main Street therefore becomes critical for the purpose of executing the agreements. The property will remain as a public pedestrian walkway during and after the development of the new retail space. The process for alternative transfer a property for continued government use requires the Successor Agency to initiate action as it did December 18, 2012, adopting Resolution Number 9. This action is contingent on Oversight Board review and direction. This Oversight Board public hearing has been properly noticed and advertised for ten days preceding its meeting scheduled for January 9, 2013. If approved, the Resolutions and related staff reports will be sent immediately to the Department of Finance which will then have five working days to contact the Successor Agency to review the transfer of property and express any concerns. If the Successor Agency receives this notification from the DOF, it will have an additional 60-days to review the matter. Hopefully, the City will be able to receive the property sooner rather than later so as not to further delay this development project.
ISSUE: Shall the Oversight Board adopt a resolution directing the transfer of 230 Main Street from the Successor Agency to the City pursuant to Health and Safety Code Section 34181(a) and 34191.3 for its continued governmental use as a public pedestrian walkway and communicate this action to the State Controller’s Office and Department of Finance for consideration? SUCCESSOR AGENCY, CITY COUNCIL COMMISSION, COMMITTEE, COUNCIL SUBCOMMITTEE RECOMMENDATIONS: The action currently before the Oversight Board was first approved by the Successor Agency December 18, 2012, contingent on Oversight Board direction and approval. FISCAL IMPACT: This small parcel has not recently been appraised, so the current value has not been determined. With a 933 square foot private section taken from the middle of it in 1980, it is not likely to have any value in the private market. The cost of maintenance is minimal and will also transfer to the City.
TIME CONSIDERATIONS: The owner of the 933 square foot sub-parcel must make improvements to his parcel as soon as possible.
ALTERNATIVES/IMPLICATIONS:
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1. Adopt the proposed Resolution and make required findings, and transfer ownership of the property to the City.
2. Amend and adopt the resolution and transfer ownership of the property to the City. 3. Do not adopt the resolution resulting in no transfer of the property to the City.
CONCLUSIONS: Adopting the attached resolution by the Oversight Board directs the transfer of 230 Main Street, a public pedestrian walkway from the fixed asset ledger of the Salinas Successor Agency to the City as authorized by ABx1 26 and AB 1484. By doing so, the issues related to site control will be resolved, and the continued development of the adjacent property can proceed. As originally conceived in 1979, it is in the best interest to the citizens of Salinas to keep this public pedestrian walkway under governmental control to manage its future development and to assure its continued use as a critical and necessary pedestrian component of the public mall on Main Street. Oversight Board 1. Oversight Board Resolution Oversight Board Legal Counsel 2. December 18, 2012 Successor Agency Report and Certified Copy Successor Agency of Resolution Number 9 and Property Profile Successor Agency Executive Director Successor Agency Attorney Department Directors
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DATE: January 9, 2013
FROM: Matt Pressey, Finance Director THROUGH: Don Reynolds, Project Manager SUBJECT: Opportunity for Public Comment on the Due Diligence Review results of
the Salinas Successor Agency “All Other Funds” Prior to Board Approval RECOMMENDATION: It is recommended that the Oversight Board provide the opportunity for public comment on the due diligence review results of the Successor Agency’s “All Other Funds,” (as required by AB1484), provide feedback to the staff of the Successor Agency, and allow staff to follow-up on questions and comments finalizing said review for Board approval at its special meeting January 15, 2013. DISCUSSION:
AB1484, adopted by the State Legislature June 27, 2012, seeks to add clarity to the process of winding-down former redevelopment agencies in an orderly fashion. The original Law, ABx1-26 now has a process by which step by step, each asset of former agencies will be reviewed so that the winding-down can move forward. Hopefully by March 2013, the only questions remaining will be related to the values of real property formerly held by the Redevelopment Agency for eventual sale or transfer. The Due Diligence reviews required by AB1484 was provided to the Board as part of the October 3, 2012 agenda materials, and are divided into two steps; 1) the Housing Fund Due Diligence Review, or HFDDR, and 2) the DDR for “all other funds.” This plan follows the tax-increment funding structure that split each dollar 20% for Housing and 80% for all other projects. On October 15, the Successor Agency submitted its approved review of the HFDDR to the Department of Finance (“DOF”). AB1484 requires the second DDR to be submitted for public comment by December 15, 2012, and requires Oversight Board approval before January 15, 2013. The City has contracted with Gallina LLP, Certified Public Accountants to perform both the HFDDR and DDR Reviews. Staff has submitted the requested documentation to Gallina for their performance of the Due Diligence Review in accordance with the procedures established by CalCPA. Gallina completed a draft DDR of all other funds December 14, 2012 and it is attached to this report. Page 25 at the back of the DDR (Appendix 10) summarizes the preliminary findings of the Review. This Appendix shows the “Balance Available for Allocation to Affected Taxing Entities.” The Salinas Redevelopment Agency currently holds $4.16 million in assets, but $1.5 million are held for restricted uses, $1.8 million are held in real property, $1 million are balances held for enforceable obligations.
REPORT TO THE
OVERSIGHT BOARD
of the City of Salinas California,
Agenda Item
No. 6
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The bottom line is a deficit of $278,572. The December 14 DDR is still being reviewed by Successor Agency staff, and further amendments may be forthcoming. ISSUE:
Should the Oversight Board receive public comment on the Due Diligence Review of “all other funds”? FISCAL IMPACT:
The Gallina contract is a $5,000 expense, and the Successor Agency budget can absorb this cost using savings carried over from the prior fiscal period ending June 30, 2012. TIME CONSIDERATIONS:
As noted above, this process is subject to stringent State imposed deadlines. The review begins January 9, 2013 and must be approved by the Oversight Board and distributed by Successor Agency staff to the State no later than January 15, 2013.
CONCLUSIONS:
The Salinas Redevelopment Agency was near the end of its effective existence, and this report merely verifies this fact reporting no funds to be re-distributed to other agencies. Staff endeavors to do its best to describe these facts to the State to meet these mandated deadlines and respectfully submit them for comment to the general public. Distribution: A) Draft DDR of all other funds dated 12.14.2012 Oversight Board Successor Agency City Manager City Attorney Executive Directors of the Oversight Board’s Representatives
City of Salinas
Finance Department • 200 Lincoln Avenue • Salinas, California 93901 • (831) 758-7212
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December 15, 2012
Members of the Oversight Board for the Salinas Successor Agency Ana Matosantos, Director John Chiang, Controller Steve Szalay, Local Government Consultant T. Austin Department of Finance California State Controller’s Office 915 L Street P. O. Box 942850 Sacramento, CA 95814-3706 Sacramento, CA 94250 [email protected] [email protected] Michael Miller, Auditor-Controller Lew Bauman, County Administrative Officer County of Monterey County of Monterey 168 West Alisal, 2nd Floor 168 West Alisal, 2nd Floor Salinas, CA 93901 Salinas, CA 93901 [email protected] [email protected] Re: Notice Regarding Transmittal of the Non-Housing Fund Due Diligence Review for
the Salinas Successor Agency
To Whom it May Concern: I write on behalf of the Successor Agency of the former Redevelopment Agency of the City of Salinas, a separate legal entity (the "Successor Agency"), in fulfillment of Health and Safety Code Sections 34179.5 and 34179.6. Pursuant to Health and Safety Code Section 34179.5, the Successor Agency employed a licensed accountant, approved by the County Auditor-Controller for the County of Monterey (the “Auditor-Controller”), to conduct a due diligence review (the “Non-Housing Fund Due Diligence Review”) to determine the unobligated balances from the former redevelopment agency’s funds and accounts (exclusive of the Low and Moderate Income Housing Fund, for which the required due diligence review was previously prepared) held by the Successor Agency available for transfer to taxing entities. Under Health and Safety Code Section 34179.6(a), by December 15, 2012 the Successor Agency is required to provide its Oversight Board, the County Administrator Officer for the County of Monterey the Auditor-Controller, the State Controller’s Office, and the Department of Finance the results of the Non-Housing Fund Due Diligence Review. Attached for your review is the Non-Housing Fund Due Diligence Review prepared in conformance with Health and Safety Code Section 34179.5. The session for the Oversight Board to receive public
Transmittal of the Non-Housing Fund Due Diligence Review for the Salinas Successor Agency December 15, 2012 Page 2 of 2
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comment on the Non-Housing Fund Due Diligence Review is scheduled for January 9, 2013. The Oversight Board is scheduled to consider approval of the Non-Housing Fund Due Diligence Review at its meeting on January 15, 2013, in conformance with the requirements set forth in Health and Safety Code Section 34179.6(b). The Successor Agency staff expects to be able to submit the completed and approved Non-Housing Fund Due Diligence Review at that time. Also in compliance with Health and Safety Code Section 34179.6, accompanying this transmittal of the Non-Housing Fund Due Diligence Review are copies of the Successor Agency’s Fiscal Year 2012-13 recognized obligation payment schedules, as approved by the Oversight Board. For further information about the matters set forth in this notice or about the Successor Agency and the Oversight Board in general, inquiries may be directed to the Designated Communication Official of the Oversight Board, at: Phone Number: (831) 775-4245 E-mail Address: [email protected] Sincerely, Matt N. Pressey City Finance Director and Staff to the Salinas Successor Agency On behalf of the Oversight Board Enclosures: Non-Housing Fund Due Diligence Review FY 2012-13 ROPS’s
REPORT ON APPLYING
AGREED-UPON PROCEDURES IN ACCORDANCE WITH AB 1484
FOR THE SALINAS REDEVELOPMENT AGENCY AND THE SUCCESOR AGENCY TO THE RDA
ALL FUNDS AND ACCOUNTS (EXCLUDING LOW MODERATE INCOME HOUSING FUND)
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AGREED-UPON PROCEDURES SALINAS REDEVELOPMENT AGENCY
AND THE SUCCESSOR AGENCY TO THE RDA
Table of Contents
Page
Independent Accountant’s Report on Applying Agreed-Upon Procedures ......................... 1 Attachment A – Agreed-Upon Procedures Engagement .................................................... 2-10
Appendices: Appendix 1 .................................................................................................................... 11 Appendix 2A .................................................................................................................. 12-13 Appendix 4A .................................................................................................................. 14-17 Appendix 4B .................................................................................................................. 18-21 Appendix 6 .................................................................................................................... 22 Appendix 7 ................................................................................................................... 23 Appendix 8A .................................................................................................................. 24 Appendix 10 .................................................................................................................. 25
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INDEPENDENT ACCOUNTANT’S REPORT ON APPLYING AGREED-UPON PROCEDURES
Oversight Board of the Successor Agency of the Salinas Redevelopment Agency Salinas, California We have performed the minimum required agreed-upon procedures enumerated in Attachment A, which were agreed to by the California State Controller’s Office and the Department of Finance solely to assist you in ensuring that the dissolved redevelopment agency is complying with its statutory requirements with respect to AB 1484. Management of the successor agency and the City are responsible for the accounting records pertaining to statutory compliance pursuant to Health and Safety Code section 34179.5(c)(1) through 34179.5(c)(6). 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 those parties specified in the report. Consequently, we make no representation regarding the sufficiency of the procedures described below 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 minimum required agreed-upon procedures as set forth in Attachment A related to all other funds of the Successor Agency combined (excluding the Low and Moderate Income Housing Fund). We were not engaged to and did not conduct an audit, the objective of which would be the expression of an opinion as to the appropriateness of the results summarized in Attachment A. 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 and applicable State agencies, and is not intended to be, and should not be used by anyone other than these specified parties. This restriction is not intended to limit distribution of this report, which is a matter of public record. GALLINA LLP
Roseville, California Date TBD
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ATTACHMENT A
Agreed Upon Procedures Engagement Pursuant to AB1484 and Health and Safety Code Section 34179.5
Purpose: to determine the unobligated balances of all other funds of the Successor Agency combined (excluding the Low and Moderate Income Housing Fund) available to transfer to taxing entities. Health and Safety Code Section 34179.5(c) 34179.5(c)(1) The dollar value of assets transferred from the former redevelopment agency to the successor agency on or about February 1, 2012. 1. Procedure: Obtain from the Successor Agency a listing of all assets that were transferred from the former redevelopment agency to the Successor Agency on 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 book value of the assets transferred to the Successor Agency as of that date. Results: Refer to Appendix 1 for a listing of assets transferred to the Successor Agency and comments, if any. The book value of the assets transferred was $5,365,435.
34179.5(c)(2)The dollar value of assets and cash and cash equivalents transferred after January 1, 2011, through June 30, 2012, by the redevelopment agency or the successor agency to the city, county, or city and county that formed the redevelopment agency and the purpose of each transfer. The reviews shall provide documentation of any enforceable obligation that required the transfer. 2. Procedure: If the State Controller’s Office has completed its review of transfers required under Section 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the due diligence AUP report. If this has not yet occurred, perform the following procedures:
2A. Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from the former redevelopment agency 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 or accounting requirements. Provide this listing as an attachment to the AUP report. Results: Refer to Appendix 2A for a listing of transfer of any assets relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund) to the City that formed the redevelopment agency for the period January 1, 2011 through January 31, 2012.
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2B. Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from 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 or accounting requirements. Provide this listing as an attachment to the AUP report.
Results: The Successor Agency did not transfer any assets relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund) to the City that formed the redevelopment agency for the period February 1, 2012 through June 30, 2012. 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. Results: N/A. Refer to procedures 2A and 2B above.
34179.5(c)(3)The dollar value of any cash or cash equivalents transferred after January 1, 2011, through June 30, 2012, by the redevelopment agency or the successor agency to any other public agency or private party and the purpose of each transfer. The review shall provide documentation of any enforceable obligation that required the transfer. 3. Procedure: If the State Controller’s Office has completed its review of transfers required under Section 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the due diligence AUP report. If this has not yet occurred, perform the following procedures: Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from the former redevelopment agency 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 or accounting requirements. Provide this listing as an attachment to the AUP report. Results: The former redevelopment agency did not transfer any assets relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund) to any other public agency or private party for the period January 1, 2011 through January 31, 2012.
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Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from 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 or accounting requirements. Provide this listing as an attachment to the AUP report. Results: The Successor Agency did not transfer any assets relating to all other funds of the Successor Agency combined (excluding the Low and Moderate Income Housing Fund) to any other public agency or private party for the period February 1, 2012 through June 30, 2012. 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. Results: N/A. Refer to procedures 3A and 3B above.
34179.5(c)(4)The review shall provide expenditure and revenue accounting information and identify transfers and funding sources for the 2010-11 and 2011-12 fiscal years that reconciles balances, assets, and liabilities of the successor agency on June 30, 2012 to those reported to the controller for the 2009-10 fiscal year. 4. Procedures: 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 (in total) and long-term liabilities (in total) should be presented at the bottom of this summary schedules for information purposes. Ascertain that for each period presented, the total of revenues, expenditures, and transfers accounts fully for the changes in equity from the previous fiscal period. Compare amounts in the schedule relevant to the fiscal year ending June 30, 2010 to the state controller’s report filed for the Redevelopment Agency for that period. 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. Results:
Refer to Appendix 4 for a summary of the financial transactions of the Redevelopment Agency and the Successor Agency for the period ending June 30, 2010, June 30, 2011, January 31, 2012 and June 30, 2012.
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For all fiscal periods indicated in the schedule - total revenues, expenditures and transfers account for the changes in equity from the previous period, except for a prior period adjustment for the period ending January 31, 2012. The adjustment reflects the reversal of payments against advances owed to the City which were disallowed by the Department of Finance. Amounts reported on the schedule for the fiscal year ended June 30, 2010 agree to the amounts reported on the State Controller Report filed for the Redevelopment Agency for the same period, except for amounts not reported on state controller report such as deferred costs, interest payable and accumulated depreciation.
34179.5(c)(5) A separate accounting for the balance for the Low and Moderate Income Housing Fund for all other funds and accounts combined shall be made as follows: A. A statement of the total value of each fund as of June 30, 2012. Procedure: Obtain from the Successor Agency a listing of all assets of all other funds of the Successor Agency as of June 30, 2012 (excluding the previously reported assets and liabilities of the Low and Moderate Income Housing Fund) for the report that is due December 15, 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 appropriate AUP report. Results:
Refer to Appendices 4A and 4B columns labeled Successor Agency for a listing of the assets held by the Successor Agency for all other funds and accounts combined (excluding the low and moderate income housing fund).
34179.5(c)(5)(B) An itemized statement listing any amounts that are legally restricted as to purpose and cannot be provided to taxing entities. This could include the proceeds of any bonds, grant funds, or funds provided by other governmental entities that place conditions on their use. 6. Procedure: Obtain from the Successor Agency a listing of asset balances held on June 30, 2012 that are restricted for the following purposes: Unspent bond proceeds: 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.) 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). 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.
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Results: Refer to appendix 6 for the Agency’s unspent bond proceeds totaling $1,582,036. Grant proceeds and program income that are restricted by third parties: Obtain Successor Agency’s computation of the restricted balances (e.g., total proceeds less eligible project expenditures). 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). 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. Results: There are no amounts that are legally restricted by third parties and cannot be provided to taxing entities relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund). Other assets considered to be legally restricted: Obtain Successor Agency’s computation of the restricted balances (e.g., total proceeds less eligible project expenditures.) 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). 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. Results: There are no other amounts that are legally restricted and cannot be provided to taxing entities relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund). Attach the above mentioned Successor Agency prepared schedule(s) as an exhibit to the AUP report. N/A. Refer to Appendix 6 for schedule listings unspent bond proceeds.
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34179.5(c)(5)(C) An itemized statement of the values of any assets that are not cash or cash equivalents. This may include physical assets, land, records, and equipment. For the purpose of this accounting, physical assets may be valued at purchase cost or at any recently estimated market value. The statement shall list separately housing-related assets. 7. Procedure: Perform the following procedures: Obtain from the Successor Agency a listing of assets 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. If the assets listed at 7(A) 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. For any differences noted in 7(B), 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. If the assets listed at 7(A) 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. Results: The Successor Agency holds assets not liquid or otherwise available for distribution valued at historical cost totaling $1,800,156. See Appendix 7.
34179.5(c)(5)(D) An itemized listing of any current balances that are legally or contractually dedicated or restricted for the funding of an enforceable obligation that identifies the nature of the dedication or restriction and the specific enforceable obligation. In addition, the successor agency shall provide a listing of all approved enforceable obligations that includes a projection of annual spending requirements to satisfy each obligation and a projection of annual revenues available to fund those requirements. If a review finds that future revenues together with dedicated or restricted balances are insufficient to fund future obligations and thus retention of current balances is required, it shall identify the amount of current balances necessary for retention. The review shall also detail the projected property tax revenues and other general purpose revenues to be received by the successor agency, together with both the amount and timing of the bond debt service payments of the successor agency, for the period in which the oversight board anticipates the successor agency will have insufficient property tax revenue to pay the specified obligations.
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8
8. Procedure: Perform the following procedures: A. If the Successor Agency believes that asset balances 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. 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. Compare all current balances to the amounts reported in the accounting records of the Successor Agency or to an alternative computation. Compare the specified enforceable obligations to those that were included in the final Recognized Obligation Payment Schedule approved by the California Department of Finance. 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. Results: Refer to Appendix 8A for a listing of asset balances that the Successor Agency believes need to be retained to satisfy enforceable obligations. B. If the Successor Agency believes that future revenues together with balances 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: 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 period from January 1, 2012 through June 30, 2012 and for the six month period July 1, 2012 through December 31, 2012. Compare the forecasted annual spending requirements to the legal document supporting each enforceable obligation. 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. For the forecasted annual revenues: Obtain from the Successor Agency its assumptions for the forecasted annual revenues and disclose in the report major assumptions associated with the projections.
DRAFT 12/14/2012
9
Results: The Successor Agency has not asserted the need to retain any current balances to pay for enforceable obligations. 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. Compare the timing and amounts of bond debt service payments to the related bond debt service schedules in the bond agreement. Obtain the assumptions for the forecasted property tax revenues and disclose major assumptions associated with the projections. Obtain the assumptions for the forecasted other general purpose revenues and disclose major assumptions associated with the projections. Results: The Successor Agency has not asserted the need to retain any current balances to pay for debt service obligations. If procedures A, B, or C were performed, calculate the amount of current unrestricted balances necessary for retention in order to meet the enforceable obligations by performing the following procedures. 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. 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. Include the calculation in the AUP report.
34179.5(c)(5)(E) An itemized list and analysis of any amounts of current balances that are needed to satisfy obligations that will be placed on the Recognized Obligation Payment Schedules for the current fiscal year. 9. Procedure: If the Successor Agency believes that cash balances as of June 30, 2012 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 that are needed to satisfy that obligation and (2) the Successor Agency’s explanation as to why the
DRAFT 12/14/2012
10
Successor Agency believes that such balances are needed to satisfy the obligation. Include this schedule as an attachment to the AUP report. Results: The Successor Agency has not asserted the need to retain any cash balances to satisfy obligations on the ROPS for the period of July 1, 2012 through June 30, 2013.
34179.5(c)(6) The review shall total the net balances available after deducting the total amounts described in subparagraphs (B) to (E), inclusive, of paragraph (5). The review shall add any amounts that were transferred as identified in paragraphs (2) and (3) of subdivision (c) if an enforceable obligation to make that transfer did not exist. The resulting sum shall be available for allocation to affected taxing entities pursuant to Section 34179.6. It shall be a rebuttable presumption that cash and cash equivalent balances available to the successor agency are available and sufficient to disburse the amount determined in this paragraph to taxing entities. If the review finds that there are insufficient cash balances to transfer or that cash or cash equivalents are specifically obligated to the purposes described in subparagraphs (B), (D), and (E) of paragraph (5) in such amounts that there is insufficient cash to provide the full amount determined pursuant to this paragraph, that amount shall be demonstrated in an additional itemized schedule. 10. Procedure: Include (or present) 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. The attached example summary schedule may be considered for this purpose. Separate schedules should be completed for the Low and Moderate Income Housing Fund and for all other funds combined (excluding the Low and Moderate Income Housing Fund). Results: Refer to Appendix 10 for the schedule detailing the computation of the Balance Available for Allocation to Affected Taxing Entities.
DRAFT 12/14/2012
Appendix 1Successor Agency to the City of Salinas Redevelopment AgencySchedule of Assets, Liabilities and Net AssetsAll Funds and Accounts Excluding Low Moderate Income Housing FundFebruary 1, 2012 (unaudited)
Redevelopment Agency
All Fundsless LMIHF
ASSETSCash and investments 770,027$ Interest receivable-investments 4,624 Account receivable 4,098 Taxes receivable 141,872 Interest receivable-long term loans 769,780 Loan receivable 699,290 Cash with fiscal agent- restricted 1,550,705 Capital assets 160,866 Deferred charges (bond issuance costs) 324,173 Other 940,000
Total assets 5,365,435$
LIABILITIES AND EQUITYLiabilities:
Accounts payable 72,386$ Interest payable 286,968 Deferred revenue 4,624 Advances from other funds 940,000 Long-term liabilities 7,213,893
Total liabilities 8,517,871
Net assetsNet assets held in trust (3,152,436)
Total net assets (3,152,436) Total liabilities and net assets 5,365,435$
11 DRAFT 12/14/2012
Su
cces
sor
Ag
ency
to
th
e S
alin
as R
edev
elo
pm
ent
Ag
ency
Hea
lth
an
d S
afet
y C
od
e S
ecti
on
341
79.5
(c.)
P
roce
du
re 2
A -
Tra
nsf
ers
fro
m R
DA
to
Cit
y o
r C
ou
nty
th
at f
orm
ed t
he
RD
A -
Jan
ua
ry 1
, 201
1 -
Jan
uar
y 31
, 201
2
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eD
escr
iptio
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alue
For
eac
h tr
ansf
er, t
he S
ucce
ssor
Age
ncy
shou
ld d
escr
ibe
the
purp
ose
of th
e tr
ansf
er a
nd d
escr
ibe
in w
hat s
ense
the
tran
sfer
was
req
uire
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one
of t
he
Age
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s en
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eabl
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t for
med
the
basi
s fo
r th
e en
forc
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ligat
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that
req
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d an
y tr
ansf
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ote
in th
e A
UP
rep
ort t
he a
bsen
ce
of a
ny s
uch
lega
l doc
umen
t or
the
abse
nce
of la
ngua
ge in
the
docu
men
t tha
t req
uire
d th
e tr
ansf
er.
13/
8/20
11La
nd H
eld
for
Res
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at 1
11
Mai
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t. -
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re h
otel
site
393,
560.
00
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rans
ferr
ed s
o th
at H
otel
site
cou
ld b
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ped
with
out a
ny p
robl
ems
as a
re
sult
of th
e di
ssol
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n of
the
rede
velo
pmen
t age
ncy.
23/
8/20
11
Land
Hel
d fo
r R
esal
e at
117
M
ain
St.
- al
ley
by S
tein
beck
C
ente
r24
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.00
33/
8/20
11La
nd H
eld
for
Res
ale
at 1
50
Mai
n S
t. -
futu
re h
otel
site
523,
272.
00
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rans
ferr
ed s
o th
at H
otel
site
cou
ld b
e de
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ped
with
out a
ny p
robl
ems
as a
re
sult
of th
e di
ssol
utio
n of
the
rede
velo
pmen
t age
ncy.
43/
8/20
11La
nd H
eld
for
Res
ale
at 1
37,
145
& 1
51 D
ivis
ion
Str
eet.
850,
000.
00
53/
8/20
11La
nd a
t 26
Sta
tion
Pla
ce28
,866
.00
Per
201
1 au
dit,
the
Age
ncy
tran
sfer
red
$5,7
81,0
61 o
f cap
ital a
sset
s to
the
City
as
part
of a
new
Coo
pera
tion
Agr
eem
ent.
63/
8/20
11La
nd a
t 215
Lin
coln
Ave
9,50
4.00
73/
8/20
11La
nd a
t 60
W. M
arke
t St.
27,5
08.0
0
83/
8/20
11La
nd a
t 64
W. M
arke
t St.
27,5
08.0
0
93/
8/20
11La
nd a
t 20
E. M
arke
t St.
231,
582.
00
103/
8/20
11La
nd a
t 1 M
ain
St.
570,
354.
00
113/
8/20
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nd a
t 11
Sta
tion
Pl.
510,
721.
00
123/
8/20
11La
nd a
t 12
W. M
arke
t St.
37,6
01.0
0
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8/20
11La
nd a
t 745
No.
San
born
86,4
03.0
0
143/
8/20
11La
nd a
t 331
S. S
anbo
rn59
7,19
1.00
12 DRAFT 12/14/2012
Su
cces
sor
Ag
ency
to
th
e S
alin
as R
edev
elo
pm
ent
Ag
ency
Hea
lth
an
d S
afet
y C
od
e S
ecti
on
341
79.5
(c.)
P
roce
du
re 2
A -
Tra
nsf
ers
fro
m R
DA
to
Cit
y o
r C
ou
nty
th
at f
orm
ed t
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RD
A -
Jan
ua
ry 1
, 201
1 -
Jan
uar
y 31
, 201
2
Dat
eD
escr
iptio
nV
alue
For
eac
h tr
ansf
er, t
he S
ucce
ssor
Age
ncy
shou
ld d
escr
ibe
the
purp
ose
of th
e tr
ansf
er a
nd d
escr
ibe
in w
hat s
ense
the
tran
sfer
was
req
uire
d by
one
of t
he
Age
ncy’
s en
forc
eabl
e ob
ligat
ions
or
othe
r le
gal o
r ac
coun
ting
requ
irem
ents
.
For
eac
h tr
ansf
er, o
btai
n th
e le
gal
docu
men
t tha
t for
med
the
basi
s fo
r th
e en
forc
eabl
e ob
ligat
ion
that
req
uire
d an
y tr
ansf
er. N
ote
in th
e A
UP
rep
ort t
he a
bsen
ce
of a
ny s
uch
lega
l doc
umen
t or
the
abse
nce
of la
ngua
ge in
the
docu
men
t tha
t req
uire
d th
e tr
ansf
er.
153/
8/20
11A
DA
Impr
ovem
ents
at T
rain
S
tatio
n43
,422
.00
163/
8/20
11W
orm
en's
Clu
b Im
prov
emen
ts71
,821
.00
173/
8/20
11T
rain
Sta
tion
Bui
ldin
g at
26
Sta
tion
Pl.
22,0
00.0
0
Per
201
1 au
dit,
the
Age
ncy
tran
sfer
red
$5,7
81,0
61 o
f cap
ital a
sset
s to
the
City
as
part
of a
new
Coo
pera
tion
Agr
eem
ent.
183/
8/20
11W
areh
ouse
& F
reig
ht B
uild
ing
at T
rain
Sta
tion.
49,5
00.0
0
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8/20
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omen
's C
lub
Hou
se B
uild
ing
at 2
15 L
inco
ln A
ve.
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000.
00
203/
8/20
11B
read
box
Rec
reat
ion
Cen
ter
Bui
ldin
g at
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N. S
anbo
rn79
2,00
0.00
213/
8/20
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rain
Sta
tion
Bui
ldin
g at
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Sta
tion
Pl.
301,
000.
00
223/
8/20
11B
uild
ing
at 3
31 S
anbo
rn2,
006,
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00
-
T
OT
AL
Pro
pert
y T
rans
fers
7,50
9,33
9.00
$
Land
hel
d fo
r re
sale
1,79
1,27
7.00
Cap
ital A
sset
s5,
718,
062.
00
Tot
al T
rans
fers
7,50
9,33
9.00
$
13 DRAFT 12/14/2012
Appendix 4ACity of Salinas Redevelopment AgencyBalance SheetGovernmental FundsJune 30, 2010
City Audit Financial Redevelopment Less RDALess Transaction Agency Low-Moderate Excluding
SCO Report Report All Fund Income LMIHFDifferences All Funds Types Housing Total
ASSETSCash and investments --$ 3,832,090$ 3,832,090$ 1,364,165$ 2,467,925$ Investments -- -- -- Interest receivable -- 577,960 577,960 574,497 3,463 Accounts receivable -- 2,000 2,000 -- 2,000 Advances to other funds -- 940,000 940,000 940,000 -- Loans receivable -- 9,741,780 9,741,780 9,168,668 573,112 Cash with fiscal agent- restricted -- 1,564,830 1,564,830 -- 1,564,830 Capital assets -- -- -- -- -- Land held for resale -- 3,448,830 3,448,830 1,657,553 1,791,277 Deferred charges (bond issuance costs) -- -- -- --
Total assets --$ 20,107,490$ 20,107,490$ 13,704,883$ 6,402,607$
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable --$ 553,110$ 553,110$ 248,769$ 304,341$ Deferred revenue - - 1,512,213 1,512,213 1,512,213 -- Advance from other funds - - 940,000 940,000 940,000 Long-term liabilities - - -- -- Interest payable - - -- --
Total liabilities -- 3,005,323 3,005,323 1,760,982 1,244,341
Fund balances:Nonspendable -- - - -- -- -- Restricted for various -- 17,102,167 17,102,167 11,943,901 5,158,266 Committed -- - - -- -- -- Assigned for various purposes -- - - -- -- -- Unassigned -- - - -- -- -- Net assets hels in trust -- - - -- -- --
Total fund balances -- 17,102,167 17,102,167 11,943,901 5,158,266 Total liabilities and fund balances --$ 20,107,490$ 20,107,490$ 13,704,883$ 6,402,607$
ReconciliationCapital assets used in Governmental Activities are not current financialresources and therefore are not reported in the governmental funds:Non-depreciable --$ --$ --$ --$ Depreciable, net of accumulated depreication (930,772) 5,885,171 4,954,399 4,954,399
Net Capital assets (930,772) 5,885,171 4,954,399 -- 4,954,399
Deferred revenue for long-term interest receivable 572,213 - - 572,213 572,213Deferred revenue for suspension of housing funds set-aside 940,000 -- 940,000 940,000 Taxes receivable not collectible within sixty days 202,650 - - 202,650 202,650Deferred charges for bond issuance costs 350,077 -- 350,077 350,077 Interest payable (290,355) -- (290,355) (290,355) Long-term liabilties not due and payable in the current period 94,956 (8,148,379) (8,053,423) (8,053,423)
938,769$ (2,263,208)$ (1,324,439)$ --$ (1,324,439)$
Net assets of Governmental Activities 938,769 14,838,959 15,777,728 11,943,901 3,833,827
14 DRAFT 12/14/2012
Appendix 4ACity of Salinas Redevelopment AgencyBalance SheetGovernmental FundsJune 30, 2011
Redevelopment Less RDAAgency Low-Moderate ExcludingAll Fund Income LMIHFTypes Housing Total
ASSETSCash and investments 1,459,643$ 267,627$ 1,192,016$ Investments 3,029 1,184 1,845 Interest receivable 3,436 -- 3,436 Accounts receivable 940,000 940,000 -- Advances to other funds 769,780 766,246 3,534 Loans receivable 9,961,868 9,226,550 735,318 Cash with fiscal agent- restricted 1,574,704 -- 1,574,704 Capital assets -- -- -- Land held for resale 1,657,553 1,657,553 -- Deferred charges (bond issuance costs)
Total assets 16,370,013$ 12,859,160$ 3,510,853$
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable 78,362$ 17,722$ 60,640$ Deferred revenue 1,709,780 1,706,246 3,534 Advance from other funds 940,000 -- 940,000 Long-term liabilities -- -- -- Interest payable -- -- --
Total liabilities 2,728,142 1,723,968 1,004,174
Fund balances:Nonspendable 11,619,421 10,884,103 735,318 Restricted for various 2,396,139 402,311 1,993,828 CommittedAssigned for various purposes (373,689) (151,222) (222,467) UnassignedNet assets hels in trust
Total fund balances 13,641,871 11,135,192 2,506,679 Total liabilities and fund balances 16,370,013$ 12,859,160$ 3,510,853$
ReconciliationCapital assets used in Governmental Activities are not current financialresources and therefore are not reported in the governmental funds:Non-depreciableDepreciable, net of accumulated depreication 160,866 160,866
Net Capital assets 160,866 -- 160,866
Deferred revenue for long-term interest receivable 769,780 769,780 Deferred revenue for suspension of housing funds set-aside 940,000 940,000 Taxes receivable not collectible within sixty days 141,872 141,872 Deferred charges for bond issuance costs 324,173 324,173 Interest payable (286,968) (286,968) Long-term liabilties not due and payable in the current period (7,213,893) (7,213,893)
(5,325,036)$ --$ (5,325,036)$
Net assets of Governmental Activities 8,477,701 11,135,192 (2,657,491)
15 DRAFT 12/14/2012
Appendix 4ACity of Salinas Redevelopment AgencyBalance SheetGovernmental FundsJanuary 31, 2012 (unaudited)
Redevelopment Agency
All Fundsless LMIHF
ASSETSCash and investments 770,027$ Investments -- Interest receivable 4,624 Accounts receivable 4,098 Advances to other funds -- Loans receivable 699,290 Cash with fiscal agent- restricted 1,550,705 Capital assets -- Land held for resale -- Deferred charges (bond issuance costs) --
Total assets 3,028,744$
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable 72,386$ Deferred revenue 4,624 Advance from other funds 940,000 Long-term liabilities -- Interest payable --
Total liabilities 1,017,010
Fund balances:Nonspendable 699,290 Restricted for various 1,550,705 Committed -- Assigned for various purposes (238,261) Unassigned -- Net assets hels in trust --
Total fund balances 2,011,734 Total liabilities and fund balances 3,028,744$
ReconciliationCapital assets used in Governmental Activities are not current financialresources and therefore are not reported in the governmental funds:Non-depreciable --$ Depreciable, net of accumulated depreication 160,866
Net Capital assets 160,866
Deferred revenue for long-term interest receivableDeferred revenue for suspension of housing funds set-asideTaxes receivable not collectible within sixty daysDeferred charges for bond issuance costs 324,173 Interest payable (286,968) Long-term liabilties not due and payable in the current period - adjusted for CY retirement (5,654,754)
(5,617,549)$
Net assets of Governmental Activities (3,444,949)
16 DRAFT 12/14/2012
Appendix 4A
Balance Sheet/Statement of Net AssetsGovernmental Funds/Private Purpose Trust FundJune 30, 2012
Redevelopment PrivateAgency Purpose
All Funds Trustless LMIHF Fund
ASSETSCash and investments --$ 1,385,216$ Taxes receivable -- Interest receivable 5,128 Accounts receivable 3,328 Advances to other funds -- Loans receivable 699,290 Cash with fiscal agent- restricted 1,582,036 Capital assets 160,866 Loans interest receivable -- Deferred charges (bond issuance costs) 324,173
Total assets --$ 4,160,037$
LIABILITIES AND FUND BALANCES/NET ASSETSLiabilities:
Accounts payable 773,040$ Deferred revenue 4,624 Advance from other funds 940,000 Long-term liabilities 5,654,754 Interest payable 286,968
Total liabilities -- 7,659,386
Fund balances:NonspendableRestricted for variousCommittedAssigned for various purposesUnassignedNet assets hels in trust (3,499,349)
Total fund balances/net assets -- (3,499,349) Total liabilities and fund balances/net assets --$ 4,160,037$
ReconciliationCapital assets used in Governmental Activities are not current financialresources and therefore are not reported in the governmental funds:Non-depreciable 615,669$ Depreciable, net of accumulated depreication 698,206
Net Capital assets 1,313,875
Deferred charges, such as bond issuance costs 316,768
Interest payable (42,298)
Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds:
#REF!
#REF!
Successor Agency for the Redevelopment Agency of the City of Salinas
amounts s/b adjusted
17 DRAFT 12/14/2012
Appendix 4BCity of Salinas Redevelopment AgencyRevenues, Expenses, and Changes in Fund BalanceGovernmental FundsFor the year ended June 30, 2010
City Audit Financial Redevelopment Less RDALess Transaction Agency Low-Moderate Excluding
SCO Report Report All Fund Income LMIHFDifferences All Funds Types Housing Total
REVENUESTax increment --$ 6,717,629$ 6,717,629$ --$ 6,717,629$ Investment earnings -- 130,082 130,082 30,739 99,343 Rental income 24,500 31,812 56,312 24,500 31,812 Housing loans 15,603 -- 15,603 15,603 -- Other (40,103) 163,830 123,727 -- 123,727
Total revenue -- 7,043,353 7,043,353 70,842 6,972,511
EXPENDITURESCurrent:
Administration -- 1,024,379 1,024,379 293,910 730,469 Public works -- 70,702 70,702 -- 70,702 Contribution to other agency -- 65,000 65,000 -- 65,000 Public safety -- 301,469 301,469 -- 301,469 Pass through taxes -- 1,099,535 1,099,535 -- 1,099,535 SERAF -- 2,230,576 2,230,576 -- 2,230,576 Suspension of housing set-aside -- 940,000 940,000 -- 940,000
Capital outlay:Project improvements -- 117,676 117,676 2,873 114,803
Debt service:Principal retirement -- 1,761,672 1,761,672 -- 1,761,672 interest and fiscal charges -- 768,458 768,458 -- 768,458 Parking structure debt -- 1,088,700 1,088,700 -- 1,088,700
Other -- -- -- -- -- Deductions: affected taxing agencies -- -- -- -- -- Deductions: administrative -- -- -- -- --
Total expenditures -- 9,468,167 9,468,167 296,783 9,171,384
Excess (deficiency) of revenues over (under) expenditures -- (2,424,814) (2,424,814) (225,941) (2,198,873)
Other financing sources (uses):Transfers in -- 643,584 643,584 403,526 240,058 Transfers out -- (643,584) (643,584) (240,058) (403,526) Loan proceeds-city -- 910,000 910,000 -- 910,000 Loan receivable forgiven -- (36,000) (36,000) (36,000) --
Extraordinary items:Assets of Salinas RDA -- -- -- Liabilities of Salinas RDA -- -- --
Total other financing sources (uses) -- 874,000 874,000 127,468 746,532
Net change in fund balances -- (1,550,814) (1,550,814) (98,473) (1,452,341)
Fund balances, July 1 18,652,981 12,042,374 6,610,607
Prior period adjustment -- -- --
Fund balances, June 30 17,102,167$ 11,943,901$ 5,158,266$
Net change in fund balances (1,550,814)$ (98,473)$ (1,452,341)$ Government wide adjustments
Annual required contribution for post retirement benefits (7,078) (7,078) Increase in compensated absences liability (17,328) (17,328) Amortization of deferred charges for bond issuance costs (25,904) (25,904) Amortization of original issuance discount on tax allocation bonds (8,919) (8,919)
Depreciation expense (41,406) (41,406) Interest expense on long-term debt 2,107 2,107
Interest receivable 180,705 180,705
Taxes receivable not collectible within sixty days 7,200 7,200
Suspension of housing set-aside does not require the use ofcurrent resources 940,000 940,000
Retirement of capital assets (23,120) (23,120)
Amount of long-term repayments 1,761,672 1,761,672 Amount of long-term debt incurred for loan from City of Salinas (910,000) (910,000) Change in net assets of governmental activities 307,115$ (98,473)$ 405,588$
18 DRAFT 12/14/2012
Appendix 4BCity of Salinas Redevelopment AgencyRevenues, Expenses, and Changes in Fund BalanceGovernmental FundsFor the year ended June 30, 2011
Redevelopment Less RDAAgency Low-Moderate ExcludingAll Fund Income LMIHFTypes Housing Total
REVENUESTax increment 5,924,838$ --$ 5,924,838$ Investment earnings 77,813 4,971 72,842 Rental income 27,726 -- 27,726 Housing loans 7,969 7,969 -- Other 278,817 -- 278,817
Total revenue 6,317,163 12,940 6,304,223
EXPENDITURESCurrent:
Administration 1,267,005 308,564 958,441 Public works 57,300 -- 57,300 Contribution to other agency 65,000 -- 65,000 Public safety 333,148 -- 333,148 Pass through taxes 947,862 -- 947,862 SERAF 459,236 -- 459,236 Suspension of housing set-aside -- -- --
Capital outlay:Project improvements 713,699 -- 713,699
Debt service:Principal retirement 2,932,360 -- 2,932,360 interest and fiscal charges 719,019 -- 719,019 Parking structure debt 1,088,500 -- 1,088,500
OtherDeductions: affected taxing agencies -- -- -- Deductions: administrative -- -- --
Total expenditures 8,583,129 308,564 8,274,565
Excess (deficiency) of revenues over (under) expenditures (2,265,966) (295,624) (1,970,342)
Other financing sources (uses):Transfers in 1,424,968 1,184,968 240,000 Transfers out (1,424,968) (240,000) (1,184,968) Loan proceeds-city 2,055,000 -- 2,055,000 Loan receivable forgiven (36,000) (36,000) -- Housing grant to city (1,422,053) (1,422,053) -- Property grant to city (1,791,277) -- (1,791,277) Extraordinary items:Assets of Salinas RDA -- -- -- Liabilities of Salinas RDA -- -- --
Total other financing sources (uses) (1,194,330) (513,085) (681,245)
Net change in fund balances (3,460,296) (808,709) (2,651,587)
Fund balances, July 1 17,102,167 11,943,901 5,158,266
Prior period adjustment -- -- --
Fund balances, June 30 13,641,871$ 11,135,192$ 2,506,679$
Net change in fund balances (3,460,296)$ (808,709)$ (2,651,587)$ Government wide adjustments
Annual required contribution for post retirement benefits (11,221) (11,221) Increase in compensated absences liability (17,690) (17,690) Amortization of deferred charges for bond issuance costs (25,904) (25,904) Amortization of original issuance discount on tax allocation bonds (8,919) (8,919)
Depreciation expense (1,784) (1,784) Interest expense on long-term debt 3,387 3,387
Interest receivable 197,567 197,567
Taxes receivable not collectible within sixty days (60,778) (60,778)
Suspension of housing set-aside does not require the use of -- current resources - --
-- Retirement of capital assets (4,791,749) (4,791,749)
Amount of long-term repayments 2,932,360 2,932,360 Amount of long-term debt incurred for loan from City of Salinas (2,055,000) (2,055,000) Change in net assets of governmental activities (7,300,027)$ (808,709)$ (6,491,318)$
19 DRAFT 12/14/2012
Appendix 4BCity of Salinas Redevelopment AgencyRevenues, Expenses, and Changes in Fund BalanceGovernmental FundsFor the period ended January 31, 2012
Redevelopment Agency
All Fundsless LMIHF
REVENUESTax increment 2,653,942$ Investment earnings 2,556 Rental income 14,862 Housing loans (1,025) Other --
Total revenue 2,670,335
EXPENDITURESCurrent:
Administration 621,502 Public works 57,179 Contribution to other agency 88,790 Public safety -- Pass through taxes -- SERAF -- Suspension of housing set-aside --
Capital outlay:Project improvements --
Debt service:Principal retirement 1,559,139 interest and fiscal charges 507,456 Parking structure debt 544,250
Other -- Deductions: affected taxing agencies -- Deductions: administrative --
Total expenditures 3,378,316
Excess (deficiency) of revenues over (under) expenditures (707,981)
Other financing sources (uses):Transfers in 120,000 Transfers out (557,589) Loan proceeds-city 650,625 Loan receivable forgiven --
Extraordinary items:Assets of Salinas RDALiabilities of Salinas RDA
Total other financing sources (uses) 213,036
Net change in fund balances (494,945)
Fund balances, July 1 2,506,679$
Prior period adjustment (reversal of repayment of advances)
Fund balances, June 30 2,011,734$
Net change in fund balances (494,945)$ Government wide adjustments
Annual required contribution for post retirement benefitsIncrease in compensated absences liabilityAmortization of deferred charges for bond issuance costsAmortization of original issuance discount on tax allocation bonds
Depreciation expenseInterest expense on long-term debt
Interest receivable
Taxes receivable not collectible within sixty days
Suspension of housing set-aside does not require the use ofcurrent resources
-- Retirement of capital assets
Amount of long-term repayments 1,559,139 Amount of long-term debt incurred for loan from City of Salinas (650,625) Change in net assets of governmental activities 413,569$
20 DRAFT 12/14/2012
Appendix 4BSuccessor Agency for the Redevelopment Agency of the Cityof SalinasRevenues, Expenses, and Changes in Fund BalanceGovernmental Funds/Private Purpose Trust FundFor the year ended June 30, 2012
RDA PrivateExcluding Purpose
LMIHF TrustTotal Fund
REVENUES AND ADDITIONSTax increment 2,653,942$ 1,874,245$ Investment earnings 2,556 Rental income 14,862 -- Housing loans (1,025) -- Other -- --
Total revenue and additions 2,670,335 1,874,245
EXPENDITURES AND DEDUCTIONSCurrent:
Administration 621,502 1,380,072 Public works 57,179 Contribution to other agency 88,790 -- Public safety -- -- Pass through taxes -- -- SERAF -- -- Suspension of housing set-aside -- --
Capital outlay: -- -- Project improvements -- --
Debt service: -- -- Principal retirement 1,559,139 -- interest and fiscal charges 507,456 -- Parking structure debt 544,250 --
Other -- -- Deductions: affected taxing agencies -- -- Deductions: administrative -- --
Total expenditures and deductions 3,378,316 1,380,072
Excess (deficiency) of revenues over (under) expenditures (707,981) 494,173
Other financing sources (uses):Transfers in 120,000 1,253,708 Transfers out (557,589) (1,641,415) Loan proceeds-city 650,625 -- Loan receivable forgiven -- RDA dissolutions (2,011,734) 2,011,734
Extraordinary items:Assets of Salinas RDA 324,173 Liabilities of Salinas RDA (5,941,722)
Total other financing sources (uses) (1,798,698) (3,993,522)
Net change in fund balances (2,506,679) (3,499,349)
Fund balances/ Net Assets, beg 2,506,679$ --$
Prior period adjustment --
Fund balances/Net assets, ending --$ (3,499,349)$
21 DRAFT 12/14/2012
Su
cces
sor
Ag
ency
to
th
e S
alin
as R
edev
elo
pm
ent
Ag
ency
Hea
lth
an
d S
afet
y C
od
e S
ecti
on
341
79.5
(c.)
P
roce
du
re 6
- L
ist
of
asse
ts r
estr
icte
d f
or(
a)
un
spen
t b
on
d p
roce
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(b
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ran
t p
roce
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and
(c
.) o
ther
ass
ets
con
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to
be
leg
ally
res
tric
ted
Des
crip
tion
Cos
t
Obt
ain
succ
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r ag
ency
's c
ompu
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n of
th
e re
stric
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bala
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(e.
g to
tal p
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eds
less
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exp
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s)
Tra
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divi
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com
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nts
of
this
com
puta
tion
to r
elat
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acco
unt b
alan
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in th
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to o
ther
su
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ting
docu
men
tatio
n (s
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the
AU
P r
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t a
desc
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suc
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.
Obt
ain
from
the
Suc
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genc
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copy
of t
he g
rant
agr
eem
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hat s
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rep
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Mel
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22 DRAFT 12/14/2012
Su
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Ag
ency
to
th
e S
alin
as R
edev
elo
pm
ent
Ag
ency
Hea
lth
an
d S
afet
y C
od
e S
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341
79.5
(c.)
P
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A -
Lis
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f as
sets
no
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or
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avai
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dis
trib
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(ca
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and
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s et
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30, 2
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Des
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Cos
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If lis
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at p
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ase
cost
, tra
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amou
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to a
pre
viou
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audi
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stat
emen
ts o
r to
suc
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r ac
coun
ting
reco
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and
note
any
diff
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If as
sets
hav
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disp
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, ins
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trus
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1,80
0,15
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23
23 DRAFT 12/14/2012
Su
cces
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Ag
ency
to
th
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alin
as R
edev
elo
pm
ent
Ag
ency
Hea
lth
an
d S
afet
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od
e S
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on
341
79.5
(c.)
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A -
Lis
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sets
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pay
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blig
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Des
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tion
Am
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sch
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the
amou
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dedi
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the
natu
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f the
de
dica
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or r
estr
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ligat
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to w
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the
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catio
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rela
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and
the
lang
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soci
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with
the
enfo
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at s
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dedi
catio
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exi
stin
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set b
alan
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tow
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paym
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f tha
t ob
ligat
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i.
Com
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all
info
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on th
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le to
the
lega
l doc
umen
ts th
at
form
the
basi
s fo
r th
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or
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the
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bal
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in
ques
tion.
ii.
Com
pare
all
curr
ent
bala
nces
to th
e am
ount
s re
port
ed in
the
acco
untin
g re
cord
s of
the
Suc
cess
or
Age
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or to
an
alte
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com
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iii.
C
ompa
re th
e sp
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enfo
rcea
ble
oblig
atio
ns to
thos
e th
at
wer
e in
clud
ed in
the
final
Rec
ogni
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Obl
igat
ion
Pay
men
t Sch
edul
e ap
prov
ed b
y th
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alifo
rnia
D
epar
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t of F
inan
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iv.
A
ttach
as
an e
xhib
it to
the
repo
rt th
e lis
ting
obta
ined
from
the
Suc
cess
or A
genc
y. Id
entif
y in
th
e re
port
any
list
ed b
alan
ces
for
whi
ch th
e S
ucce
ssor
Age
ncy
was
una
ble
to p
rovi
de
appr
opria
te r
estr
ictin
g la
ngua
ge in
the
lega
l do
cum
ent a
ssoc
iate
d w
ith th
e en
forc
eabl
e ob
ligat
ion.
1A
ccou
nts
Pay
able
to C
AC
for
Tru
e-U
p
479,
316.
00
Ref
er to
CA
C le
tter
requ
estin
g pa
ymen
t.C
AC
lette
r &
A/P
pay
men
tR
efer
to A
/P s
ched
ule.
Not
par
t of R
OP
S.
Req
uire
d by
CA
C.
2A
ccou
nts
Pay
able
for
Pas
s-th
ru
paym
ents
to s
choo
l dis
tric
ts
264,
739.
00
Ref
er to
A/P
invo
ice.
Ref
er to
Pas
s-th
ru c
alcu
latio
ns.
Ref
er to
A/P
sch
edul
e.N
ot p
art o
f RO
PS
. R
equi
red
by
stat
ute.
3A
ccou
nts
Pay
able
for
SA
Adm
in
Bud
get
2
5,39
4.27
R
efer
to F
und
63.0
8 S
A A
dmin
Fun
d A
ccou
nts
Pay
able
line
item
s su
mm
ary
SA
Adm
in b
udge
t per
sta
tute
Ref
er to
A/P
sch
edul
e.P
art o
f RO
PS
Adm
in b
udge
t al
loca
tion
4In
tere
st p
ayab
le
286,
968.
00
1,05
6,41
7.27
to
Sch
edul
e 10
-
24 DRAFT 12/14/2012
Appendix 10
Procedure:Include (or present) a schedule detailing the computation of the Balance Available for Allocation to Affected TaxingEntities pursuant to section 34179.5 ( c ) ( 6 ) of AB 1484.
Results:See schedule included
BALANCE AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES
Total amount of assets held by the successor agency as of June 30, 2012 4,160,037$
Less assets legally restricted for uses specified by debt covenants, grant restrictions, or restrictions imposed by other
governments - unspent bonds proceeds. (1,582,036)
Less assets that are not cash or cash equivalents (i.e. physical assets) (1,800,156)
Less balances that are legally restricted for the funding of an enforceable obligation (net of projected annual revenues available to fund those obligations) (1,056,417)
Amount to be remitted to county for disbursement to taxing entities (278,572)$
Based on the calculation balance depicted above, there are insufficient funds available to satisfyenforceable obligations, including repayment of advances due to the City.
25 DRAFT 12/14/2012
5/25/2012
Name of Redevelopment Agency: Salinas Redevelopment Agency Page 1 of 2 PagesProject Area(s): Central City (CC) and Sunset Avenue (SA) (Original and Amended Areas including Buena Vista) Project Areas
Amended December 2012 Recognized Obligation Payment Schedule (ROPS)Adopted by Oversight Board May 23, 2012
Funding Project Payments By Month in 2012
Project Name / Debt Obligation Payee Description Source1Area July Aug Sep Oct Nov Dec Total
1) 1992 Tax Allocation Bonds A Bank of New YorkBonds issued to fund housing and non-housing projects
Prop. Tax CC 12,464,661 507,331 - - - - 507,331 - 507,331
2) 1996 Tax Allocation Bonds A Bank of New York Bonds issued to fund non-housing projects Prop. Tax CC 5,952,932 905,988 - - - - 820,325 - 820,325
3)Monterey Street Parking Garage
Debt*B City of SalinasCooperation and Reimbursement Agreement pledging RDA Funding for repayment of Bonds
Prop. Tax CC 24,271,106 1,082,291 - - 752,147 - - - 752,147
4) Church of Nazarene Note PayableSalinas New Life Church of Nazarene
Property purchase $200,000 promissory note. 331 N. Sanborn St.
Prop. Tax SA 68,555 45,703 22,851 - - - - - 22,851
5) Fiscal Agent Fees Bank of New York Fiscal agent fees for bond issuances. Prop. Tax CC 110,002 8,800 733 733 733 733 733 733 4,398
6) Housing Fund Loan (SERAF) LMI Housing FundBorrowed from Housing Fund to make SERAF payment
Prop. Tax Both 940,000 940,000 - - 940,000 - - - 940,000
7) Bond Disclosure Services Willdan Bond Disclosure Services Prop. Tax CC 32,196 2,683 - - - - - 2,683 2,683 8) Arbitrage Rebate Calculations Willdan Arbitrage Rebate Calculations Prop. Tax CC 18,000 2,000 - - - 2,000 - - 2,000
9) Successor Agency Administration City of SalinasAdministration costs of the Successor Agency
Admin. Both 3,000,000 250,000 20,833 20,833 20,833 20,833 20,833 20,835 125,000
10) Existing Litigation*ASalinas Renaissance Partners
Litigation 3 Prop. Tax CC 2,000,000 300,000 25,000 25,000 25,000 25,000 25,000 25,000 150,000
11) Legal Defense Counsel*A Goldfarb & Lipman Litigation Defense Prop. Tax CC 300,000 120,000 10,000 10,000 10,000 10,000 10,000 10,000 60,000 12) MCOE Audit Demand for Payment MCOE Dolinka Group audit results claim tax due Prop. Tax SA 47,563 47,563 47,563 - - - - - 47,563
13) MCOE Audit Demand for PaymentSalinas Union High School Dist.
Dolinka Group audit results claim tax due Prop. Tax CC 60,566 60,566 60,566 - - - - - 60,566
14) MCOE Audit Demand for Payment Hartnell College Dolinka Group audit results claim tax due Prop. Tax Both 169,253 169,253 169,253 - - - - - 169,253
15) MCOE Audit Demand for PaymentSalinas City Elementary School District
Dolinka Group audit results claim tax due Prop. Tax SA 44,612 44,612 44,612 - - - - - 44,612
16) Gateway ApartmentsSalinas Gateway L.P.
Construction of Affordable Housing Prop. Tax Housing 300,000 300,000 300,000 - - - - - 300,000
17) Operational CommitmentGround Zero Analysis, Inc.
Ground Water Monitoring Prop. Tax Both 454,213 21,600 1,800 1,800 1,800 1,800 1,800 1,800 10,800
18) Operational CommitmentMonterey County Tax Collector
Property Tax Prop. Tax Both 37,500 7,500 2,308 676 676 676 676 676 5,688
19) Operational Commitment City Data Services Affordable Housing Data Services Prop. Tax Housing 6,650 6,650 350 350 350 350 350 350 2,100 -
Grand total 50,277,809 4,822,540 705,869 59,392 1,751,539 61,392 1,387,048 62,077 4,027,317
Footnotes1 The sources of payment will come from the Redevelopment Property Tax Trust Fund. No other funding source is available. The administrative costs on Line (9) will be paid with the Admin. cost allowance.2 Attached is an exhibit of the projected dates and amounts of scheduled payments for each obligation for the remainder of the time period during which the redevelopment agency would have been authorized to obligate such tax increment had such redevelopment agency not been dissolved. This debt service exhibit also distinguishes between Project Areas and Funding Sources.3 In Jan. '09, Salinas Renaissance Partners, LLC (SRP) and Agency entered into Project Planning and Negotiating Rights Agreement. SRP alleges the Agency breached contract with SRP and that it suffered more than $2 Mil. in damages.*A The sum of these lines (10, & 11) where considered Administrative expenses by the DOF. The Successor Agency does not agree with the DOF and is working to resolve the disagreement. For now, this ROPS will be resubmit to the County Auditor Controller with this footnotes. The Controller would back out the $210,000 (lines 10 & 11) from the total when considering the June 1 distribution.
Outstanding
Debt or
Obligation 2
Total Due During
Fiscal Year
1 303\02\1181624.1
RESOLUTION NO. 2012- __ (OB)
A RESOLUTION OF THE SALINAS OVERSIGHT BOARD MAKING
REQUIRED FACTUAL FINDINGS OF CONTINUED
GOVERNMENTAL USE AND DIRECTING TRANSFER OF
PEDESTRIAN WALKWAY PROPERTY AT 230 MAIN STREET
FROM THE SALINAS SUCCESSOR AGENCY TO THE CITY OF
SALINAS CONSISTENT WITH HEALTH AND SAFETY CODES
34181(a) AND 34191.3
WHEREAS, on December 29, 2011, the California Supreme Court delivered its decision in California Redevelopment Association v. Matosantos, finding ABx1 26 (the "Dissolution Act") largely constitutional; and WHEREAS, on January 10, 2012, the City Council (the "City Council") of the City of Salinas (the "City") adopted Resolution No. 20141 accepting for the City the role of Successor Agency to the Dissolved RDA (the "Salinas Successor Agency"); and WHEREAS, under the Dissolution Act, Health and Safety Code Section 34179 et al, establishes the Oversight Board to oversee decisions made by the Salinas Successor Agency; and WHEREAS, on June 27, 2012, Assembly Bill 1484 was approved by the State of California Legislature amending and upholding certain provisions of the Dissolution Act; and
WHEREAS, Health and Safety Code 34177(e) requires the disposal of assets and
properties of the former redevelopment agency as directed by the oversight board; provided, however, that the oversight board may instead direct the successor agency to transfer ownership of certain assets used for a governmental purpose pursuant to (a) of Section 34181; and
WHEREAS, Health and Safety Code 34191.3 states that notwithstanding Section
34191.1, the requirements specified in subdivision (e) of 34177, and subdivision (a) of 34181 shall be suspended, except as those provisions apply to the transfers of property for governmental use; and WHEREAS, Resolution 270 dated April 16, 1979 (provided as an attachment to this Resolution and includes the legal description of the subject parcel), verifies that the Salinas Urban Renewal Agency, (later to be known as the Salinas Redevelopment Agency), bought 230 Main Street (also known as APN 002-242-032) for public and governmental use after finding that this use was in the public interest and necessary to construct, complete and maintain a public mall, in, over, across and upon said parcel and it has been used for this purpose continuously henceforth; and
2 303\02\1181624.1
WHEREAS, Health and Safety Code 34191.3 requires that all properties but those intended for governmental use be subject to a long term property disposition plan to govern how properties will be disposed of, the approval of which by the State will postpone the development of adjacent properties by private land owners and is detrimental to the public interest and contrary to the purpose of dissolving redevelopment agencies; and WHEREAS, at its regular meeting held Tuesday, December 18, 2012, the Salinas Successor Agency adopted Resolution 9, requesting the Salinas Oversight Board to consider acting quickly to direct transfer of ownership of 230 Main Street (property known as APN 002-242-032) from the Successor Agency to the City of Salinas for their continued use for government purposes as a public pedestrian walkway, and which ownership transfer will provide for the appropriate public body to own the property based on existing uses and future agreements relating to past and current uses, as a public mall on Main Street; and
WHEREAS, the evidence described above is a) true and correct; b) pre-dates by
more than 32-years all related state actions to dissolve redevelopment agencies which commenced in January 2011, and c) supports the continued public use of these properties for the public’s benefit and is thereby found to be consistent with both Health and Safety Codes 34181(a) and 31191.3. NOW, THEREFORE, BE IT RESOLVED that the Salinas Oversight Board hereby finds, resolves, and determines that the foregoing recitals are true and correct, and, together with information provided by the Oversight Board and Successor Agency staff report and public comment, form the basis for the approvals, findings, resolutions, and determinations set forth below. BE IT FURTHER RESOLVED that the Salinas Oversight Board, consistent with Health Safety Code 34181(a) and 34191.3 , hereby directs the Salinas Successor Agency to act quickly to transfer ownership of 230 Main Street (APN 002-242-032) to the City of Salinas for their continued use for government purposes as public pedestrian walkway, and which ownership transfer will provide for the appropriate governmental body to own the properties based on existing agreements relating to past and current uses as a pedestrian walkway.
BE IT FURTHER RESOLVED that the Salinas Oversight Board hereby authorizes and directs the Salinas Successor Agency staff, acting on behalf of the Oversight Board and Successor Agency, to take all actions necessary to effectuate the transfer of the properties consistent with the Resolution, and to file, post, mail or otherwise deliver via electronic mail, internet posting, and/or hardcopy, all notices and transmittals necessary or convenient in connection with the adoption of this Resolution.
BE IT FURTHER RESOLVED that nothing in this Resolution shall abrogate,
waive, impair or in any other manner affect the right or ability of the City, as a municipal
3 303\02\1181624.1
corporation, to initiate and prosecute any litigation with respect to the use of property used for governmental purposes
BE IT FURTHER RESOLVED that this resolution shall take effect at the time
and in the manner prescribed in Health and Safety Code Section 34179(h). PASSED AND ADOPTED at a duly publicized public hearing and regular meeting of the Salinas Oversight Board held January 9, 2013, by the following vote: AYES: NOES: ABSENT: ABSTAIN:
APPROVED:
_______________________, Chair ATTEST: _______________________, Secretary
4 303\02\1181624.1
Attachment for Oversight Board Resolution # ______
5 303\02\1181624.1
6 303\02\1181624.1
7 303\02\1181624.1
8 303\02\1181624.1
REPORT ON APPLYING
AGREED-UPON PROCEDURES IN ACCORDANCE WITH AB 1484
FOR THE SALINAS REDEVELOPMENT AGENCY AND THE SUCCESOR AGENCY TO THE RDA
ALL FUNDS AND ACCOUNTS (EXCLUDING LOW MODERATE INCOME HOUSING FUND)
JUNE 30, 2012
DRAFT 1/7/2013
AGREED-UPON PROCEDURES SALINAS REDEVELOPMENT AGENCY
AND THE SUCCESSOR AGENCY TO THE RDA
Table of Contents
Page
Independent Accountant’s Report on Applying Agreed-Upon Procedures ......................... 1 Attachment A – Agreed-Upon Procedures Engagement .................................................... 2-10
Appendices: Appendix 1 .................................................................................................................... 11 Appendix 2A .................................................................................................................. 12-13 Appendix 4A .................................................................................................................. 14-17 Appendix 4B .................................................................................................................. 18-21 Appendix 6 .................................................................................................................... 22 Appendix 7 ................................................................................................................... 23 Appendix 8A .................................................................................................................. 24 Appendix 10 .................................................................................................................. 25
DRAFT 1/7/2013
1
INDEPENDENT ACCOUNTANT’S REPORT ON APPLYING AGREED-UPON PROCEDURES
Oversight Board of the Successor Agency of the Salinas Redevelopment Agency Salinas, California We have performed the minimum required agreed-upon procedures enumerated in Attachment A, which were agreed to by the California State Controller’s Office and the Department of Finance solely to assist you in ensuring that the dissolved redevelopment agency is complying with its statutory requirements with respect to AB 1484. Management of the successor agency and the City are responsible for the accounting records pertaining to statutory compliance pursuant to Health and Safety Code section 34179.5(c)(1) through 34179.5(c)(6). 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 those parties specified in the report. Consequently, we make no representation regarding the sufficiency of the procedures described below 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 minimum required agreed-upon procedures as set forth in Attachment A related to all other funds of the Successor Agency combined (excluding the Low and Moderate Income Housing Fund). We were not engaged to and did not conduct an audit, the objective of which would be the expression of an opinion as to the appropriateness of the results summarized in Attachment A. 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 and applicable State agencies, and is not intended to be, and should not be used by anyone other than these specified parties. This restriction is not intended to limit distribution of this report, which is a matter of public record. GALLINA LLP
Roseville, California January 7, 2013
925 Highland Pointe Drive, Suite 450, Roseville, CA 95678-5418 tel: 916.784.7800 fax: 916.784.7850 www.gallina.com
DRAFT 1/7/2013
2
ATTACHMENT A
Agreed Upon Procedures Engagement Pursuant to AB1484 and Health and Safety Code Section 34179.5
Purpose: to determine the unobligated balances of all other funds of the Successor Agency combined (excluding the Low and Moderate Income Housing Fund) available to transfer to taxing entities. Health and Safety Code Section 34179.5(c) 34179.5(c)(1) The dollar value of assets transferred from the former redevelopment agency to the successor agency on or about February 1, 2012. 1. Procedure: Obtain from the Successor Agency a listing of all assets that were transferred from the former redevelopment agency to the Successor Agency on 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 book value of the assets transferred to the Successor Agency as of that date. Results: Refer to Appendix 1 for a listing of assets transferred to the Successor Agency and comments, if any. The book value of the assets transferred was $4,425,435.
34179.5(c)(2)The dollar value of assets and cash and cash equivalents transferred after January 1, 2011, through June 30, 2012, by the redevelopment agency or the successor agency to the city, county, or city and county that formed the redevelopment agency and the purpose of each transfer. The reviews shall provide documentation of any enforceable obligation that required the transfer. 2. Procedure: If the State Controller’s Office has completed its review of transfers required under Section 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the due diligence AUP report. If this has not yet occurred, perform the following procedures:
2A. Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from the former redevelopment agency 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 or accounting requirements. Provide this listing as an attachment to the AUP report. Results: Refer to Appendix 2 for a listing of transfer of any assets relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund) to the City that formed the redevelopment agency for the period January 1, 2011 through January 31, 2012.
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3
2B. Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from 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 or accounting requirements. Provide this listing as an attachment to the AUP report.
Results: The Successor Agency did not transfer any assets relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund) to the City that formed the redevelopment agency for the period February 1, 2012 through June 30, 2012. 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. Results: N/A. Refer to procedures 2A and 2B above.
34179.5(c)(3)The dollar value of any cash or cash equivalents transferred after January 1, 2011, through June 30, 2012, by the redevelopment agency or the successor agency to any other public agency or private party and the purpose of each transfer. The review shall provide documentation of any enforceable obligation that required the transfer. 3. Procedure: If the State Controller’s Office has completed its review of transfers required under Section 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the due diligence AUP report. If this has not yet occurred, perform the following procedures: Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from the former redevelopment agency 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 or accounting requirements. Provide this listing as an attachment to the AUP report. Results: The former redevelopment agency did not transfer any assets relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund) to any other public agency or private party for the period January 1, 2011 through January 31, 2012.
DRAFT 1/7/2013
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Obtain a list prepared by the Successor Agency of all transfers (excluding payments for goods and services) from 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 or accounting requirements. Provide this listing as an attachment to the AUP report. Results: The Successor Agency did not transfer any assets relating to all other funds of the Successor Agency combined (excluding the Low and Moderate Income Housing Fund) to any other public agency or private party for the period February 1, 2012 through June 30, 2012. 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. Results: N/A. Refer to procedures 3A and 3B above.
34179.5(c)(4)The review shall provide expenditure and revenue accounting information and identify transfers and funding sources for the 2010-11 and 2011-12 fiscal years that reconciles balances, assets, and liabilities of the successor agency on June 30, 2012 to those reported to the controller for the 2009-10 fiscal year. 4. Procedures: 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 (in total) and long-term liabilities (in total) should be presented at the bottom of this summary schedules for information purposes. Ascertain that for each period presented, the total of revenues, expenditures, and transfers accounts fully for the changes in equity from the previous fiscal period. Compare amounts in the schedule relevant to the fiscal year ending June 30, 2010 to the state controller’s report filed for the Redevelopment Agency for that period. 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. Results:
Refer to Appendices 4A and 4B for a summary of the financial transactions of the Redevelopment Agency and the Successor Agency for the periods ending June 30, 2010, June 30, 2011, January 31, 2012 and June 30, 2012.
DRAFT 1/7/2013
5
For all fiscal periods indicated in the schedule - total revenues, expenditures and transfers account for the changes in equity from the previous period, except for a prior period adjustment for the period ending January 31, 2012. The adjustment reflects the reversal of payments against advances owed to the City which were disallowed by the Department of Finance. Amounts reported on the schedule for the fiscal year ended June 30, 2010 agree to the amounts reported on the State Controller Report filed for the Redevelopment Agency for the same period, except for amounts not reported on state controller report such as deferred costs, interest payable and accumulated depreciation.
34179.5(c)(5) A separate accounting for the balance for the Low and Moderate Income Housing Fund for all other funds and accounts combined shall be made as follows: A. A statement of the total value of each fund as of June 30, 2012. Procedure: Obtain from the Successor Agency a listing of all assets of all other funds of the Successor Agency as of June 30, 2012 (excluding the previously reported assets and liabilities of the Low and Moderate Income Housing Fund) for the report that is due December 15, 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 appropriate AUP report. Results:
Refer to Appendices 4A and 4B columns labeled Successor Agency for a listing of the assets held by the Successor Agency for all other funds and accounts combined (excluding the low and moderate income housing fund).
34179.5(c)(5)(B) An itemized statement listing any amounts that are legally restricted as to purpose and cannot be provided to taxing entities. This could include the proceeds of any bonds, grant funds, or funds provided by other governmental entities that place conditions on their use. 6. Procedure: Obtain from the Successor Agency a listing of asset balances held on June 30, 2012 that are restricted for the following purposes: Unspent bond proceeds: 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.) 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). 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.
DRAFT 1/7/2013
6
Results: Refer to appendix 6 for the Agency’s unspent bond proceeds totaling $1,582,036. Grant proceeds and program income that are restricted by third parties: Obtain Successor Agency’s computation of the restricted balances (e.g., total proceeds less eligible project expenditures). 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). 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. Results: There are no amounts that are legally restricted by third parties and cannot be provided to taxing entities relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund). Other assets considered to be legally restricted: Obtain Successor Agency’s computation of the restricted balances (e.g., total proceeds less eligible project expenditures.) 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). 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. Results: There are no other amounts that are legally restricted and cannot be provided to taxing entities relating to all the other funds and account balances of the former redevelopment agency (excluding the low and moderate income housing fund). Attach the above mentioned Successor Agency prepared schedule(s) as an exhibit to the AUP report. N/A. Refer to Appendix 6 for schedule listings unspent bond proceeds.
DRAFT 1/7/2013
7
34179.5(c)(5)(C) An itemized statement of the values of any assets that are not cash or cash equivalents. This may include physical assets, land, records, and equipment. For the purpose of this accounting, physical assets may be valued at purchase cost or at any recently estimated market value. The statement shall list separately housing-related assets. 7. Procedure: Perform the following procedures: Obtain from the Successor Agency a listing of assets 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. If the assets listed at 7(A) 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. For any differences noted in 7(B), 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. If the assets listed at 7(A) 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. Results: The Successor Agency holds assets not liquid or otherwise available for distribution valued at historical cost totaling $1,184,329. See Appendix 7.
34179.5(c)(5)(D) An itemized listing of any current balances that are legally or contractually dedicated or restricted for the funding of an enforceable obligation that identifies the nature of the dedication or restriction and the specific enforceable obligation. In addition, the successor agency shall provide a listing of all approved enforceable obligations that includes a projection of annual spending requirements to satisfy each obligation and a projection of annual revenues available to fund those requirements. If a review finds that future revenues together with dedicated or restricted balances are insufficient to fund future obligations and thus retention of current balances is required, it shall identify the amount of current balances necessary for retention. The review shall also detail the projected property tax revenues and other general purpose revenues to be received by the successor agency, together with both the amount and timing of the bond debt service payments of the successor agency, for the period in which the oversight board anticipates the successor agency will have insufficient property tax revenue to pay the specified obligations.
DRAFT 1/7/2013
8
8. Procedure: Perform the following procedures: A. If the Successor Agency believes that asset balances 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. 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. Compare all current balances to the amounts reported in the accounting records of the Successor Agency or to an alternative computation. Compare the specified enforceable obligations to those that were included in the final Recognized Obligation Payment Schedule approved by the California Department of Finance. 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. Results: Refer to Appendix 8 for a listing of asset balances totaling $769,449 that the Successor Agency believes need to be retained to satisfy enforceable obligations. B. If the Successor Agency believes that future revenues together with balances 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: 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 period from January 1, 2012 through June 30, 2012 and for the six month period July 1, 2012 through December 31, 2012. Compare the forecasted annual spending requirements to the legal document supporting each enforceable obligation. 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. For the forecasted annual revenues: Obtain from the Successor Agency its assumptions for the forecasted annual revenues and disclose in the report major assumptions associated with the projections.
DRAFT 1/7/2013
9
Results: The Successor Agency has not asserted the need to retain any current balances to pay for enforceable obligations. 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. Compare the timing and amounts of bond debt service payments to the related bond debt service schedules in the bond agreement. Obtain the assumptions for the forecasted property tax revenues and disclose major assumptions associated with the projections. Obtain the assumptions for the forecasted other general purpose revenues and disclose major assumptions associated with the projections. Results: The Successor Agency has not asserted the need to retain any current balances to pay for debt service obligations. If procedures A, B, or C were performed, calculate the amount of current unrestricted balances necessary for retention in order to meet the enforceable obligations by performing the following procedures. 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. 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. Include the calculation in the AUP report.
34179.5(c)(5)(E) An itemized list and analysis of any amounts of current balances that are needed to satisfy obligations that will be placed on the Recognized Obligation Payment Schedules for the current fiscal year. 9. Procedure: If the Successor Agency believes that cash balances as of June 30, 2012 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 that are needed to satisfy that obligation and (2) the Successor Agency’s explanation as to why the
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Successor Agency believes that such balances are needed to satisfy the obligation. Include this schedule as an attachment to the AUP report. Results: The Successor Agency has asserted the need to retain cash balances to satisfy obligations on the ROPS for the period of July 1, 2012 through June 30, 2013 totaling $624,223. See Appendix 9.
34179.5(c)(6) The review shall total the net balances available after deducting the total amounts described in subparagraphs (B) to (E), inclusive, of paragraph (5). The review shall add any amounts that were transferred as identified in paragraphs (2) and (3) of subdivision (c) if an enforceable obligation to make that transfer did not exist. The resulting sum shall be available for allocation to affected taxing entities pursuant to Section 34179.6. It shall be a rebuttable presumption that cash and cash equivalent balances available to the successor agency are available and sufficient to disburse the amount determined in this paragraph to taxing entities. If the review finds that there are insufficient cash balances to transfer or that cash or cash equivalents are specifically obligated to the purposes described in subparagraphs (B), (D), and (E) of paragraph (5) in such amounts that there is insufficient cash to provide the full amount determined pursuant to this paragraph, that amount shall be demonstrated in an additional itemized schedule. 10. Procedure: Include (or present) 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. The attached example summary schedule may be considered for this purpose. Separate schedules should be completed for the Low and Moderate Income Housing Fund and for all other funds combined (excluding the Low and Moderate Income Housing Fund). Results: Refer to Appendix 10 for the schedule detailing the computation of the Balance Available for Allocation to Affected Taxing Entities.
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Appendix 1Successor Agency to the City of Salinas Redevelopment AgencySchedule of Assets, Liabilities and Net AssetsAll Funds and Accounts Excluding Low Moderate Income Housing FundFebruary 1, 2012 (unaudited)
Redevelopment Agency
All Fundsless LMIHF
ASSETSCash and investments 770,027$ Interest receivable-investments 4,624 Account receivable 4,098 Loans receivable 699,290 Cash with fiscal agent- restricted 1,550,705 Capital assets 160,866 Deferred charges (bond issuance costs) 324,173 Interest receivable on loans receivable 769,780 Taxes receivable 141,872
Total assets 4,425,435$
LIABILITIES AND EQUITYLiabilities:
Accounts payable 72,386$ Interest payable 286,968 Deferred revenue 4,624 Advances from other funds 940,000 Long-term liabilities 5,654,754
Total liabilities 6,958,732
Net assetsNet assets held in trust (2,533,297)
Total net assets (2,533,297) Total liabilities and net assets 4,425,435$
11 DRAFT 1/7/2013
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11La
nd a
t 215
Lin
coln
Ave
9,50
4.00
73/
8/20
11La
nd a
t 60
W. M
arke
t St.
27,5
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0
83/
8/20
11La
nd a
t 64
W. M
arke
t St.
27,5
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11La
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t 20
E. M
arke
t St.
231,
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00
103/
8/20
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t 1 M
ain
St.
570,
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00
113/
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t 11
Sta
tion
Pl.
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00
123/
8/20
11La
nd a
t 12
W. M
arke
t St.
37,6
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0
133/
8/20
11La
nd a
t 745
No.
San
born
86,4
03.0
0
143/
8/20
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nd a
t 331
S. S
anbo
rn59
7,19
1.00
12 DRAFT 1/7/2013
Ap
pen
dis
x 2
Su
cces
sor
Ag
ency
to
th
e S
alin
as R
edev
elo
pm
ent
Ag
ency
Hea
lth
an
d S
afet
y C
od
e S
ecti
on
341
79.5
(c.)
P
roce
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Tra
nsf
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m R
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to
Cit
y o
r C
ou
nty
th
at f
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he
RD
A -
Jan
ua
ry 1
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1 -
Jan
uar
y 31
, 201
2
Dat
eD
escr
iptio
nV
alue
For
eac
h tr
ansf
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he S
ucce
ssor
Age
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shou
ld d
escr
ibe
the
purp
ose
of th
e tr
ansf
er a
nd d
escr
ibe
in w
hat s
ense
the
tran
sfer
was
req
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of t
he
Age
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or
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.
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btai
n th
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gal
docu
men
t tha
t for
med
the
basi
s fo
r th
e en
forc
eabl
e ob
ligat
ion
that
req
uire
d an
y tr
ansf
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ote
in th
e A
UP
rep
ort t
he a
bsen
ce
of a
ny s
uch
lega
l doc
umen
t or
the
abse
nce
of la
ngua
ge in
the
docu
men
t tha
t req
uire
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ansf
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153/
8/20
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ovem
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173/
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1 au
dit,
the
Age
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tran
sfer
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$5,7
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f cap
ital a
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the
City
as
part
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-
T
OT
AL
Pro
pert
y T
rans
fers
7,50
9,33
9.00
$
Land
hel
d fo
r re
sale
1,79
1,27
7.00
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ud
ito
r n
ote
: A
gre
es t
o a
sset
bal
ance
rep
rted
on
Ju
ne
30, 2
010
Cap
ital A
sset
s5,
718,
062.
00
2011
Fin
anci
al s
tate
men
ts r
epo
rted
$5,
718,
061
less
acc
um
ula
ted
d
epre
ciat
ion
of
$916
,312
tra
nsf
erre
d t
o C
ity
on
Mar
ch 8
, 201
1
Tot
al T
rans
fers
7,50
9,33
9.00
$
13 DRAFT 1/7/2013
Appendix 4ACity of Salinas Redevelopment AgencyBalance SheetGovernmental FundsJune 30, 2010
City Audit Financial Redevelopment Less RDALess Transaction Agency Low-Moderate Excluding
SCO Report Report All Fund Income LMIHFDifferences All Funds Types Housing Total
ASSETSCash and investments --$ 3,832,090$ 3,832,090$ 1,364,165$ 2,467,925$ Investments -- -- -- Interest receivable -- 577,960 577,960 574,497 3,463 Accounts receivable -- 2,000 2,000 -- 2,000 Advances to other funds -- 940,000 940,000 940,000 -- Loans receivable -- 9,741,780 9,741,780 9,168,668 573,112 Cash with fiscal agent- restricted -- 1,564,830 1,564,830 -- 1,564,830 Capital assets -- -- -- -- -- Land held for resale -- 3,448,830 3,448,830 1,657,553 1,791,277 Deferred charges (bond issuance costs) -- -- -- --
Total assets --$ 20,107,490$ 20,107,490$ 13,704,883$ 6,402,607$
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable --$ 553,110$ 553,110$ 248,769$ 304,341$ Deferred revenue -- 1,512,213 1,512,213 1,512,213 -- Advance from other funds -- 940,000 940,000 940,000 Long-term liabilities -- -- -- Interest payable -- -- --
Total liabilities -- 3,005,323 3,005,323 1,760,982 1,244,341
Fund balances:Nonspendable -- -- -- -- -- Restricted for various -- 17,102,167 17,102,167 11,943,901 5,158,266 Assigned for various purposes -- -- -- -- -- Unassigned -- -- -- -- -- Net assets hels in trust -- -- -- -- --
Total fund balances -- 17,102,167 17,102,167 11,943,901 5,158,266 Total liabilities and fund balances --$ 20,107,490$ 20,107,490$ 13,704,883$ 6,402,607$
ReconciliationCapital assets used in Governmental Activities are not current financialresources and therefore are not reported in the governmental funds:Depreciable, net of accumulated depreication (930,772)$ 5,885,171$ 4,954,399$ 4,954,399$
Net Capital assets (930,772) 5,885,171 4,954,399 -- 4,954,399
Deferred revenue for long-term interest receivable 572,213 -- 572,213 572,213Deferred revenue for suspension of housing funds set-aside 940,000 -- 940,000 940,000 Taxes receivable not collectible within sixty days 202,650 -- 202,650 202,650Deferred charges for bond issuance costs 350,077 -- 350,077 350,077 Interest payable (290,355) -- (290,355) (290,355) Long-term liabilties not due and payable in the current period 94,956 (8,148,379) (8,053,423) (8,053,423)
938,769$ (2,263,208)$ (1,324,439)$ --$ (1,324,439)$
Net assets of Governmental Activities 938,769$ 14,838,959$ 15,777,728$ 11,943,901$ 3,833,827$
14 DRAFT 1/7/2013
Appendix 4ACity of Salinas Redevelopment AgencyBalance SheetGovernmental FundsJune 30, 2011
Redevelopment Less RDAAgency Low-Moderate ExcludingAll Fund Income LMIHFTypes Housing Total
ASSETSCash and investments 1,459,643$ 267,627$ 1,192,016$ Investments 3,029 1,184 1,845 Interest receivable 3,436 -- 3,436 Accounts receivable 940,000 940,000 -- Advances to other funds 769,780 766,246 3,534 Loans receivable 9,961,868 9,226,550 735,318 Cash with fiscal agent- restricted 1,574,704 -- 1,574,704 Capital assets -- -- -- Land held for resale 1,657,553 1,657,553 -- Deferred charges (bond issuance costs)
Total assets 16,370,013$ 12,859,160$ 3,510,853$
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable 78,362$ 17,722$ 60,640$ Deferred revenue 1,709,780 1,706,246 3,534 Advance from other funds 940,000 -- 940,000 Long-term liabilities -- -- -- Interest payable -- -- --
Total liabilities 2,728,142 1,723,968 1,004,174
Fund balances:Nonspendable 11,619,421 10,884,103 735,318 Restricted for various 2,396,139 402,311 1,993,828 Assigned for various purposes (373,689) (151,222) (222,467) UnassignedNet assets hels in trust
Total fund balances 13,641,871 11,135,192 2,506,679 Total liabilities and fund balances 16,370,013$ 12,859,160$ 3,510,853$
ReconciliationCapital assets used in Governmental Activities are not current financialresources and therefore are not reported in the governmental funds:Depreciable, net of accumulated depreication 160,866$ 160,866$
Net Capital assets 160,866 -- 160,866
Deferred revenue for long-term interest receivable 769,780 769,780 Deferred revenue for suspension of housing funds set-aside 940,000 940,000 Taxes receivable not collectible within sixty days 141,872 141,872 Deferred charges for bond issuance costs 324,173 324,173 Interest payable (286,968) (286,968) Long-term liabilties not due and payable in the current period (7,213,893) (7,213,893)
(5,325,036)$ --$ (5,325,036)$
Net assets of Governmental Activities 8,477,701$ 11,135,192$ (2,657,491)$
15 DRAFT 1/7/2013
Appendix 4ACity of Salinas Redevelopment AgencyBalance SheetGovernmental FundsJanuary 31, 2012 (unaudited)
Redevelopment Agency
All Fundsless LMIHF
ASSETSCash and investments 770,027$ Investments -- Interest receivable 4,624 Accounts receivable 4,098 Advances to other funds -- Loans receivable 699,290 Cash with fiscal agent- restricted 1,550,705 Capital assets -- Land held for resale -- Deferred charges (bond issuance costs) --
Total assets 3,028,744$
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable 72,386$ Deferred revenue 4,624 Advance from other funds 940,000 Long-term liabilities -- Interest payable --
Total liabilities 1,017,010
Fund balances:Nonspendable 699,290 Restricted for various 1,550,705 Assigned for various purposes -- Unassigned (238,261) Net assets hels in trust --
Total fund balances 2,011,734 Total liabilities and fund balances 3,028,744$
ReconciliationCapital assets used in Governmental Activities are not current financialresources and therefore are not reported in the governmental funds:Depreciable, net of accumulated depreication 160,866$
Net Capital assets 160,866
Deferred revenue for long-term interest receivable 769,780 Deferred revenue for suspension of housing funds set-aside -- Taxes receivable not collectible within sixty days 141,872 Deferred charges for bond issuance costs 324,173 Interest payable (286,968) Long-term liabilties not due and payable in the current period - adjusted for CY retirement (5,654,754)
(4,705,897)$
Net assets of Governmental Activities (2,533,297)$
16 DRAFT 1/7/2013
Appendix 4ASuccessor Agency for the Redevelopment Agency of the City of SalinasBalance Sheet/Statement of Net AssetsGovernmental Funds/Private Purpose Trust FundJune 30, 2012
PrivatePurpose
TrustFund
ASSETSCash and investments 1,385,216$ Taxes receivable -- Interest receivable 5,128 Accounts receivable 3,328 Advances to other funds -- Loans receivable 699,290 Cash with fiscal agent- restricted 1,582,036 Capital assets 160,866 Interest receivable on loans receivable -- Deferred charges (bond issuance costs) 324,173
Total assets 4,160,037$
LIABILITIES AND FUND BALANCES/NET ASSETSLiabilities:
Accounts payable 773,040$ Deferred revenue 4,624 Advance from other funds 940,000 Long-term liabilities 5,654,754 Interest payable 286,968
Total liabilities 7,659,386
Fund balances:NonspendableRestricted for variousAssigned for various purposesUnassignedNet assets hels in trust (3,499,349)
Total fund balances/net assets (3,499,349) Total liabilities and fund balances/net assets 4,160,037$
17 DRAFT 1/7/2013
Appendix 4BCity of Salinas Redevelopment AgencyRevenues, Expenses, and Changes in Fund BalanceGovernmental FundsFor the year ended June 30, 2010
City Audit Financial Redevelopment Less RDALess Transaction Agency Low-Moderate Excluding
SCO Report Report All Fund Income LMIHFDifferences All Funds Types Housing Total
REVENUESTax increment --$ 6,717,629$ 6,717,629$ --$ 6,717,629$ Investment earnings -- 130,082 130,082 30,739 99,343 Rental income 24,500 31,812 56,312 24,500 31,812 Housing loans 15,603 -- 15,603 15,603 -- Other (40,103) 163,830 123,727 -- 123,727
Total revenue -- 7,043,353 7,043,353 70,842 6,972,511
EXPENDITURESCurrent:
Administration -- 1,024,379 1,024,379 293,910 730,469 Public works -- 70,702 70,702 -- 70,702 Contribution to other agency -- 65,000 65,000 -- 65,000 Public safety -- 301,469 301,469 -- 301,469 Pass through taxes -- 1,099,535 1,099,535 -- 1,099,535 SERAF -- 2,230,576 2,230,576 -- 2,230,576 Suspension of housing set-aside -- 940,000 940,000 -- 940,000
Capital outlay:Project improvements -- 117,676 117,676 2,873 114,803
Debt service:Principal retirement -- 1,761,672 1,761,672 -- 1,761,672 interest and fiscal charges -- 768,458 768,458 -- 768,458 Parking structure debt -- 1,088,700 1,088,700 -- 1,088,700
Total expenditures -- 9,468,167 9,468,167 296,783 9,171,384
Excess (deficiency) of revenues over (under) expenditures -- (2,424,814) (2,424,814) (225,941) (2,198,873)
Other financing sources (uses):Transfers in -- 643,584 643,584 403,526 240,058 Transfers out -- (643,584) (643,584) (240,058) (403,526) Loan proceeds-city -- 910,000 910,000 -- 910,000 Loan receivable forgiven -- (36,000) (36,000) (36,000) --
Extraordinary items:Assets of Salinas RDA -- -- -- -- -- Liabilities of Salinas RDA -- -- -- -- --
Total other financing sources (uses) -- 874,000 874,000 127,468 746,532
Net change in fund balances -- (1,550,814) (1,550,814) (98,473) (1,452,341)
Fund balances, July 1 18,652,981 12,042,374 6,610,607
Fund balances, June 30 17,102,167$ 11,943,901$ 5,158,266$
Net change in fund balances (1,550,814)$ (98,473)$ (1,452,341)$ Government wide adjustments
Annual required contribution for post retirement benefits (7,078) -- (7,078) Increase in compensated absences liability (17,328) -- (17,328) Amortization of deferred charges for bond issuance costs (25,904) -- (25,904) Amortization of original issuance discount on tax allocation bonds (8,919) -- (8,919)
Depreciation expense (41,406) -- (41,406) Interest expense on long-term debt 2,107 -- 2,107
Interest receivable 180,705 -- 180,705
Taxes receivable not collectible within sixty days 7,200 -- 7,200
Suspension of housing set-aside does not require the use ofcurrent resources 940,000 -- 940,000
Retirement of capital assets (23,120) -- (23,120)
Amount of long-term repayments 1,761,672 -- 1,761,672 Amount of long-term debt incurred for loan from City of Salinas (910,000) -- (910,000) Change in net assets of governmental activities 307,115$ (98,473)$ 405,588$
18 DRAFT 1/7/2013
Appendix 4BCity of Salinas Redevelopment AgencyRevenues, Expenses, and Changes in Fund BalanceGovernmental FundsFor the year ended June 30, 2011
Redevelopment Less RDAAgency Low-Moderate ExcludingAll Fund Income LMIHFTypes Housing Total
REVENUESTax increment 5,924,838$ --$ 5,924,838$ Investment earnings 77,813 4,971 72,842 Rental income 27,726 -- 27,726 Housing loans 7,969 7,969 -- Other 278,817 -- 278,817
Total revenue 6,317,163 12,940 6,304,223
EXPENDITURESCurrent:
Administration 1,267,005 308,564 958,441 Public works 57,300 -- 57,300 Contribution to other agency 65,000 -- 65,000 Public safety 333,148 -- 333,148 Pass through taxes 947,862 -- 947,862 SERAF 459,236 -- 459,236 Suspension of housing set-aside -- -- --
Capital outlay:Project improvements 713,699 -- 713,699
Debt service:Principal retirement 2,932,360 -- 2,932,360 interest and fiscal charges 719,019 -- 719,019 Parking structure debt 1,088,500 -- 1,088,500
Total expenditures 8,583,129 308,564 8,274,565
Excess (deficiency) of revenues over (under) expenditures (2,265,966) (295,624) (1,970,342)
Other financing sources (uses):Transfers in 1,424,968 1,184,968 240,000 Transfers out (1,424,968) (240,000) (1,184,968) Loan proceeds-city 2,055,000 -- 2,055,000 Loan receivable forgiven (36,000) (36,000) -- Housing grant to city (1,422,053) (1,422,053) -- Property grant to city (1,791,277) -- (1,791,277) Extraordinary items:Assets of Salinas RDA -- -- -- Liabilities of Salinas RDA -- -- --
Total other financing sources (uses) (1,194,330) (513,085) (681,245)
Net change in fund balances (3,460,296) (808,709) (2,651,587)
Fund balances, July 1 17,102,167 11,943,901 5,158,266
Fund balances, June 30 13,641,871$ 11,135,192$ 2,506,679$
Net change in fund balances (3,460,296)$ (808,709)$ (2,651,587)$ Government wide adjustments
Annual required contribution for post retirement benefits (11,221) -- (11,221) Increase in compensated absences liability (17,690) -- (17,690) Amortization of deferred charges for bond issuance costs (25,904) -- (25,904) Amortization of original issuance discount on tax allocation bonds (8,919) -- (8,919)
Depreciation expense (1,784) -- (1,784) Interest expense on long-term debt 3,387 -- 3,387
Interest receivable 197,567 -- 197,567
Taxes receivable not collectible within sixty days (60,778) -- (60,778)
Suspension of housing set-aside does not require the use ofcurrent resources -- -- --
Retirement of capital assets (4,791,749) -- (4,791,749)
Amount of long-term repayments 2,932,360 -- 2,932,360 Amount of long-term debt incurred for loan from City of Salinas (2,055,000) -- (2,055,000) Change in net assets of governmental activities (7,300,027)$ (808,709)$ (6,491,318)$
19 DRAFT 1/7/2013
Appendix 4BCity of Salinas Redevelopment AgencyRevenues, Expenses, and Changes in Fund BalanceGovernmental FundsFor the period ended January 31, 2012
Redevelopment Agency
All Fundsless LMIHF
REVENUESTax increment 2,653,942$ Investment earnings 2,556 Rental income 14,862 Housing loans (1,025) Other --
Total revenue 2,670,335
EXPENDITURESCurrent:
Administration 621,502 Public works 57,179 Contribution to other agency 88,790 Public safety -- Pass through taxes -- SERAF -- Suspension of housing set-aside --
Capital outlay:Project improvements --
Debt service:Principal retirement 1,559,139 interest and fiscal charges 507,456 Parking structure debt 544,250
Total expenditures 3,378,316
Excess (deficiency) of revenues over (under) expenditures (707,981)
Other financing sources (uses):Transfers in 120,000 Transfers out (557,589) Loan proceeds-city 650,625 Loan receivable forgiven --
Extraordinary items:Assets of Salinas RDA -- Liabilities of Salinas RDA --
Total other financing sources (uses) 213,036
Net change in fund balances (494,945)
Fund balances, July 1 2,506,679
Fund balances, June 30 2,011,734$
Net change in fund balances (494,945)$ Government wide adjustments --
Annual required contribution for post retirement benefits -- Increase in compensated absences liability -- Amortization of deferred charges for bond issuance costs -- Amortization of original issuance discount on tax allocation bonds --
Depreciation expense -- Interest expense on long-term debt --
Interest receivable --
Taxes receivable not collectible within sixty days --
Suspension of housing set-aside does not require the use ofcurrent resources --
Retirement of capital assets
Amount of long-term repayments 1,559,139 Amount of long-term debt incurred for loan from City of Salinas (650,625) Change in net assets of governmental activities 413,569$
20 DRAFT 1/7/2013
Appendix 4BSuccessor Agency for the Redevelopment Agency of the Cityof SalinasRevenues, Expenses, and Changes in Fund BalanceGovernmental Funds/Private Purpose Trust FundFor the year ended June 30, 2012
RDA PrivateExcluding Purpose
LMIHF TrustTotal Fund
REVENUES AND ADDITIONSTax increment 2,653,942$ 1,874,245$ Investment earnings 2,556 -- Rental income 14,862 -- Housing loans (1,025) -- Other -- --
Total revenue and additions 2,670,335 1,874,245
EXPENDITURES AND DEDUCTIONSCurrent:
Administration 621,502 1,380,072 Public works 57,179 Contribution to other agency 88,790 -- Public safety -- -- Pass through taxes -- -- SERAF -- -- Suspension of housing set-aside -- --
Capital outlay: -- -- Project improvements -- --
Debt service: -- -- Principal retirement 1,559,139 -- interest and fiscal charges 507,456 -- Parking structure debt 544,250 --
Total expenditures and deductions 3,378,316 1,380,072
Excess (deficiency) of revenues over (under) expenditures (707,981) 494,173
Other financing sources (uses):Transfers in 120,000 1,253,708 Transfers out (557,589) (1,641,415) Loan proceeds-city 650,625 -- Loan receivable forgiven -- -- RDA dissolutions (2,011,734) 2,011,734
Extraordinary items:Assets of Salinas RDA -- 324,173 Liabilities of Salinas RDA -- (5,941,722)
Total other financing sources (uses) (1,798,698) (3,993,522)
Net change in fund balances (2,506,679) (3,499,349)
Fund balances/ Net Assets, beg 2,506,679 --
Fund balances/Net assets, ending --$ (3,499,349)$
21 DRAFT 1/7/2013
Ap
pen
dix
6S
ucc
esso
r A
gen
cy t
o t
he
Sal
inas
Red
evel
op
men
t A
gen
cyH
ealt
h a
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Co
de
Sec
tio
n 3
4179
.5(c
.)
Pro
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the
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22 DRAFT 1/7/2013
Ap
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Su
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an
d S
afet
y C
od
e S
ecti
on
341
79.5
(c.)
P
roce
du
re 7
A -
Lis
t o
f as
sets
no
t liq
uid
or
oth
erw
ise
avai
lab
le f
or
dis
trib
uti
on
(ca
pit
al a
ssse
ts, l
and
hel
d f
or
resa
le ,
LT
rec
eiva
ble
s et
c) a
t Ju
ne
30, 2
012
Des
crip
tion
Cos
t
If lis
ted
at p
urch
ase
cost
, tra
ce
amou
nts
to a
pre
viou
sly
audi
ted
stat
emen
ts o
r to
suc
ceso
r ac
coun
ting
reco
rds
and
note
any
diff
eren
ces
If as
sets
hav
e be
en
disp
osed
, ins
pect
evi
denc
e th
at p
roce
eds
wer
e de
posi
ted
into
trus
t fun
d
If lis
ted
at e
stim
ated
mar
ket v
alue
co
st, i
nspe
ct e
vide
nce
supp
ortin
g va
lue
and
docu
men
t met
hodo
logy
us
ed
1Lo
ng te
rm lo
an r
ecei
vabl
es69
9,29
0.00
Ref
er to
aud
ited
finan
cial
sta
tem
ents
an
d to
Loa
ns a
nd N
otes
Rec
eiva
ble
Sch
edul
e.n/
a
2C
apita
l Ass
ets
160,
866.
00
3D
efer
red
char
ges
324,
173.
00
41,
184,
329.
00
to A
ppen
dix
10
23
23 DRAFT 1/7/2013
Ap
pen
dix
8S
ucc
esso
r A
gen
cy t
o t
he
Sal
inas
Red
evel
op
men
t A
gen
cyH
ealt
h a
nd
Saf
ety
Co
de
Sec
tio
n 3
4179
.5(c
.)
Pro
ced
ure
8A
- L
ist
of
asse
ts d
edic
ated
or
rest
rict
ed f
or
rep
aym
ent
of
enfo
rcea
ble
ob
ligat
ion
s
Des
crip
tion
Am
ount
The
sch
edul
e sh
ould
iden
tify
the
amou
nt
dedi
cate
d or
res
tric
ted,
the
natu
re o
f the
de
dica
tion
or r
estr
ictio
n, th
e sp
ecifi
c en
forc
eabl
e ob
ligat
ion
to w
hich
the
dedi
catio
n or
res
tric
tion
rela
tes,
and
the
lang
uage
in th
e le
gal d
ocum
ent t
hat i
s as
soci
ated
with
the
enfo
rcea
ble
oblig
atio
n th
at s
peci
fies
the
dedi
catio
n of
exi
stin
g as
set b
alan
ces
tow
ard
paym
ent o
f tha
t ob
ligat
ion.
i.
Com
pare
all
info
rmat
ion
on th
e sc
hedu
le to
the
lega
l doc
umen
ts th
at
form
the
basi
s fo
r th
e de
dica
tion
or
rest
rictio
n of
the
reso
urce
bal
ance
in
ques
tion.
ii.
Com
pare
all
curr
ent
bala
nces
to th
e am
ount
s re
port
ed in
the
acco
untin
g re
cord
s of
the
Suc
cess
or
Age
ncy
or to
an
alte
rnat
ive
com
puta
tion.
iii.
C
ompa
re th
e sp
ecifi
ed
enfo
rcea
ble
oblig
atio
ns to
thos
e th
at
wer
e in
clud
ed in
the
final
Rec
ogni
zed
Obl
igat
ion
Pay
men
t Sch
edul
e ap
prov
ed b
y th
e C
alifo
rnia
D
epar
tmen
t of F
inan
ce.
iv.
A
ttach
as
an e
xhib
it to
the
repo
rt th
e lis
ting
obta
ined
from
the
Suc
cess
or A
genc
y. Id
entif
y in
th
e re
port
any
list
ed b
alan
ces
for
whi
ch th
e S
ucce
ssor
Age
ncy
was
una
ble
to p
rovi
de
appr
opria
te r
estr
ictin
g la
ngua
ge in
the
lega
l do
cum
ent a
ssoc
iate
d w
ith th
e en
forc
eabl
e ob
ligat
ion.
1A
ccou
nts
Pay
able
to C
AC
for
Tru
e-U
p
479,
316.
00
Ref
er to
CA
C le
tter
requ
estin
g pa
ymen
t.C
AC
lette
r &
A/P
pay
men
tR
efer
to A
/P s
ched
ule.
Not
par
t of R
OP
S.
Req
uire
d by
CA
C.
2A
ccou
nts
Pay
able
for
Pas
s-th
ru
paym
ents
to s
choo
l dis
tric
ts
264,
739.
00
Ref
er to
A/P
invo
ice.
Ref
er to
Pas
s-th
ru c
alcu
latio
ns.
Ref
er to
A/P
sch
edul
e.N
ot p
art o
f RO
PS
. R
equi
red
by
stat
ute.
3A
ccou
nts
Pay
able
for
SA
Adm
in
Bud
get
2
5,39
4.27
R
efer
to F
und
63.0
8 S
A A
dmin
Fun
d A
ccou
nts
Pay
able
line
item
s su
mm
ary
SA
Adm
in b
udge
t per
sta
tute
Ref
er to
A/P
sch
edul
e.P
art o
f RO
PS
Adm
in b
udge
t al
loca
tion
4In
tere
st p
ayab
le
286,
968.
00
(28
6,96
8.00
)
769,
449.
27
to
App
endi
x 10
-
Am
ou
nt
sub
trac
ted
fro
m s
ched
ule
- It
em is
no
t an
ass
et b
ut
a R
OP
S li
abili
ty
24 DRAFT 1/7/2013
Ap
pen
dix
9S
ucc
esso
r A
gen
cy t
o t
he
Sal
inas
Red
evel
op
men
t A
gen
cyH
ealt
h a
nd
Saf
ety
Co
de
Sec
tio
n 3
4179
.5(c
.)
Pro
ced
ure
9 -
FIN
AL
RO
PS
rev
iew
fo
r th
e p
erio
d J
uly
1, 2
012
thro
ug
h J
un
e 30
, 201
3
# o
n f
inal
R
OP
SP
roje
ct n
ame
or
area
ass
oci
ated
wit
h t
he
ob
ligat
ion
Th
e p
ayee
A d
escr
ipti
on
of
the
nat
ure
of
the
wo
rk/s
ervi
ce a
gre
ed t
oT
ota
l Ou
tsta
nd
ing
Deb
t o
r O
blig
atio
n
Th
e am
ou
nt
of
pay
men
ts o
blig
ated
to
be
mad
e b
y m
on
th t
hro
ug
h J
un
e 30
, 201
3
(1)
Am
ou
nts
of
exis
tin
g c
ash
th
at a
re n
eed
ed
to s
atis
fy t
he
ob
ligat
ion
(2)
SA
Exp
lan
atio
n a
s to
wh
y th
e S
A b
elie
ves
that
su
ch
bal
ance
s ar
e n
eed
ed t
o s
atis
fy t
he
ob
ligat
ion
119
92 T
ax A
lloca
tion
Bon
ds A
Ban
k of
New
Yor
kB
onds
issu
ed to
fund
hou
sing
and
non
-hou
sing
pr
ojec
ts11
,957
,008
1,01
4,55
9
219
96 T
ax A
lloca
tion
Bon
ds A
Ban
k of
New
Yor
kB
onds
issu
ed to
fund
non
-hou
sing
pro
ject
s5,
148,
907
1,74
6,65
162
4,22
3
Tot
al m
onth
ly p
aym
ents
obl
igat
ed fo
r F
Y 2
012-
13 is
$4,
813,
773.
E
stim
ated
tax
reve
nue
is $
4,14
2,84
2. T
his
leav
es a
fund
ing
gap
of $
670,
931.
The
refo
re a
ll of
the
rem
aini
ng 6
/30/
12 c
ash
bala
nce
is n
eede
d to
sat
isfy
exi
stin
g ob
ligat
ions
and
is n
ot
avai
labl
e to
dis
trib
ute
to th
e ot
her
taxi
ng a
genc
ies
at th
is ti
me.
3M
onte
rey
Str
eet P
arki
ng G
arag
e D
ebt*
BC
ity o
f Sal
inas
Coo
pera
tion
and
Rei
mbu
rsem
ent A
gree
men
t pl
edgi
ng R
DA
Fun
ding
for
repa
ymen
t of B
onds
24,3
16,1
060
4C
hurc
h of
Naz
aren
e N
ote
Pay
able
Sal
inas
New
Life
Chu
rch
of N
azar
ene
Pro
pert
y pu
rcha
se $
200,
000
prom
isso
ry n
ote.
33
1 N
. San
born
St.
68,5
5545
,702
5F
isca
l Age
nt F
ees
Ban
k of
New
Yor
kF
isca
l age
nt fe
es fo
r bo
nd is
suan
ces.
105,
604
8,79
6
6H
ousi
ng F
und
Loan
(S
ER
AF
)LM
I Hou
sing
Fun
dB
orro
wed
from
Hou
sing
Fun
d to
mak
e S
ER
AF
pa
ymen
t94
0,00
094
0,00
0
7B
ond
Dis
clos
ure
Ser
vice
sW
illda
nB
ond
Dis
clos
ure
Ser
vice
s29
,513
2,68
3
8A
rbitr
age
Reb
ate
Cal
cula
tions
Will
dan
Arb
itrag
e R
ebat
e C
alcu
latio
ns16
,000
2,00
0
9S
ucce
ssor
Age
ncy
Adm
inis
trat
ion
City
of S
alin
asA
dmin
istr
atio
n co
sts
of th
e S
ucce
ssor
Age
ncy
3,25
0,00
012
5,00
0
10E
xist
ing
Litig
atio
n*A
Sal
inas
Ren
aiss
ance
P
artn
ers
Litig
atio
n 3
2,00
0,00
015
0,00
0
11Le
gal D
efen
se C
ouns
el*A
Gol
dfar
b &
Lip
man
Litig
atio
n D
efen
se30
0,00
012
0,00
0
12M
CO
E A
udit
Dem
and
for
Pay
men
tM
CO
ED
olin
ka G
roup
aud
it re
sults
cla
im ta
x du
e0
47,5
63
13M
CO
E A
udit
Dem
and
for
Pay
men
tS
alin
as U
nion
Hig
h S
choo
l Dis
t.D
olin
ka G
roup
aud
it re
sults
cla
im ta
x du
e0
60,5
66
14M
CO
E A
udit
Dem
and
for
Pay
men
tH
artn
ell C
olle
geD
olin
ka G
roup
aud
it re
sults
cla
im ta
x du
e0
169,
253
15M
CO
E A
udit
Dem
and
for
Pay
men
tS
alin
as C
ity E
lem
enta
ry
Sch
ool D
istr
ict
Dol
inka
Gro
up a
udit
resu
lts c
laim
tax
due
044
,612
16G
atew
ay A
part
men
tsS
alin
as G
atew
ay L
.P.
Con
stru
ctio
n of
Affo
rdab
le H
ousi
ng0
300,
000
17O
pera
tiona
l Com
mitm
ent
Gro
und
Zer
o A
naly
sis,
In
c.G
roun
d W
ater
Mon
itorin
g44
1,77
823
,200
18O
pera
tiona
l Com
mitm
ent
Mon
tere
y C
ount
y T
ax
Col
lect
orP
rope
rty
Tax
37,5
0013
,188
19O
pera
tiona
l Com
mitm
ent
City
Dat
a S
ervi
ces
Affo
rdab
le H
ousi
ng D
ata
Ser
vice
s40
,950
0
20O
vers
ight
Boa
rd A
ttorn
eyR
enne
Slo
an H
oltz
man
S
akai
LLP
O
vers
ight
Boa
rd L
egal
Rep
rese
ntat
ion
Cos
ts19
5,00
00
21O
pera
tiona
l Com
mitm
ent
Hou
sing
Suc
cess
or
Age
ncy
CR
L an
d A
fford
abili
ty C
oven
ant C
ompl
ianc
e40
,000
0
4,81
3,77
3
624,
223
to A
ppen
dix
10
1/7/2013
GALLINA LLP
25 DRAFT 1/7/2013
Appendix 10
Procedure:Include (or present) a schedule detailing the computation of the Balance Available for Allocation to Affected TaxingEntities pursuant to section 34179.5 ( c ) ( 6 ) of AB 1484.
Results:See schedule included
BALANCE AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES
Total amount of assets held by the successor agency as of June 30, 2012 4,160,037$
Less assets legally restricted for uses specified by debt covenants, grant restrictions, or restrictions imposed by other
governments - unspent bonds proceeds. - Refer to APPENDIX 6 (1,582,036)
Less assets that are not cash or cash equivalents (i.e. physical assets) - Refer to APPENDIX 7 (1,184,329)
Less balances that are legally restricted for the funding of an enforceableobligation (net of projected annual revenues available to fund those obligations) Refer to APPENDIX 8 (769,449)
Less balances that are needed to satisfy enforceable obligations (net of projected revenues)- Refer to APPENDIX 9 (624,223)
Amount to be remitted to county for disbursement to taxing entities (0)$
Based on the calculation balance depicted above, there are insufficient funds available to satisfyenforceable obligations, including repayment of advances due to the City.
26 DRAFT 1/7/2013
