HomeMy WebLinkAboutStaff Report 3.D 01/24/2011DATE:
TO:
FROM:
SUBJECT:
A gemAmlfi v # 3-D
January 24, 2011
Honorable Chair and Members of the Petaluma Community Development
Commission through Executive Director
Bonne Gaebler, Housing Administrator
Discussion and Adoption of a Resolution Approving the Submittal of the 2010
State Controller's Office (SCO) Redevelopment Financial Report.
RECOMMENDATION
It is recommended that the Petaluma Community Development Commission adopt the attached
Resolution Approving the Submittal of the 2010 State Controller's Office (SCO) Redevelopment
Financial Report.
BACKGROUND
The California Community Redevelopment Law (CRL) contains a number of Health and Safety
Code Sections detailing procedures to which redevelopment agencies must adhere. CRL Section
33080.1 outlines the required contents of the report that must be presented to PCDC and,
subsequently, to the SCO by December 31.
Following are the reports which are required:
m State Controller's Financial Report Cover Page
® HCD Housing Report
® Blight Report
® Bureau of Census Survey Form
® Statement of Indebtedness
® Independent Audit
These documents were submitted to the State Controller's Office prior to the December 31, 2010
deadline.
DISCUSSION
The PCDC Annual Report, inclusive of the above -listed requirements, must be filed by
December 31, 2010. The penalties for failing to do so are strict, including not being able to
Agenda Review:
City Attorney Finance Director City Manage
spend any money, adopt/amend redevelopment plans, sell bonds, enter into any other kind of
debt, and potential fines.
FINANCIAL IMPACTS
The fiscal impacts of not filing the SCO Report in a timely manner could be onerous (see
discussion above). The cost of filing will amount to approximately $10,000 including internal
and outside consulting staff and is budgeted in Account #54141 in the PCDC budget.
ATTACHMENTS
1. Exhibit 1. Resolution
2. HCD Housing Report
3. Blight Report These attachments are the same as those for Item #3.C.
4. Bureau of Census Survey Form { To conserve resources, they have not been printed twice.
5. Statement of Indebtedness
6. Agency's Outstanding Loans
7. Agency Owned Properties
® Items listed below are large in volume and are not attached to this report, but may be viewed in the
City Clerk's office.
1. Audit Report
2. SCO Transaction Financial Report
2
ATTACHMENT #I
EXHIBIT 1
RESOLUTION NO.
Of the Petaluma Community Development Commission
Resolution Approving the Submittal of the 2010 State Controller's Office
(SCO) Redevelopment Financial Report.
WHEREAS, California Community Redevelopment Law requires that an annual report be
presented to the legislative body within six months of the end of the fiscal year; and
WHEREAS, that report must contain certain financial and housing information for the fiscal
year ending June 30, 2010; and
WHEREAS, this Annual Report is a compilation of those individual financial statements and
reports on the PCDC housing programs; and
WHEREAS, the Annual Report was distributed to the City Council on December 28, 2010 for
review in preparation for the City Council's January 3, 2011 meeting; and
WHEREAS the required financial and housing reports were submitted prior to the December 31,
2009 deadline; and
WHEREAS, Section 33080.2 of Redevelopment Law states the "the legislative body shall
review the reportand take any action which it deemed appropriate;"
NOW, THEREFORE BE IT RESOLVED that the Petaluma Community Development
Commission approves the submittal of the FY 2009-2010 State Controller's Report.
1340536.1