HomeMy WebLinkAboutStaff Report 10/3/2012 (2) '1
AGENDA
OVERSIGHT BOARD
TO THE PETALUMA COMMUNITY DEVELOPMENT
SUCCESSOR AGENCY
Wednesday, October 3, 2012 9:00 A.M.
Petaluma City Hall: Council Chambers
11 English Street, Petaluma, CA 94952
(707) 778-4549 / Fax (707) 778-4586
1. ROLL CALL:
Grant Davis; Scott Duiven; Mike Healy; Steve 1-lerrington; Kate Jolley; David Rabbitt;
John Scharer
2. PUBLIC COMMENT:
The Board will hear public comments only on matters over which it has jurisdiction. There
will be no Board discussion or action. The Chair will allot no more than three minutes to any
individual. If more than three persons wish to speak; their time will be allotted so that the
total amount of time allocated to this agenda item will be 1-5 minutes.
3. PUBLIC COMMENT REGARDING THE DUE DILIGENCE REVIEW OF THE
LOW AND MODERATE INCOME HOUSING FUND:
Pursuant to I-lealth and Safety Code 34179.5, the Oversight Board will hear public comment
at this hearing which is at least live days prior to the meeting scheduled for October 10, 2012
at which time the Board will take action regarding the due diligence review of the Low and
Moderate Income I-lousing Fund.
4. ADJOURNMENT
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For accessible meeting information,
please call (7071 778-4360 or
TDD (707) 778-4480
In accordance with the Americans with Disabilities Act; if you require special assistance to participate in this
meeting, please contact the City-Clerk's Office at (707) 7784360 (voice).or (707) 778-4480 (TDD). Translators,
American Sign Languages interpreters. and/or assistive listening devices for:individuals'with•hearingdisabilities'will
be available upon[request. A minimum of48 hours is needed.to ensure the availability oftranslation services. In
consideration,of4hose:with multiple chemical,sensitivities,orother environmental illness, it is,requested;that you
refrain from wearing scented. products. The'City Clerk hereby certifies that this agenda has been posted in
accordance with the requirements of the Government Code.
Please Note: In accordance with Government Code §54957.5, any materials of public record relating to-an'agenda
item for a regular meeting of the Peteluma Oversight Board.that are provided toJa majority of the;members less
than 72 hours before the meeting will be made available at the City Clerk's.Office, I I English,Street,during normal
business hours. Materials'of public record that are distributed'during the meeting shall be:made available for public
inspection at themeeting if prepared by the'City or•.a member of its legislative/advisory body, or the next.business
day after the meeting ifprepared'by some other person.
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Ttem #3
Oversight Board to the Petaluma Community
Development Successor Agency
DATE: October 3, 2012
TO: Members of the Oversight Board
FROM: Ingrid Alverde, Economic & Redevelopment Manager
SUBJECT: Public Comment Session to Hear Public Comment Regarding the Due Diligence
Review of the Housing Assets Pursuant to Health And Safety Code Section
34179.5
RECOMMENDATION
It is recommended that the Oversight Board accept public comments regarding the Due
Diligence Review (Attachment 1) Pursuant to Health and Safety Code.Section 34179.5.
BACKGROUND
On June 27, 2012, the State enacted AB 1484, which provides significant revisions to the
Dissolution Act — ABx1 26. One of the new requirements under AB.1484 is that the Successor
Agency must conduct a due diligence review of the Low and Moderate Income Housing Fund
and of all other funds and accounts of the former Petaluma Community Development
Commission (PCDC) to determine the unobligated balances available for transfer to taxing
entities.
DISCUSSION
Successor Agency staff contracted with the firm Pun & McGeady, LLP, a licensed accounting
firm, to perform the due diligence review of the former PCDC funds. The Sonoma County
Auditor-Controller has approved the use of this firm for the due diligence review.
The due diligence review separately covers the Low and Moderate Income Housing Fund and
the other (Non-Housing) funds of the former redevelopment agency. Both reviews must be
approved by the Oversight Board and sent to the California Department of Finance (DOF), State
Controller, and the County Auditor-Controller.
The Housing review must be completed and provided to the Oversight Board, the County
Auditor-Controller, the State Controller, and 'DOF by October 1, 2012. The review must be
Item #3
Page 2
approved by the Oversight Board following a public commentsession. The•Oversight Board will
consider approval of the review atits October 10, 2012 meeting.
Upon approval by the Oversight Board, the review will be transmitted to DOF and the County
Auditor-Controller by October 15, 2012. The Oversight Board.shall also consideranyopinions
of the County Auditor-Controller, may adjust amounts in the review, request additional
materials, and mayauthorize the Successor Agency to retain certain specified assets and funds.
DOF must complete the review of the Oversight Board's determinations with respect to the
Low and Moderate',Income Housing fund by November 9, 2012. Unless the SUctessbr Agency
requests a "meet and confer" with DOF by November 16, 2012, the Successor Agency shall
transmit the identified, unencumbered funds to the County Auditor Controller within •five
business days of DOF's determination. The due diligence review of the other former PCDC
funds will have a similar process with approval by the;OversightBoard due by January 15,2013.
FISCAL IMPACTS
The preparation of this staff report`is an administrative activity of the Successor Agency staff,
which is included in the Agency Administrative,Allocation budget approved on the ROPS. The
costto contract with°the licensed accountant to perform the required due diligence;review will
not exceed $10,000 and.will be paid by the Successor Agency's administrative funds as part of
its 2012-2013 budget.
The outcome of the Due Diligence Review shows that the Successor Agency will, be sending
$672,528 to the County-Auditor fer,distributionamong the-taxing entities. This amount is the
total of unencumbered Housing funds'as-of 1/31/2012..
ATTACHMENTS
1. Due Diligence Review
Pun& McGeady LLP
Management Representation Letter
Page.2
4. As of June 30, 201.2, we are not aware of any modifications that need to be
made to the Low and Moderate Income Housing Fund Due Diligence Review
exhibits for them to be presented in accordance with California Health and
Safety Code Sections 34179.5(c)(1) through 34179.5(c)(3) and Sections
34179.5(c)(5) through 34179.5(c)(6).
5. The City of Petaluma approves the acceptability of the procedures that have
been developed by the California,Department of Finance in accordance with
California.Health and Safety Code'(HSC)Section 34179.5.
6. We have disclosed to you any known matters contradicting the information
contained in the Low and Moderate Income Housing Fund Due Diligence
Review AUP report.
7. There have been no communications from regulatory agencies, internal
auditors, and other independent practitioners or consultants relating to Low
and Moderate Income Housing Fund Due Diligence Review, including
communications received between.June 30, 2012 and August 27, 2012.
8. We have made available to you all information that we believe is relevant to
Low and Moderate Income Housing Fund Due Diligence Review.
9. We have responded fully to all inquiries made to us by you during the
engagement.
10. No events have occurred subsequent to June 30, 2012 that would require
adjustment to or modification of the information contained in the Low and
Moderate Income Housing Fund Due: Diligence Review AUP report and its
related exhibits.
11. Manageuientis not aware of any transfers.(as defined by Section 34179.5) from
either the former redevelopment !agency or the Successor Agency to other
parties for the period from January 1, 2011 through June 30, 2012 that have not
been properly identified in the AUP report and its related exhibits.
12. Your report is intended solely for the information and use of the City of
Petaluma, the California Department of Finance, the California State
Controller's Office, and the County of Sonoma's Auditor-Controller's Office
and is not intended to be and should not be used by anyone other than those
specified parties.
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Pun&McGeady LLP
Management Representation Letter
Page 3
To the.best of our knowledge and belief, no'events have;occtirred subsequent to
the date,of your report-that would have a significant impact upon the-agreed upon
procedures that you performed.
City of Petaluma, is the sponsoring organization and as representatives of the
Successor Agency f or the City of Petaluma Redevelopment Agency:
John C. Brown,City Maiiager Date
Vot6fi4)-
Bill Mushallo, Finance Director Date
//_� � �
`Ingrid t lverde, conoriiieDevelopnient:Manager Date
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9,
CITY OF PETALUMA
' i � 'e
POST OFFICE Box 61
.$s$., ' PETALUMA,CA 94953-0061
David Glass September26, 2012
Major
Chris Albertson •
Teresa Barrett
Mike Harris
dike Healy -Pun•&McGeady LLP
Gabe xcarney 9Corporate Park,,Suite130
Tiffany.Renee
Councilrienters Irvine, California 92606
In connection with your engagement to apply agreed-upon procedures relating to
the Low and Moderate Income Ftind Due DiligenceReview':as of June-30,
2012, which were agreed to by the California State Controller's Office and the
California••State Department of Finance, solely to assist us in ensuring that our
dissolved-"redevelopment agency is complying with its statutory requirements
with respect to Assembly Bill ("AB") 1484 and we confirm to the best of our
knowledge and belief, the following representations made to you during your
engagement.
1. The City of Petaluma is responsible for compliance with California Health and
Safety Code (HSC)Section,34179.5.
City Manager's:Office
ll tngr,si,Street 2 We are res onsible'for adherence to the requirements of AB1484 ass licable
Pciah.»u, C.a 4a95a P 1 PP
to the successor agency and the sponsoring organization of the dissolved
Phone(70,) 778-7345
Fox Q07y778-4419 redevelopment agency.
ei,mngr;i)cf.pemtump ea us
3. We.are""responsible for the presentation of the exhibits in the low and-Moderate
Income Housing Fund Due Diligence agreedL'uporp procedures report in
Economic Development accordance with the California Health and Safety Code (lISC) Section 34179.5
Phone(7071 778-4549
Fax(707)778-45.86 Exhibit A-.Low y and Moderate Income.Housing Asset Listing as of January
31, 2012
Housing,Division_ Exhibit B --Asset Transfer Assessment Form.
Phone(707),7784i51
Fm:(707)778-4586 Exhibit C-- Housing Assets Transfer,Form
Exhibit D - DepartinenbFinance's Review of the,Housing Assets Transfer
Human Resources'Division Form
Phone(707)778-4534 Exhibit E-- Low and Moderate:Income Housing Asset'Listing as of June 30,
Fur(707)778-4.539 2012
Exhibit F-.Summary of Balances Available for Allocation
Information Technology Division
Phone(707)778:4417 Exhibit G -Management Representation Letter
Fat(707)776=3623
Risk Management Division
Phone(70;);776-3695
Fat(707)`776-3697
Petaluma
Community Development
Successor Agency
Petaluma, California
Independe`t A`ccountant's Report on
Applying Agreed;Upon Procedures relating to
the Due Dilige Review in accordance with AB 1484
applied tots-of/ and Moderate Income. Housing Fund
For the year ended June 30, 2012
isk\Aas
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PUN & McGEADY
(12
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Petaluma CommunityDevelopment
Successor Agency
Table of Contents
Page
INDEPENDENT ACCOUNTANTS REPORT ON
APPLYING AGREED-UPON PROCEDURES 1
ATTACHMENT A - AGREED-UPON PROCEDURES AND FINDINGS 2-15
EXFIIBITS
Exhibit A - Low and Moderate Income Housing Asset.Listing as of Januuaryj31, 2012
Exhibit B - Transfers list to the city that formed the redevelopment agency for the period from
January 1, 2011 through June 30, 2012 e
Exhibit C - I-Iousing Assets Transfer Form 936
Exhibit D - Department Finance's Review of the Housing Assets Transfer Form
Exhibit E - Low and Moderate Income Houstig Asset isting as of June 30, 2012
Exhibit F -Summary of Balances Available for Allocation
Exhibit G - Management Representation Letter
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9 Corporate Park
Suite 110
Jel� Irvine, California 92606
' 1.1.1.
PUN & McGEADY Phone:y(949) 777-8800
�?nn,..n,.td•ii.:,.,,,,,,, nM.u,e..hi,.61• Fax:.(949) 777-8850
www.pm-,lp.com
INDEPENDENT ACCOUNTANT'S REPORT ON
APPLYING AGREED-UPON PROCEDURES
To the Oversight Board of the
Petaluma Community Development Successor Agency
Petaluma,California
We have performed the required agreed-upon procedures ("AUP") tnuumerated in Attachment A,
which were agreed toby•the CaliforniaState Controller's Office and the@alifornia State Department of
•Finance, solely to assist the Oversight Board of the Petaluma G mnuttty Development Successor
Agency ("Successor Agency") #hat the dissolved Petaluma Csorninunit Development Commission
g Y (�� g Yom) Y p
to u,
("Agency") of the City of Petaluma, California ("City") is complying with its statutory requirements
with respect to Assembly Bill("AB") 1484. Managementiof the City is responsible for the accounting
records pertaining to statutory compliance pursuant toc,@alifornia Health and Safety Code section
34179.5(c)(1) through 34179.5(c)(6). ��
These procedures only applied to the Low and Income Mousing Fund, not the Successor
Agency as a whole.
This agreed-upon procedures engagement'was conducted in accordance with attestation standards
established by the American lnstittuutetof Certified Public Accountants. The sufficiency of these
•procedures is solely the responsibility 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.
We were not engagedrto andWid not conduct an audit, the objective of which would be the expression
of an opinion as to the pa prropriateness of the financial information summarized in Exhibits,•as listed,in
the table of,contents. 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 toyou._
This report,is intended solely for the information and use of the Successor Agency, the Agency, the
City, California State Controller's Office and the California State Department of Finance, 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.
Irvine, California
September 26,-2012
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ATTACHMENT A- AGREED-UPON PROCEDURES AND FINDINGS
C •
Petaluma Community Development Successor Agency
Agreed'Upon Procedures—01484 Due Diligence,Review
Low:and':Moderate Income I-Iousing Fund
Pages3
Citation:
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.
Procedures Performed:
1. 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 amount of the assetsetra`nsfer`red to the Successor
Agency as of that,date. (d 1'11I/�y
Results:
See Ekhibit A for the Low and:Moderate Income Housing AssetiLiisti� of January 31,2012.
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Petaluma Community Development Successor Agency
Agreed Upon Procedures - AB 1484:Due Diligence Review
Low andModerate-Income Housing Fund
Page 4
Citation:
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, country, or city and county.that
formed the redevelopment agency and the purpose of each transfer. The review shall provide:documentatiomof any
enforceable obligation that required the transfer.
Procedures-Performed:
/ If thesState'°Controllers Office has completed its review of transfers required under both Sections
34167.5-and-34178.8 and issued its report regarding such review, attach-a copy of-that report as an
exhibit to the AUP report. If this has not yet occurred, perform the foll�llowmg.procedures:
A. Obtain a listing prepared by the Successor Agency o transferrs(��cluding payments for
goods`and'sei•vices) from the:former redevelopment agency ,to the city,county, or city and
comity that formed the redevelopmentagency for the period from January 1, 2011 through
v �.
Jnriary 31, 2012. For each transfer, the Successor.Agenc should describe the purpose'of the
transfer and describe in what sense the trap fer6as required by one of the Agency's
enforceable obligations or other legal requiremeits.. Provide this listing;as anattachrnentto
the;AUP report.
B. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for
(, \Ag
goods and services) from the S recessor•Agency to the city, county,.or city and county that
formed'the redevelopment agency forctlite 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 legalsi-miruirements. Provide this listing as an.attachment the AUP
report.
C. For each transferCbtaii legal document that formed the basis for the enforceable
st. L v
obligation that required?an.y transfer. Note in the AUP report,the absence of any such legal
document or�t t e absence of language in the document thai.requiredthe transfer.
Results:
See Exhibit B attached for-the transfers list to the•Citythat formed the redevelopment agency for the
period front January 1, 2011. through June 30, 2012. Reviewed the Housing Assets Transfer Form
(Exhibit C) certified by housing staff on July 24„2012 for the period from January 1,:2011 through June
30, 2012 and a letter from the Department of Finance (DOF) dated August-29;.2012'(Exhibit D) and
noted no assets`transferred from the Low-and Moderate Income Housing Fund to the City and DOF is
not objecting.to:any°assets or transfers of_assets.identified on.the form.
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Petaluma Conimwiity Development Successor Agency
Agreed Upon Procedures-AB 1484 Due Diligence Review
Low and Moderate Income Housing Fund
Page 5
Citation:
34179,5(c)(3) The dollar value of any cash or cash equivalents transferred after January 1, 2011, through June 30,
.2012, by theredeeelopment 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.
Procedures Performed:
3. If the State Controller's Office has completed' its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an
exhibit to the AUP report. If this has not yet occurred, perform the foil%wtig procedures:
A. Obtain a listing prepared by the Successor Agency offtrraansferrsY(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, 2011jthr ough 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 ()lithe Age's enforceable obligations or other
legal requirements. Provide-this listing as an attachment to the AUP report.
B. Obtain a listing prepared by the Successor�Agen y of transfers (excluding payments for
goods and services) [from the Succe^ssor1Agen'cy to any other public agency or private
parties for the period from February 1� 2012 .through June 30, 2012. For each transfer, the
�rJ\t
Successor Agency-should describe the'p�rnpose:,of the transfer and describe in what sense the
transfer was required by one�f the Agency's enforceable obligations or other legal
requirements. Provide this,lfsting as an attachment to the AUP report.
C. For each transfer, obtain tle legal document that formed the basis for the enforceable
obligation that requiredcany transfer. Note in the AUP report the absence of any such legal
document or the absenceof language in the document-that required the transfer.
Results: (u)
There were no transfers the former redevelopment agency to any other public agency or to
private-parties-for the period from January 1, 2011 through June 30, 2012. Therefore, these procedures
are not:applicable.
Petaluma Community Development Successor Agency
Agreed Upon Procedures AB 1484.Due Diligence Review
Low and Moderate Income Housing.Fund
Page 6
Citation:
34179.5(c)(4) The review shall provide expenditure and rcvcnuc accounting information and identify transfers
and funding sources for the 2010-11 and-201-1-1 2;fiscal:.years that reconciles balances, assets,and liabilities of
the successor'agency on lun •30, 2012 to those:reported to the Controller for the 2009 10 fis'sal year.
Procedures Performed:
4. Perform the following procedures:
A. Obtain from, the .Successor Agency .a summary of the 'financial transactions of the
Redevelopment Agency and the;Suecessor Agency in the format{st;forth' in the attached
schedule for the fiscal periods'indicated'in'the scheduleIFbr 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-Wm liabilities(in total) should be
presented at-the bottom.of this summary schedule for,information purposes.
B. Ascertain,that for each:period presented, the totalsof revenues, expenditures, and transfers
accounts fully for the changes in equity fron tl e p envious fiscal period.
C. Compare amounts in the schedule relevant tojthe fiscal year ended Time 30, 2010 tothe'state
controller's report filed for the Redevelopment Agency for that period
D. Compare amounts in the schedule fgrit}iAother fiscal periods presented tosaccount balances
in the.accounting records or other supporting schedules. Describe in tle'report the type of
support provided,for each fiscal period.
Results:
Because these procedures requiredfSection 34179.5(c)(4) pertain to the Successor Agency as a whole,
these procedures willbe addi n °the.report that is':due on December 15, 204.2.
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Petaluma Community Development Successor Agency
Agreed Upon Procedures - AB 1484 Dime Diligence.Review
Low and;Moderate Income Housing Fund
Page 7
Citation:
34179.5(c)(5) A separate accounting.for the balance for the Low and Moderate Income Housing Fund for all other
fiends rind,accounts combined shall he made as follows:
(A)A statement of the total value of each fend as of June 30, 2012
Procedures Performed:
5. Obtain from the Successor Agency a listing of:all assets of the Low and Moderate Income Housing
Fund as of June 30, 2012 for the report that is due October 1, 2012 and:a listing of all assets of all
other funds of the Successor Agency as of June 30, 2012(excluding the�reiously reported assets of
the Low and Moderate:Income.Housing Fund) for the.report that is,due Decemnber 15, 2012. When
this procedure is applied to the,Low and Moderate Income Housing Fund, the schedule attached as
an exhibit will include only those assets of the Low and Mode ate Income Housing Fund that were
held by the Successor Agency as of June 30, 2012 and will exclude-falll assets held by the entity that
assumed the housing function previously performed by the.former redevelopment agency. Agree
the:assets so listed to recorded balances reflected in the accounting records of the Successor Agency.
The listings should be attached as an exhibit to then ,prepriate AUP report.
Results:
We noted in our review that cash and investments/in the amount of$672,528 were transferred from the
Agency to the Successor Agency in March 2012.
See Exhibit E for the Low and Modeerraatte�come Housing Assef Listing as of June 30, 2012.
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Petaluma Community Development Successor Agency
Agreed Upon Procedures- AB 1484-Due Diligence Review
Low and Moderate Income Housing Fund
Page 8
Citation:
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34179.5(c)(5)(B) Anittnuzed statenientlistingi any amounts that are Iegalh,i restricted.as'to purpose.and cannot
he provided..to taxing entities. This could include the proceeds of any bonds, grant funds,.or (ands provided by
other goverrnnental,entities that'place conditions on their use.
Procedures Performed:
6. Obtain from the Successor Agency a listing of asset balances held on June'. 30, 2012 that are
restricted-for the following purposes:
A. Unspent'bond proceeds:
1. Obtain the Successor Agencys computation of the Crestrictet. balances (e.g., total
proceeds less eligible project°expenditures, amounts set aside.for debt service,payments,
etc.)
2. Trace individual components of this computationterelated account balances iii the
eaaccountin g records, or toother su PP ortin g:docum nttion (s ecif `ii the•AUP report a
description of such documentation).
3. Obtain from the Successor Agency a copy of the legal ,document that sets :forth the
restriction pertaining to these balances. Note in the AUP reportthe absence of:language
restricting the use of the balances that-were identified by the Successor Agency as
restricted.
Results:
There were no unspent bonderoceed's at June 30, 2012. Therefore, these procedures are not
applicable. ^
B. Grant proceeds4nc i p og\\ rrraaamm.income that are restricted by third parties:
i. Obtain else Successor Agency's computation of the restricted balances (e.g., total
proceeds,l s eligible projectexpenditures).
ii. Trace individual components of this computation to related account balances in the
accounting records, or to other supporting:documentation (specify in the AUP report a
description of such documentation).
iii. Obtain from the Successor.Agency a copy of the 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 were no grant proceeds and program income that are restricted by third parties at June
30,.2012. Therefore;These procedures are not applicable.
Petaluma Comniuiiity Development Successor.Agency
Agreed Upon Procedures - AB 1484 Due Diligence:Review
Low and'Nloderate.Income Housing Fund
Page 9
C. Other assets considered to be legally restricted:
i. Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceedsless;eligible project expenditures).
ii. Trace individual components of this computation to related account balances in. the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
iii. Obtain from the Successor Agency a copy of the legal. document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by Successor the Agency as
restricted. -
Results: n
There are no other assets considered to be legally restricted atl urne30, 2012. Therefore, these
procedures are not applicable.
D. Attach the above mentioned Successor Agency, prepared schedule(s) as an exhibit to the
AUP report. For each restriction identified or these Schedules, indicate in the report the
period of time for which the restrictions ace effec
P V t. If the.restrictions are in effect until the
41
related assets are expended for their�in�u d' purpose, this. should. be indicated iii the
report3
Results:
There are no restricted asset;heldxon June 30, '2012. Therefore, these procedures are not
applicable.
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Petaluma Community Development Successor Agency
Agreed Upon Procedures - AB 1484 Due Diligence Review
Low and Modefate'Ineoine'Hotising Fund
Page 10
Citation:
34179.5(c)(5)(C) An iteniized statement of the values of any assets that are not cash,of cash equivalents. This may
include physical assets,land, records, and*equipment. For tfie.purpose-ofthis accounting, physical assets may he
valued at purchase cost_dr at any recently estimated market valise. The statement shall list separately housing
related assets.
Procedures Performed:
7. Perform the following procedures:
A. Obtain from the Successor Agency a listing of assets-as of June-30,1012 that are not,liquid or
otherwise available for distribution (such as capital assets,jlan l:field for resale, long-term
receivables, etc:) and ascertain•if the values are listed att;ith\purchase cost`(based on book
value reflected in the accounting records of the Successor) Agency) or market value as
recently estiinated by the Successor Agency.
Results:
There, are no assets ,as of Julie 30, 2012 af4are not liquid or otherwise: available for
distribution. Therefore, these procedures a e,not applicable.
B. If the assets listed at 7(A) are listepurchase cost, trace the aniou`nts to-a previously
audited financial statement t( to the a cc ounting records of the Successor Agency) and note
• any differences.
Results: \v`�p
There are no assets as tJune 30, 2012 that are not liquid or otherwise_ available for
distribution. Thereof re,theseproceduresarenotapplicable.
C. For any differ iin''7(B); inspect evidence of disposal of;tlie asset and ascertain that
the proceeds woe 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.
Results:
There are no assets as of June • 0, 2012 that are not liquid or otherwise available for
distribution. Therefore, these procedures are not applicable.
D. if the assets listed at7(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\ormethodology, hole the lack-of evidence.
Results:
There are no assets as of June 30, 2012 that are not liquid or otherwise available for
distribution. Therefore, these procedures are not applicable.
Fetaluma•Community Development Successor Agency
Agreed:Upon Procedures - AB 1484 Due Diligence:Review
Low and.Moderate Income Housing Fund
Page 11
Citation:
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 enforceableohligation 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 satisb each obligation and a
projection of annual revenues available to find those requirements. If a review finds that fiitiire revenues together
with dedicated or restricted balances are_ insufficient to fund future obligations and thus retention of current
balances is required, it shill identi fj the amount of current balances necessary for retention. The review shall also
detail the projected property tax revenues and other general purpose revenues to he received by the successor
agency, together with hotli the ammunt and timing of.the bond debt service payments of the successor agency,for
the period in which the oversight board anticipates the successor agency willumve insufficient property tax
revenue to pay the specified obligations. V
Procedures Performed:
(15:3)
8. Perform the following:procedures:
A. If°the Successor Agency believes that asset balan�zneed to be retained to satisfy enforceable
obligations, obtain from the Successor Age dyne) itemized schedule of asset balances
a u
(resources) as of June.30, 2012 that are dedicated or restricted for the funding of enforceable
obligations and perform the following p[oce re . The schedule should identify the amount
dedicated or restricted, the nature of�theSdedication or restriction, the specific enforceable
obligation to which the dedicatio&o'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 olthatobligation.
i. Compare all informafio on the schedule to the Iegandocuments that form the basis for
.V
the dedication'or restnchou of the resource balance in question.
ii. Compare all crertbalances to the amounts reported in the accounting records.of the
Successor Agency r to an alternative computation.
N.
iii. Compare th ospecified enforceable obligations to those that were included.in the final
Recognized Obligation Payment Schedule approved' by the California Department:of
Finance.
W. Attached 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: •
Obtained and Reviewed Recognized Obligation Payment Schedules (ROPS) for the periods of
July 1, 2012 to December 31, 2012 and January 1, 2013 to June 30, 2013. Noted all obligations
listed in the ROPS related to Low & Moderate Income Housing Fund were disqualified by
California Department of Finance as Enforceable Obligation.
Petaluma Community Development Successor Agency
Agreed Upon Procedures --AB 1484 Due:Diligence Review-
Low and Moderate"IncomeIlousing Fund
Page 12
B. If the Successor Agency believes, that future revenues together with balances dedicated or
'restricted to,an enforceable obligation are insufficient to fund fu bite.obligation.payinents 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
regiiirennents to satisfy each obligation and a projection of the annual revenues :available, to .
fund those requirements and perform the following;procedures;
i. Compare the enforceable obligations to those that were approved by the California
Department of Finance. Procedures to accomplish this may include reviewing the letter
from the California. Department of Finance approving the Recognized Enforceable
Obligations Payment Schedules for the Six month period from January 1, 2012 through
June 30, 2012and for the six month period July 1„2012 througli December 31, 2012.
ii. Compare the forecasted annual :spending requirements Mg the legal document
supporting each enforceable obligation u
a. Obtain from, the Successor Agency its :assumption relating to the forecasted
annual spending requirements and disclose i1the report _major assumptions
associated with the projections.
iii. For the forecasted annual revenues: 0
a. Obtain from the Successor Agenc is assumptions for the forecasted annual.
revenues and disclose in the'frport major assumptions associated with the
projections. o I/
Results: O
Obtained and Reviewed Recognized Obligation Payment Schedules (ROPS) for the periods of
July 1, 2012 to December 31, 2012 and>January 1, 2013 to.June 30, 2013. Noted all obligations
listed sir the ROPS related to�L4w & Moderate Income housing Fund were disqualified by
California Department of Fin_ an ce:as:Enforceable Obligation.
O \��/f�
C. If the Successor` Agency believes that projected property tax.-revenues and other general
purpose revenues 9 be received by the Successor Agency are.insufficient- to pay bond debt
m
service payents(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 inforrnation reflected:in"that schedule.
i. Compare the timing and amounts of bond debt,service payments to the related' bond
debt service schedules in the,bond agreement.
ii. Obtain the assumptions for the forecasted property tax revenues: and disclose major
assumptions associated with:the:projections.
iii. Obtain:the:assuniptions for the:forecasted other general purpose revenues and disclose
major assumptions associated with the projections.
Results: .
No debt services payment were pledged by the Property Tax Increment of the Low and
Med eras Income Fund.
Petaluma.Commi pity Development Successor.Agency
Agreed Upon Procedures - AB 1484 Due Diligence Review
Low and Moderate Ihcome I-lousing Fund
Page 13
D. 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.
i. Combine the amount of identified current dedicated or restricted balances and the
amount of forecasted annual revenues to arrive at the amount of total resources
available to fund enforceable obligations.
ii. Reduce the amount of total resources available by the amount forecasted for the annual
spending requirements. A negative result indicates the amount of current unrestricted
balances that needs to be retained.
iii. Include the calculation in the AUP report.
Results:
Not Applicable
C (;1'
l-vim\l
CbO
OCt:.
Petaluma Community Development Successor Agency
Agreed Upon Procedures -AB 1484 Due Diligence Review
Low and Moderate Income Housing Fund
Page 14
Citation:
34179.5(c)(5)(E) An itemized list and analysis of any-amounts of current balances that are needed to satisfij
obligations that will be pinced'On the RecognizedObligntion Payment Schedules for the current fiscal year.
Procedures Performed:
9. Ifthe Successor Agency believes that cash balances asof 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 satisfyhat obligation .and (2) the
Successor Agency's explanation as to why the.Successor Age cn vt�believes that such balances are
needed tossatisfy the obligation. Include this schedule as and ttaehment to the AUP report. -
Results:
Obtained and,Reviewed Recognized Obligation Payme`n ehedules (ROPS) for'the periods of July 1,
2012 to December 31, 2012 and January 1, 2013 to Jc lie 30,-2013. Noted all obligations listed in the
ROPS related'to Low &Moderate Incothe I-lousing Fundt c-re disqualified by California Department of
Finance as Enforceable Obligation. cO
O
0
Petaluma Community,Development Successor Agency
Agreed UparProcedures- AB.1484 Due.Diligence Review
Low and Moderate.lncome Housing Fund
Page 15
Citation:
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 smm shall be available for allocation to affected taxing entities pursuant to Section 34179.6. It
shall he 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.entitles. If the review finds
that there are_insuffi'cientcash balances to transfer or that cashror 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 amountll be demonstrated in an
additionalitemized schedule.
Procedures Performed:
10. 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 v.
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 ofthis deduction presented should be agreed to
evidence of payment. The attached example\sumn ary 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 (excl�g the'Low and Moderate Income Housing Fund).
Results:
No exceptions were noted.
See Exhibit F for schedule:dettaling computation of the Balance Available for Allocation to,Affected
Taxing Entities.
O *.*
Management.Representation Letter
11. Obtaiii a representation letter from Successor Agency management acknowledgiin,g their
responsibility-for the data.provided to the practitioner and the data presented in the report-or in
any attachments to the report. Included in the representations should be an acknowledgment that
management is not aware of any.transfers (as defined by Section 34179.5) from either the former
redevelopment agency'or the Successor.Agency to other parties for the period from January 1, 2011
through June 30, 2012 that have not been properly identified in the AUP report and its related
exhibits. Management's refusal to sign the representation letter should be noted in the AUP report
as required by attestation standards.
Results:
See Exhibit G for Management Representation Letter.
EXHIBITS b\elt
Exhibit A - Low and Moderate Income Housing Asset stiing.as,of January 31, 2012
ExhibitB -Transfers listto•the•city that formed fh t redevelopment agency
for the period fronfJanuary'1,(2011�through June 30,2012
Exhibit C—'Nousiig,As`sets Transfer Form
Exhibit.D =.Department Finance's Review of the'Housing.Assets,Transfer Form
Exhibit E - Low and Moderate Income Housing Asset Listing as of June 30, 2012
Exhibit F-Summary'of Balances Available for Allocation
Exhibitit G - Management Representation Letter
•
Successor.Agency-tathe:Fairfield Redevelopment.Agency
Low.and Moderate Incomes Housing
Agreed.Upon.Procedures AB 1484
For the:year.ended,June;'30,2012
EXHIBIT A
Low and Moderate Income Housing Asset Listing•.as of January 31,2012
Low and Moderate
Income Housing
Fund
ASSETS.
Cash and investments $ 733,602
Loans receivable 23,202,528
Interest receivable .3,380,195
Total assets $ 27,316,325
Principal qnrest
Loans Receivable n
First Time Flomebuyer-loans $ 3,736)875 $ -
Old Elm Village loan 1,305,961s 407,889
Round Walk Village-loan 933,400 -
Boulevard Apts-loan -1480,200 90,565
Park Lane Apartments-loan 164,486 (4,841)
575 Vallejo Associates-loan Cy 851;184 457,856
579 Vallejo Associates-loan 990,000 394,388
Edith Street Apts Inc-loan 889,964 285,980
Lieb Senior Apts Inc-loan 810,241 182,257
Casa Grande Sr.Apts Inc—'loan 198,445 -
Downtown River LP'c oanj 3,662,836 858,022
Kellgren Sr. Apartments-loan 1,347,512 103,271
v
Salishan Apartments loan 388,380 151,468
ace lb
Logan Places-.loan 2,943,219 204,230
Vintage Chateau II LP- loan 4,499,825 249,110
Total loans.receivable $ 23,202,528 $ 3,380;195
Petaluma Community Development Successor Agency
Low and Moderate Income.Housing
Agreed Upon Procedures - AB 1484
For the year ended June'30,2012
EXHIBIT B
Transfers',list to the City that formed the redevelopment-agency
for the period from January 1, 2011 through January 31, 2012
Principal Interest
Loans Receivable
First Time:Homebuyer-loans $ 3,736,875 $
Old Elm"Village-loan 1,305,961 407;889':
Round Walk Village- loan 933,400
Boulevard Apts-loan 480,200 90,565'
Park Lane:Apartments-loan 164,486 (4,841)
575,Vallejo Associates loam 851,184 457,856
579 Vallejo Associates loan 990;000 Ns 394,388
Edith Street Apts Inc loan 889;964 285;980
Lieb.Senior Apts Inc-loan 810,241 182;257
er Casa Grande Sr. Apts Inc- loan 0 8 445 -
Downtown River LP-loan 3,662;836 858;022.
i
Kellgren Sr. Apartments-toan 1,347,512 103,271
Salishan Apartments loan '388,380 151,468
Logan Place-loan 2,943,219 204,230
Vintage Chateau II LP- loan 4,499,825 249,170 akm.
Total loans receivable $ '23;202,528 $ 3;380;195
44s.
C
Petaluma Community Development Successor Agency
Low and,Moderate Income Housing
Agreed Upon Procedures- AB 1484
For the year ended June 30, 2012
o
EXHIBIT=C V
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Petaluma Community Development Successor Agency
Low and Moderate Income Housing
Agreed Upon Procedures- AB 1484
For the year ended June 30,2012
O
EXI-IBITsiGco
Management RW epresenation Letter
VV
OCC
9 '
Petaluma Community Development-Successor:Agency
Low and;Moderate Income Housing,
Agreed Upon ProcedureS.-•AB`,1484
For the year ended'June 30,2012
EXHBIT F
Summary of Balances.Available for Allocation
Total amount of assets held by the Successor Agency as of June 30,2012 $ 672,528
Less assets legally restricted foc=uses specified by debt
covenants, grant restrictions/or restrictions imposed by other
governments. -
Less assets that are not cash or cash equivalents (i.e. physical assets) -
•
Less balances that are legally restricted for the funding of an enforceable
obligation (net of projected annual revenues available to fund those obligations) -
Less balances needed to satisfy ROPS for the current fiscal year -
Add the amount of any assets transferred to the city for which an enfoi�b el
obligation with a third party requiring such transfer and obligating the use!,
of the transferred assets did not exist ." V -
Amount.to be remitted to county for disbursement to taxing-entities $ 672,528
Note that separate computations are required for the Lou and rateflncome Housing Fund held by the
Successor A geocy mid.for all Other f nnte.held by the Succcesss %AgennY:
NOTES: For each line shown above,an-Exhibi>�ttttached showing the composition of the summarized amount.
If the review finds that thereare insufficient funds available to provide the full
`\ 1e v
amount due, the cause Of insufficiency should be demonstrated in a separate sched tile.
<7\&‘
V
Petaluma Community Development Successor Agency
Low and.Moderate Income Housing
Agreed Upon Procedures-AB 1484
For the year ended June 30, 2012
EXHIBIT E
Low and Moderate Income Housing Asset Listing as of June 30,2012
Redevelopment
Obligation
Retirement Fund
ASSETS
Cash and investments $ 672;528
Total assets $ 672;528
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* - DEPARTMENT ❑F EDMUND G. BROWN LIR. • GOVERNOR
e-1/4.-...,".F-1 NI A NI C E 905 1. STREET G SACRAMENTO CA ® 95014.3706 U WWW.00r.CA.GOV
August 29, 2012
Ms. Sue Castellucci, Housing Coordinator
City of Petaluma
27 Howard Street
Petaluma, CA 94952
Dear Ms. Castellucci:
Subject: Housing Assets Transfer Form
Pursuant to Health and Safety Code<(HSC) section 34176 (a)=1 ti` Jity of Petaluma
• submitted a Housing Assets Transfer Form (Form) to the r i1 r Department of Finance
(Finance) on July 30, 2012 for the period February 1, 2C .. ugh July 30, 2012.
Finance has completed its review of your Form, wh''r, =n"jliave included obtaining clarification
for various items. Based'onra sample of line ite .t ,`I Jed and the application of law, Finance
is not objecting to any assets or transfers ofO t
( ie ified on your Form.
Please direct inquiries to Nichelle Thomr, Su.,.nisor or Wendy Griffe, Lead Analyst at
(916)445-1546. ki\Sincerely, (
STEVE SZALAY
Local Governmentrf 1.1 ?rd
cc: .Mr. John C. Brown, City Manager, City of Petaluma
Ms. Ingrid Alverde, Redevelopment Manager, City of Petaluma
Mr. Erick Roeser, Property Tax Manager, Sonoma County
California State Controller's Office
Petaluma Community Development Successor Agency
Low and Moderate Income,Housing
Agreed Upon Procedures - AB 1484
For the year ended June 30, 2012
\i
EXHIBIT=D'
Department of Finance%s Review!of.the Form
V
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