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Resolution - OB 13-03
STATE OF CALIFORNIA ) RESOLUTION NO. OB 13-03 COUNTY OF RIVERSIDE ) ss CITY OF SAN JACINTO ) A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE SAN JACINTO REDEVELOPMENT AGENCY APPROVING THE DUE DILIGENCE REVIEW FOR ALL OTHER FUNDS AND ACCOUNT BALANCES AND DETERMINING THE AMOUNT OF CASH AND CASH EQUIVALENTS THAT ARE AVAILABLE FOR DISBURSEMENT TO THE TAXING ENTITIES PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE SECTION 34179.6 WHEREAS, the Oversight Board is the Successor Agency's oversight board, pursuant to Health and Safety Code Section 34179(a); and WHEREAS, pursuant to Health and Safety Code Section 34179.5, the Successor Agency was required to engage a licensed accountant to conduct a due diligence review to determine the unobligated balances of all funds and account balances other than the Low and Moderate Income Housing Fund that are available for transfer to taxing entities within the Agency's former jurisdiction ("Due Diligence Review"); and WHEREAS, the Successor Agency engaged the accounting firm of Rogers Anderson Malody & Scott ("Auditor") to conduct the Due Diligence Review; and WHEREAS, the Successor Agency submitted the Auditor's Due Diligence Review to the Oversight Board, the County Auditor-Controller, the State Controller, and the State Department of Finance; and WHEREAS, Health and Safety Code Section 34179.6(b) requires that upon receipt of the Due Diligence Review, the Oversight Board shall convene a public comment session to take place at least five business days before the Oversight Board may hold a vote to approve the Due Diligence Review; and WHEREAS, the Oversight Board held the required public comment session on January 31, 2013, and gave members of the public an opportunity to comment on the Due Diligence Review; and WHEREAS, Health and Safety Code, Section 34179.6(c), requires that the Oversight Board review, approve, and transmit the Due Diligence Review for all other funds and account balances to the Department of Finance and the County Auditor- Controller along with the Oversight Board's determination of the amount of cash and cash equivalents that are available for disbursement to taxing entities; and WHEREAS, Section 34179.6 empowers the Oversight Board to authorize the Successor Agency to retain certain assets or funds, such as restricted funds, including 1 bond or grant funds or cash funds that are required to fund an enforceable obligation, physical assets such as equipment or land, and funds to satisfy obligations that will be placed on the Recognized Obligation Payment Schedule for the current fiscal year; and WHEREAS, an oversight board that makes that authorization must identify to the Department of Finance the amount of funds authorized for retention, the source of those funds, and the purposes for which those funds are being retained. NOW, THEREFORE, BE IT RESOLVED, that the Oversight Board of the Successor Agency to the San Jacinto Redevelopment Agency hereby resolves as follows: Section 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. Section 2. CEQA Compliance. The approval of the Due Diligence Review through this Resolution does not commit the Oversight Board to any action that may have a significant effect on the environment. As a result, such action does not constitute a project subject to the requirements of the California Environmental Quality Act. The City Clerk of the City of San Jacinto, as Secretary to the Oversight Board, is authorized and directed to file a Notice of Exemption with the appropriate official of the County of Riverside, California, within five (5) days following the date of adoption of this Resolution. Section 3. Approval Due Diligence Review. The Oversight Board hereby approves the Due Diligence Review, which is attached hereto as Exhibit A and incorporated herein by reference. Based on the information contained in the Due Diligence Review, as well as those assets and funds to be retained by the Successor Agency from the specific sources as summarized in the Due Diligence Review and authorized by the Oversight Board pursuant to this Resolution, the Oversight Board hereby determines that there are sufficient funds available for disbursement to the taxing entities as stated in the Due Diligence Review. Section 4. Approval of Retention of Assets and Funds. Following its review of the Due Diligence Review, and the public comments received during the public comment session held on the Due Diligence Review, and pursuant to Health and Safety Code Section 34179.6(c), the Oversight Board hereby approves and authorizes the Successor Agency to retain those assets and funds identified in the Due Diligence Review to be retained, the source of those funds which are further identified in the Due Diligence Review. The Oversight Board additionally approves the purposes for which those funds are being retained, as further described in the Due Diligence Review. Section 5. Submittal to Department of Finance. The Oversight Board hereby directs the Successor Agency to submit to the Department of Finance and the County Auditor Controller a copy of the Due Diligence Review, including the amount of funds authorized for retention by the Successor Agency pursuant to Section 4, above, and the sources of those funds and purposes for which those funds are being retained, as set forth in the Due Diligence Review, and the determination that no amount of cash or cash equivalents is available for disbursement to taxing entities as set forth in the Due Diligence Review and Section 3, above. Section 6. Severability. If any provision of this Resolution or the application of any such provision to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Oversight Board declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion of this Resolution. Section 7. Certification. The Board Secretary shall certify to the adoption of this Resolution. Section 8. Effective Date. Pursuant to Health and Safety Code Section 34179(h), all actions taken by the Oversight Board may be reviewed by the State of California Department of Finance, and, therefore, this Resolution shall not be effective for five (5) business days, pending a request for review by the State of California Department of Finance. PASSED, APPROVED AND ADOPTED this 7th day of February, 2013: AYES: Elam, Hults, Turner, Heeren, Paisley, Prill, Frontino NAYS: None ABSENT: None ABSTAIN: None Fred F ontino, Chairperson ATTEST: ,L. Richard Miller, Oversight Board Secretary CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF SAN JACINTO ) I, Richard Miller, hereby certify that the foregoing is a true copy of Resolution No. OB 13-03 was adopted by the Oversight Board of the former San Jacinto Redevelopment Agency at a public meeting thereof held the 7th day of February, 2013. WITNESS my hand this 7th day of February, 2013. Richard Miller, Oversight Board Secretary Pursuant to the Redevelopment Agency Dissolution Trailer Bill AB1484 of 2012 (Health and Safety§34179.5) City of San Jacinto as the Successor Agency to the Redevelopment Agency of the City of San Jacinto Independent Accountant's Report on Applying Agreed-Upon Procedures All other funds except the Low and Moderate Income Housing Fund CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES TABLE OF CONTENTS Independent Accountant's Report on Applying Agreed-Upon Procedures.....................................................................1 Attachment A: Agreed-Upon Procedures .......................................................................................................................2 Attachments2A and 2B ................................................................................................................................................15 Attachment3A ..............................................................................................................................................................16 Attachment3B ..............................................................................................................................................................19 Attachment4 ................................................................................................................................................................21 Attachment5 ................................................................................................................................................................22 Attachment7.................................................................................................................................................................23 Attachment9.................................................................................................................................................................24 Attachment10...............................................................................................................................................................25 i ROGERS.ANDERSON, MALODY& SCOTT, LLP CERTIFIED PUBLIC ACCOUNTANTS,SINCE 19,18 73S E. Carnegie Dr.Suite 100 San Bernardino,CA 92408 Oversight Board of the Successor Agency to the 909 889 0871 T Redevelopment Agency of the City of San Jacinto 90988953G1 F P 9 Y Y t an,scpa net 595 South San Jacinto Avenue, Building B San Jacinto, CA 92583 PARTNERS B,enda 1,Orllc,CPA,MST Te„y P Slum UTA INDEPENDENT ACCOUNTANT'S REPORT KI,'I,A Fran lts,CPA ON APPLYING AGREED-UPON PROCEDURES Mau P•ew B Wilson.CPA,MSA,CGMA Sr Ott W Manno,CPA Leeua Shanbh iq,CPA MS Joy Zetrho, C.PAIRrweji We have performed the minimum required agreed-upon procedures enumerated in Phillip II Wallet.(_PA(Rcnred) Attachment A, which were agreed to by the California State Controller's Office, the State of California Department of Finance (Agencies) and the Oversight Board of the MANAcLRS:STAFF Successor Agency to the Redevelopment Agency of the City of San Jacinto(Successor Nanr y o'R,firrry,CPA MA Agency) solely to assist them to determine the unobligated balances available for Bredfrrd A Wcl 1W CPA.MBA transfer to taxing entities and in ensuring that the dissolved redevelopment agency is le„ny`," CPA 1„T complyingwith its statutory re p ( Safety l<a,r I Nnusr„n,CPA ry requirements with respect to AB1484 Health and I'apa Mal:;, Thiaw,CPA MRA §34179.5(a)). Management of the Successor Agency is responsible for the accounting playa S Mmova,CPA,MBA records pertaining to statutory compliance pursuant to the appropriate Health and D,n,e110 C Odgers.CPA Safety Code Section. ''Mlliam( (.lay(un CPA Pam, L.Mmt .Iy (PA This agreed-upon procedures engagement was conducted in accordance with GNIM,-V in sch�,vt.LPA rPr, attestation standards established b the American Institute of Certified Public Mpg+u,I-iad.noy.C_PA y Soon}t Myra I,-e.CPA MBA Accountants. The sufficiency of these procedures is solely the responsibility of those C Imdes De Sunonl.CPA 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 along with the findings noted as a result of the procedures performed. We were not engaged to and did not conduct an audit, the objective of which would be the expression of an opinion as to the appropriateness of the results summarized after each procedure 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. MU—IBLI6 This report is intended solely for the information and use of the applicable Agencies, An�nnr,n 1115bLinr,_r and is not intended to be, and should not be used by anyone other than these specified Crrnht•,I Puhhr Ar<uunt-ims parties. This restriction is not intended to limit distribution of this report, which is a PCPS rrn,ACPA nn:nnre matter of public record. (m CPA I rrn rs Garernm.mnl tudn Quchty Crno+ r .�oy�J niCo tie oti dotty e C07r L t6 Cehrnrnn Santry or 1 Cvrt&i ,'Puhhr Au nuni,.nm January 15, 2013 STABILITY. ACCURACY TRUST CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A Purpose: To determine the unobligated balances available for transfer to taxing entities of"all funds except the Low and Moderate Income Housing Fund (All Other Funds)" [Health and Safety Code section 34179.5] 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. 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 assets transferred to the Successor Agency as of that date. Results: We obtained from the Successor Agency a listing of all assets that were transferred from the former redevelopment agency (excluding Low and Moderate Income Housing Fund) to the Successor Agency on February 1, 2012. The amounts stated on the listing agree to the amounts on the working trial balances at January 31,2012. We noted that$4,653,975 in assets were transferred from the former redevelopment agency to the Successor Agency as of February 1, 2012. We have included below the individual assets balances identified by the Successor Agency. Si GL GL as of Fund Account Asset description February 1, 2012 91 101.11-00 Cash and investments $ 88,313 92 101.11-00 Cash and investments 581,584 96 101.11-00 Cash and investments (278,565) 96 103.12-50 Due from other funds 144,128 96 103.12-74 Note receivable- Patsy's Kitchen 37,237 96 103.12-99 Due from CIP Fund 199 150,697 96 104.19-00 Land held for resale 46,948 97 101.11-00 Cash and investments 3,702,824 97 101,11-80 Cash with fiscal agent 180,809 Total assets at February 1,2012 $ 4,653,975 Schedule prepared by Successor Agency. 2 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A 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, county, or city and county that formed the redevelopment agency and the purpose of each transfer. The review shall provide documentation of any enforceable obligation that required the transfer. 2. If the State Controller's Office has completed its review of transfers required under both Sections 34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the AUP report. If this has not yet occurred, perform the following procedures: The State Controller's Office has not completed a review of transfers and has not issued a report regarding such a review. A. Obtain a listing prepared by the Successor Agency of 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 requirements. Provide this listing as an attachment to the AUP report. Results: See Attachment 2A for listing obtained from the Successor Agency. B. Obtain a listing prepared by the Successor Agency of 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 requirements. Provide this listing as an attachment to the AUP report. Results: See Attachment 2B for listing obtained from the Successor Agency. C. For each transfer, obtain the legal document that formed the basis for the enforceable obligation that required any transfer. Note in the AUP report the absence of any such legal document or the absence of language in the document that required the transfer. Results: See Attachments 2A and 2B for results of procedure 2.C. 3 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A Citation: 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. If the State Controller's Office has completed its review of transfers required under both Sections 34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the AUP report. If this has not yet occurred, perform the following procedures: The State Controller's Office has not completed a review of transfers and has not issued a report regarding such a review. A. Obtain a listing prepared by the Successor Agency of 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 requirements. Provide this listing as an attachment to the AUP report. Results: See Attachment 3A for listing obtained from the Successor Agency. B. Obtain a listing prepared by the Successor Agency of 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 requirements. Provide this listing as an attachment to the AUP report. Results: See Attachment 3B for listing obtained from the Successor Agency. C. For each transfer, obtain the legal document that formed the basis for the enforceable obligation that required any transfer. Note in the AUP report the absence of any such legal document or the absence of language in the document that required the transfer. Results: See Attachment 3A and 3B for results of procedure 3.C. 4 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A Citation: 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. Perform the following procedures: A. Obtain from the Successor Agency a summary of the financial transactions of the Redevelopment Agency and the Successor Agency in the format set forth in the attached schedule for the fiscal periods indicated in the schedule. For purposes of this summary, the financial transactions should be presented using the modified accrual basis of accounting. End of year balances for capital assets (in total) and long-term liabilities (in total) should be presented at the bottom of this summary schedule for information purposes. Results: We obtained from the Successor Agency a summary of the financial transactions of the Redevelopment Agency and the Successor Agency for the fiscal periods requested using the modified accrual basis of accounting for the periods ending June 30, 2010, June 30, 2011 and January 31, 2012. The full accrual basis of accounting is used to report the financial transactions for the period ending June 30, 2012. The summary includes the requested long-term liabilities and capital asset information as indicated in the procedure. See Attachment 4 for the summary of financial transactions of the Redevelopment Agency and the Successor Agency. B. 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. Results: We ascertained that for each period presented the total of revenues, expenditures, and transfers accounts fully for the changes in equity from the previous fiscal period, with the exception of the period ended June 30, 2012. This period is accounted for on the full accrual basis of accounting. C. Compare amounts in the schedule relevant to the fiscal year ended June 30, 2010 to the state controller's report filed for the Redevelopment Agency for that period. Results: We agreed the stated amounts to the June 30, 2010 State Controller's Report and noted no variances. D. Compare amounts in the schedule for the other fiscal periods presented to account balances in the accounting records or other supporting schedules. Describe in the report the type of support provided for each fiscal period. Results: We agreed the stated amounts for the year ended June 30, 2011 to the Audited Financial Statements for the same period and noted no variances. We agreed the seven months ended January 31, 2012 and the five months ended June 30, 2012 to the working trial balances for the same period and noted no variances. 5 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A Citation: 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, 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 previously reported assets of the Low and Moderate Income Housing Fund) for the report that is due December 15, 2012. When this procedure is applied to the Low and Moderate Income Housing Fund, the schedule attached as an exhibit will include only those assets of the Low and Moderate Income Housing Fund that were held by the Successor Agency as of June 30, 2012 and will exclude all assets held by the entity that assumed the housing function previously performed by the former redevelopment agency. Agree the assets so listed to recorded balances reflected in the accounting records of the Successor Agency. The listings should be attached as an exhibit to the appropriate AUP report. Results: We obtained from the Successor Agency a listing of assets of All Other Funds"as of June 30, 2012 for the report that is due December 15, 2012. The listing excludes those assets of the Low and Moderate Income Housing Fund that were held by the Successor Agency as of June 30, 2012. We agreed the assets, so listed, to working trial balances of the Successor Agency and certain audit adjustments. See Attachment 5 for the listing, obtained from the Successor Agency, of all assets that were held by the Successor Agency as of June 30, 2012. CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A Citation: 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. 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: i. Obtain the Successor Agency's computation of the restricted balances (e.g., total proceeds less eligible project expenditures, amounts set aside for debt service payments, etc.). ii. Trace individual components of this computation to related account balances in the accounting records,or to other supporting documentation. iii. Obtain from the Successor Agency a copy of the legal document that sets forth the restriction pertaining to these balances. Note in the AUP report the absence of language restricting the use of the balances that were identified by the Successor Agency as restricted. Results: According to the Successor Agency, there are no unspent bond proceeds at June 30, 2012. B. Grant proceeds and program income that are restricted by third parties: I. Obtain the Successor Agency's computation of the restricted balances (e.g., total proceeds less eligible project expenditures). ii. Trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation (specify in the AUP report a description of such documentation). 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: According to the Successor Agency, there are no unspent grant proceeds or program income at June 30, 2012. C. Other assets considered to be legally restricted: i. Obtain the Successor Agency's computation of the restricted balances (e.g., total proceeds less eligible project expenditures). ii. Trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation (specify in the AUP report a description of such documentation). iii. Obtain from the Successor Agency a copy of the legal document that sets forth the restriction pertaining to these balances. Note in the AUP report the absence of language restricting the use of the balances that were identified by the Successor Agency as restricted. Results: According to the Successor Agency, there are no other assets considered to be legally restricted at June 30, 2012. 7 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A D. Attach the above mentioned Successor Agency prepared schedule as an exhibit to the AUP report. For each restriction identified on these schedules, indicate in the report the period of time for which the restrictions are in effect. If the restrictions are in effect until the related assets are expended for their intended purpose, this should be indicated in the report. Results: Procedures 6.A, 6.B and 6.0 above are not applicable and therefore no schedule is attached. 8 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A Citation: 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. Perform the following procedures: A. 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. Results: We obtained from the Successor Agency a listing of assets as of June 30, 2012 that are not liquid or otherwise available for distribution. The assets, as stated, are based on book value as reflected in the accounting records of the Successor Agency. See Attachment 7 for listing of assets obtained from the Successor Agency. B. 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. Results: We traced the listed amounts to the Working Trial Balances provided by the Successor Agency and certain audit adjustments for the period ending June 30,2012 and noted no differences. C. 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. Results: There were no differences noted in procedure 7.B., so this procedure is not applicable. D. 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: Procedure 7.D is not applicable since the assets identified in procedure 7.A are listed at book value(purchase cost). 9 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A 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 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. 8. 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. i. Compare all information on the schedule to the legal documents that form the basis for the dedication or restriction of the resource balance in question. ii. Compare all current balances to the amounts reported in the accounting records of the Successor Agency or to an alternative computation. iii. Compare the specified enforceable obligations to those that were included in the final Recognized Obligation Payment Schedule approved by the California Department of Finance. iv. Attach as an exhibit to the report the listing obtained from the Successor Agency. Identify in the report any listed balances for which the Successor Agency was unable to provide appropriate restricting language in the legal document associated with the enforceable obligation. Results: According to the Successor Agency, the retention of cash balances under this procedure is not necessary. 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: I. Compare the enforceable obligations to those that were approved by the California Department of Finance. Procedures to accomplish this may include reviewing the letter from the California Department of Finance approving the Recognized Enforceable Obligation Payment Schedules for the six-month period from January 1, 2012 through June 30, 2012 and for the six-month period July 1,2012 through December 31, 2012. ii. Compare the forecasted annual spending requirements to the legal document supporting each enforceable obligation. a. Obtain from the Successor Agency its assumptions relating to the forecasted annual spending requirements and disclose in the report major assumptions associated with the projections. 10 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A iii. For the forecasted annual revenues: a. Obtain from the Successor Agency its assumptions for the forecasted annual revenues and disclose in the report major assumptions associated with the projections. Results: According to the Successor Agency, the retention of cash balances under this procedure is not necessary. C. If the Successor Agency believes that projected property tax revenues and other general-purpose revenues to be received by the Successor Agency are insufficient to pay bond debt service payments (considering both the timing and amount of the related cash flows), obtain from the Successor Agency a schedule demonstrating this insufficiency and apply the following procedures to the information reflected in that schedule. i. Compare the timing and amounts of bond debt service payments to the related bond debt service schedules in the bond agreement. ii. Obtain the assumptions for the forecasted property tax revenues and disclose major assumptions associated with the projections. iii. Obtain the assumptions for the forecasted other general-purpose revenues and disclose major assumptions associated with the projections. Results: According to the Successor Agency, the retention of cash balances under this procedure is not necessary. 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. I. 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: Procedures 8.A, 8.B and &C were not necessary; therefore no calculation is attached to this AUP report. #t CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A Citation: 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. 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 (BOPS)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 BOPS, the Successor Agency should add columns identifying (1) any dollar amounts of existing cash that are needed to satisfy that obligation and (2) the Successor Agency's explanation as to why the Successor Agency believes that such balances are needed to satisfy the obligation. Include this schedule as an attachment to the AUP report. Results: See Attachment 9 for the result of this procedure. 12 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A 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 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. We included 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. Results: We have included (prepared by the Successor Agency) a schedule detailing the computation of the Balance Available for Allocation to Affected Taxing Entities. We agreed amounts included in the calculation to the results of the procedures performed in each section of the report referenced in the calculation. See Attachment 10. 13 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES Attachment A 11. We obtained a representation letter from Successor Agency management acknowledging their responsibility for the data provided to the practitioner and the data presented in the report or in any attachments to the report. Results: We obtained a representation letter dated January 15, 2013 from the Successor Agency's management acknowledging their responsibility for the data provided to us and the data presented in the report and in all attachments to the report. Included in the representations there is 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 any other parties for the period from January 1, 2011 through June 30, 2012 that have not been properly identified in the agreed-upon procedures report and its related exhibits. 14 C 2m ° ®- of' f fkf ] \ / CLW .0 »2 . b5. �® d ]Q 22 § v 2\ a N , j w aM . § § � � / ) k § BI0CD q 0 0 a0co § o CLa) a) ° ° k ° g $ 74 § 0 22A � j � � < \ CD \ � ° am am C L L \% § a ƒ — — � » ® = ' E _e E J ; £ ) f § 2CL ) R [� m % � nmg " fob { o a koEmz -6 Uc Q � « � £ kofcaa N [ƒ / k\ kk/ ] 00 o k 2 § d § § K $ � to § 0 ( H cn - 2 $ § 0 � 0 m \ G e § _ t o o A mto ¢ k7 E i \ k7 f � �cr W j 0) 5 _ $ 2 v } j § � ( » / e § � � g { k m ] ) LLI 0oz \ \ \ \ o � g $ 0 0 0 0 0 0 � k� § \ \ / \ } & m LL00 � kt k § § ) M LU ° °cn� ` ® , c § dog � � o ° (13 ,0 U 6 L) IL [ u � zz 3 = G v $ § o o © m2 f f # ULLjM Na § y 0 7 7 GG § / 0 § ° / E m 2 ¥ b / E f f Q) 2uMM _ Q _ _ ogwo \ ® § % § LU ) / i L ƒQ. \ § 2 e a © 2k � M I § CL k ) \ ca { LLwq � ) \ Em - $ o > � � ■ CL m & E7 § § M ] « / 0 f � m $ m / m ) § Cc o « ® j M ƒ i w C4 e a m C U= a) O OQ LUY Od C O O C O C o0O y mE E E or.E c (Dw ❑ mCV) Ln o An L o Mn Mn u dp o o U 0poL cmom c+ T3 U U o o u L) a) U U d m a1 N _ m L 'O c U V- � L L N m y f�0 Q N O y c cc of 7 o m rn w N m •y p y G1 y m -o n U cn �. 2 'O al N Q N -6 7 �, � 7 'C 7 '� d C O _a •� r E 'c o '!O ` y L (� ] O •cli � o o c. 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Z O_ Z O_ Z O_ Z O_ 0 LL H co CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE Attachment 4 REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES 4. Summary of financial transactions of the Redevelopment Agency and Successor Agency Redevelopment Redevelopment Redevelopment Successor Agency 12 Agency 12 Agency 7 Agency 5 months ended months ended months ended months ended 6/30/2010 6/30/2011 1/31/2012 6/30/2012 Assets(modified accrual basis) Cash&investments $ 7,304,567 $ 5,895,055 $ 5,036,338 $ 4,610,598 Cash with fiscal agents 1,161,548 1,161,586 180,808 5 Receivables: Interest 36,302 59,621 73,357 - Loans 2,300,000 2,346,546 2,337,237 37,237 Advances 1,021.321 144,128 144,128 - Due from other governments 33,078 166 287,020 394,527 Due from other funds - 114,227 - - Land held for resale 874,200 339,807 339,807 46,948 Capital assets - - - 792,616 Total Assets $ 12,731,016 $ 10,061,136 $ 8,398,695 $ 5,881,931 Liabilities(modified accrual basis) Accounts payable&accrued wages $ 53,872 $ 103,652 $ 63,493 $ 59,380 Due to other governments 1,276,3B1 1,156,007 524,372 - Due to other funds - 114,227 - Deferred revenue 2,336,302 2,406,167 2,500,512 127,155 Interest payable - - 150,673 Advances payable 672,000 - Long-term debt, net - - 8,231,314 Total Liabilities 4,338,555 3,780,053 3,088,377 8,568,522 Equity 8,392,461 6,281,OB3 5,310,318 (2,686,591) Total Liabilities+Equity $ 12,731,016 $ 10,061,136 $ 8,398,695 $ 5,881,931 Total Revenues $ 5,424,768 $ 4,871,880 $ 2,322,531 $ 465,382 Total Expenditures 6,438,460 4,437,092 2,001,904 730,734 Total Transfers (1,490,820) (2,546,166) (1,291,392) (2,421,239) Net change in equity (2,504,512) (2,111,378) (970,765) (2,686,591) Beginning Equity 10,896,973 8,392,461 6,281,083 Ending Equity $ 8,392,461 $ 6,281,083 $ 5,310,318 $ (2.686,591) Other Information: Capital assets as of end of year $ - $ - $ 792,616 $ 792,616 Long-term debt as of end of year 8,679,131 8,467,861 8,251,591 8,251,591 Interest payable as of end of year - - - 150,673 Less:deferred loss on refunding (23,803) (22,040) (20,277) (20,277) Schedule prepared by Successor Agency. 21 CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE Attachment 5 REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES 5. Listing of assets of June 30,2012-all other Successor Agency funds SJ GL GL as of Fund Account Asset description June 30, 2012 181 101.11-00 Cash and investments $ 88,640 182 101.11-00 Cash and investments 569,383 186 101.11-00 Cash and investments (557,718) 186 103.12-50 Due from other funds 144,128 186 103.12-74 Note receivable-Patsy's Kitchen 37,237 186 103.12-99 Due from CIP Fund 199 119,076 186 104.19-00 Land held for resale 46,948 187 101.11-00 Cash and investments 3,642,570 187 101.11-80 Cash with fiscal agent 2 187 103.12-99 Due from other governments 89,918 180 161.00-00 Land 792,616 Total assets at June 30,2012 $ 4,972,800 Schedule prepared by Successor Agency. 22 ti d E m C 7 7 7 7 7 7 coW O > > > > > > a 7 Y Y -%C Y Y Y 0 0 0 0 0 0 V1 rn C co I-- CD a0 co CD M Cto N N O M m CD w _ Ni M 000 !V' 0) N N G 0 T Of Z t4 tR Q 0 O N c m N L y U U u �- H Y W N E T M C M W N C W C N 0 a 7 EL O c LL C7 CD W N N Li N `0 c O ? 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CY) A N O r co to � O V O IT M a L 0 ^ C) to M r M r m w (i N a a O uJ U) N N N w w Y w U Y 'EC c c C C C C C c m E E E E E E E E E w wO N f N N w w N p( > > > > > U> > > > C O1 C C C C C C C C C O IA y w O m m m m m m m m m m 3 Vwyl N m fA m m m m m m m U Q U U U U U L) U U U y u - c = Of a Q y w m > M O > > c tm YI N VN_1 N O N N W N O N u r U w U C ' T i O N C C C .1 .xm• U a w w E r w O N U N 0. c m 7 G =1 O. w e N O O C l�0 O ? m U O � N > CO m C C -O O p V C 3 Q E o m o U E u, o =o v m v rno a 0 O m u, m U w ea i c o (D i,i a lA m u! o a E m C1 U r N f_ C W C N m O. O C W O m O O 3 0 CO wN w � N LU a� N m '-t p w C > y U i > _ LL r = M N MILLI c 0 w O O N CN c � m �O c "tc wN proc yy 3 > 0 F Z N o { o a w � o uwi w r0 CD= E � m V c C y O fA 0 " 3 m UH o w ° w — n EN — c uo.� v, c z -2U)fn " m� m LU me u wp axi w[j y ('3QW ¢ N CL � LLLo (L W W a0: Z J D (D d Q(n � � O LL E N O M r � ' CO m O/ r U y Oy V W w w d m c m N N w O w c m w C rn 3 D �O G 5 rn.5 3 E 5 m .5 w .E ai c c o c y w = J J m J 7 J J N J .O J C J J U H C W V = IL .+ UWHa o m m U zz� w� QO O in:) a " QE E E E E E E E c W w w w w w w w w c MOM O G O o u u O u u u u (D a) w w a) w w w m w y V a W .� c p p p p p p L] p m a w Q �Z ` W T T �. T T T T T C O c t •C U p� WO .0 0 � � - w E cmi 0) to Q c O fn to O (n O (n w w a . c Q z �iim .. LZ � aNa � aNaNaNaNaNam o .; .'9 N 3 a VZLtO v7 Oo0o0 0000o0o0oOpOo cv o w o 0 QWWZ w 04 NLYNLYNLYNLYNwNwNWNLl. Q H zLL o 4ZoWLL: l�0 c _ W O U (77J0W_ 3 C = r = N — M — (O — ti = — O w C w C LLWJ t 0J (n �kw * w * w * w !n u=) v (n y — 2 3 O> p � H u � d wa wLL wIL wLL wa wa wa w m o } W O V ma 0r09OcOcOcOc 0 c O c w L1 N w F W J J O Er J of J (K J w J w J fr J w J � J O O C U UIrp=Q ai O U w (n CITY OF SAN JACINTO AS THE SUCCESSOR AGENCY TO THE Attachment 10 REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO DUE DILIGENCE REVIEW PURSUANT H&S CODE SECTION 34179.5 ALL OTHER FUNDS AGREED-UPON PROCEDURES 10. Summary of balances available for allocation to affected taxing entities-all other Successor Agency funds Amount Total amount of assets held by the successor agency as of June 30, 2012 (procedure 5) $4,972,800 Add the amount of any assets transferred to the city or other parties for which an enforceable obligation with a third party requiring such transfer and obligating the use of the transferred assets did not exist (procedures 2 and 3) Less assets legally restricted for uses specified by debt covenants, grant restrictions, or restrictions imposed by other governments (procedure 6) Less assets that are not cash or cash equivalents (e.g., physical assets) - (procedure 7) (1,229,923) Less balances that are legally restricted for the funding of an enforceable obligation (net of projected annual revenues available to fund those obligations) - (procedure 8) Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9) (564,762) Less the amount of payments made on July 12, 2012 to the County Auditor-Controller as directed by the California Department of Finance Amount to be remitted to county for disbursement to taxing entities $3,178,115 Schedule prepared by Successor Agency. 25