HomeMy WebLinkAboutResolution No. OB-1-13RESOLUTION NO. OB -1-13
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT
AGENCY OF THE CITY OF AZUSA APPROVING THE DUE
DILIGENCE REVIEW OF ALL OTHER FUNDS CONDUCTED
PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179.5
WHEREAS, pursuant to Health and Safety Code Section 34179.5 requires the Successor
Agency of the former Redevelopment Agency ("Successor Agency') to employ a licensed
accountant, approved by the county auditor -controller, to conduct a due diligence review ("DDR") to
determine the unobligated balances available for transfer to taxing entities.
WHEREAS, Health and Safety Code Section 34179.6 requires the Successor Agency to
submit the results of the review conducted pursuant to Section 34179.5 for all other funds and
specifically the amount of cash and cash equivalents determined to be available for allocation to
taxing entities to the Successor Agency's Oversight Board ("Board") for the Board's review and
approval.
WHEREAS, pursuant to Health and Safety Code Section 34179.6(b), upon receipt of the
DDR, and at least five business days before the Board considers the approval of the DDR, the Board
must hold a public comment session (the "Public Comment Session") at which time the public has
an opportunity to hear and be heard on the results of the DDR.
WHEREAS, at its January 3, 2013 special meeting, the Board opened public comment on
the Successor Agency DDR for all other funds and continued the open public written comment period
until the January 10, 2013 special meeting of the Oversight Board.
WHEREAS, pursuant to Health and Safety Code Section 34179.6(c), the Board is
authorized to make certain adjustments to the DDR to reflect the additional information and analysis,
approve the adjusted DDR, and authorize the Successor Agency to retain the assets and funds, if any,
identified pursuant to subparagraphs (B) to (E), inclusive, of paragraph (5) of subdivision (c) of Section
34179.5.
WHEREAS, Health and Safety Code Section 34179(e) requires all actions taken by the
Oversight Board shall be adopted by resolution.
WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred.
NOW, THEREFORE, the Oversight Board of the Successor Agency to the former
Redevelopment Agency of the City of Azusa does hereby resolve as follows:
Section Recitals. The above recitals are true and correct and are a substantive part
1. of this Resolution.
Li
Section 2. Approval of Due Diligence Review of All Other Funds. The Board hereby
approves the DDR of All Other Funds submitted by the Successor Agency
on January 3, 2013, after opening public comment from January 3, 2013
through January 10, 2013, pursuant to Health and Safety Code Section
34179.6, subject to the following adjustments:
A. Adjust the DDR to the total amount necessary for retention to fund
enforceable obligations by $316,564 (amount computed by Los
Angeles County Auditor -Controller), from $3,271,571 to
$3,588,315 pursuant to Health and Safety Code Section 34179.6(c).
B. Approve the resulting amount of shortfall of $94,178 (negative
balance) that is available for distribution to the taxing entities.
C. Object to the DDR's list of real properties to be transferred back to
the Successor Agency until further discussions with the California
State Department of Finance can be held.
Section 3. Implementation. The Oversight Board hereby directs that copies of this
Resolution and written notice and supporting documentation regarding the
actions taken by this Resolution, and specifically the determination of the
amount of cash and cash equivalents in all other funds of the former
redevelopment agency that are available for distribution to taxing entities, be
submitted to the California State Department of Finance, the California State
Controller's Office and the Los Angeles County Auditor -Controller. To the
extent that objections may be raised by any party, Successor Agency staff is
authorized to meet and confer with the California State Department of
Finance, the California State Controller's Office and the Los Angeles County
Auditor -Controller.
Section 4. Effectiveness. Pursuant to Health and Safety Code Section 34179(h), all
actions taken by the Oversight Board, may be reviewed by the California
Department of Finance, and therefore, this Resolution shall not be effective
for five (5) business days, pending a request for review by the California
Department of Finance.
APPROVED AND ADOPTED THIS 10th DAY OF JANUARY 2013.
Robert Go ales, Chair
Oversight Board
Successor Agency to the Former Redevelopment Agency of the City of Azusa
ATTEST:
L�' 4—'-L'
Assistant City Clerk
Oversight Board
Successor Agency to the Former Redevelopment Agency of the City of Azusa
I HEREBY CERTIFY that the foregoing Resolution No. OB -1-13 was duly adopted by
the Board Members of the Oversight Board of the City of Azusa at an adjourned special meeting thereof
on the 10th day of January 2013, by the following vote of Board Members:
AYES: BOARD MEMBERS: GONZALES, FRICK, PARAGAS, WOODS
NOES: BOARD MEMBERS: LOWE
ABSENT: BOARD MEMBERS: ENGLUND, ROMERO
sistant City Clerk
Oversight Board
Successor Agency to the Former Redevelopment Agency of the City of Azusa
EXHIBIT 1
DRAFT - DUE DILIGENCE REVIEW FOR ALL OTHER FUNDS
[Attached behind this page]
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California wfi
All Other Funds &Accoi
w�v�a
Agreed -Upon Procedurdi, Eng
Pursuant to Assemfily Bill
TO RE"SION PRIOR TO
EXHIBIT I
EXHIBIT 1
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
Ali Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
Table of Contents
Independent Accountant's Report on Applying Agreed -Upon Procedures
Exhibit A - Agreed -Upon Procedures and Results
Exhibit B — Listing of Property Transactions from the Former Redevelopment 18
Agency to the City of Azusa
Exhibit C - Summary of Financial Transactions 19
Exhibit D - Listing of All Assets of All Other Funds & Accounts
as of June 30, 2012 20
Exhibit E — Listing of Restricted Asset Balances
Exhibit F - Listing of Assets that are Not Liquid
21
22
Exhibit G - Recognized Obligation Payment Schedule (ROPS) 23
Exhibit H - Summary of Balances Available for Allocation to Affected Taxing
Entities as of June 2012 24
EXHIBIT I
Oversight Board of the
Successor Agency to the
Fortner Redevelopment Agency of the
City of Azusa, California
Indevendent Accountant's Report on Aoolving Agreed-Uvon Procedures
We have performed the agreed-upon procedures enumerated in Exlfibif A, which was generally agreed to
by the California State Controller's Office, Department of F' °`mance; and the Successor Agency to the
Former Redevelopment Agency of the City of Azusa, ssor Agency, City of Azusa),
solely to assist you in ensuring that theSuccessor Agency�CjI'lly of , F4zusa is complying with its statutory
requirements with respect to AB 1484. Mamgemati,of the Successor Agency, City of Azusa is
c'e
responsible for the Listings, Summary, and Sch Fedule,lin Exhibits B, C il`D7 E, F, G, and H and the
accounting records pertaining to statutory complie tcelrQlirsuant to AB 1484. This agreed-upon procedures
engagement was conducted in accordance with on standacda estabthe Americas Institute
of Certified Public Accountants. The sufficiency ofae,proced ,Flow is solely ttiei^responsibility of those
parties specified in the report. Consequently, we make DI)TWresentahon regarding ciency of the
procedures described in Exhibit A eitliet%jr'�the purpose for which this report has been requested or for
any other purpose. t��; tly��ljil��ullllp�
rlpH, ,,.
The scope of this engagement was limited to!I,, - ormt I.. It We agreed upon procedures at your direction as
set forth in Exhibit A. Exhi{iifAiidentifies theifindings nntedias,a resultlof{the procedures performed.
BNI11I ' li 1I�IAII l �:Ip
t ,ll. Mji,,.. ONhI,. Q $11114
Exhibits B, C, D, E, ij3l.G, and H ed of Listings, Summary;,aad Schedule that were prepared in
accordance with Health an3'Safety Cade Sections 341,79.5(c)(4) through 34179.5(c)(6).
VCS. fI I nilInH.,. .
We were notleagaged,to and didla' conduct an audit 'thQ,objective of which would be the expression of
AtIlP iIF 1 J �,';:'r",. 9.,F[',f✓ir .,� `hli ,F. .
an opinionjonithe Li ,stings, S and Sche3ule inSExhibit B, C, D, E, F, G, and H or as to the
approp##cness of the resiilts {fin u { III Exliiliitif4?I+ Accordingly, we do not express such an opinion.
Had we performed additional': oceduresIiother matters might have come to our attention that would have
This report is iiit6ided solely foilldie information and use of the California State Controller's Office,
11 lk
Department of Finance FlCountyo !Angeles and the Successor Agency to the Former Redevelopment
Agency of the City of,!Azusa C. and is not intended to be, and should not be used by anyone
other than these•specifiedpa jes �j s restriction is not intended to limit distribution of this report, which
is a matter of public record -41 ��l�l
Los Angeles, California
December 17, 2012
EXHIBIT l
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
Ali Other Funds & Accounts
Agreed -Upon procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
1. Obtain from the Successor Agency a listing of all assets (excluding the Low and Moderate Income
Housing Fund) that were transferred from the former redevelopment agency to the Successor Agency
on February 1, 2012. Agree the amounts on the listing to account balances established in the
accounting records of the Successor Agency. Idenntify the amount of the assets transferred to the
Successor Agency as of that date.
PY7MIi
The Successor Agency, City of Azusa has represented to us that the former redevelopment agency
assets (excluding the assets in the Low and Moderate Income Housing Fund) were trandferred to the
Successor Agency as of Febntary 1, 2012 via the recording of two journal entries to establish the
account balances in the accounting records.
The Successor Agency, City of Azusa provided us with the trial balance of the Successor Agency
Fund (Fund 87) and a listing of all assets of the Successor Agency Fund as of February 1, 2012. We
agreed the amounts on the listing to account balances in the trial balance of Fund 87 and the journal
entries. No exceptions were found as a result of applying the procedure.
Asset Description
Balance as of
February 1 2012
Cash with Fiscal Agent
$ 5,676,627
Taxes Receivable
208,484
Loans Receivable
626,697
Accounts Receivable
1,378, 839
Current Portion Employee Conp NIR
199
Interest Receivable
1,9911
Other Assetsneto due' m/dueto
1,926,021
Assets Reld or Resale, Neto Allowance or Decline in Value
3,005,530
Total Assets
$ 12,824,389
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
2. If the State Controller's Office has oDrWleted 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:
Result
The Successor Agency, City of Azusa has represented to us that the State Controller's Office has not
completed its review of transfers required under both Sections 34167.5 and 34178.8; therefore, we
performed procedures 2.A, 2.B, and 2.C.
A. Obtain a listing prepared by the Successor Agency of transfer; (excluding payments for
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.
Result
The Successor Agency, City of Azusa, has provided a listing of property transfers for the period
from January 1, 2011 through January 31, 2012. The Listing of Property Transactions from the
Former Redevelopment Agency to the City of Azusa is presented in Exhibit B.
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
some 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.
Result
The Successor Agency, City of Azusa, has represented to us that there were no transfers
(excluding payments for goods and services) from the Successor Agency, City of Azusa to the
city, country, or city and county that formed the redevelopment agency for the period from
February 1, 2012 through June 30, 2012; therefore, the procedure was not performed.
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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.
Result
According to the Successor Agency, City of Azusa, the property transfers of $29 million were for
loans repayment to the City and other public use as allowed by the Community Redevelopment Law,
Health and Safety Code 33000 et. seq. We noted that $2,641,369 of the total loans repayment was
for a loan from the City for SERAF payment. The Successor Agency, City of Azusa provided us
with the promissory notes between the City and former Redevelopment Agency and Council File
approving the property transfers. However, we noted the absence of language in legal documents
(promissory notes and Council File) that require the property transfers.
3. If the State Controllcr'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 Successor Agency, City of Azusa has represented to us that the State Controller's Office has not
completed its review of transfers required under both Sections 34167.5 and 34178.8); therefore, we
performed procedures 3.A, 3.B, and 3.C.
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.
Result
The Successor Agency, City of Azusa, has represented to us that there were no transfers
(excluding payments for 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;
therefore, the procedure was not performed.
6
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
Ali Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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.
1:17"
The Successor Agency, City of Azusa, has represented to us that there were no transfers
(excluding payments for services) from the Successor Agency to any other public agency or
private ,parties for the period from February 1, 2012 through June 30, 2012; therefore, the
procedure was not performed.
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.
Result
The. Successor Agency, City of Azusa, has represented to us that there were no transfers
(excluding payments for goods and services); therefore, the procedure was not performed.
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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 aocntal 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.
Result
The summary of the financial transactions of the Redevelopment Agency and the Successor
Agency is presented in Exhibit C.
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.
Result
No exceptions were found as a result of applying the procedure.
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.
Result
No exceptions were found as a result of applying the procedure.
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.
Result
Fiscal Period
Suppor(Type
12 Months Ended 6/30/11
FYI Audited Financial Statements
7 Months Ended 1/31/12
Trial Balance as of 1/31/12; Long term debt schedule; Post -Audit Journal
Ea • Prior -period Adjusting Entry.
5 Months Ended 6/30/12
Trial Balance as of 6/30/12; Lxq term debt schedule
No exceptions were found as a result of applying the procedure.
EXHIBIT I
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
5. Obtain a listing prepared by the Successor Agency 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. 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.
Result
We obtained a listing of all assets of the Successor Agency Fund as of June 30, 2012 and we
agreed the assets listed to the trial balance of Fund 87 as of June 30, 2012. No exceptions were
found as a result of applying the procedure. The listing of all assets of the Successor Agency
Fund as of June 30, 2012 is in Exhibit D.
EXHIBIT I
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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 (mg., 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 (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.
Result
The Successor Agency, City of Azusa, has represented to us that there are no asset balances held
on June 30, 2012 that are restricted for unspent bond proceeds; therefore, the procedures were not
performed.
B. Grant proceeds and program income that are restricted by third parties:
I. Obtain the Successor Agency's computation of the restricted balances (mg., 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.
Result
The Successor Agency, City of Azusa, has represented to us that there is no asset balances held
on June 30, 2012 that are grant proceeds and program income restricted by third parties; therefore,
the procedures were not performed.
10
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly BID 1484
AGREED-UPON PROCEDURES AND RESULTS
C. Other assets considered to be legally restricted:
Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
Result
The Successor Agency, City of Azusa, provided a listing of restricted balances totaling
$4,117,987. See Exhibit E.
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).
Result
The individual components of the computation were traced to the Wells Fargo Bank Trustee
Statements for the period ended June 30, 2012. The restricted cash total was traced to the trial
balance as of June 30, 2012. No exceptions were noted as a result of applying this procedure.
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
I1l77W]
The Successor Agency provided the bond indentures as the legal document that sets forth the
restriction pertaining to the balances noted in Exhibit E. No exception was noted as a result of
applying this procedure.
D. Attach the above mentioned Successor Agency preparod schedule(s) 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.
Resub
The listing of restricted asset balances, along with time restrictions, is presented in Exhibit E.
11
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
Ali Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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.
Result
We obtained a listing of non -liquid assets as of June 30, 2012. The Successor Agency, City of
Azusa has represented that these non -liquid assets were recorded at cost. The listing of non -
liquid assets as of June 30, 2012 is presented in Exhibit F.
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.
Result
The amounts m Exhibit F were traced to the Fund 97 trial balance as of June 30, 2012. No
exceptions were noted as a result of applying this procedure.
Assets held for resale are listed at purchase cost, net of the allowance for decline in value.
According to the Successor Agency's management, regardless of the allowance account, the
assets held for resale are recorded at cost. Based on the detail general ledger provided by the
Successor Agency, the valuation amounts have not changed for seven fiscal periods, and the
supporting documentation for the valuation/allowance are not readily available.
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 fiord. If the differences are due
to additions (this generally is not expected to occur), inspect the supporting documentation and
note the circumstances.
Result
There were no differences noted as a result of applying procedure 7(B); therefore this procedure
was not performed.
12
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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.
Result
Assets held for resale are listed at purchase cost, net of the allowance for decline in value.
According to the Successor Agency's management, regardless of the allowance account, the
assets held for resale are recorded at cost. Based on the detail general ledger provided by the
Successor Agency, the valuation amounts have not changed for seven fiscal periods, and the
supporting documentation for the valuationlallowance are not readily available.
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 and balances (resources)
as of June 30, 2012 that aro 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. Cor. pare 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 Iisting 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.
Result
The Successor Agency, City of Azusa has represented to us that they do not believe that assets
balances need to be retained to satisfy enforceable obligations; therefore, the procedures were not
performed.
13
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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, 2,012 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 animal
spending requirements and disclose in the report major assumptions associated with the
`projections.
iii. For the forecasted annual revenues:
a. Obtain from the Successor Agency its assumptions for the forecasted annual revenues
-and disclose in the report major assumptions associated with theprojections.
Result
The Successor Agency, City of Azusa has represented to us that they do not believe 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; therefore, the procedures were not performed.
14
EXHIBIT 1
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
C. R 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.
Result
The Successor Agency, City of Azusa has represented to us that they believe that projected
property tax revenues and other general purpose revenues to be received by the Successor
Agency are sufficient to pay future bond debt service payments; therefore, the procedures were
not performed.
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 Riad
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.
Result
Procedures 8.A, 8.13 and 8.0 were not performed; therefore, procedure 8.D is not applicable.
15
EXHIBIT I
Exhibit A
Successor Agency to the
Former Redevelopment Agency of tate
City of Azusa, California
All Other Funds & Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
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 ROPS, the Successor Agency should add columns
identifying (1) any dollar amounts of existing cash that are needed to satisfy that obligation and
(2) the Successor Agency's explanation as to why the Successor Agency believes that such
balances are needed to satisfy the obligation. Include this schedule as an attachment to the AUP
report.
Result
The Successor Agency, City of Azusa has represented to us that cash balances as of June 30, 2012
need to be retained to satisfy obligations on the Recognized Obligation Payment Schedule (RODS)
D for the period of July 1, 2012 through December 31, 2012. ROPS H is presented in Exhibit G.
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
procedures performed in each section above. The schedule should also include a deduction to
recognize amounts already paid to the County Auditor -Controller on July 12, 2012 as directed by
the California Department of Finance. The amount of this deduction presented should be agreed to
evidence of payment. Separate schedules should be completed for the Low and Moderate income
Housing Fund and for all other funds combined (excluding the Low and Moderate Income Housing
Fund).
Resub
We performed the procedure and the result is presented in Exhibit H.
16
EXHIBIT I
Exhibit A
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds & Accounts
Agreed-Upoii Procedures Engagement
Pursuant to Assembly Bill 1484
AGREED-UPON PROCEDURES AND RESULTS
11. Obtain 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. 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.
Result
We obtained a representation letter from the Successor Agency, City of Azusa.
17
Successor Agency to the
Forma Redevelopment Agency of dw
City of Azusa, California
All Other Funds cud Amounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
LISTING OF PROPERTY TRANSACTIONS FROM THa FORMHN RSD9V 0PMMWr AGF11Cr TOTHSCMOPAUGA
For Ibe Perbd from Jaaouy 1, lot drva86 Jowry 31, 3012
A) 11a "rromxxonr
E72bibit B
NO.
DATE
ADDRESS
APN
AMOIIM
LB BASIS
DESCRIP'f10N
I
Wata Fad
jtmo11
975 W. FOWU
8605419.90H907
2,259,466.42
COW. i.wd
(A) lava died
2
Wdr Fuad
3nn011
"I N. Vaaea
8605-013.907
60LS70.00
Cdlabh lom
(Al S Bled
3
War Flog
WWI
4MN.Azun
8611414900
38.610-00
CC"itai
(A) l CidlW
4
CiryafAnn
SnMll
805 N. Ddbm
860840.7-905
705,600.W
CWldle lam
(A) LawaOed
5
CIIydA
3172011
803 N. Da
86080]7.906
987384.90
Calbbk Lmm
(A) Iza ailed
6
Ciy arA
"n011
804113 Ddaa
8608-027.908
1,131"2.30
Wind. Lam
(A) ],tva died
7
CiyofA—
M2011
126 H.A .
8508025.902
390,000.00
CdbNa Lam
W I.OamVed
8
COY ofA»m
3n2011
812N.Awa
8"8"5.903406
2,905,000.00
CWkbk Lwl
(A) L. died
9
CiyofAa®
M2011
810N.AlaaNa
8608027-907
1113,000.00
Cribble lam
(A) I. WTW
10
City ofAwwm
WadiI
830N.Ama
1608021MB
181,986.00
Cribblel
(A) Iamd1W
11
ClyerAwmw
WWI
SM N. Away Ale.
8608-025.907
1,7",000.60
uldw. aor
(A) Idled
12
Ciytt a
3n20II
832N.Awma Ave.
6508-0E}9MN10
580,000.00
Callable Lawn
(A) Lomdla5
13
Cly orA
V7n011
229 S. Aam
8614-014918920
3.312,787.84
CaIbNe Lam
(A) IWW
14
Ltoai FWd
WMll
NSCAwumlAaova
8621424902.904
11]8107.50
Cal -Uta
(A) Idled
13
Cioor a
302011
726 N. DWma
9M8-029408
377169.00
CRL, HaIM -4 Wary wde 33000 d. Sty•
(A) For"it Papomw
16
CiyofAam
3n2011
718N.Da.
8608-0"409
N3,943.32
CRL Hatt ad WRty w4e 33030 a Sal.
(A) F. "i. FviFc.
17
Ciyor Asaaa
"2011
301EPoabtl1
8601429410
643188.44
CRL,Hdd ad 34fdywde 33000 d. xq.
(A) FaMICPapoaew
18
City orA
"2011
71M16 Dltdtw
8608029.904762
787300."
CRL Hddod Babrywode ]1000 a. Seg.
(A) Par PuNie Fapowm
19
CiyofAaaa
WWI
6NN.Sm006ti
8611-000414
2,002,065.00
CRL Halt, and Swfdy mde 33000 a Sty.
(A) Fm PuNk Paporm
20
CifyorAwun
"2011
622N.Sm Oe
5611-"491M13
391,41998
CRL, Hall and SerM code 33000 a. SM.
(A) For PmWc Pm
11
ClyofAan
302011
600 N. Sm oftw
8611-004906
129,4%.12
CRL Hddi and Sway code 33000 a Seq.
(A) For Public Pm
22
Cit"T wua
3/72011
604 N. S. OA Rd
9611-000.907
128348."
CRS, Halos ad Sa04y code 330004& Sty.
(A) Pwhblie Fm9osa
23
CdyofAz
302011
61"20N.A
8611-003.921
19/188.40
CRLHddmd S."ade33000a Seq.
(A) Fa P,dlicP as
24
cyorA
"2011
100EFao0dll
8611-003-921
1.630.18138
CIL. Halm and Saaywde 330" a Sty.
(A) For Public Puriats
33
cy.rfuma
"2011
112 Feedill
8611-00}921
116,78339
CRL Hdd mdS&rdym* 33000 a Sty.
W For PuNle Prapma
26
CltyofAam
N7MIt
116 F1addl
8611-"}911
292,41332
CRL Hdd aadSdcywda 33600 d. Sw•
W Par Publk Puwpvn
27
Cy otAm4a
3172011
628Aaae
8611.003-921
353."174
CRI. HdNa it Safty code 33000 d. Sty.
(A) Pore Iiic pmpo0m
21
CiyofAam
"2011
630 Aum
8611-117}921
202,093,72
CRL RdW mdS4Myade3X(0 M. Set.
(A) For Public Puryoua
29
Cy arAmwa
3nMII
634 A.
8611,(03.921
82.280.00
CRL. Hddeid 94Rryeode 33M0 e1. Sq.
W ForNMie Purpaa
30
CyofAwuv
30!2011
636Aa-
9611-003.921
70.08392
CRL Halt wadi Sind, code 33000 a Sty.
(A) Fm Prdlic Pmpme4
31
CyofAaba
W2011
638 Aum
8611-003-921
10,420."
CRL Hdd cod SWkly wde 330M M. Seq.
(A) For Publk Popota
32
CydA
3nn011
640Aam
961101921
41,23&88
CRLHddmdSdtlyeade310Md.S%
(A) Fa Public Prvpvua
33
CiydAun
"2011
150EF0.1hdl
8611-003431
853,367.00
CRL Nda and SaMycode IMM a Sty.
(A) Fm%blk PmPoea
TOTAL 8 29.6".118.87
• DDA. iapDce ala WoaMvg de km ad dep.Mt, a
wbMgaaOy wdd oa Dia aba 14.201 I.
TMA Trmdae to da CyofAara efdwat b,~ rtymbig 5 290620j XSV
Wrobaadb.
(Al Abwmwofla�a8aiawb0 mormvaryvewa mdwmal 6lmaa'vaDeB an dewemYasuaqubrd
18
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o
ibmee RedeWgrwmr Agenryy1Ar
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of
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1,114003=WMmni�
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Agreed-Upm Procedures Engagement
-11%T"Ase
f N1MTA
6 KM.Ws
PurtuWt m Assembly BW 1484
xminoWm
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SUMMARY OF FINANCIAL TRANSACTIONS
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SaecAyaor Agency In (be
o
ibmee RedeWgrwmr Agenryy1Ar
City of Azure, Callfamld
All Other Funds and A.untl
Agreed-Upm Procedures Engagement
PurtuWt m Assembly BW 1484
SUMMARY OF FINANCIAL TRANSACTIONS
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19
Successor Agency to the
Former Redevelopment Agency of the
City of Azusa, California
All Other Funds and Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
LISTING OF ALL ASSETS
As of dune 30, 2012
Cash
Cash with Fiscal Agent
Loans Receivable
Other Assets
Assets Held for Resale, Net of Allowance
20
EXHIBIT I
Exhibit D
$ 2,088,988
4,117,987
2,025,783
255,794
3,005,530
$ 11,494,082
EXHIBIT 1
Exhibit E
Successor Agency to the
Former Redevelopment Agency of the
City of ASasa, California
Ali Other Funds and Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1494
USn71OOF Rx6TIUCfED aA W1CeS
Noor: 16M/j ♦v1111lew! rtr0 M I11 MIb KTkIf d a o IAervepen eAd neva 61 peWN b m6f4 enddeA
MMt
DESCIUMon
REFIRRIM R
Ab Mrr PURIOSR
IEG.V.DOCtIMS7?raOytD® TIMI RFSTRICTIDMMara
A
uwp fflwwpmea65
4 WA
B
Cm pfomNdaod plopam i6cave
U WA
c
C61bv6b8atl Ae
a)Gtbrlaawu oSpall Red
87 10 165 618 0060
f OAS a fxamd
MSS ADmdleOmme
b) CalMnreaaml Plhi
87101656160061
0.79 RMftDwd
200)6ain ABmdladmtae
o) Omtoeetumt Prompt
87101656700066
031 Reldfa Bood
LD7Se1m ABmdlMemvc
d7 Culviava6aml Ffhv
8710165622WN
M fl OtaBood
2w7 .BBud2odmMe
e) OdOaramOmtRame Aluwn
87101656160066
1.121,46687 WMl Bud
2005Smw ABondlR. Aaaet vn taaNl0e6
a Catbememms�Relenc Accamt 1110 165 618 0066
g) bARme®al R®wA[[emt 97 W 1656 0%6
b)CaMdlneu6eenR.AmneO 87101656N0066
i) CLOM10 AgonbWl 9710165 6711192
7)(SNJIa®ovn Reaw Aauwt 87101656760066
te2A9887 M�fm Bud 20055Rim AHona lodmnve
577.931.76 ME4*v Scud 3007Sefef BBoodlodmue
656.112.01 MAdfm Good 2008 foie A Bud 1admn9a
0.07 Rddfa Bad 20025 ABoo6ladmbae
1.126,655b0 Reid OVBud 20925ab.BBtvdlYmboe
TOTAL I.eGAL RESTRICIIOMSON (:hf7l AND CART b4jU1VQJJPS 54.111,916x0
21
vbmdtew w ®m.Resnmat
pe Aa ant artrt iWllah�W it
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p band iwhl
dm.. =W tM Ort
A utlp oo mh 1f1
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The Remo Amemt r edhM
vbm 0u Ifam7.ae imea BMaaa iv
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doc PDood cb avye of do evvml
hlmh Bmd Carm@1 N aedrum Ib
ibe R Aao t va em66drG
vbm � bmN vee imd. Babem m
the RnRw AaavLL as apdtedn V<n
phos w10 the lan hmd ivu0meot b
due Ptmame wap o< t6h amain
brok. Bind Cormaa and amrm me
Defa9tprocea
The Raew Aawmt vas eopHlbed
coinumhaW vas Non
Ov RaowA I" as eFuhld b Ilea
plme t . . Ioo L6to mmlim o h
doe Ptemtw wap of Od1 aaoDo
hea6 Bmd Carman N aliwla tle
[kBWlproem
The Releve Aammt vu webtiMlN
.bin the !anal wan iaac6 Babm v,
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Plea u665
Ibe lad bind o oo cath
dw. Pmoave clap too of 6tnna
b�vk, Bad furmama and acMvaaa do
OCaWaWtpeoau
Successor Agency to the
Former Redevelopment Agency of doe
City of Azusa, California
All Other Funds and Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1484
LISTING OF ASSETS THAT ARE NOT LIQUID
As of June 30, 2012
Loans Receivable -Deferred Loans
Assets Held for Resale, Net of Allowance for Decline in Value
Property Transfers to the City of Azusa Without Language requiring the
Transfers (See Exhibit B)
Total
22
EXHIBIT 1
Exhibit F
$ 625,897
3,005,530
3,631,427
29,620,129
$ 33,251,556
EXHIBIT I
Exhibit H
Successor Agency to the
Former Redevelopment Agency of the
City of Ansa, California
All Other Funds and Accounts
Agreed -Upon Procedures Engagement
Pursuant to Assembly Bill 1454
SUN04ARY OF BALANCES AVAILABLE FOR ALLOCATION TO AFFECTED TARING ENTITIES
As of June 30, 2012
Total amount of assets held by the successor agency as of June 30, 2012 (procedure 5) (sae Exhibit D) $ 11,494,082
Add the amount of any assets transferred to the city or other patties for which an eaforeeable
obligation with a third party requiring such transfer and obligating the use
of the transferred assets did not exist (procedure 2) (see Exhibit B) 29,620,129
Less assets legally restricted for uses specified by debt
covenants, grant restrictions, or restrictions imposed by other
governments (procedure 6) (see Exhibit E) (4,117,987)
Less assets that are not cash or cash equivalents (e.g, physical assets) - (procedure 7) (see Exhibit F) (33,251,556)
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 BOPS for the 2012-13 fisted year (procedure 9) (See Exhibit G) (3,271,751)
Less the amount ofpayments made on July 12, 2012 to the County Auditor -Controller as
directed by the California Department of Finance (250,531)
Amount to be remitted to county for disbursement to taxing entities $ 222,386
Note that separate computations are required for the Low and Moderate Income Housing Fund held by the
Successor Agency andfor all otherf utds held by the Successor Agency.
NOTES: For each line shown above, an exhibit should be attached showing the composition of the summarized amount.
If the review finds that there are insufficient funds available to provide the full amount due, the cause of the insufficiency
should be demonstrated in a separate schedule.
24
EXHIBIT 2
COUNTY OF LOS ANGELES AUDITOR -CONTROLLER ROPS III ADJUSTMENT
[Attached behind this page]
ANY oA ExtttBtT2
m IIII n
o �
4 pDEPARTMENT OF EDMUND G. 6RowN JR. • GOVERNOR
1�Q�1r F I N A N C E 915 L BTREET ■ s.c R.MCKro cA ■ 95514-"D6 ■ WWW.00RCA.6OV
December 17. 2012
Arlene Barrera, Division Chief
Auditor -Controller Tax Division
500 West Temple Street Room 484
Los Angeles, CA 90012
Dear Ms. Barrera:
The California Department of Finance (Finance) has reviewed the adjustments proposed by the
Los Angeles County Auditor -Controller's Office pursuant to Health and Safety Code section
34186 (a). As part of our review, Finance considered all supporting documentation provided by
those Successor Agencies that disputed the adjustments calculated by your Office.
Pursuant to our review, Finance is authorizing the following reductions to the Redevelopment
Property Tax Trust Fund monies provided to the identified Successor Agencies for the payment
of Finance -approved Enforceable Obligations for the January 2013 through June 2013
Recognized Obligation Payment Schedule (ROPS III):
Successor Proposed Approved
Agency Adjustment Adjustment
Alhambra
202,953
202,953 j
Arcadia
1,167,999
Artesia
I 254,336
-
Avalon
266,002
266,002
Azusa
316,564
316,564
Baldwin Park
830,428
830,428
Bell
132,098
132,098
Carson
4,940,343
4,940,343
Cerritos
1,565, 786
1,565,786
Claremont
296,648
296.648
Commerce
2,623,648
2,623,648
Covina
462,097
Cudahy
335,407
335,407
EXHIBIT 2
Culver City
11,559,393
11,559,393
Downey
100,000
100,000
Duarte
32,186
EI Monte
270,404
Glendale
9,082,199
-
Glendora
1,355,902
1,355,902
Hawthorne
408,101
408,101
Indust Urban-
26,699
26,699
Inglewood
493,680
493,680
Irwindale
965,767
965,767
La Mirada
2,513,901
2,513,901
Lakewood
2,553,873
2,553,873
Lawndale
950,052
950,052
Long Beach
12,581,880
12,581,880
Los Angeles City
21,967,236
21,967,236
Lynwood
1,315.249
-
Montebello
3,304,303
3,304,303
Monterey Park
222,919
222,919
Norwalk
201,608
-
Paramount
809,295
809,295
Pasadena
11,181,893
11,181,893
Pico Rivera
33,249
Rancho Palos
Verdes
83,1 B6
Redondo Beach
485,022
485,022
Rosemead
20
20
San Dimas
33,207
33,207
San Fernando City
1,575,571
1,575,571
EXHIBIT 2
Santa Clarita
168,755
Santa Monica
7,511,352
7,511,352
Sierra Madre
262,154
262,154
Signal Hill
328,035
326,035
South EI Monte
342,600
342,600
South Gate
48,162
48,162
Temple City
134,664
134,664
Torrance
48,000
48,000
Vernon
65,332
65,332
West Covina
1,453,446
1,453,446
Thank you for your attention to this matter. Please contact Chris Hill, Principal Program Budget
Analyst, at (916) 445-1546 if you should have any questions or concerns.
Sincerely, -
STEVE SZALAY
Local Government Consultant
EXHIBIT 2
SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Filed for the January 1, 2013 to June 30, 2013 Period
Name of Successor Agency: Successor Agency of the Former Redeveolpment Agency of the City of Azusa
Codification of Oversight Board Chairman: Robert Gonzales Ovenight Board Chairman
Pursuant to Section 34177(m) of the Health and Safety code, Name Title
I hereby certify that the above Is a true and accurate Recognized
Obligation Payment Schedule for the above named agency.
Total Outstanding
Debt or Obli alfon
Adjustments
Adjusted
Amounts
Comments
Outstanding Debt or Obligation
f 70,867,463
$ 70,867,463
DOF
Current Period Outstanding Debt or Obligation
Six -Month Total
Adjustments
Slx-Month Total
A Available Revenues Other Than Anticipated RPTTF Funding
-
B Anticipated Enforceable Obligations Funded with RPTTF
5,386,311
(3,866,437)
1,519,874
C Anticipated Administrative Allowance Funded with RPTTF
161,590
88,410
250,000
D Total RPTTF Requested IS - C = D
5,M7,901
(3,778,027)
1,769,874
"
RPTTF approved by
Total Current Period Outstanding Debt or Obligation (A + B+ C = E) Snovldbe the same emoumas ROPS form sir -month total
$ 5,547,901.1
3,778,027
$ 1,769,874
DOF
E Enter Total Six -Month Anticipated RPTTF Funding(obtsin fmm coonly aoditm-oommael
3.102,194
3,102,194
3,102,194
$ 2,445,707
S 6,880,221
f 1,332,320
F Variance(E-D= F Manmum RPTTFAIIowablesWuVmlexmed TolalAnticipeled RPTTFFundin
H&S §34186(a)
Adjusted
Prior Period (January 1, 2012 through June 30, 2012) Estimated vs. Actual Payments (as required in HSC section 34106 (a))
Adjustments
Amounts
Enter Estimated Obligations Funded by RPTTF (should be the lesser of Faumcn's oppmvod RPT -FF amount Induding admin ellowence orthe
SA should have seeded
G sdualemountdistdbtsd)
222.658
1,946,940
2,171,598
DOF removed RPTTF.
H Enter Actual Obligations Paid with RPTTF
1,726,699
-
1,726,699
SA enlilled to entire Admin
I Enter Actual Administrative Expenses Paid with RPTTF
21,172
107,163
128.335
allowance
Recommend adjustment
J Adjustment to Redevelopment Obligation Retirement Fund G - H + It = J
1,841,771
316.564
1.nuxud
H Adjusted RPTTF (The total RPTTF requested shall be adjusted if actual obligations paid with RPTTF are less than the
estimated obligation amount.)
f 5,547,901
$ (5,619,804)
S 1,453,310
RPTTF SA to receive after
adjustment
Codification of Oversight Board Chairman: Robert Gonzales Ovenight Board Chairman
Pursuant to Section 34177(m) of the Health and Safety code, Name Title
I hereby certify that the above Is a true and accurate Recognized
Obligation Payment Schedule for the above named agency.
EXHIBIT 2
Name of Successor Agency: Successor Agency of the Former Redeveolpment Agency of Una City of Azusa
County: County of Los Angeles
Pursuant to Health and Safety Code section 34186 (a)
PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 1)
January 1, 2012 through June 30, 2012
Project Name /Debt
Line Obligation
Payee
Description/Project tion/Proecl Sco a
Project
Area
Admin Allowance
Estimate Actual
RPTTF
Estimate
Actual
§34186 H&S§34186(H §34186
DOF laa) Identified a) Identified
Approved Identified Adjustment Adjustments
RPS yon Adrslment s to RPTTF to Admin
[ROPS1 s'lo R+T rF Actual (rail Allowance
rFvl and Estimalas forward Actual roll
Comments
Grand Total
$ 128,335 $21,172
$ 2,043,263 $
1,726,699
•$rrrr-+ $ $ 107,163
1 Tax Allocation Bonds
Bond Honiara
2008 Series A Merged T.A. Bonds
MCBD&WE
246,494 $
246,493
=246.494 nwlffiiiiiiiiIii $ _
2 Tax Allocation Bonds
Bond Holders
M03 Merged T. A. Refunding Bonds
MCBD&WE
166,090
166,089
1111111
3 Tax Allocation Bonds
Bond Holders
M05 Merged TA. Bands
MCBD&WE
174,713
174,712
!174,713 fill
4 Not Used
MCBD&WE
5 Not Used
MCBD&WE
6 Not Used
MCBD&WE
mop Ill
7 Relmb. Agreement
CI of Azusa
Raimb AgrmV2003 Refunding COP's
(Ar FA)
MCBD&WE
I_ -
8 Housing Bonds
Bond Holders
2008 Sane. B Housing TA. Bonds
MCBD&WE
375,354
375,353
=375,354 0_
9 Tax Allocation Bonds
Bond Holders
2007 Series A Tax AMocalon Bonds
MCBD&WE
430,023
430,021
_■430,023 Ir '
10 Tax Allocation Bonds
Bond Holders
2007 Series B Tax Allocation Bonds
MCBD&WE
114,222
114,221
1115114,222
11 Not Used
MCBD&WE
12 Water Fund Advance
Light &Water
$4501/Azosa& let Reader Board
MCBD&WE
13 Not Used
MCBD&WE
14 Employee costs
Employees of Agency
Payroll for Employees'
MCBD&WE
50,809
50,809
'somillm viiiiiiiiiiiiiiiiiii,
15 Arbitrage Compliance
Aibitra a Com .Spec
Arbitrage calculation for Bonds
MCBD&WE
2,775
775
' 2,775
16 Not Used
MCBDBWE
17 ProiPerty Tax Consulting
HdL Corse & Cone
Tex Increment &Pass through
calculations
MCBD&WE
6 602
6602
11,431
18 Consulfinq Services
Lance Soft &Lun hard
Audit SemitesMCBD&WE
6,849
Its Q849 111111�--
19 Not Used
MCBD&WE
l�
20 Not Used
MCBD&WE
21 Redev Consulting Sery
Urban Futures
Project Administration
MCBD&WE
14,800
t14,800 I-
22 Not Used
MCBD&WE
l
23 Not Used
MCBD&WE
>_
24 Not Used
MCBD&WEA'
25 Not Used
MCBDBWEI
26 Not Used
MCBD&WEI
27 ENA Allantls Garden
Mercy Housing
Cost of Terminaton
MCBD&WE
50,000
50,000
28 Not UsedMCB08WE
Imo"
29 Not Used
MCBD&WE
fa101
30 No Used
MCBD&WE
iiia
EXHIBIT 2
Project Name / Debt
Line Obligation
Payee
Description/Project Scope
Project
Area
Admin Allowance
Estimate Actual
R
Estimate
Actual
§34186 H&S§341861H S§34186(
DOF la) a) Identified a) Identified
Approved Identified Adjustment Adjustments
RPTTF on Adjustment s to RPTTF to Admin
ROPS1 5l0 RPTTF Actual (mil Allowance
FYI an Estimates lomard to Actual ran Comments
31 Not Used
MCBDBWE
32 Contract Purchase Order
E 8 L Services
Repair of Agency Property
MCBDBWE
300
300
33 Not Used
MCBDBWE
34 Admin.
Best Best B Kne er
Redevelopment Legal Counsel
MCBDBWE
129,841
36,665
129,841
35 Not Used
MCBDBWE
36 JAgency O ere0ons
Verizon
Cell Phone for Redev Proj. Mgr.
MCBDBWE
100
22
37 1 Not Used
MCBDBWE
38 Not Used
MCBDBWE
39 lAqencv Operations
AT&T
Fax Machine line
MCBDBWE
10
9
40 Not Used
MCB08WE
41 Not Used
MCBDBWE
42 Not Used
MCBOSWE
43 DDA Azusa/Arrow H
AAJ
Demolition of 17511 E. Am. Hwy
MCBDBWE
48,288
44 Not Used
MCBDBWE
45 Not Used
MCBDBWE
46 Not Used
MCBDBWE
47 Bond Aminlstration
Wells Fargo Bank
Trustee Administration Charges
MCBDBWE
7,500
7,500
48 Continuing Disclosures
Urban Futures
Continuing Disclosures
MCBDBWE
9,250
9,250
49 Not Used
MCBDBWE
50 Administrative Fees
City of Azusa
Successor Agency Admininistrative
Fees
MCBDBWE
110,5971 21J72
-
89,425
51 Insurance Fees/Prem
ICRMA
Insurance-Laibillty Coverage
MCBDBWE
10,000
10,000
52 Not Used
MCBDBWE
53 Not Used
MCBDBWE
54 Not Used
MCBDBWE
55 Not Used
MCBDBWE
56 Not Used
MCBDBWE
57 Not Used
MCBDBWE
58 Unemployment Benefits
EDD
MCBDBWE
28,350
8,046
28,350
59 Termination Costs
Former Employees
Termination costs to former RDA
Employees'
MCBDBWE
45,303
45,303
1 I Not Used
I Ranch Ctr
City LoaNDebt Obligation
2(Bond)
City of Azusa
1990 AREA City Lease Loan
Drawdown
Ranch Ctr
125,590
125,590
_
3 Not Used
Ranch Ctr
4 Not Used
Ranch Ctr
5 Not Used
Ranch Ctr
6 Adminlstranve Fees
City of Azusa
Successor Agency Admininistnuive
Fees
Ranch Ctr
17,738
17,738
17,738