OB - Item 3B - Agreed Upon Procedures for Non-Housing FundsE M F
S
O 9
ROSEMEAD SUCCESSOR
�** AGENCY STAFF REPORT
.v
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER
DATE: NOVEMBER 26, 2012
SUBJECT: AGREED UPON PROCEDURES REPORT FOR NON - HOUSING FUNDS
SUMMARY
Under AB 1484, the Successor Agency is required to complete an agreed upon
procedures review of the former Rosemead Community Development Commission's
Funds by December 15, 2012. At the time the agenda was posted for the meeting, the
final report was not available from the CPA firm. The draft included with this report is
believed to contain the final figures and analysis; however, the CPA firm has not
completed their final quality control review of the report. It's anticipated that the final
version will be available at the time of the meeting and will be provided to the Board. Prior
to the Board formally accepting and approving the review, the Board is required to hold a
public comment session at least five (5) working days prior to the approval. As such, the
Board will meet again on its regularly scheduled date of December 10, 2012 to consider
the approval of the report.
The agreed upon procedures review was conducted in accordance with AB 1484 in order
to ensure that all of the winding down procedures had been followed and to make a
determination as to the amount of available fund balance remaining with the Successor
Agency. As noted in the report, there were no adverse findings made during the review
and the Successor Agency has made the appropriate transfers of assets and duties as
applicable. The report shows on Exhibit B -5 that once all enforceable obligations are
deducted from the total asset balance, a remaining balance of $77,105.04 should be
remitted to the County for distribution to the various taxing entities.
Staff Recommendation:
That the Oversight Board open the public comment review period and allow for public
comment until the next regularly scheduled Oversight Board meeting on December 10,
2012 at 5:00 p.m.
BACKGROUND
Per Health and Safety Code Section 34179.5 each Successor Agency is required to
employ a licensed accountant, approved by the county auditor - controller, with experience
and expertise in local government accounting to conduct a due diligence review to
determine the unobligated balances available for transfer to taxing entities. Due Diligence
reviews of the Successor Agency's assets must be submitted to the Oversight Board, the
ITEM NO.
Rosemead Successor Agency Oversight Board
November 26, 2012
Page 3 of 3
Procedure 7 — Confirmed that the Long -Term receivables reported by the Successor
Agency are related to loan agreements and are considered Non Liquid Assets.
Procedure 8 — Confirmed that the Successor Agency does not need to retain any current
unrestricted assets for future obligations.
Procedure 9 — Confirmed that the cash or cash equivalents reported by the Successor
Agency as necessary to meet enforceable obligations did in fact tie out to the schedules.
Procedure 10 — Concluded that the Successor Agency is holding $77,105.04 in cash or
cash equivalents that should be remitted to the County for distribution to the affected
taxing entities.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in accordance
with the Brown Act.
Prepared by:
Matthew E. Hawkesworth
Assistant City Manager
Attachments: Agreed Upon Procedures Review
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11 -20 -1
Rosemead
Redevelopment Successor Agency
Independent Accountants' Report on Applying
Agreed -Upon Procedures pursuant to
AB 1484 (All Other Funds)
June 30, 2012
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11 -20 -1
INDEPENDENT ACCOUNTANTS' REPORT ON
APPLYING AGREED -UPON PROCEDURES
Oversight Board of the
Rosemead Redevelopment Successor Agency
Rosemead, California
We have performed the Agreed -Upon Procedures enumerated in Exhibit A, which were agreed to by the
California State Controller's Office, the California Department of Finance, the County Auditor - Controller, and the
Rosemead Redevelopment Successor Agency (Successor Agency) to determine the Successor Agency's All Other
Funds's unobligated balances that are available for transfer to taxing entities, solely to assist you in ensuring that
the Successor Agency is complying with its statutory requirements with respect to Health and Safety Code
Section 34179.5. Management of the Successor Agency is responsible for the accounting records pertaining to
statutory compliance pursuant to Health and Safety Code Section 34179.5. This Agreed -Upon Procedures
engagement was conducted in accordance with attestation standards established by the American Institute of
Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties
specified in the report. Consequently, we make no representation regarding the sufficiency of the procedures
described below either for the purpose for which this report has been requested or for any other purpose.
Exhibit A, Exhibits B through B -5, and Exhibit C identify the procedures and findings.
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 s ummariz ed in Exhibit A, Exhibits B through B -5, and Exhibit C.
Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might
have come to our attention that would have been reported to you.
This report is intended solely for the information and use of the Successor Agency Oversight Board, the
Successor Agency, the California State Controller's Office, the California Department of Finance, and the County
Auditor - Controller, and is not intended to be and should not be used by anyone other than these specified parties.
This restriction is not intended to limit distribution of this report, which is a matter of public record.
Rancho Cucamonga, California,
November 19, 2012
Rosemead Redevelopment Successor Agency
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A
Our procedures and findings are as follows:
A. All Other Funds of the Successor Agency
For All Other Funds, the following procedures were performed:
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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.
Findings — We obtained from the Successor Agency a listing of all assets that were transferred
from the former redevelopment agency (RDA) to the Successor Agency on February 1, 2012.
We agreed the amounts on this listing to account balances established in the accounting records
of the Successor Agency noting the total balance of all assets that were transferred (excluding
Low and Moderate Income Housing Fund assets) to the Successor Agency on February 1, 2012,
was $10,967,934.61, and consisted of cash and cash equivalents, accounts receivable, long -term
receivable, and due from other funds.
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.
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.
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.
Rosemead Redevelopment Successor Agency
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A (Continued)
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11 -20 -1
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.
Findings — The Successor Agency asserted the State Controller's Office has not completed a
review of transfers required under both Health and Safety Code (HSC) Sections 34167.5 and
34178.8. A listing of transfers for the period January 1, 2011 through January 31, 2012, is
included as Exhibit B of the AUP report. The listing at Exhibit B includes management's
description of the purpose of the transfer. We traced each transfer to supporting documentation,
noting no exceptions. It is noted the supporting documentation does not refer to an enforceable
obligation, or include any other language requiring the transfer of assets. The Successor Agency
has asserted that the transfer of these assets comply with both AB 1x26 and AB 1484.
The Successor Agency also asserted no transfers were made from the Successor Agency to the
city that formed the redevelopment agency for the period from February 1, 2012 through
June 30, 2012.
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:
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.
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.
C. For each transfer, obtain the legal document that forted 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.
Findings — The Successor Agency asserted the State Controller's Office has not completed a
review of transfers required under both HSC Sections 34167.5 and 34178.8. The Successor
Agency also asserted no transfers were made from the former RDA or the Successor Agency to
any other public agency or to private parties for the period from January 1, 2011 through
January 31, 2012, and the period February 1, 2012 through June 30, 2012, respectively.
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11 -20 -1
Rosemead Redevelopment Successor Agency
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A (Continued)
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.
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.
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.
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.
Findings — We obtained from the Successor Agency a summary of the financial transactions of
the former RDA and the Successor Agency. See Exhibit C.
For each period presented, we footed total assets, liabilities, revenues, expenditures, other
financing sources, net change in equity, beginning equity and ending equity, noting no exceptions.
We noted the June 30, 2011, ending equity balance did not agree with the July 1, 2011, beginning
equity balance. The Successor Agency asserted this was due to an adjustment resulting from a
general ledger software conversion.
We compared the amounts reported in the schedule for the fiscal year ended June 30, 2010, to the
State Controller's Report filed for the former RDA. We noted total capital assets did not agree to
the June 30, 2010 State Controller's report. We noted no other exceptions.
We compared the fiscal year June 30, 2011, amounts reported in the schedule to the
June 30, 2011, audited financial statements, noting no exceptions. For the 7 months ended
January 31, 2012, and the 5 months ended June 30, 2012, we compared amounts reported in the
schedule to the former RDA's and Successor Agency's general ledger, for the same periods,
noting no exceptions. See Exhibit C.
Rosemead Redevelopment Successor Agency
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A (Continued)
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11 -20 -1
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.
Findings — We obtained from the Successor Agency, a listing of all assets, excluding the Low
and Moderate Income Housing Assets. We noted the total asset balance of the All Other
Funds of the Successor Agency as of June 30, 2012, was $14,728,738.87 and consisted of cash
and cash equivalents, cash with fiscal agent, current receivables, and long -term receivables. We
traced the recorded balances to the accounting records of the Successor Agency noting no
exceptions. See Exhibit B -1.
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 (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.
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.
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Rosemead Redevelopment Successor Agency 11 -20 -1
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A (Continued)
C. Other assets considered to be legally restricted:
i. 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 Successor the Agency as restricted.
D. Attach the above mentioned Successor Agency prepared 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.
Findings — As of June 30, 2012, the Successor Agency has classified assets totaling
$9,322,284.15 as restricted unspent bond proceeds. Of this amount, $2,267,221.12 is identified
as restricted for bond debt service reserve. We traced the $9,322,284.15 balance to the
Successor Agency's accounting records, including the general ledger and trustee statements,
noting no exceptions. We obtained a copy of the Indenture of Trust relating to the 2006A,
2006B, and the 2010A, Tax Allocation Bonds, noting the bonds were secured by pledged tax
increment from the Redevelopment Project Area No. 1 and the Merged Project Areas,
respectively. We noted the Indenture of Trust requires that the Agency covenant and agree to
use the proceeds of the sale of the 2006A, 2006B, and the 2010A, Tax Allocation Bonds as
provided in the Indenture of Trust. The Successor Agency asserted the Indenture of Trust
specifies the restrictions are in effect until the related assets are expended for their intended
purposes. See listing of restricted assets at Exhibit B -2.
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.
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.
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.
Rosemead Redevelopment Successor Agency
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A (Continued)
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11 -20 -1
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.
Findings — We obtained from the Successor Agency a listing of assets as of June 30, 2012, that
are not liquid, noting three assets were listed described as Long -Term Receivables totaling
$2,474,014. We noted the asset values are recorded at cost. We traced each receivable balance to
the general ledger and loan agreements, noting no exceptions. We noted one loan totaling
$201,314 was related to an Affordable Housing Agreement. See Exhibit B -3 for the listing of
Non Liquid Assets of the Successor Agency as of June 30, 2012.
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.
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.
Rosemead Redevelopment Successor Agency
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A (Continued)
8.13. Continued
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11 -20 -1
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.
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.
D. If procedures A, B, or C were performed, calculate the amount of current unrestricted balances
necessary for retention in order to meet the enforceable obligations by performing the following
procedures.
i. Combine the amount of identified current dedicated or restricted balances and the amount of
forecasted annual revenues to arrive at the amount of total resources available to fund enforceable
obligations
ii. Reduce the amount of total resources available by the amount forecasted for the annual spending
requirements. A negative result indicates the amount of current unrestricted balances that needs
to be retained.
iii. Include the calculation in the AUP report.
Findings — The Successor Agency asserted that asset balances as of June 30, 2012, do not need to
be retained to satisfy enforceable obligations of the Successor Agency Trust Fund. As such, the
procedures noted above were not performed.
Rosemead Redevelopment Successor Agency
Agreed -Upon Procedures
Pursuant to AB 1484 - All Other Funds
Exhibit A (Continued)
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11 -20 -1
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.
Findings — We obtained, from the Successor Agency, a schedule listing dollar amounts of existing
cash and cash equivalents needed to satisfy existing enforceable obligations. See Exhibit B4.
We traced the enforceable obligations listed on Exhibit B4 to the Recognized Enforceable
Obligation Payment Schedules for the six month period July 1, 2012 through December 31, 2012,
noting no exceptions. The Successor Agency's explanation as to why the Successor Agency
believes that such balances are needed to satisfy the obligation is described at Exhibit B4.
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. The
attached example summary schedule may be considered for this purpose. Separate schedules should be
completed for the Low and Moderate Income Housing Fund and for all other funds combined (excluding
the Low and Moderate Income Housing Fund).
Findings — We have included a schedule detailing the computation of the Balance Available for
Allocation to Affected Taxing Entities. See Exhibit B -5.
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.
Findings — The Successor Agency provided a management representation letter. No exceptions
were noted.
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Exhibit B-1
Rosemead Redevelopment Successor Agency
All Other Assets - Listing of Assets
As of June 30, 2012 - Unaudited
Note: Excludes all assets held by the entity that assumed the housingfunction of the former RDA
Assets
Cash and Investments All Funds Combined
Acct Acct name
xxx -10001 Cash in City Treasury $ 92,372.97
xxx -10002 Cash in CDC 9,689,558.54
xxx -11210 LAIF 8,229.12
Total $ 9,790,160.63
Interest Receivable
Acct
Acct name
315 -12005
Interest receivable
140,481.27
Total
140,481.27
Cash/Investments w/ Fiscal Agent
Acct
Acct name
xxx -11155
Cash w /fiscal agent - USB
2,267,221.12
Total
2,267,221.12
Other
Acct
Acct name
xxx -12015
Accounts receivable
56,861.55
315 -12025
Long tens receivables
2,474,014.30
Total
2,530,875.85
TOTAL ASSETS AT 6/30/2012: $
14,728,738.87
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Rosemead Redevelopment Successor Agency Exhibit B4
All Other Funds
June 30, 2012 Cash Balances Needed to Satisfy Obligations for the 20122013 FINAL RODS
Total $ 2.855335.68 $ 2,855.335.68
14
EXISTING CASH
APPROVED
NEEDED TO
ROPS LINE
OBLIGATION
SATISFY
SUCCESSOR AGENCY
ITEM
PROJECT NAME
ITEM
AMOUNT
OBLIGATION
EXPLANATION
Note: List only those obligations for which current balances are needed to satisfy obligations that will be placed on the ROPSfor the 2011 /13 focal
1
2006A Tax Increment Bonds
1 $
1,158,465.63
$ 1,158,465.63
Approved on ROPS 13 and
funded in 6/1/12 RPTTF Payment
2
20068 Tan Increment Bonds
2
595,468.13
595,468.13
Approved on ROPS 11 and
funded in 611/12 RPTTF
Payment
3
2010 Tax Increment Bonds
3
577,764.80
577,764.80
Approved on ROPS II and
funded in 6/1/12 RPTTF
Payment
4
Continuing Disclosure on Bonds
4
5,200.00
5,200.00
Approved on ROPS B but
insufficient RPTTF on 611/12
to cover obligation
5
Finance System
8
5,800.02
5,800.02
Approved on ROPS 11 but
insufficient RPTTF on 6/1/12
to cover obligation
6
Property Tax Audits/Monitoring
11
6,300.00
6,300.00
Approved on ROPS II but
insufficient RPTTF on 6/1/12
to cover obligation
7
2010 Tax Increment Bonds
3
404,132.08
404,132.08
Approved on ROPS If but
insufficient RPTTF on 6/1/12
to cover obligation
8
EmployeeJOverhead Costs
19
102,205.02
102,205.02
Approved on ROPS II but
insufficient RPTTF on 6/1/12
to cover obligation
Total $ 2.855335.68 $ 2,855.335.68
14
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E
Rosemead Redevelopment Successor Agency
All Other Funds
Summary of the Financial Transactions
Assets
Cash and investments
Accounts receivable
Interest receivable
Due from City of Rosemead
Long term receivable
Land held for resale
Due to other funds
Deferred cost
(Modified accrual
basis)
Redevelopment
Agency
12 Months Ended
6/30/2010
$ 10,885,442
525,516
27,740
728,728
4,407,616
4,477,945
(Modified accrual
basis)
Redevelopment
Agency
12 Months Ended
6/30/2011
$ 15,753,435
433,212
8,213
226,314
Total Assets
Liabilities
Accounts payable and accrued liabilities
Deposits payable
Due to other funds
Deferred revenue
Advances from other funds
Long'ferm Debt, net
Total Liabilities
I quity
Total Liabilities + Equity
Total Revenues /Additions:
Total Expenditures /Deductions:
"Total Other Financing Sources (Uses)
Extraordinary item - Loss on Transfer
of RDA to Successor Agency Trust Fund
Net change in equity/net assets
Beginning Equity/Net Assets:
Ending Equity/Net Assets:
4,407,616
4,477,945
Unaudited
(Modified accrual
basis)
Redevelopment
Agency
7 Months Ended
1/31/2012
$ 11,904,763
59,916
766
884,737
226,314
4,477,945
$ 21.052.9
$ 25.306 735
$ 17,554.4
$ 446,336
$ 858,569
$ (177,375)
-
100,000
1,309,283
727,478
61,635
53,315
53,315
(2,194,385)
4,477,945
4,477,945
4,477,945
6,286,879
14,766,108
21,052,987
6,383,764
6,858,521
(495,260)
(970,017)
15,736.125
S 14.766.108
6,217,307
19,089,428
25,306,735
7,023,594
12,839,252
67,820
10,138,978
15,386,621
17,554,441
3,976,511
7,539,940
Exhibit C
Unaudited
(Full accrual basis)
Successor
Agency
5 Months Ended
6/30/2012
$ 13,973,164
56,862
140A81
2,474,014
4,477,945
554,765
$ 21,677,231
$ 1,632,177
76,893
193,796
4,477,945
43.566.744
49.947.555
(28,270324)
21.677.231
3.543.981
1. 840.959
- - (27. 625358)
4,323,320 (3,563,429) (25.922,336)
14,766.108 18.950.050 (1)
S 19,089.428 (1) S 15,386.621 $ (25.922.336)
Other Information (show year end balances for all three years presented):
Capital assets as of end of year (2) $ 6,760539 (3) $ 10,074377 $ - (4) S
Long - term debt as of end of year $ 37,225.542 $ 44,781.766 $ 43.566.744 S 43166.7 14
(1) - See explanation of difference at procedure #4
(2) - Net of accumulated depreciation and net of Rosemead Housing Development Corporation transactions
(3) - We noted the FY 2010 State Controller's Report excluded the capital assets of the former RDA. Altematevly, we traced the
capital asset balances to the FY 2010 audited financial statements
(4) - See procedure #2 and Exhibit B