here - City of Reedley

RDA SUCCESSOR AGENCY
FY 2012-13 was a busy year for the City's former RDA, completing several important steps in the
dissolution process and ultimately ending the fiscal year by receiving a 'Find a Completion' from the
State Department of Finance (DOF). At the time of this writing, the State Controller's Office is
conducting an onsite Asset Transfer Review pursuant to Health and Safety Code section 34167.5; to
determine whether any asset transfers occurred after January 1, 2011, between the City, or any other
public agency, and the redevelopment agency. During this past year, the Successor Agency has
successfully completed the following:
• Received a clean opinion for the Agreed Upon Procedures Audit, conducted by the County of
Fresno and required by State statute, to ensure that Successor Agencies followed proper
dissolution procedures.
• Submittal and approval of the Housing Asset Transfer Form, which included a full review of
remaining assets of the former Low to Moderate Income Housing function of the RDA.
• Obtained State approval of two Recognized Obligation Payment Schedules for the January to
June, 2013, and July to December 2013 periods,; thus allowing the Successor Agency to pay
for ongoing operating costs, debt service, and dissolution activities.
• Completed two Due Diligence Review (DDR) processes, including extensive Meet & Confer
sessions with DOF officials, to determine the unobligated cash balances available to transfer to
taxing entities. In total, the Successor Agency returned $1,123,546 to taxing entities through
the DDR process, comprised of $328,240 from the Low to Moderate Income Housing fund, and
$795,306 from other funds of the former RDA. The $795,306 was derived specifically from
‣ $353,052 from the General Fund Reserve to refinance the remaining
balance on the Airport Loan note that was held by the Successor Agency.
‣ $125,000 from the return of a 5-Year RDA grant from the Streetscape
Committee originally intended for improvements to the Downtown.
‣ $317,254 from existing cash balances of the Successor Agency.
• Applied for and received the Finding of Completion from DOF, essentially closing out the
review of the former RDA's activities, obligations, and assets/liabilities.
Goals for FY 2013-14
• Complete the required Long-Range Property Management Plan to DOF, including beginning the
necessary steps to transfer remaining properties our of the former RDA.
• Obtain approval to utilize remaining RDA bond proceeds of approximately $5.4 million for the
projects in which they were issued.
• Submit the Recognized Obligation Payment Schedule for the January to June 2014 period.
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CITY OF REEDLEY
ADOPTED BUDGET 2013-2014