HomeMy WebLinkAbout10/05/12 OVERSIGHT BOARD AGENDA SPECIALSPECIAL MEETING OF THE OVERSIGHT BOARD
TO THE SUCCESSOR AGENCY
OF THE DISSOLVED BAKERSFIELD REDEVELOPMENT AGENCY
AGENDA
Friday, October 5, 2012
9:30 a.m.
City Hall North - Conference Room A
1600 Truxtun Avenue
Bakersfield, CA 93301
1. ROLL CALL
2. PUBLIC STATEMENTS
3. NEW BUSINESS
a. Minutes of the August 17th, 2012 special meeting
b. Public Session regarding Due Diligence Reviews in Accordance with AB 1484:
1. Accept public comment regarding the Independent Accountants Report for
the Low and Moderate Income Housing Funds; and
2. Accept public comment regarding the Independent Accountants Report for
all other funds of the Successor Agency (excluding the Low and Moderate
Income Housing Funds).
4. BOARD COMMENTS
5. ADJOURNMENT
OVERSIGHT BOARD TO THE SUCCESSOR AGENCY
Of THE DISSOLVED BAKERSFIELD REDEVELOPMENT AGENCY
AGENDA REPORT
MEETING DATE: October 5, 2012 I AGENDA ITEM: 3, o� ,
TO: Members of the Oversight Board
FROM: Successor Agency Staff
SUBJECT: - Minutes of the August 17, 2012 special meeting
RECOMMENDATION: Staff recommends approval of the minutes.
BACKGROUND:
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OVERSIGHT BOARD TO THE SUCCESSOR AGENCY
OF THE DISSOLVED BAKERSFIELD REDEVELOPMENT AGENCY
AGENDA REPORT
MEETING DATE: October 5, 2012 AGENDA ITEM: 3, j),
TO: Members of the Oversight Board
FROM: Nelson K. Smith
Finance Director
SUBJECT: Public Session regarding Due Diligence Reviews in Accordance with AB 1484:
a. Accept public comment regarding the Independent Accountants Report for the
Low and Moderate Income Housing Funds; and
b. Accept public comment regarding the Independent Accountants Report for All
Other Funds of the Successor Agency (excluding the Low and Moderate Income
Housing Funds).
RECOMMENDATION:
Staff recommends acceptance of public comment.
BACKGROUND:
State law AB 1484 (Section 34179.5) requires that "each Successor Agency shall employ a
licensed accountant, approved by the county auditor - controller and 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 ".
According to the legislation, the Due Diligence Review for the Housing funds carries the
following deadlines:
October 1, 2012 - the successor agency shall provide the results of the review to the
oversight board for review;
Upon receipt of the review, the oversight board shall convene a public comment
session to take place at least five business days before the oversight board holds the
approval vote; and
October 15, 2012 - the oversight board shall review, approve, and transmit to the
Department of Finance and the county auditor- controller the determination of the
amount of cash available for disbursement to taxing entities as determined according
to the review report.
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AGENDA REPORT Page 2
The legislation requires a similar Due Diligence Review for all other (non- housing) funds. The
due dates in the law for the "other funds" are December 15, 2012 for completion of the report
and January 15,2013 for final approval by the oversight board.
Staff obtained approval from the Kern County Auditor - Controller (Ms. Ann Barnett) to hire the
accounting firm of Brown Armstrong to perform both "due diligence" reviews. The auditors
have conducted the review procedures for both the Housing funds and the "non- housing"
funds. Both reports have been provided to the oversight board members, the county auditor -
controller, the Department of Finance, the vvt Staff office and the county
both felt it wou d be
administrative office in accordance with state
more efficient to conduct both reviews and prepare both reports at one time.
The purpose of this meeting is to accept public comment reports ounty auditor -drop troldlerst
auditor, including any comments that may be pro vided from the
office or any other group.
In accordance with AB 1484, no action can be taken at this meeting regarding the two
reports. Another meeting has been scheduled for October 15, 2012 for action on the Due
Diligence Reviews for both the Housing and the "non- housing" funds.
A public notice was advertised in the Bakersfield p t ian ten days in advance of this
meeting to inform the public regarding this public omme
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