pages: SuccessorAgencyOversightBoard/2012-08-27.pdf, 3
This data as json
body | date | page | text | path |
---|---|---|---|---|
SuccessorAgencyOversightBoard | 2012-08-27 | 3 | Successor Agency Oversight Board Minutes of Special Meeting, August 27, 2012 Page 2 c. Audits i. There are a number of audits that are required under AB1484: 1) Due Diligence Review - Housing 20% funds. Successor agencies must hire an independent outside auditor who is approved by the County Auditor/Controller. DOF guidelines for due diligence review are expected by August 31.The Housing Audit must be completed by October 1, and have Oversight Board approval by October 15. However, the audit cannot be approved in one meeting; there has to be a public meeting five days before the final action. If there are unencumbered funds identified by the audit, a check releasing that money will be due to DOF by November 28. 2) Due Diligence Review - Non-Housing 80% funds - Must be completed by December 15, and have Oversight Board approval by January 15. This will also be a two-meeting approval process. If there are unencumbered assets uncovered by the audit, those funds will be due to DOF by April 10. Unlike ROPS, there is no financial penalty for each day the Review is late; however, there is a trigger where Alameda's property or sales tax could be used to make up the difference DOF believes is owed. 3) The State Controller is conducting an independent audit of all assets transferred after January 31, 2012, to see if they were inappropriately transferred and if there should be a clawback. This is a change from the original transfer date of January 31, 2011. Once the audit process is completed, the DOF can issue a Finding of Completion. Once that finding is issued, the successor agency will know that the assets left can be used for the purposes intended. Within six months of the issuance of the Finding of Completion, staff will prepare a long term property management plan that will be brought to the Oversight Board for its approval. Then we will begin to follow that plan with the intention of maximizing the value of the assets. d. The Oversight Board actions are now even more subject to DOF control: everything has to be done by resolution and DOF has more added time to review a board action. e. There is now clarification in the statute that the Successor Agency is a separate legal entity. The formation of this separate legal entity for Alameda will be brought before the City Council in September. Member Ortiz expressed concern that the Oversight Board does not have separate legal counsel. The Successor Agency's interests may be different from the interests the Oversight Board should be looking at. Two weeks ago in Oakland the board's own attorney challenged what the successor agency was putting forward to | SuccessorAgencyOversightBoard/2012-08-27.pdf |