pages: SuccessorAgencyOversightBoard/2012-10-18.pdf, 3
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SuccessorAgencyOversightBoard | 2012-10-18 | 3 | Minutes October 18, 2012 Successor Agency Oversight Board Page 2 of 3 more detailed reporting is now required by the State. Motion and second (Biggs and McMahon) to pass the Resolution. Motion passed unanimously (4- 0-3). C. Resolution Approving the Administrative Budget for the Third Recognized Obligation Payment Schedule Period, January 1 - June 30, 2013: Action (Resolution No. 12-07) Member Ortiz arrived at this time (6:10 p.m.). In response to a question by the Vice Chair, Member Potter stated that the proposed Administrative Budget for the Third ROPS did include the increased contract amount for KMA. Motion and second (McMahon and Biggs) to pass the Resolution. Motion passed unanimously (5-0-2). d. Public Comment Session on the Due Diligence Review of the Low/Moderate-Income Housing Fund: Public Comment Katherine Yuen of Maze & Associates made the presentation. AB 1484 requires two Due Diligence Reviews: Housing (20%) funds and Non-Housing (80%) funds as part of the process to identify cash assets that can be distributed to the taxing agencies. Ms. Yuen recapped highlights of the report that was provided in the agenda packet. Member Ortiz inquired what period of time did Maze use to get to June 30, 2012, and what kind of information went into the calculations. She added that a source at the State DOF told her that they wanted to see the period between 2009 and 2012. Ms. Yuen responded that different reports in the review cover different time periods, but that DOF would see the entire picture for the period of January 1, 2011 to June 1, 2012. Member Ortiz stated concern that the Board did not have a legal analysis of the auditor's findings. The Chair stated that the audit was prepared by an independent, professional accounting firm. Member Potter stated that the County had to approve the Successor Agency's choice of auditor. Ms. Yuen stated that this was a Due Diligence Review and not an audit. Maze & Associates followed a set of procedures provided by the State. The Chair asked the Secretary if any public comment slips had been submitted and the Secretary responded that there were none. Member Potter stated that this item was being presented for public comment, only. The Board will be asked to vote on the approval of this Due Diligence Review at its October 29, 2012 meeting. 5. PUBLIC COMMENT (non-agenda items) 6. WRITTEN COMMUNICATIONS a. October 12, 2012 Letter from Department of Finance regarding ROPS III Mr. Doezema recapped the letter that was provided in the agenda packet regarding ROPS III. Member Ortiz inquired as to what criteria were being used by State DOF when it rejects items on the ROPS. Mr. Doezema responded that there are "red flag" items and the easiest thing to do is for DOF to deny as an. initial response. The Chair stated that the Meet and Confer process would be the opportunity for the Successor Agency to show | SuccessorAgencyOversightBoard/2012-10-18.pdf |