The document discusses accounting and financial reporting considerations for successor agencies of California redevelopment agencies following the dissolution of redevelopment agencies on February 1, 2012. It addresses the structure and presentation of successor agencies in financial statements, accounting for transfers of assets and liabilities from former redevelopment agencies, and reporting requirements including establishing an extraordinary loss at the date of dissolution.

1. Accounting & Financial
Reporting Considerations
for Successor Agencies of
California Redevelopment
Agencies
David Bullock, CPA
Macias Gini & O’Connell LLP
May 2012
© 2012 Macias Gini & O’Connell LLP. All rights reserved. This Macias Gini & O’Connell LLP session provides information and comments on current accounting issues and developments. It is not a
comprehensive analysis of the subject matter covered and is not intended to provide accounting or other conclusions with respect to the matters addressed in this issue. All relevant facts and circumstances,
including the pertinent authoritative literature, need to be considered to arrive at accounting that complies with matters addressed in this publication. For additional information on topics covered in this
publication, contact a Macias Gini & O’Connell LLP client service partner.

2. Administrative Details
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2

3. Today’s Speaker: David Bullock,
CPA
David is an Assurance and Government
Advisory Services Partner in the San Francisco
Bay Area office of MGO. He has 18 years of
professional experience providing auditing,
accounting and consulting services. During the
past year, David has served as the engagement
partner for diverse clients such as the Cities of
Oakland, Palo Alto, and Pleasant Hill, County of
Alameda, and the San Francisco
Redevelopment Agency. In addition, David
currently serves as the contracted controller for
the Contra Costa County Redevelopment
Agency.
www.mgocpa.com
3

4. Polling Question #1
To what extent have you been following the drafts
of the CCMA White Paper on Redevelopment
Agencies … or have you had the opportunity to
read the final copy?
c) Very closely
d) Somewhat closely
e) On a limited basis
f) Not at all
4

5. Polling Question #2
What are your roles and responsibilities relating to
the Accounting and Financial Reporting of
Successor Agencies?
c) Accounting Department of a Successor Agency
d) Auditor-Controller’s Office of a California County
e) An Independent Auditor of a CPA Firm
f) Other
5

6. Today’s Agenda
 Structure and Presentation
 Accounting and Reporting
 Audit Requirements
 Q&A
6

7. Finding Levity Amidst the
Challenges
IN MEMORIAM ‐‐ OAKLAND REDEVELOPMENT AGENCY, 1956‐ 2012
OAKLAND, CA ‐‐ The Oakland Redevelopment Agency passed away peacefully at
midnight on February 1 at age 55. Cause of death was listed as ABX 26 flu, complicated
by acute EOPS poisoning. ORA, as she was affectionately known, was born on October
10, 1956. During ORA’s busy life, she was best known for transforming downtown
Oakland... She was especially proud of the thousands of affordable housing units she
helped produce for low income renters and homeowners. She even helped build the State
of California’s downtown headquarters, but was later abandoned by an ungrateful State
legislature and supreme court. She was estranged from her former CEO, Edmund G.
Brown of San Francisco, Calif. They had a whirlwind romance in the early part of this
century as ORA worked hard to make Mr. Brown’s 10K housing plan a reality; but he later
left her for higher office and even tried to seize her life savings, which he claimed was his
community property.
7

8. Structure and Presentation
 Successor Agency means “the county,
city or city and county” that authorized
the creation of each redevelopment
agency or another entity, as provided by
HSC.
 Legal counsel for the SCO’s Office has
made a determination that successor
agencies are not separate legal entities!
 Therefore, no longer a Component Unit
8

9. Structure and Presentation
 CCMA: Reporting Fund is to be a Private
Purpose Trust Fund
• What does that mean?
− Fiduciary Fund
− Report assets held in a trustee or agency capacity for
others, therefore cannot be used to support the
government's own programs
− Economic resources measurement focus and accrual
basis of accounting
− Combine individual sub-funds into one reporting fund
9

10. Structure and Presentation
 No balances in Government-Wide financial
statements at June 30, 2012!
 Impact to Governmental Funds
 Major Fund Determination
• For 2012, could be a significant change in the calculation
of major funds
− No ending assets or liabilities and only seven months of
revenues and expenditures
• Suggestion: keep the treatment consistent with 2011,
regardless of quantified results
10

11. Structure and Presentation
 Other Considerations
• Transmittal letter (CAFR only)
• Management’s Discussion and Analysis
• Notes to the basic financial statements
• Combining statements and schedules
• Statistical section (CAFR only)
11

12. Polling Question #3
Successor Agencies should be reported in the
financial statements as:
c) Component unit
d) Governmental funds
e) Enterprise funds
f) Fiduciary funds
12

13. Polling Question #3 Debrief
Successor Agencies should be reported in the
financial statements as:
d) Fiduciary funds
13

14. Polling Question #4
A private purpose trust fund is used to:
b) Account for tax-supported activities.
c) Report resources held by the reporting
government in a purely custodial capacity.
d) Report all trust arrangements under which the
principal and income benefit individuals, private
organizations, or other governments.
e) Report an activity for which a fee is charged to
external users for goods and services.
14

15. Polling Question #4 Debrief
A private purpose trust fund is used to:
c) Report all trust arrangements under which
the principal and income benefit individuals,
private organizations, or other governments.
15

16. Accounting and Reporting
 AB X1 26 requires dissolution on 2/1/12
• Final seven months will continue to be reported in
the governmental funds or as a discrete
component unit
• After dissolution, activity of the successor agency
will be reported in a fiduciary fund
 For entities that followed the CRA guidance -
Activity will have to be distinguished between
the former Redevelopment Agency and the
Successor Agency
 New Fund Required: “Redevelopment Obligation
Retirement Fund”
16

17. Accounting and Reporting
 Transfers of assets and liabilities of the former
RDA to the successor agency
• Reported as extraordinary gains/losses in
governmental funds and governmental activities
− Since government-wide financial statements
have capital assets and long-term debt, among
other differences, there will need to be a
reconciliation of these differences when
compared to governmental funds
• Reported as extraordinary gains/losses in the
trust fund or as additions (“net assets received
upon dissolution of redevelopment agency”)
17

18. Accounting and Reporting
 All transfers of assets and liabilities need to be
at carrying value (e.g. net book value)
− Same methodology proposed in GASB
Exposure Draft – Governmental
Combinations and Disposals of
Governmental Operations
− Extremely important to establish the
carrying value at the transfer date (i.e.,
cut-off)
18

19. Accounting and Reporting
 Extraordinary Items may include
• Unpaid advances from the City/County
• Transfers of properties held for resale and capital
assets at carrying value
• Transfers of outstanding bonds at carrying value
• Transfers of all other assets and liabilities
(including compensated absences, accrued
employee benefits, etc. that go to the successor
agency)
19

20. Accounting and Reporting
 Housing Funds
• Unencumbered balances of Low and Moderate
Income Housing Fund goes to the successor
agency
− Pending legislation
• Assets transferred to the housing successor
agency
− If the City/County elected to be the housing
successor, then the transferred assets should
be reported within its governmental funds … or
possibly an enterprise fund in the case where
a housing authority of the City/County elected
to be the the housing successor
20

21. Accounting and Reporting – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of Select Governmental Funds Reported in the Primary Government (i.e., city-wide)
CITY OF EXAMPLE
Governmental Funds - SELECT FUNDS ONLY
Balance Sheet
Note: Normally, the reporting date Note: Housing Successor
February 1, 2012
would be 6-30-12, however, we are
showing 2-1-12 for illustration of the
impact of the dissolution (closing the
Low and Tax Allocation
former redevelopment funds).
Moderate Refunding New City
Project Area Income Bonds Housing
One Housing Debt Service Fund Total
Assets:
Interest receivable $ - $ - $ - $ 10,000 $ 10,000
Notes and loans receivable - - - 1,058,000 1,058,000
Land held for redevelopment - - - 500,000 500,000
Total assets $ - $ - $ - $ 1,568,000 $ 1,568,000
Liabilities and Fund Balances:
Liabilities:
Deferred revenue $ - $ - $ - $ 600,000 $ 600,000
Fund balances:
Restricted for:
Low and moderate income housing - - - 968,000 968,000
Total liabilities and fund balances $ - $ - $ - $ 1,568,000 $ 1,568,000
21

22. Accounting and Reporting – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of Select Governmental Funds Reported in the Primary Government (i.e., city-wide)
Note: Excludes new
CITY OF EXAMPLE activity in the "New
Governmental Funds - SELECT FUNDS ONLY City Housing Fund"
Statement of Revenues, Expenditures and Changes in Fund Balances subsequent to 2/1/12.
For the Year Ended June 30, 2012
Low and Tax Allocation
Moderate Refunding New City
Project Area Income Bonds Housing
One Housing Debt Service Fund Total
Revenues:
Property taxes $ 712,000 $ 928,000 $ 3,000,000 $ - $ 4,640,000
Use of money and property 15,000 20,000 5,000 - 40,000
Other - 80,000 - - 80,000
Total revenues 727,000 1,028,000 3,005,000 - 4,760,000
Expenditures:
Current:
Community development 1,849,000 900,000 130,000 - 2,879,000
Debt service:
Principal - - 570,000 - 570,000
Interest and fiscal charges - - 597,000 - 597,000
Total expenditures 1,849,000 900,000 1,297,000 - 4,046,000
Excess (deficiency) of revenues
over (under) expenditures (1,122,000) 128,000 1,708,000 - 714,000
Other financing sources (uses)
Transfers in 200,000 - - 968,000 1,168,000
Transfers out (1,100,000) (1,668,000) (200,000) - (2,968,000)
Total other financing sources (uses) (900,000) (1,668,000) (200,000) 968,000 (1,800,000)
Extraordinary loss (562,000) (1,258,000) (1,552,000) - (3,372,000)
Change in fund balances (2,584,000) (2,798,000) (44,000) 968,000 (4,458,000)
Fund balances, beginning of year 2,584,000 2,798,000 44,000 - 5,426,000
Fund balances, end of year $ - $ - $ - $ 968,000 $ 968,000
22

23. Accounting and Reporting – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of Footnote Disclosure Reconciling Extraordinary Loss in Governmental Funds
CITY OF EXAMPLE
Reconciliation of the Extraordinary Loss Reported in Governmental Funds to
the Extraordinary Loss Recognized in the Fiduciary Fund Financial Statements
Total extraordinary loss reported in governmental funds - increase to net assets $ 3,372,000
Capital assets recorded in the government-wide financial statements -
Increase to net assets 500,000
Long-term liabilities reported in the government-wide financial statements -
Decrease to net assets:
Long-term debt (5,700,000)
Interest payable (190,000)
Total changes to net assets of the successor agency
as a result of initial transfer $ (2,018,000)
23

24. Accounting and Reporting – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Private Purpose Trust Fund
CITY OF EXAMPLE
Statement of Fiduciary Net Assets
Successor Agency to the Example Redevelopment Agency Private Purpose Trust Fund
February 1, 2012
Assets:
Cash and investments: Note: Normally, the reporting date
Held in City Treasury would be 6-30-12, however, we are $ 2,750,000
showing 2-1-12 for illustration of
Held with trustees initial balances transferred from the
650,000
Interest receivable former redevelopment agency. 8,000
Land held for redevelopment 86,000
Nondepreciable capital assets 500,000
Total assets 3,994,000
Liabilities:
Accounts payable and accrued liabilities 122,000
Interest payable 190,000
Long-term debt:
Due within one year 700,000
Due in more than one year 5,000,000
Total liabilities 6,012,000
Net Assets:
Held in trust for other purposes $ (2,018,000)
24

25. Accounting and Reporting – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Private Purpose Trust Fund
CITY OF EXAMPLE
Statement of Changes in Fiduciary Net Assets
Successor Agency to the Example Redevelopment Agency Private Purpose Trust Fund
For the Period February 1, 2012 through June 30, 2012
Establishing the "Extraordinary Loss" … at February 1, 2012
Additions: Note: Excludes new activity in
the private purpose trust fund
Property taxes $ -
subsequent to 2/1/12, in order to
Investment earnings isolate the initial transfer of -
Other assets and liabilities. -
Total additions -
Deductions:
Program expenses of former redevelopment agency -
Administrative expenses -
Interest and fiscal ageny expenses of former redevelopment agency -
Total deductions -
Extraordinary loss (2,018,000)
Change in net assets (2,018,000)
Net assets - beginning -
Net assets - ending $ (2,018,000)
25

26. Accounting and Reporting – January 31,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Stand Alone Audit of the Redevelopment Agency, before Dissolution
CITY OF EXAMPLE REDEVELOPMENT AGENCY
Statement of Net Assets
January 31, 2012
Governmental
Activities
Assets:
Cash and investments:
Held in City Treasury $ 2,750,000
Held with trustees 650,000
Interest receivable 18,000
Notes and loans receivable 1,058,000
Land held for redevelopment 586,000
Nondepreciable capital assets 500,000
Total assets 5,562,000
Liabilities:
Accounts payable and accrued liabilities 122,000
Interest payable 190,000
Long-term debt:
Due within one year 700,000
Due in more than one year 5,000,000
Total liabilities 6,012,000
Net Assets:
Invested in capital assets 500,000
Restricted for:
Low and moderate income housing 2,826,000
Debt service 1,742,000
Unrestricted (deficit) (5,518,000)
Total net deficit $ (450,000)
26

27. Accounting and Reporting – January 31,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Stand Alone Audit of the Redevelopment Agency, before Dissolution
CITY OF EXAMPLE REDEVELOPMENT AGENCY
Statement of Activities
For the Period July 1, 2011 through January 31, 2012
Governmental
Activities
Program Expenses:
Community development $ 2,319,000
Pass-through agreements 150,000
Developer tax sharing reimbursements 410,000
Intergovernmental 1,800,000
Interest and fiscal charges 617,000
Total program expenses 5,296,000
General Revenues:
Property taxes 4,640,000
Investment earnings 40,000
Other 130,000
Total general revenues 4,810,000
Change in net assets (486,000)
Net assets, beginning of year 36,000
Net deficit, end of year $ (450,000)
27

28. Accounting and Reporting – January 31,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Stand Alone Audit of the Redevelopment Agency, before Dissolution
CITY OF EXAMPLE REDEVELOPMENT AGENCY
Governmental Funds
Balance Sheet
January 31, 2012
Low and Tax Allocation
Moderate Refunding
Project Area Income Bonds
One Housing Debt Service Total
Assets:
Cash and investments:
Held in City Treasury $ 650,000 $ 1,200,000 $ 900,000 $ 2,750,000
Held with trustees - - 650,000 650,000
Interest receivable 6,000 10,000 2,000 18,000
Advances to other funds - 60,000 - 60,000
Notes and loans receivable - 1,058,000 - 1,058,000
Land held for redevelopment 86,000 500,000 - 586,000
Total assets $ 742,000 $ 2,828,000 $ 1,552,000 $ 5,122,000
Liabilities and Fund Balances:
Liabilities:
Accounts payable and accruals $ 120,000 $ 2,000 $ - $ 122,000
Deferred revenue - 600,000 - 600,000
Advances from other funds 60,000 - - 60,000
Total liabilities 180,000 602,000 - 782,000
Fund balances:
Restricted for:
Low and moderate income housing - 2,226,000 - 2,226,000
Debt service - - 1,552,000 1,552,000
Assigned for redevelopment 979,000 - - 979,000
Unassigned (417,000) - - (417,000)
Total fund balances 562,000 2,226,000 1,552,000 4,340,000
Total liabilities and fund balances $ 742,000 $ 2,828,000 $ 1,552,000 $ 5,122,000
28

29. Accounting and Reporting – January 31,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Stand Alone Audit of the Redevelopment Agency, before Dissolution
CITY OF EXAMPLE REDEVELOPMENT AGENCY
Reconciliation of the Balance Sheet of Governmental Funds to
the Statement of Net Assets - Governmental Activities
January 31, 2012
Total fund balances reported on the governmental funds balance sheet $ 4,340,000
Amounts reported for governmental activities in the statement of net assets
are different from those reported in the governmental funds above because
of the following:
Capital assets used in governmental activities are not financial resources and,
therefore, are not reported in the funds 500,000
Receivables not available:
Certain receivables are not available to pay for current period expenditures
and therefore are deferred in the governmental funds. 600,000
Long-term liabilities:
The liabilities below are not due and payable in the current period and
therefore are not reported in the governmental funds:
Long-term debt (5,700,000)
Interest payable (190,000)
Net deficit of governmental activities $ (450,000)
29

30. Accounting and Reporting – January 31,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Stand Alone Audit of the Redevelopment Agency, before Dissolution
CITY OF EXAMPLE REDEVELOPMENT AGENCY
Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balances
For the Period July 1, 2011 through January 31, 2012
Low and Tax Allocation
Moderate Refunding
Project Area Income Bonds
One Housing Debt Service Total
Revenues:
Property taxes $ 712,000 $ 928,000 $ 3,000,000 $ 4,640,000
Use of money and property 15,000 20,000 5,000 40,000
Other - 80,000 - 80,000
Total revenues 727,000 1,028,000 3,005,000 4,760,000
Expenditures:
Current:
Community development 1,419,000 900,000 - 2,319,000
Pass-through agreements 150,000 - - 150,000
Developer tax sharing reimbursements 280,000 - 130,000 410,000
Intergovernmental 1,100,000 700,000 - 1,800,000
Debt service:
Principal - - 570,000 570,000
Interest and fiscal charges - - 597,000 597,000
Total expenditures 2,949,000 1,600,000 1,297,000 5,846,000
Excess (deficiency) of revenues
over (under) expenditures (2,222,000) (572,000) 1,708,000 (1,086,000)
Other financing sources (uses)
Transfers in 200,000 - - 200,000
Transfers out - - (200,000) (200,000)
Total other financing sources (uses) 200,000 - (200,000) -
Change in fund balances (2,022,000) (572,000) 1,508,000 (1,086,000)
Fund balance, beginning of year 2,584,000 2,798,000 44,000 5,426,000
Fund balance, end of year $ 562,000 $ 2,226,000 $ 1,552,000 $ 4,340,000
30

31. Accounting and Reporting – January 31,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example of a Stand Alone Audit of the Redevelopment Agency, before Dissolution
CITY OF EXAMPLE REDEVELOPMENT AGENCY
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances
of Governmental Funds to the Statement of Activities - Governmental Activities
For the Period July 1, 2011 through January 31, 2012
Net change in fund balances - total governmental funds $ (1,086,000)
Amounts reported for governmental activities in the statement of activities
are different because of the following:
Long term debt transactions:
Repayment of bond principal is an expenditure in the governmental funds, but
in the statement of net assets the repayment reduces long-term liabilities. 570,000
Accrual of noncurrent items:
The amounts below included in the statement of activities do not provide or
(require) the use of current financial resources and therefore are not reported
as revenues or expenditures in governmental funds:
Change in deferred revenue 50,000
Change in interest payable (20,000)
Change in net assets of governmental activities $ (486,000)
31

32. Accounting and Reporting
 Disclosure of dissolution and transfer of assets
and liabilities
• A sample disclosure is included as part of the
CCMA White Paper
• Good starting point, but must be tailored to fit the
events and circumstances unique to your
organization
• Suggests to reconcile the difference between the
extraordinary gain/loss reported in the
governmental funds versus the fiduciary fund’s
extraordinary gain/loss or additions
32

33. Polling Question #5
Extraordinary items are:
b) Within the control of management that are either
unusual in nature or infrequent in occurrence
c) Unusual in nature not in the control of
management
d) Only infrequent in nature.
e) Both unusual in nature and infrequent in
occurrence.
33

34. Polling Question #5 Debrief
Extraordinary items are:
d) Both unusual in nature and infrequent in
occurrence.
34

35. Polling Question #6
The Low and Moderate Income Housing Fund (20%
Fund) balances are to be disposed as follows:
b) Encumbered balances are transferred to the
Successor Agency
c) Unencumbered balances are transferred to
the Successor Agency
d) Total balances transferred to the Successor
Agency
e) Transferred to the City’s General Fund
35

36. Polling Question #6 Debrief
The Low and Moderate Income Housing Fund (20%
Fund) balances are to be disposed as follows:
b) Unencumbered balances are transferred to
the Successor Agency
36

37. Audit Requirements
State and Local Audits/Oversight
•Actions of the Oversight Board = DOF
•Agreed-upon procedures engagements, directed
by the County Auditor-Controllers
• Due by 7/1/12 and submitted to SCO by 7/15/12
• Purpose (1) establish assets/liabilities, (2) pass-
through obligations, (3) determine the amount and
terms of indebtedness, and (4) “Certify” the initial
ROPS
•Actions of the County ACO = SCO
•SCO also reviews redevelopment asset transfers
made after 1/1/11 to determine if appropriate
37

38. Audit Requirements
 Transition Audits are highly recommended but
not required by the SCO (no legislative basis –
either for former RDA or SA)
• No direct funding for audits under ABX1 26
• Bond covenants may require a separate audit
 Two separate engagements are contemplated
as two separate entities involved
38

39. Audit Requirements
 The RDA Audit Guide – Auditing Procedures for
Accomplishing Compliance Audits of California
Redevelopment Agencies (August 2011) is no
longer in effect (i.e., no compliance audit
required)!!!
 SCO states there is no legislative basis to
require State Controller’s Reports or
Statements of Indebtedness
 Not yet known whether HCD reports will be
required
39

40. Polling Question #7
The State Department of Finance is responsible to:
b) Review the actions of the Oversight Board
c) Review the actions of the County Auditor-
Controller’s Office
d) Certify the Recognized Obligation Payment
Schedule
e) Review the redevelopment asset transfers made
after 1/1/11
40

41. Polling Question #7 Debrief
The State Department of Finance is responsible to:
c) Review the actions of the Oversight Board
41

42. Polling Question #8
A “Stub” period audit of the former redevelopment
agency is:
b) Required by the State Controller’s Office
c) Required by the State Department of Finance
d) Directly funded under ABX1 26
e) Not required, but recommended
42

43. Polling Question #8 Debrief
A “Stub” period audit of the former redevelopment
agency is:
d) Not required, but recommended
43

44. What’s Next?
 Pending legislation
 DOF has proposed trailer bill, with significant
changes to the existing laws and regulations in
the Health and Safety Code
 Administrative Costs will start to drop (5% to
3%, still subject to $250,000 … administrative
budget to be approved by the Oversight Board)
 Oversight Boards will consolidate on July 1,
2016
44

45. References
CCMA White Paper (CalCPA members only) -
http://www.calcpa.org/Content/24325.aspx
DOF -
http://www.dof.ca.gov/assembly_bills_26-27/view.php
SCO -
http://www.sco.ca.gov/ard_local_info_resources.html
League of California Cities -
http://www.cacities.org/Home
45

46. Closing Items
 Play this and previous MGO Academy webinars
at www.mgocpa.com/go/mgo/thought-leadership
 If you are eligible for CPE credit for today’s
session, you will receive the certificate
electronically in one to two weeks.
 Please complete and return the evaluation
survey, which you will receive via email.
46

47. Questions & Contact Info
Northern California Central California
San Francisco Bay Area: Sacramento:
David Bullock, Partner Richard Green, Partner
dbullock@mgocpa.com rgreen@mgocpa.com
(925) 395-2835 (916) 642-7046
Southern California
Los Angeles: Orange County:
Jim Godsey, Partner Linda Hurley
jgodsey@mgocpa.com lhurley@mgocpa.com
(310) 746-2177 (949) 296-4340
San Diego:
Kevin Starkey, Director
kstarkey@mgocpa.com
(619) 618-7211
Thank you for attending.
47