Resolution Number SACRA 13-01-04-01
EXHIBIT A
to Successor Agency Resolution No. 13-01-04-01
Other Asset Due Diligence Review Report
(Attached)
SUCCESSOR AGENCY TO THE
SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY
Independent Accountant's Report on Applying
Agreed-Upon Procedures on the Successor Agency
to the San Juan Capistrano Community
Redevelopment Agency, Except its
Low and Moderate Income Housing Funds
As Prescribed in Section 34179.5 of
the California Health and Safety Code
EXHIBIT A
I
I
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I
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDF:VI<:LOPMENT AGENCY
Table of Contents
Page
Independent Accountant's Report on Applying Agreed-Upon Procedures ............................................... I
ATTACHMENT
A. Agreed-Upon Procedures and Findings-Successor Agency,
Except Its Low and Moderate Income Housing Funds ................................................................. 3
EXHIBITS
A. Former Redevelopment Agency, Excluding Its Low and Moderate Income
Housing Funds, Asset Transfers to the City of San Juan Capistrano for
the Period from January I, 2011 through January 31,2012 ....................................................... 11
B. Successor Agency, Excluding Its Low and Moderate Income Housing Funds,
Asset Transfers to the City of San Juan Capistrano for the Period from
February I, 2012 through June 30,2012 .................................................................................... 13
C. Former Redevelopment Agency, Excluding Its Low and Moderate Income
Housing Funds, Asset Transfers to Public Agencies for the Period from
January I , 20 II through January 31, 2012 ................................................................................. I 5
D. Condensed Summary of Financial Data ......................................................................................... I 7
E. Successor Agency Assets, Excluding Low and Moderate Income Housing
Funds Assets, Held by the Successor Agency at June 30, 2012 ................................................. 19
F. Successor Agency Restricted Assets, Excluding Low and Moderate Income
Housing Funds Restricted Assets, Held by the Successor Agency at
June 30, 20 12 .............................................................................................................................. 21
G. Successor Agency Assets Other than Cash and Cash Equivalents, Excluding
Low and Moderate Income Housing Funds Assets, Held by the Successor
Agency at June 30, 20 12 ................................................................................................. 23
H. Successor Agency Assets, Excluding Low and Moderate Income Housing
Funds Assets, Needed to Satisf'y Obligations on the Recognized Obligation
Payment Schedules (ROPS) for the Period from July I, 2012 through June 30, 2013 ............... 25
I. Successor Agency Assets, Excluding Low and Moderate Income Housing
Funds Assets, Available to Distribute to Affected Taxing Entities ............................................ 27
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Newport Beach
4675 MacArthur Court, Suite 600
Newport Beach, CA 92660
949.221.0025
Sacramento
Walnut Creek
Successor Agency to the Oakland
San Juan Capistrano Community
Redevelopment Agency WCentury City
San Juan Capistrano, California
Independent Accountant's Report on
Applying Agreed-Upon Procedures
We have performed the procedures in Attachment A, which were agreed to by the Successor Agency to
the San Juan Capistrano Community Redevelopment Agency (Successor Agency), California State
Controller's Office and California Department of Finance (collectively referred to as Specified Parties)
solely to assist you in determining the balances available for transfer to taxing entities from assets
transferred to the Successor Agency, except its Low and Moderate Income Housing Funds, from the
former redevelopment agency, as prescribed in Section 34179.5 of the California Health and Safety Code
(Code).
The scope of this engagement was limited to performing the agreed-upon procedures set forth in
Attachment A. Attachment A also identifies the findings noted as a result of the procedures performed.
Management of the Successor Agency is responsible for the accounting records. This agreed-upon
procedures engagement was conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the
responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency
of the procedures, either for the purpose for which this report has been requested, or for any other
purpose.
We were not engaged to and did not conduct an audit, the objective of which would be the expression of
an opinion on the assets transferred from the former redevelopment agency to the Successor Agency,
excluding its Low and Moderate Income Housing Funds, and the balances available for transfer to the
taxing entities. Accordingly, we do not express such an opinion. Had we performed additional procedures,
other matters might have come to our attention that would have been reported to you.
This report is intended solely for the information and use of the Successor Agency, California State
Controller's Office and the California Department of Finance, and is not intended to be, and should not
be, used by anyone other than these specified parties.
~ o~ 1' o ·~ L-t-P
Newport Beach, California
January 4, 2013
www.mgocpa.com
San Diego
Seattle
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2
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REHEVELOPMENT AGENCY
Attachment A-Agreed-Upon Procedures and Findings
Successor Agency, Except Its Low and Moderate Income Housing Funds
Our procedures and findings are as follows:
1) Procedure:
Obtain from the Successor Agency a listing of all assets that were transferred from the former
redevelopment agency to the Successor Agency, except its Low and Moderate Income -Housing
Funds, on or about February 1, 2012. Agree the amounts on this listing to account balances
established in tbe accounting records of the Successor Agency. IdentifY in the Agreed-upon
Procedures (AUP) report the amount of the assets transferred to the Successor Agency as of that
date.
Finding: We noted that the former community redevelopment agency transferred assets in the
amount of $26,575,015, excluding its Low and Moderate Income Housing Funds, to the
Successor Agency on February 1, 2012. We verified the transfers through a review of the
Successor Agency's accounting records.
2) Procedures:
If the State Controller's Office has completed its review oftrausfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as
an exhibit to the AUP report. Ifthis has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency of transfers of assets from the former
redevelopment agency (excluding payments for goods and services), excluding the Low and
Moderate Income Housing Funds, to the city, county, or city aud county that formed the
redevelopment agency for the period from January 1, 2011 through January 31, 2012. For
each transfer, the Successor Agency should describe the purpose of the transfer and describe
in what sense the transfer was required by one of the Agency's enforceable obligations or
other legal requirements. Provide this listing as au attachment to the AUP report.
B. Obtain a listing prepared by the Successor Agency oftmnsfers of assets (excluding payments
for goods and services) from the Successor Agency, excluding transfers from the Low and
Moderate Income Housing Funds held by the Successor Agency, to the city, county, or city
and county that formed the redevelopment agency for the period from February 1, 2012
through June 30, 2012. For each transfer, the Successor Agency should describe the purpose
of the transfer and describe in what sense the transfer was required by one of the Agency's
enforceable obligations or other legal requirements. Provide this listing as au attachment to
the A UP report
C. For each transfer, obtain the legal document that formed the basis for the enforceable
obligation that required the trausfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the trausfer.
Findings: We noted that the State Controller's Office has not completed its review of transfers
as of the date of this report. As such, we performed procedures 2A through 2C. Please refer to
Exhibits A aud B for the results of these procedures.
3
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
Attachment A-Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Funds
3) Procedures:
If the State Controller's Office has completed its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as
an exhibit to the AUP report. If this has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency of transfers of assets (excluding payments
for goods and services) from the former redevelopment agency, excluding the Low and
Moderate Income Housing Funds, to any other public agency or to private parties for the
period from January I, 2011 through January 31, 2012. For each transfer, the Successor
Agency should describe the purpose of the transfer and describe in what sense the transfer
was required by one of the Agency's enforceable obligations or other legal requirements.
Provide this listing as an attachment to the AUP report.
B. Obtain a listing prepared by the Successor Agency of transfers of assets (excluding payments
for goods and services) from the Successor Agency, excluding transfers from the Low and
Moderate Income Housing Funds held by the Successor Agency, to any other public agency
or private parties for the period from February I, 2012 through June 30, 2012. For each
transfer, the Successor Agency should describe the purpose of the transfer and describe in
what sense the transfer was required by one of the Agency's enforceable obligations or other
legal requirements. Provide this listing as an attachment to the AUP report.
C. For each transfer, obtain the legal document that formed the basis for the enforceable
obligation that required any transfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the transfer.
Findings: We noted that the State Controller's Office has not completed its review of transfers
as of the date of this report. Transfers to other public agencies or private parties, as defined in
Health and Safety Code 34179.5 (C)(3), is the " ... dollar value of any cash and cash equivalents
transfen·ed after January I, 2011 through June 30, 2012 ... " For procedures 3A and 3C, we
reviewed the legal documents that formed the basis for the enforceable obligations that required
any transfers and the language in the documents that required the transfers. The Successor
Agency noted no transfers were required to be reported for procedure 3B. Please refer to Exhibit
C for the results of procedures 3A and 3C.
4) Procedures:
A. Obtain from the Successor Agency a summary of the financial transactions of the
Redevelopment Agency and the Successor Agency in the format set forth in the attached
schedule for the fiscal periods indicated in the schedule. For purposes of this summary, the
financial transactions should be presented using the modified accrual basis of accounting.
End of year balances for capital assets (in total) and long-term liabilities (in total) should be
presented at the bottom of this summary schedule for information purposes.
B. Ascertain that for each period presented, the total of revenues, expenditures, and transfers
accounts fully for the changes in equity from the previous fiscal period.
4
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
Attachment A-Agreed-Upon Procednres and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Funds
C. Compare amounts in the schedule relevant to the fiscal year ended June 30, 20 I 0, to the State
Controller's Report filed for the Redevelopment Agency for that period.
D. Compare amounts in the schedule for the other fiscal periods presented to account balances in
the accounting records or other supporting schedules. Describe in the report the type of
support provided for each fiscal period.
Findings: No exceptions were noted as a result of applying these procedures. Please refer to
Exhibit D for a summary of the financial transactions of the Community Redevelopment Agency
and the Successor Agency for the periods ending June 30, 20 I 0, June 30, 2011, January 31, 2012,
and June 30, 2012. We agreed the financial transactions of the Community Redevelopment
Agency for the period ending June 30, 2010, to the corresponding audited financial statements
and State Controller's Report. We agreed the financial transactions of the Community
Redevelopment Agency for the period ending June 30, 20 II, to the corresponding audited
financial statements. We agreed the financial transactions of the Community Redevelopment
Agency for the period ending January 31, 2012 and for the Successor Agency for the period
ending June 30, 2012, to the respective agency's financial records.
5) Procedure:
Obtain from the Successor Agency a listing of all assets of all funds of the Successor Agency as
of June 30, 2012, excluding assets of its Low and Moderate Income Housing Funds. Agree the
assets so listed to recorded balances reflected in the accounting records of the Successor Agency.
The listings should be attached as an exhibit to the AUP report.
Finding: No exceptions were noted as a result of applying these procedures. Please refer to
Exhibit E for a listing of assets held by the Successor Agency, excluding its Low and Moderate
Income Housing Funds assets, as of June 30, 2012.
6) Procedures:
Obtain from the Successor Agency a listing of asset balances tmnsferred from the former
redevelopment agency, excluding its Low and Moderate Income Housing Funds, held on June 30,
2012, that are restricted for the following purposes:
A. Unspent bond proceeds:
i. Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures, amounts set aside for debt service payments,
etc.).
ii. Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specifY in the AUP report a
description of such documentation).
iii. Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by the Successor Agency as
restricted.
5
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
Attachment A-Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Funds
B. Grant proceeds and program income that are restricted by third parties:
i. Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
ii. Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
C. Other assets considered to be legally restricted:
i. Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
ii. Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
iii. Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of tbe balances that were identified by the Successor Agency as
restricted.
D. Attach the above mentioned Successor Agency-prepared schedule(s) as an exhibit to the AUP
report. For each restriction identified on these schedules, indicate in the report the period of
time for which the restrictions are in effect. If the restrictions are in effect until the related
assets are expended for their intended purpose, this should be indicated in the report.
Findings: No exceptions were noted as a result of applying these procedures. Please refer to
Exhibit F for the listing of the Successor Agency's restricted assets, excluding the Low and
Moderate Income Housing Funds assets, held by the Successor Agency at June 30,2012.
7) Procedures:
A. Obtain from the Successor Agency a listing of assets transferred from the former
redevelopment agency, excluding its Low and Moderate Income Housing Funds, as of June
30, 2012, that are not liquid or otherwise unavailable for distribution (such as capital assets,
land held for resale, long-term receivables, etc.), and ascertain if the values are listed at either
purchase cost (based on book value reflected in the accounting records of the Successor
Agency) or market value, as recently estimated by the Successor Agency.
B. If the assets listed at 7 A are listed at purchase cost, trace the amounts to a previously audited
financial statement (or to the accounting records of the Successor Agency) and note any
differences.
C. For any differences noted in 7B, inspect evidence of disposal of the asset and ascertain that
the proceeds were deposited into the Successor Agency trust fund. If the differences are due
to additions (this generally is not expected to occur), inspect the supporting documentation
and note the circumstances.
D. If the assets listed at 7A are listed at recently estimated market value, inspect the evidence (if
any) supporting the value and note the methodology used. If no evidence is available to
support the value and/or methodology, note the lack of evidence.
6
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
Attachment A-Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low aud Moderate Income Housing Foods
Findings: No exceptions were noted as a result of applying these procedures. Please refer to
Exhibit G for the listing of Successor Agency's assets other than cash and cash equivalents,
excluding Low and Moderate Income Housing Funds assets, held by the Successor Agency at
June 30, 2012.
8) Procedures:
A. If the Successor Agency believes that asset balances need to be retained to satisfY enforceable
obligations, obtain from the Successor Agency an itemized schedule of asset balances
(resources) as of June 30, 2012, that are dedicated or restricted for the funding of enforceable
obligations and perform the following procedures. The schedule should identify the amount
dedicated or restricted, the nature of the dedication or restriction, the specific enforceable
obligation to which the dedication or restriction relates, and the language in the legal
document that is associated with the enforceable obligation that specifies the dedication of
existing asset balances toward payment of that obligation.
i. Compare all information on the schedule to the legal documents that form the basis for
the dedication or restriction of the resource balance in question.
ii. Compare all current balances to the amounts reported in the accounting records of the
Successor Agency or to an alternative computation.
iii. Compare the specified enforceable obligations to those that were included in the final
Recognized Obligation Payment Schedule approved by the California Department of
Finance.
iv. Attach as an exhibit to the report the listing obtained from the Successor Agency. Identify
in the report any listed balances for which the Successor Agency was unable to provide
appropriate restrictive language in the legal document associated with the enforceable
obligation.
B. If the Successor Agency believes that future revenues, together with balances dedicated or
restricted to an enforceable obligation, are insufficient to fund future obligation payments,
and thus retention of current balances is required, obtain from the Successor Agency a
schedule of approved enforceable obligations that includes a projection of the annual
spending requirements to satisfY each obligation and a projection of the annual revenues
available to fund those requirements and perform the following procedures:
i. Compare the enforceable obligations to those that were approved by the California
Department of Finance. Procedures to accomplish this may include reviewing the letter
from the California Department of Finance approving the Recognized Enforceable
Obligation Payment Schedules for the six month period from January I, 2012 through
June 30, 2012, and for the six month period July I, 2012 through December 31, 2012.
ii. Compare the forecasted annual spending requirements to the legal document supporting
each enforceable obligation.
a. Obtain from the Successor Agency its assumptions relating to the forecasted annual
spending requirements and disclose in the report major assumptions associated
with the projections.
7
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
Attachment A-Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Funds
III. For the forecasted annual revenues:
a. Obtain from the Successor Agency its assumptions for the forecasted annual
revenues and disclose in the report major assumptions associated with the
projections.
C. If the Successor Agency believes that projected property tax revenues and other general
purpose revenues to be received by the Successor Agency are insufficient to pay bond debt
service payments (considering both the timing and amount of the related cash flows), ohtain
from the Successor Agency a schedule demonstrating this insufficiency and apply the
following procedures to the information reflected in that schedule.
i. Compare the timing and amounts of bond debt service payments to the related bond debt
service schedules in the bond agreement.
ii. Obtain the assumptions for the forecasted property tax revenues and disclose major
assumptions associated with the projections.
iii. Obtain the assumptions for the forecasted other general purpose revenues and disclose
major assumptions associated with the projections.
D. If procedures SA, 8B, or 8C were performed, calculate the amount of current unrestricted
balances necessary for retention in order to meet the enforceable obligations by performing
the following procedures.
i. Combine the amount of identified cnrrent dedicated or restricted balances and the amount
of forecasted annual revenues to arrive at the amount of total resources available to lund
enforceable obligations.
ii. Reduce the amount of total resources available by the amount forecasted for the annual
spending requirements. A negative result indicates the amount of current unrestricted
balances that needs to be retained.
iii. Include the calculation in the AUP report.
Findings: For procedures 8A through 8D, we noted the Successor Agency did not believe that
asset balances, excluding the Low and Moderate Income Housing Funds assets, held by the
Successor Agency pertaining to these procedures are dedicated or restricted for the funding of
enforceable obligations.
9) Procedure:
If the Successor Agency believes that cash balances as of June 30, 2012, need to be retained to
satisfy obligations on the Recognized Obligation Payment Schedule (ROPS) for the period of
July I, 2012 through June 30,2013, obtain a copy of the final ROPS for the period of July I,
2012 through December 31,2012, and a copy of the final ROPS for the period January I, 2013
through June 30, 2013. For each obligation listed on the ROPS, tbe Successor Agency should
add columns identifYing (I) any dollar amounts of existing cash that are needed to satisfy that
obligation and (2) the Successor Agency's explanation as to why the Successor Agency believes
that such balances are needed to satisfY the obligation. Include this schedule as an attachment to
the A UP report.
8
SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
Attachment A-Agreed-Upon Procedures and Findings (Continued)
Successor Agency, Except Its Low and Moderate Income Housing Funds
Finding: The Successor Agency believes that cash balances as of June 30, 2012, in the amount
of $4,024,653 need to be retained to satisfy certain obligations for the period of July I, 2012
through June 30, 2013. Please refer to Exhibit H for the results of these procedures.
1 0) Procedure:
Include a schedule detailing the computation of the Balance Available for Allocation to Affected
Taxing Entities from Successor Agency assets, excluding Low and Moderate Income Housing
Funds assets. Amounts included in the calculation should agree to the results of the procedures
performed in each section above. The schedule should also include a deduction to recognize
amounts already paid to the County Auditor-Controller on July 12, 2012, as directed by the
California Department of Finance. The amount of this deduction presented should be agreed to
evidence of payment.
Finding: Please refer to Exhibit I for the calculation of the Balance Available for Allocation to
Affected Taxing Entities.
II) Procedure:
Obtain a representation letter from Successor Agency management acknowledging their
responsibility for the data provided to the practitioner and the data presented in the report or in
any attachments to the report. Included in the representations should be an acknowledgment that
management is not aware of any transfers (as defined by Section 34179.5) from either the former
Redevelopment Agency or the Successor Agency to other parties for the period from January 1,
2011 through June 30, 2012, that have not been properly identified in the AUP report and its
related exhibits. Management's refusal to sign the representation letter should be noted in the
AUP report, as required by attestation standards.
Finding: No exceptions were noted as a result of applying this procedure.
9
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CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
EXHIBIT A-FORMER REDEVELOPMENT AGENCY, EXCLUDING ffS LOW AND MODERATE INCOME HOUSING FUNDS, ASSE'If TRANSFERS
TO THE CITY OF SAN JUAN CAPISTRANO F'OR TilE PERIOD FROM JANUARY 1, 201! THROUGH .JANUARY 31,2012
Asset
description Name of the recipient Date of transfer
Cash City of San Juan Capistrano June 14,2011
2 Cash City of San Juan Capistrano June 14,2011
3 Cash City of San Juan Capistrano September 8, 2011
Book value of asset
at date oftransfer
$ 750,000
Describe the purpose ofthe transfer and specify the enforceable obligation or
other legal requirement requiring such transfer and the date of such requi~-~-l"l'l~l"l~· Finding
The purpose of this transfer was to satisfy the payment due to the City under a Bond $
Anticipation Agreement dated January 20, 1988. This loan is payable on demand from the
City and was scheduled in the FY 2010/11 budget This loan is an enforceable obligation
under Health & Safety Code Section 34l71(dX2) and was subsequently approved by the
DOF on Recognized Obligation Payment Schedule (ROPS) I.
50,000 Trulis Acquisition-Loan Agreement dated October 1, 1998 -This loan is payable upon the
sale of Lower Rosan Ranch (which has not yet been sold) or ten years after the Joan date.
In 2009, the former RDA began making payments to the City, pending the sale of the
Lower Rosan Ranch Property, and this payment was the scheduled payment in the FY
2010/ll budget.
60.695 This transfer satisfies the former RDA's AB 1389 statutory pass-through payment
obligation for FY 201 Oil!.
s 860,695
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12
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3
4
5
6
7
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9
10
II
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15
16
17
CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
EXHIBIT B ~SUCCESSOR AGENCY, EXCLUDING ITS LOW AND MODERATE INCOME HOUSING FUNDS, ASSET TRANSFERS
TO THE CITY OF SAN JIJAN CAPISTRANO FOR THE PERIOD FROM FEBRUARY I, 2012 THROUGH ,JUNE 30,2012
Describe the purpose ofthe transfer and specify the enforceable
Book value of asset obligation or other legal requirement requiring such transfer and
Asset Description Name of the recipient Date of Transfer at date of transfer the date of such requirement
Cash City of San Juan Capistrano June 29,2012 $ 2,000,000 Cooperation Agreement between former RDA and the City~
Capistrano Pointe Project (Approved enforceable obligation
payment on ROPS I, per Jetter dated May 28, 20 12).
Cash City of San Juan Capistrano June 29,2012 250,000 Bond Anticipation Agreement dated January 20, 1988 ~
scheduled payment, per 2010/2011 budget (Approved
enforceable obliga1ion payment on ROPS I, per letter dated
May 28, 2012).
Land Held for Resale:
Historic Town Center Park City of San Juan Capistrano May 16,2012 I ,753,355
Bias Aguilar Adobe City of San Juan Capistrano May 16,2012 362,957
Los Rios Park-Phase II City of San Juan Capistrano May 16,2012 1,200,000 For Items 3-17, the Successor Agency property was designated
as governmental use by the Oversight Board (OB) on May 16,
Kinoshita Fannland City of San Juan Capistrano May 16,2012 686,183 2012 (Resolution 12-05-16-01 ), and therefore was transferred
Former Pacific Bell City of San Juan Capistrano May 16,2012 620,723 to the City_ The Department of Finance (DOF) did not request
Remnant property along Pasco City of San Juan Capistrano May 16,2012 review of this action, and the assets \verc deemed approved and
Adelanto transferred to the City effective May 16,2012. Under AB
Kord!Herrera City of San Juan Capistrano May 16,2012 282,464 1484, the OB confirmed its action (Resolution 12-09-19-01)
Texaco Parking Lot City of San Juan Capistrano May 16,2012 1,027,862
under AB 1484 guidelines and S1.1bmitted the list again on
September 21,2012. The DOF did not request review within
Love Parking Lot City of San Juan Capistrano May 16,2012 348,788 five (5) business days, so the list is deemed approved.
Mitchell Parking Lot City of San Juan Capistrano May 16,2012 455,956 However~ the DOF requested review of four (4) items on
Veteran's Park and Portion of City of San Juan Capistrano May 16,2012 October 3, 2012 (eight business days after submittal). The
Mitchell Parking Lot Successor Agency provided infonnation regarding the basis for
Library Parking Lot City of San Juan Capistrano May 16,2012 629,342 the transfer for its records. The action of the OB was final on
multiple occasions based on ABIX26 and AB 1484, the last
Property adjacent to the Regional City of San Juan Capistrano May 16,2012 such finalization being the "no action" by the DOF to
Libmry challenging the OB within 60 days aner the OB approval on
Capital Asset Imnrovcmcnts:
September 19,2012, as required by Health & Safety Code
Restroom Improvements City of San Juan Capistrano May 16,2012 166,065
Section 3418l(f).
Los Rios Park -Phase I City of San Juan Capistrano May 16,2012 187,947
$ 9,971,642
Finding
$
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14
Asset Description
Cash
2 Cash
3 Cash
4 Cash
5 Cash
6 Cash
7 Cash
8 Cash
9 Cash
10 Cru;h
II Ca.:;h
u,
CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
EXHIBIT C *FORMER REDF.VELOPMF.NT AGENCY, J<:XCLUDING ITS LOW AND MODERATE INCOME HOUSING FUNDS,
ASSET TRANSFERS TO PUBLIC AGENCIES FOR THE PERIOD J<'ROM JANUARY 1, 2011 THROUGH .JANUARY 31,2012
Name of the recipient Date of Transfer
County of Orange March 10,2011
Orange County Fire Authority March 10,2011
County of Orange September 8, 2011
Orange County Fire Authority September 8, 2011
Capistrano Unified School District September 8, 2011
South Orange County Community College District September 8, 2011
South Orange County Community College District September 8, 2011
Orange County Office of Education September 8, 20 II
Orange County Cemetery District September 8, 2011
Orange County Vector Control District September 8, 2011
Orange County Transportation Authority September 8, 2011
Book value of asset at
date of transfer
$ 252,365
436,724
230,667
384,442
1,052,178
172,817
73,826
11,816
268
603
1,517
$ 2,617,223
Describe the purpose of the transfer and specify the
enforceable obligation or other !ega! requirement requiring
such transfer and the date of such requirement
Pass-Through Agreements dated 1983, 1984, and 1986
Pass-Through Agreements dated 1983, 1984, and 1986
Pass-Through Agreements dated 1983,1984, and 1986
Pa.:;s-Through Agreements dated 1983, 1984, and 1986
Pass-Through Agreement dated March 5, 1986, restated
January7, 1986,andMay 19,1997
Pass-Through Agreement dated Oct0bcr 6, 1983
Pass-Through, Statutory (AB 1389)
Pass-Through, Statutory (AB 1389)
Pass-Through, Statutory (AB 1389)
Pass-Through, Statutory (AB 1389)
Pass-Through, Statutory (AB1389)
Finding
$
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~,
CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
EXHIBIT D-CONDENSED SUMMARY OF FINANCIAL DATA
Redevelopment Redevelopment Redevelopment Successor
Agency Agency Agency Agency
12 Months Ended 12 Months Ended 7 Months Ended 5 Months Ended
6/30/2010 6130/2011 1/31/2012 6/30/2012
Assets:
Cash and investments $ 26,871,805 $ 23,502,095 $ 22,983,164 $ 19,542,129
Cash and investments with fiscal agent 1,774,618 1,774,619 2,407,647 1,774,619
Tax increment receivable 161,654 136,024
Accounts receivable 141,212 106,212 71,212 36,783
Accrued interest receivable 184,025 15,482 7,845 17,656
Notes receivable 9,246,919 6,215,919 6,158,974 827,646
Land held for resale 14,180,606 13,877,849 13,877,849 6,510,ll9
Total Assets $ 52,560,839 $ 28,708,952
Liabilities:
Accounts payable $ 1,891,731 $ 2,356,072 $ 571,051 $ 37,153
Amounts due to taxing entities 4,322,067
Other liabilities 970,718 436,305 776,936
Total Liabilities 2,862,449 2,792,377 1,347,987 4,901,981
Equity 49,698,390 42,835,823 44,158,704 23,806,971
Total Liabilities+ Equity $ 45,628,200 $ 45,506,691 $ 28,708,952
Total Revenues $ 9,212,438 $ 8,401,137 $ 4,604,330 $ 122,094
Total Expenditures/Expenses (11,504,937) (15,263,704) (3,281,449) (7,740,021)
Transfers from the City
of San Juan Capistrano 665,750
Extraordinary Gain 31,424,898
Net change in equity (1,626,749) (6,862,567) 1,322,881 23,806,971
Beginning Equity 51,325,139 49,698,390 42,835,823
Ending Equity $ 49,698,390 $ 42,835,823 $ 44,158,704
Reconciliation of Redevelopment Agency Ending Equity at January 31, 2012, to Successor Agency Beginning Equity at February 1, 2012
Redevelopment Agency Ending Equity $ 44,158,704
Transfer to San Juan Capistrano
Housing Successor (5,366,176).
Transfer of Land Held for Resale
to the City of San Juan Capistrano (7,367,630)
Extraordinary gain on RDA dissolution (31 ,424,898)
Successor Agency Beginning Equity $
*At February 1, 2012, all assets and liabilities of the former RDA were initial!y transferred to the Successor Agency; subsequently, on May 16, 2012. the assets and
related liabilities of the Low and Moderate Income Housing Funds of the former RDA were transferred to the Housing Successor in the amount of$5,366, 176.
Other Information (show year end balances for all three years presented)
Capital Assets at yearHend, gross $ 7,111,055 S
Long term debt at year~cnd, gross 47,897,937
17
6,302,042
47,970,464
$
44,859,574
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CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
EXHIBIT E-SUCCESSOR AGENCY ASSETS, EXCLUDING LOW AND MODERATE INCOME
HOUSING FUNDS ASSETS, HELD BY THE SUCCESSOR AGENCY AT JUNE 30, 2012
Assets 6/30/2012
Cash and investments $ 6,339,849
Cash and investments with fiscal agent 1,774,619
Accounts receivable 36,783
Accrued interest receivable 17,656
Notes receivable 827,646
Land held for resale 19
Total Assets $ 15,506,672
19
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N
A. Unsp~nt Bond Prosceds
Cash and investments
Assets
Cash and investments with fisc~! agent
Total Assets
B. Grant Proceeds and Program Income
Total Assets
C. Other Assets Considered LegaUv Restricjed
Total Assets
Snmmary ofRestrkted Assets Listed in Tables A, 8 and C
CITY OF SAN JUAN CAPISTRA.t"\10 C0:\1:\1lJNITY REDEVELOPMENT AGENCY
EXHIBIT F-SUCCESSOR AGENCY RESTRICTED ASSETS, EXCLUDING LOW AND MODERATE
INCOME HOUSING FU:\!DS RESTRICTED ASSETS, HELD BY THE SUCCESSOR AGENCY AT JUNE 36,2612
$
6/30(2012 Computation of the Restricted Balance
1,956,678 Unspent bond proceeds, less re~tricted cm;h,
plus intere<;t e~rncd, at June 30, 2012
1,774,619 ReserveFund
3,731.297
3,731,297
Source for the C-omputation of Identify tho;-document requiring the restricti['ln_ For each restrktion
the restricted balance (i.e identified on these scherlules, indicate the perit'd of time for which thr-
acC(HlDting records or other restrir-tions arc in effect Note whether the restrictions are in effect until the
supporting documentation)
Accounting Records
Accounting Recnrds
related assets are expended for their intended purpose
Page 14· 1.5 of the Official Statement, 2008 Tax Allocation Floods and
Indenture of Trust, Series A, restrictions in effect until the related ~sscts
arc expended for their intended purpose
The Official Statement requires the reserve until the related assets arc
expended for their intended purpmc
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N
'-''
Asset
Accotmts Receivable
Accrued Interest Receivable
Notes Receivable
Land Held for Resale
Total Assets
CITY OF SAN JUAN CAPISTRANO COMMl!NITY RIWEVELOPME"'T AGENCY
EXIIIBIT G-SUCCESSOR AGENCY ASSETS OTHER THAN CASH AND CASH EQUIVALENTS, I<:XCLUDING LOW
AND MODERATE INCOME HOUSING FUNDS ASSETS, HELD BY THE SUCCESSOR AGENCY AT JUNE 30,2012
Basis
(i.e. Book Value/
6/30/2012 Fair \1arket Value)
36.783 Book Value
17.656 Book Value
827,646 Book Value
6,51 0,119 Book Value
7,392,204
Description of the records provided Sttpporting the book value listed (i.e. previously audited
financial statements or the accounting records) and any differences noted. If differences pertain
to disposal of assets, note whether the proceeds were deposited into the Successor Agency
Accounting Records
Accounting Records
Accounting Records
Accounting Records
Description of the methodology used to support the market
value listed. If no evidence is avnilable to support the value
and/or the methodology used, note as a finding in the report.
,;,
,;,
,;,
,;,
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24
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CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
EXHIBIT I -SUCCESSOR AGENCY ASSETS, EXCLUDING LOW AND MODERATE INCOME HOUSING FUND ASSETS,
AVAILABLE TO DISTRIBUTE TO An'ECTED TAXING ENTITIES
SUMMARY OF BALANCES AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES
Total amount of assets held by the Successor Agency as ofJune 30,2012 (procedure 5)
Add the amount of any assets transferred to the city or other parties for which an enforceable
obligation with a third party requiring such transfer and obligating the use of the transferred
assets did not exist (procedures 2 and 3)
Less assets legally restricted for uses specified by debt covenants, grant restrictions,
or restrictions imposed by other governments (procedure 6)
Less a.;;sets that are not cash or cash equivalents (e.g., physical assets)~ (procedure 7)
Less balances that are legally restricted for the funding of an enforceable obligation
(net of projected annual revenues available to fund those obligations) -(procedure 8)
Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9)
Less the amount of payments made on July 12, 20 I 2 to the County Auditor-Controller,
as directed by the California Department of Finance
Amount to be remitted to the County for disbursement to taxing entities
27
$ 15,506,672
(3,731,297)
(7,392,204)
( 4,024,653)
$ 358,518
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EXHIBIT B
to Successor Agency Resolution No. 13-01-04-01
Recognized Obligation Payment Schedule
for the Period January 1, 2013 to June 30, 2013
(Attached)
EXHIBIT B - Page 1 of 8
EXHIBIT B - Page 2 of 8
EXHIBIT B - Page 3 of 8
EXHIBIT B - Page 4 of 8
EXHIBIT B - Page 5 of 8
EXHIBIT B - Page 6 of 8
EXHIBIT B - Page 7 of 8
EXHIBIT B - Page 8 of 8