Due Diligence Review
AB 26 and AB 1484 require a licensed accountant prepare reviews of the former redevelopment agency funds. Click here for more detailed Background.
AB 26 Review of Former Redevelopment Agency Funds
Pursuant to AB 26 the County of San Diego completed an audit of the Former RDA's assets in October 2012:
AB 1484 Due Diligence Review of Former Redevelopment Agency Funds
AB 1484 requires due diligence reviews of the Former RDA's Housing and Non-Housing funds.
Housing Due Diligence
Non-Housing Due Diligence
On June 27, 2012, the State Legislature enacted Assembly Bill 1484 ("AB 1484"), which modified AB 26 substantially. Pursuant to California Health and Safety Code ("Code") Section 34179.5 of AB 1484, two Due Diligence Reviews ("DDR") are required, including a DDR of the Low and Moderate Income Housing Fund ("Housing DDR") and a DDR of other remaining, non-housing account balances. Each DDR must be prepared by a licensed accountant with experience and expertise in local government accounting, approved by the county auditor-controller ("CAC"), to determine the Former RDA’s unobligated balances available for transfer to taxing entities.
The Successor Agency selected, and the CAC approved, the independent accounting firm of Macias Gini & O’Connell, LLP ("MGO") to complete each DDR. MGO’s report applying the agreed upon procedures for the Housing DDR ("MGO Report") is under preparation. Pursuant to Code Section 34179.6(b), the Oversight Board must hold a public comment session on the MGO Report at least five business days before holding a meeting to consider approval of the amount of cash and cash equivalents related to housing assets that are available for disbursement to taxing entities as determined in the MGO Report. The public comment session is anticipated to occur on December 4, 2012, and the approval meeting is anticipated to occur on December 11, 2012.