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HomeMy WebLinkAbout13-06 (No Separate Audit for SA for FY Ending 6-30-13)A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING THAT THE AUDIT FOR FISCAL YEAR ENDING JUNE 30, 2013 WILL BE THROUGH THE CITY OF TUSTIN'S ANNUAL AUDIT AND NOT REQUIRE A SEPARATE AUDIT FOR THE SUCCESSOR AGENCY The Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency finds, determines and declares as follows: A. The Tustin Community Redevelopment Agency ( "Agency ") was established as a community redevelopment agency that was previously organized and existing under the California Community Redevelopment Law, Health and Safety Code Sections 33000, et seq. ( "CRL ") and previously authorized to transact business and exercise the powers of a redevelopment agency pursuant to action of the City Council ( "City Council ") of the City of Tustin ( "City "); and B. AB X1 26 ( "AB26 ") added Parts 1.8 and 1.85 to Division 24 of the California Health and Safety Code, which laws cause the dissolution and wind down of all redevelopment agencies ( "Dissolution Act "); and C. On December 29, 2411, in the petition California Redevelopment Association v. Matosantos, Case No. 5194861, the California Supreme Court upheld the Dissolution Act and thereby all redevelopment agencies in California are subject to the Dissolution Act and were dissolved as of and on February 1, 2012; and D. The Agency is now a dissolved community redevelopment agency pursuant to the Dissolution Act; and E. By a resolution considered and approved by the City Council at an open public meeting on January 17, 2012 the City chose to become and serve as the "Successor Agency" to the dissolved Agency under the Dissolution Act; and F. As of and on and after February 1, 2012, the City serves as the "Successor Agency" and will perform its functions as the Successor Agency under the Dissolution Act to administer the enforceable obligations of the Successor Agency and otherwise unwind the Successor Agency's affairs, all subject to the review and approval by the seven - member Oversight Board formed thereunder; and G. Pursuant to Section 34179, the Successor Agency's Oversight Board has been formed and the initial meeting has occurred on March 13, 2012; and H. Section 34179(e), as amended by Assembly Bill 1484 ( "AB 1484 "), requires all actions taken by the Oversight Board to be adopted by resolution; and Oversight Board Resolution No. 13 -06 Page 1 of 3 Section 34177.3 of the Health and Safety Code requires the Successor Agency to cause an annual post audit of its financial transactions and records. The Department of Finance notes that Successor Agency activities will be audited and reported as a trust fund that will be included in the financial statements of the sponsoring government, however, it would prefer as best practice to have a separate set of audited financial statement completed. The Department of Finance states that the decision for a separate audit is best made at the local level. The Successor Agency is audited throught the City of Tustin's annual audit conducted by a Certified Public Accounting firm and stated as a separate Private Purpose Trust Fund on the audited financial statements and there are no funds available in the Successor Agency to conduct a separate audit; and NOW, THEREFORE, BE IT RESOLVED BY A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY: Section 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. Section 2. The Oversight Board approves that the audit for the Successor Agency for fiscal year ending June 30, 2013 will be through the City of Tustin's annual audit and not require a separate audit for the Successor Agency. Section 3. The City Manager of the Successor Agency or his authorized designee is Iffil-111-111111 directed to post this Resolution on the City/Successor Agency website. Section 4. This Resolution shall be effective after transmittal of this Resolution to the DoF and the expiration of five (5) business days pending a request for review by the DoF within the time periods set forth in Assembly Bill No. 1484, which amended the Dissolution Act and was approved by the Governor on June 27, 2012. In this regard, if the DoF requests review hereof, the DoF will have 40 days from the date of its request to approve this Oversight Board action or return it to the Oversight Board for reconsideration and the action, if subject to review by DoF, will not be effective until approved by the DoF. Section 5. The Secretary of the Oversight Board shall certify to the adoption of this Resolution. Oversight Board Resolution No. 13-06 Page 2 of 3 Doug D Oversig Tustin ATTEST: , r, 4_ E. "Chuck" Puckett, Secretary Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency STATE OF CALIFORNIA ) COUNTY OF ORANGE )SS CITY OF TUSTIN mrom oard of the Successor Agency to the munity Redevelopment Agency 1, CHARLES E. "CHUCK" PUCKETT, Secretary of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency, do hereby certify that the whole number of the members of the Agency Board is seven; that the above and foregoing Resolution No. 13 -06 was duly passed and adopted at a regular meeting of the Oversight Board, held on the 25th day of June, 2013, by the following vote: BOARD MEMBER AYES: Dayert, Puckett, Bernstein, Nielsen. (6) West, Soria BOARD MEMBER NOES: None (0) BOARD MEMBER ABSTAINED: None (0) BOARD MEMBER ABSENT: Fitzsimons (0) Charles E. "Chuck" Puckett, Secretary Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency Oversight Board Resolution No. 13-06 Page 3 of 3