Low and Moderate Income Housing Fund and Other Assets Due Diligence Reviews

HSC Section 34179.5 requires each Successor Agency to employ a licensed accountant, approved by the County Auditor-Controller and with experience and expertise in local government accounting, to conduct a due diligence review to determine the unobligated balances available for transfer to taxing entities. As an alternative, an audit provided by the County Auditor-Controller that provides the information required by this section may be used to comply with this section with the concurrence of the Oversight Board.

Low and Moderate Income Housing Fund Due Diligence Reviews

Due Diligence reviews of the Low and Moderate Income Housing Fund must be submitted to the Oversight Board, the county auditor-controller, the State Controller’s Office and Finance by October 1, 2012. The Oversight Board has until October 15, 2012 to review, approve, and transmit to Finance and County Auditor-Controller the determination of the amount of cash and cash equivalents that are available for disbursement to taxing entities.

All Other Funds and Accounts Due Diligence Reviews

Due Diligence reviews of all other funds and accounts must be submitted to the Oversight Board for the Successor Agency, the County Auditor-Controller, the State Controller’s Office, and Finance by December 15, 2012. The Oversight Board has until January 15, 2013 to review, approve, and transmit to Finance and County Auditor-Controller the determination of the amount of cash and cash equivalents that are available for disbursement to taxing entities.

Webpage last updated December 3, 2013

Governor Brown
Finance Director Michael Cohen

    Organizational Change

    Effective July 1, 2016, the Local Government Unit within the California State Department of Finance (Finance) will merge with Finance's Office of State Audits and Evaluations. This is an organizational change only and will not impact Finance's statutory duties in carrying out the redevelopment agency (RDA) dissolution statutes. All previously established processes, RDA webpage, and RAD App will remain unchanged.

Top