The document provides guidance from the California Committee on Municipal Accounting (CCMA) on accounting and financial reporting considerations for successor agencies of California redevelopment agencies following their dissolution. Key points include:
- Successor agencies should report the assets of former redevelopment agencies in a private-purpose trust fund rather than as a blended component unit due to their custodial role.
- Dissolution on February 1, 2012 requires a change in financial presentation from the previous year to distinguish pre- and post-dissolution activity.
- Impacts include eliminating redevelopment funds from governmental activities and recognizing related transfers, gains, and losses.
Take an in depth look at the bankruptcy trends in Virginia, as well as find out more about the types of bankruptcy options. For more visit http://www.tbrclaw.com
2009 PIU Presentation Final - Erin Hardwickemallen4
The document provides a summary of a presentation given by the executive director of the South Carolina Association of CPAs (SCACPA). It covers a wide range of topics including the current economy, major accounting issues, regulatory changes, and initiatives of the SCACPA. Highlights include discussions on fair value accounting, mobility for CPAs, the FASB codification project, XBRL requirements, and international convergence of accounting standards.
This document is a slideshow presentation on public banking. It discusses three main topics: 1) the budget problem faced by states and municipalities, with limited options for resolving budget shortfalls, 2) why establishing a public bank could help address budget issues by creating money through lending, and 3) what actions could be taken to establish public banks. Some key points made include that public projects spend a large portion of their budgets on interest payments to private banks, and that states with more community banks have fewer foreclosures and more lending during economic downturns compared to states dominated by large banks.
This document summarizes the debate around regulating the payday lending industry in the United States. It outlines the Consumer Financial Protection Bureau's proposed regulations to curb predatory lending practices and establish consumer protections. It also discusses opposing legislation, the Consumer Protection and Choice Act, which would weaken the CFPB's authority. The document examines arguments from supporters of reform who see payday loans as debt traps, as well as counterarguments from opponents who believe regulation limits access to credit. Case studies from states with differing regulatory approaches are also considered.
The bankruptcy of Vallejo, California redefined the concept of municipal solvency under Chapter 9. While Vallejo had $136 million in cash reserves, the court determined this was restricted funding with legal obligations and could not be used to address immediate needs, establishing that a municipality can be insolvent prospectively. This precedent gives municipalities leverage in negotiations with unions by establishing bankruptcy as a real option to restructure agreements. Many cities have since implemented two-tier wage systems, outsourced services, or taken other steps to restructure costs in response to the new landscape created by the Vallejo decision.
The Digital Reserve Network ("DRN") is an open-source financial services suite designed to enable peer-to-peer payments, sustainable lending, and collateral free borrowing. The DRN will leverage a native cryptocurrency – Denarii. The Digital Reserve aims to create a public benefit by engaging in research and implementation of best practices for financial literacy the design and promotion of software or hardware solutions to increase financial accessibility and the flow of capital to disadvantaged or distressed communities.
This document is a newsletter from First National Wealth Management that contains several articles:
1. It discusses strong corporate profits in the last quarter of 2013 and expectations for continued profit growth in 2014, though slower overall economic growth is expected.
2. It provides an update on interest rates from Federal Reserve Chair Janet Yellen, who signaled rates will remain low for some time to support the economy.
3. It summarizes a recent tax court ruling that clarified the one-year rule for tax-free IRA rollovers applies per taxpayer rather than per IRA, as the IRS publication had stated. This will result in changes to IRS guidance.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
Take an in depth look at the bankruptcy trends in Virginia, as well as find out more about the types of bankruptcy options. For more visit http://www.tbrclaw.com
2009 PIU Presentation Final - Erin Hardwickemallen4
The document provides a summary of a presentation given by the executive director of the South Carolina Association of CPAs (SCACPA). It covers a wide range of topics including the current economy, major accounting issues, regulatory changes, and initiatives of the SCACPA. Highlights include discussions on fair value accounting, mobility for CPAs, the FASB codification project, XBRL requirements, and international convergence of accounting standards.
This document is a slideshow presentation on public banking. It discusses three main topics: 1) the budget problem faced by states and municipalities, with limited options for resolving budget shortfalls, 2) why establishing a public bank could help address budget issues by creating money through lending, and 3) what actions could be taken to establish public banks. Some key points made include that public projects spend a large portion of their budgets on interest payments to private banks, and that states with more community banks have fewer foreclosures and more lending during economic downturns compared to states dominated by large banks.
This document summarizes the debate around regulating the payday lending industry in the United States. It outlines the Consumer Financial Protection Bureau's proposed regulations to curb predatory lending practices and establish consumer protections. It also discusses opposing legislation, the Consumer Protection and Choice Act, which would weaken the CFPB's authority. The document examines arguments from supporters of reform who see payday loans as debt traps, as well as counterarguments from opponents who believe regulation limits access to credit. Case studies from states with differing regulatory approaches are also considered.
The bankruptcy of Vallejo, California redefined the concept of municipal solvency under Chapter 9. While Vallejo had $136 million in cash reserves, the court determined this was restricted funding with legal obligations and could not be used to address immediate needs, establishing that a municipality can be insolvent prospectively. This precedent gives municipalities leverage in negotiations with unions by establishing bankruptcy as a real option to restructure agreements. Many cities have since implemented two-tier wage systems, outsourced services, or taken other steps to restructure costs in response to the new landscape created by the Vallejo decision.
The Digital Reserve Network ("DRN") is an open-source financial services suite designed to enable peer-to-peer payments, sustainable lending, and collateral free borrowing. The DRN will leverage a native cryptocurrency – Denarii. The Digital Reserve aims to create a public benefit by engaging in research and implementation of best practices for financial literacy the design and promotion of software or hardware solutions to increase financial accessibility and the flow of capital to disadvantaged or distressed communities.
This document is a newsletter from First National Wealth Management that contains several articles:
1. It discusses strong corporate profits in the last quarter of 2013 and expectations for continued profit growth in 2014, though slower overall economic growth is expected.
2. It provides an update on interest rates from Federal Reserve Chair Janet Yellen, who signaled rates will remain low for some time to support the economy.
3. It summarizes a recent tax court ruling that clarified the one-year rule for tax-free IRA rollovers applies per taxpayer rather than per IRA, as the IRS publication had stated. This will result in changes to IRS guidance.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
- JPMorgan Chase reported net income of $6.5 billion for 2Q13, with EPS of $1.60. Revenue was $26.0 billion.
- Key business segments like Consumer & Business Banking and Mortgage Banking remained strong, while the company continued to strengthen its balance sheet.
- The company saw improvements in its Basel III Tier 1 common capital ratio to 9.3% and maintained solid returns on equity and assets.
Our changing state: the realities of austerity and devolutionBrowne Jacobson LLP
One year on from our first roundtable and follow up report ‘The Path to Greater Regional Devolution’, the ‘devolution revolution’ has moved on considerably. Since February 2015 we have seen the Government’s Cities and Local Government Devolution Bill receive Royal Assent, a national programme of area-based reviews of post 16 education and training as part of the Government’s ‘skills devolution’ agenda and the announcement that Cornwall is to become the first rural authority in England to agree a devolution deal.
This period of unprecedented change raises a series of complex challenges, risks and concerns that demand further consideration, discussion and debate. Since the May 2015 General Election devolution deals with more than seven areas have been agreed so will local government structures become more confusing after devolution? What effect will this have on accountability? What conflicts will there be between the new combined authorities and existing local authority arrangements? What lessons can we learn from Welsh devolution? The Government has expressed a desire for greater fiscal devolution but is this realistic?
Chaired by Sir Paul Jenkins, the former Treasury Solicitor, our second roundtable on devolution discussed these issues and many more with local and central government leaders, policy influencers and stakeholders including Centre for Cities, Department for Transport, Grant Thornton, Lawyers in Local Government, LGiU, Local Government Ombudsman, Nottinghamshire Fire & Rescue, Staffordshire County Council, The Department for Communities and Local Government, The Financial Times, The National Forest Company and The Welsh Government.
Our second report, Our Changing State: the Realities of Austerity and Devolution, summarises the key themes and thoughts that emerged from the roundtable and proposes a series of recommendations for further discussion and consideration by both local authorities and other key stakeholders as the country continues along the path towards even greater regional devolution.
https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2016/04/the-realities-of-austerity-and-devolution
Not-for-Profit Compensation Controversies Continue to Add Fuel to the FireCBIZ, Inc.
Compensation in the not-for profit sector has been a consistent lightning rod for the IRS and other federal governing bodies, as well as for states, for many years.
The document discusses an indictment against A. Eddy Zai, the owner of an EB-5 regional center, and two others related to fraud, bribery, money laundering, conspiracy, and false statements. This indictment is connected to a conspiracy that resulted in the collapse of the St. Paul Croatian Federal Credit Union. Specifically, the indictment alleges that Zai conspired with others to submit false loan documents to the credit union, defraud it of $16.7 million, and pay bribes and kickbacks to a credit union executive in exchange for approving loans to Zai and his companies between 2003 and 2010. The credit union was placed into conservatorship in 2010 as a result.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
The document summarizes key fiscal issues facing Congress and the Obama administration. It reports that the Congressional Budget Office warned that allowing the Bush tax cuts to expire and automatic spending cuts to take effect would likely trigger a recession, but continuing high deficits would hamper the government's ability to respond to future crises. It also notes that House Democratic Leader Nancy Pelosi predicted Congress would address the fiscal cliff in the lame duck session to avoid going over it.
The JOBS Act makes several major changes to U.S. securities laws:
1. It allows "emerging growth companies" with less than $1 billion in annual revenue to delay complying with certain financial reporting requirements like auditor attestation and say-on-pay votes for up to 5 years after going public.
2. It relaxes restrictions on analyst research and communications between analysts, bankers, and potential investors during IPO registrations for emerging growth companies.
3. It liberalizes private placement rules by allowing general solicitation and advertising of private offerings, as long as participation is limited to accredited investors.
This document summarizes the benefits of pursuing long-term federal construction contracts. It discusses that federal projects provide a stable market, even during economic downturns. Experience meeting commitments and quality work are keys to success as a federal contractor. The American Recovery and Reinvestment Act provides over $100 billion for infrastructure projects like transportation, renewable energy, and building construction. Companies interested in federal work should focus on gaining experience to match contract requirements.
- The document discusses commentary on a New York Times article that was critical of inconsistencies in how states define Targeted Employment Areas for EB-5 projects.
- There is disagreement on whether most EB-5 projects are those Congress envisioned in rural/high unemployment areas or if developers are "gaming the system" through TEA designations.
- The author provides commentary on these issues after meeting with the New York Times reporters, including that large city developers have advantages over rural areas in accessing EB-5 investor funds.
Valeant Pharmaceuticals will finance its $8.7 billion acquisition of Bausch + Lomb with $7.5 billion in debt through a term loan and bonds. Proceeds will also repay $4.2 billion of B+L's existing debt, leaving Valeant's leverage ratio at 4.6 times earnings before interest, taxes, depreciation and amortization. Goldman Sachs is arranging the financing for the deal, which is expected to close in the third quarter.
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
What You Need to Know about Changing 401k Plan Rules in 2015401kRollover.com
Since the U.S. retirement account crisis exploded in 2007, investors in pensions, IRAs, 403b and 401k plans have been bombarded with proposed rule changes that have beneficial-sounding titles, but are nothing more than government-led programs meant to keep the Ponzi scheme of the dollar and U.S. debt alive.
The document discusses recent developments in tax reform efforts. It notes that Senate Finance Committee tax reform working groups are nearing their deadline to report recommendations to the full committee. There is growing support among lawmakers for a "patent box" tax regime to encourage domestic intellectual property activity. However, concerns remain about potential costs and overlaps with the research and development tax credit. Lawmakers are also working on short-term extensions of highway funding and tax extenders as broader tax reform efforts continue.
The document discusses potential funding sources for a proposed Philadelphia Public Bank by examining the city's Comprehensive Annual Financial Report (CAFR). The CAFR reveals billions in largely untapped liquid assets and the sizable pension funds, which could provide start-up capital and long-term deposits for the bank. Redirecting a small portion of pension investments and reallocating some city funds and assets could sufficiently capitalize the bank. The public bank could offer safer, more stable returns than some current pension investments while also promoting local jobs and businesses.
This document provides an overview of depository institutions, including commercial banks, thrifts, savings banks, and credit unions. It discusses their size, structure, products, balance sheets, regulation, and recent performance trends. The largest U.S. depository institutions are Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo. Regulation comes from agencies like the FDIC, OCC, and Federal Reserve. There has been significant consolidation in the industry and a blurring of product lines between different financial institution types over time.
The document discusses financial well-being and how it is defined by the Consumer Financial Protection Bureau. Financial well-being has four key components: having control over day-to-day finances, having the capacity to absorb financial shocks, being on track to meet financial goals, and having financial freedom to enjoy life. The document focuses on the first two components - having control over finances and absorbing financial shocks. It emphasizes the importance of an emergency fund and having a back-up plan for income to be prepared for unexpected expenses and job loss.
Mortgage banking has evolved significantly in recent years due to regulatory changes. Stricter rules were implemented to address issues that arose from the subprime mortgage crisis, requiring lenders to establish compliance departments to ensure adherence to regulations. For small and mid-sized mortgage banks, establishing and maintaining an effective compliance department is very costly. As a result, industry experts predict that many small and mid-sized lenders will be forced to close, merge with larger lenders, or sell their business, as generating sufficient revenue to cover the expenses of compliance will be challenging without a high loan volume of at least $25 million per month. Over time, this will likely lead to consolidation in the industry with mostly large national lenders and banks
The document provides guidance from the California Committee on Municipal Accounting (CCMA) on accounting and financial reporting considerations for successor agencies of California redevelopment agencies following their dissolution. Key points include:
- Successor agencies should report the assets of former redevelopment agencies in a private-purpose trust fund rather than as a blended component unit.
- Dissolution on February 1, 2012 requires a change in financial presentation, separating activities before and after that date.
- Transfers, gains/losses, and fund balances will be impacted by the change in reporting structure from governmental to fiduciary funds.
The document discusses various types of alternative energy sources including biofuels, wind power, hydropower, and heating. Biofuels are made from feedstocks like vegetable oils and animal fats through a process called transesterification. The document questions whether biofuels are a reasonable alternative energy supply and whether wind power and hydropower could be practical energy sources in urban or rural settings.
- JPMorgan Chase reported net income of $6.5 billion for 2Q13, with EPS of $1.60. Revenue was $26.0 billion.
- Key business segments like Consumer & Business Banking and Mortgage Banking remained strong, while the company continued to strengthen its balance sheet.
- The company saw improvements in its Basel III Tier 1 common capital ratio to 9.3% and maintained solid returns on equity and assets.
Our changing state: the realities of austerity and devolutionBrowne Jacobson LLP
One year on from our first roundtable and follow up report ‘The Path to Greater Regional Devolution’, the ‘devolution revolution’ has moved on considerably. Since February 2015 we have seen the Government’s Cities and Local Government Devolution Bill receive Royal Assent, a national programme of area-based reviews of post 16 education and training as part of the Government’s ‘skills devolution’ agenda and the announcement that Cornwall is to become the first rural authority in England to agree a devolution deal.
This period of unprecedented change raises a series of complex challenges, risks and concerns that demand further consideration, discussion and debate. Since the May 2015 General Election devolution deals with more than seven areas have been agreed so will local government structures become more confusing after devolution? What effect will this have on accountability? What conflicts will there be between the new combined authorities and existing local authority arrangements? What lessons can we learn from Welsh devolution? The Government has expressed a desire for greater fiscal devolution but is this realistic?
Chaired by Sir Paul Jenkins, the former Treasury Solicitor, our second roundtable on devolution discussed these issues and many more with local and central government leaders, policy influencers and stakeholders including Centre for Cities, Department for Transport, Grant Thornton, Lawyers in Local Government, LGiU, Local Government Ombudsman, Nottinghamshire Fire & Rescue, Staffordshire County Council, The Department for Communities and Local Government, The Financial Times, The National Forest Company and The Welsh Government.
Our second report, Our Changing State: the Realities of Austerity and Devolution, summarises the key themes and thoughts that emerged from the roundtable and proposes a series of recommendations for further discussion and consideration by both local authorities and other key stakeholders as the country continues along the path towards even greater regional devolution.
https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2016/04/the-realities-of-austerity-and-devolution
Not-for-Profit Compensation Controversies Continue to Add Fuel to the FireCBIZ, Inc.
Compensation in the not-for profit sector has been a consistent lightning rod for the IRS and other federal governing bodies, as well as for states, for many years.
The document discusses an indictment against A. Eddy Zai, the owner of an EB-5 regional center, and two others related to fraud, bribery, money laundering, conspiracy, and false statements. This indictment is connected to a conspiracy that resulted in the collapse of the St. Paul Croatian Federal Credit Union. Specifically, the indictment alleges that Zai conspired with others to submit false loan documents to the credit union, defraud it of $16.7 million, and pay bribes and kickbacks to a credit union executive in exchange for approving loans to Zai and his companies between 2003 and 2010. The credit union was placed into conservatorship in 2010 as a result.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
The document summarizes key fiscal issues facing Congress and the Obama administration. It reports that the Congressional Budget Office warned that allowing the Bush tax cuts to expire and automatic spending cuts to take effect would likely trigger a recession, but continuing high deficits would hamper the government's ability to respond to future crises. It also notes that House Democratic Leader Nancy Pelosi predicted Congress would address the fiscal cliff in the lame duck session to avoid going over it.
The JOBS Act makes several major changes to U.S. securities laws:
1. It allows "emerging growth companies" with less than $1 billion in annual revenue to delay complying with certain financial reporting requirements like auditor attestation and say-on-pay votes for up to 5 years after going public.
2. It relaxes restrictions on analyst research and communications between analysts, bankers, and potential investors during IPO registrations for emerging growth companies.
3. It liberalizes private placement rules by allowing general solicitation and advertising of private offerings, as long as participation is limited to accredited investors.
This document summarizes the benefits of pursuing long-term federal construction contracts. It discusses that federal projects provide a stable market, even during economic downturns. Experience meeting commitments and quality work are keys to success as a federal contractor. The American Recovery and Reinvestment Act provides over $100 billion for infrastructure projects like transportation, renewable energy, and building construction. Companies interested in federal work should focus on gaining experience to match contract requirements.
- The document discusses commentary on a New York Times article that was critical of inconsistencies in how states define Targeted Employment Areas for EB-5 projects.
- There is disagreement on whether most EB-5 projects are those Congress envisioned in rural/high unemployment areas or if developers are "gaming the system" through TEA designations.
- The author provides commentary on these issues after meeting with the New York Times reporters, including that large city developers have advantages over rural areas in accessing EB-5 investor funds.
Valeant Pharmaceuticals will finance its $8.7 billion acquisition of Bausch + Lomb with $7.5 billion in debt through a term loan and bonds. Proceeds will also repay $4.2 billion of B+L's existing debt, leaving Valeant's leverage ratio at 4.6 times earnings before interest, taxes, depreciation and amortization. Goldman Sachs is arranging the financing for the deal, which is expected to close in the third quarter.
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
What You Need to Know about Changing 401k Plan Rules in 2015401kRollover.com
Since the U.S. retirement account crisis exploded in 2007, investors in pensions, IRAs, 403b and 401k plans have been bombarded with proposed rule changes that have beneficial-sounding titles, but are nothing more than government-led programs meant to keep the Ponzi scheme of the dollar and U.S. debt alive.
The document discusses recent developments in tax reform efforts. It notes that Senate Finance Committee tax reform working groups are nearing their deadline to report recommendations to the full committee. There is growing support among lawmakers for a "patent box" tax regime to encourage domestic intellectual property activity. However, concerns remain about potential costs and overlaps with the research and development tax credit. Lawmakers are also working on short-term extensions of highway funding and tax extenders as broader tax reform efforts continue.
The document discusses potential funding sources for a proposed Philadelphia Public Bank by examining the city's Comprehensive Annual Financial Report (CAFR). The CAFR reveals billions in largely untapped liquid assets and the sizable pension funds, which could provide start-up capital and long-term deposits for the bank. Redirecting a small portion of pension investments and reallocating some city funds and assets could sufficiently capitalize the bank. The public bank could offer safer, more stable returns than some current pension investments while also promoting local jobs and businesses.
This document provides an overview of depository institutions, including commercial banks, thrifts, savings banks, and credit unions. It discusses their size, structure, products, balance sheets, regulation, and recent performance trends. The largest U.S. depository institutions are Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo. Regulation comes from agencies like the FDIC, OCC, and Federal Reserve. There has been significant consolidation in the industry and a blurring of product lines between different financial institution types over time.
The document discusses financial well-being and how it is defined by the Consumer Financial Protection Bureau. Financial well-being has four key components: having control over day-to-day finances, having the capacity to absorb financial shocks, being on track to meet financial goals, and having financial freedom to enjoy life. The document focuses on the first two components - having control over finances and absorbing financial shocks. It emphasizes the importance of an emergency fund and having a back-up plan for income to be prepared for unexpected expenses and job loss.
Mortgage banking has evolved significantly in recent years due to regulatory changes. Stricter rules were implemented to address issues that arose from the subprime mortgage crisis, requiring lenders to establish compliance departments to ensure adherence to regulations. For small and mid-sized mortgage banks, establishing and maintaining an effective compliance department is very costly. As a result, industry experts predict that many small and mid-sized lenders will be forced to close, merge with larger lenders, or sell their business, as generating sufficient revenue to cover the expenses of compliance will be challenging without a high loan volume of at least $25 million per month. Over time, this will likely lead to consolidation in the industry with mostly large national lenders and banks
The document provides guidance from the California Committee on Municipal Accounting (CCMA) on accounting and financial reporting considerations for successor agencies of California redevelopment agencies following their dissolution. Key points include:
- Successor agencies should report the assets of former redevelopment agencies in a private-purpose trust fund rather than as a blended component unit.
- Dissolution on February 1, 2012 requires a change in financial presentation, separating activities before and after that date.
- Transfers, gains/losses, and fund balances will be impacted by the change in reporting structure from governmental to fiduciary funds.
The document discusses various types of alternative energy sources including biofuels, wind power, hydropower, and heating. Biofuels are made from feedstocks like vegetable oils and animal fats through a process called transesterification. The document questions whether biofuels are a reasonable alternative energy supply and whether wind power and hydropower could be practical energy sources in urban or rural settings.
This document discusses a student's experience studying abroad in Prague through the Erasmus program. It covers various aspects of the program including classes at the ITC, experiences riding public transportation, use of the Moodle online platform, and visits to cultural sites like the Morgan Library. The student received high marks and grades across content, presentation, and pedagogy.
This document describes a book that is a unique reference for students and teachers of writing. It contains word lists, writing strategies, and instruction for various genres like stories, reports, essays, and more. The book provides 75 word lists, definitions of writing concepts, and complete guidance for descriptive, narrative, discussion, and other styles of writing. It is presented as an invaluable single resource for students from grades 5 through college to improve their writing and vocabulary.
Hosted by Ms. Dong, this document contains a series of questions and answers about atomic structure, the periodic table, and chemical properties. It covers topics like atomic number, subatomic particles, electron configuration, periodic trends, ionization energy, and properties of metals, nonmetals and noble gases. The questions are arranged in sections covering atomic structure, valence electrons, the periodic table, and periodic trends.
Antonis Samaras is the Prime Minister of Greece, having been born in Athens in 1951. He is a member of the Nea Demokratia political party and attended Athens College where he studied physics. Samaras currently serves as the Prime Minister of Greece.
Een uitleg van verslaving en de gelaagde manier waarop daarnaar ekeken kan worden om een fatsoenlijke bejegening en een handige aanpak te garanderen.
Het Mens-Paard-Krokodil model van Piet Vroon geeft hierbij richting
1) This document provides an overview of the Grade 2B classroom, including introductions of the teacher and teaching assistant, an outline of the units of inquiry, and descriptions of the approaches to literacy, math, and assessment.
2) The classroom utilizes a transdisciplinary and differentiated approach to encourage connected, student-centered learning. Core subjects are taught through six units of inquiry that relate to real-world topics.
3) Assessment is ongoing through pre-assessments, formative assessments during units, and summative assessments where students apply their learning. Progress is reported several times a year, and students maintain an online portfolio.
The document discusses concussions in sports, specifically among young athletes. It notes that concussions have risen 60% according to reports, though the actual number may be higher since some athletes do not report injuries for fear of not being allowed to play. The sports with the highest rates of concussion are hockey, football, basketball, and soccer at the high school level. While more men sustain concussions, women are more likely than boys to suffer concussions playing the same sports, possibly due to weaker neck muscles in women. The document lists common concussion symptoms and questions about preventing, evaluating, and treating concussions.
Dokumen tersebut membahas tentang pengertian kalimat, pola kalimat dasar, jenis kalimat berdasarkan struktur gramatikal dan bentuk gaya (retorika). Secara garis besar, dibahas mengenai unsur-unsur yang membentuk kalimat, pola dasar kalimat bahasa Indonesia, jenis kalimat tunggal dan majemuk, serta jenis kalimat berdasarkan gaya penyajian atau retorika.
Kehidupan reproduksi wanita mulai dari masa menstruasi sampai menupouseRifka Marwani
Bab I pendahuluan membahas latar belakang tentang proses biologis wanita seperti menarche, menstruasi, kehamilan, laktasi, nifas, dan menopause. Bab ini juga menjelaskan rumusan masalah dan tujuan penulisan makalah ini."
This document discusses the importance of customer loyalty for telecom operators. It notes that telecom operators face challenges like high customer churn, demanding customers with low loyalty, and similar service offerings from competitors. The top priority for operators is increasing customer loyalty. However, many loyalty programs are too little, too late. The document then introduces Comarch Loyalty Management as a solution that can help operators achieve their customer loyalty objectives and respond to current needs in the market.
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. HSBC recently closed bank accounts of some organizations and individuals, including Muslim charities, as it reassesses its risk tolerance. This follows a trend of banks "de-risking" in response to anti-terror and money laundering regulations and reputational damage from financial scandals.
2. Charities moving funds internationally can be seen as "vulnerable" by regulators due to risk of terrorist or money laundering activities in some areas. Compliance costs and risks are high, driving banks away from some clients and services.
3. Charities receiving donations through the failed online platform CharityGiving.com will only receive around a third of the owed funds, distributed evenly rather than distinguishing pre
This document provides information on financing foreign direct investment projects in the United States. It discusses various options for obtaining financing in the initial years of a project, including using equity from the parent company or obtaining loans from the parent company, parent company's bank, or a U.S.-based bank. It also discusses obtaining longer term local financing after a few years of successful operations. The document provides advice on selecting banking partners and monitoring financial activities in the U.S.
This document provides information about ratio analysis and financial statement analysis. It discusses various types of ratios used in ratio analysis such as liquidity ratios, turnover ratios, leverage ratios, and profitability ratios. It provides definitions and formulas to calculate key ratios like current ratio, quick ratio, inventory turnover ratio, debtors turnover ratio, creditors turnover ratio, and debt-equity ratio. Sample calculations for these ratios from 2005-06 to 2008-09 are given along with diagrams to show the trends. The document emphasizes the importance of ratio analysis in evaluating the financial performance and position of a business.
Running Head AN EFFECTIVE AND SUCCESSFUL LEADER .docxSUBHI7
Running Head: AN EFFECTIVE AND SUCCESSFUL LEADER 1
AN EFFECTIVE AND SUCCESSFUL LEADER 2
An Effective and Successful Leader
Name
Institution
An Effective and Successful Leader
One of the most successful and effective leaders across the world is the Catholic Church pope. Pope Francis is an effective leader who has moved across the world preaching peace and tolerance among the worrying nations and communities. The Argentinean clergyman has been instrumental in preaching peace across the world and urging people to leave in peace and harmony and in tolerance with one another. His attributes make many people across to admire him and his service to the church and the world at large. Personally, I feel attracted to the pope and consider him my personal and invisible mentor for several reasons.
The pope’s charismatic leadership style of leadership distinguishes him from many other leaders across the world. He is able to connect with many people and understand what message they need and therefore able to express himself further. He sends his message across from a Christian perspective and is able to respond to the spiritual needs of the people (Andreini, Rinallo, Pedeliento & Bergamaschi, 2017). Moreover, the pope leaves a self-less life with simplicities that anyone else can emulate.
Pope Francis loves all and preaches the message of love across the world and wherever he goes. He condemns the acts of violence and hatred against others and prays for an equal opportunity for all. Moreover, he expresses that the church as an institution ought to help its people in healing wounds and preaching peace. This attribute makes one rethink his move and begin loving the people of God because we all have one origin.
The pope remains focused on his message that he sends across the world. He insists that the world leaders should show mercy to the poor and the less fortunate members of the society and not to exploit them (Bender & Arrocha, 2017). Most of the leaders of today have total disregard for the disadvantaged members of the society.
Reference
Andreini, D., Rinallo, D., Pedeliento, G., & Bergamaschi, M. (2017). Brands and Religion in the Secularized Marketplace and Workplace: Insights from the Case of an Italian Hospital Renamed After a Roman Catholic Pope. Journal of Business Ethics, 141(3), 529-550.
Bender, S. W., & Arrocha, W. F. (2017). Introduction. In Compassionate Migration and Regional Policy in the Americas(pp. 1-15). Palgrave Macmillan UK.
HA 3011 Advanced Financial Accounting
Assessment item 2 — Assignment
Due date: 11.00pm Friday Week 10
Weighting: 20%
Assessment Task Part A (10 Marks)
In the excel file “Find Your Company” you will find the listed company you have been given
for this course. This file will be made available on Friday of Week 4. Complete this assignment
for the company you have be ...
A financial statement audit is bound to produce questions on financial statement reporting, and many are matters that are better addressed before the start of the audit. Questions addressed during the reporting year can save not-for-profit organizations a lot of time during their next audit and could eliminate potential control deficiencies reported as a result of addressing these prior to the audit. The following are among the top questions we routinely hear from our clients.
This document provides feedback on a student assignment regarding a Sovereign Debt Restructuring Mechanism (SDRM). It discusses the student's strengths in presenting cases for and against an SDRM using insights from international law. If implemented, an SDRM could help resolve debt crises more efficiently than current ad hoc methods. However, there are also challenges to enforcing sovereign debt contracts internationally due to issues with jurisdiction over sovereign assets. The document analyzes examples like Argentina's ongoing debt restructuring to explore legal and institutional aspects of SDRMs.
The Importance Of Volunteer AccountingBarb Tillich
The United States allocates funding to refugee resettlement through its Department of Education budget. This evaluation examines the financial process for refugee resettlement and ways it could be improved. Funding is intended to support refugees for their first 90 days in the US, but long-term success requires adequate resources. The system could benefit from ensuring funds are used effectively to promote self-sufficiency over time.
The Dodd-Frank Act aims to create a more stable financial system through increased regulations and consumer protections. It establishes new regulatory agencies, restrictions on large banks, and hundreds of new rules. The act aims to end taxpayer bailouts of financial institutions, increase transparency, and protect investors. One key change was removing Regulation Q which prohibited paying interest on business checking accounts, potentially impacting banks' revenues and customers' cash management strategies.
This document discusses changes to accounting standards ASC 350 and ASC 805 that provide relief for private companies. It summarizes that the Private Company Council works with FASB to establish alternatives within GAAP for private entities. For ASC 350, private companies can now amortize goodwill over 10 years rather than performing annual impairment tests. For ASC 805, private companies no longer need to value and separate out non-compete agreements and many customer relationships in business acquisitions. The goal is to reduce complexity and costs of financial reporting for private businesses.
Steven Siefert's presentation to the Wisconsin Chapter of the American Society of Appraisers on ASC 805 and ASC 350 Changes for Private Companies.This presentation covers PCC and FASB changes to GAAP pertaining to business combinations and impairment testing for privately-held companies.
The document is the transcript of an earnings conference call for a financial services company. In the call:
- The CEO discusses challenging market conditions and reports a Q3 net loss of $0.32 per share due to credit market impacts. However, core operating earnings were $1.04 per share.
- The CFO provides more details on financial results, balance sheet strength with over $4B in cash, and capital levels. Expenses were also down 6% year-over-year.
- While markets continue to impact business, the company remains financially strong with liquidity, capital reserves, and a diversified revenue model to weather the difficult environment.
Here are a few key reasons why accounting is basically a language and information system for businesses:
1. Accounting provides a standardized system and language for recording, classifying, and summarizing financial transactions and events. The accounting language (e.g. debits, credits, accounts, financial statements) allows people both inside and outside an organization to understand its financial activities and position.
2. Accounting data is organized into accounts and financial statements that tell a story about a business - where money comes from, where it goes, assets, liabilities, and equity. The financial statements (income statement, balance sheet, statement of cash flows) communicate key financial information using the accounting language.
3. The accounting information system processes
This document summarizes several news stories related to accounting standards and financial reporting. It discusses tensions between the SEC chairman Arthur Levitt and the Financial Accounting Standards Board over the composition and independence of the FAF board. It also reports on the appointment of John Flaherty as the new chairman of the Committee of Sponsoring Organizations, which oversees internal control standards. Additionally, it describes Ernst & Young's launch of an online management consulting service called "Ernie" that allows clients to access advice via the Internet.
This document summarizes the findings of a survey on shared services conducted with 150 senior local authority managers in England. Some key findings include:
- 89% of local authorities currently share back office functions, frontline services, or both with other public bodies.
- 65% plan to increase sharing of back office functions in the next year and 89% in the next two years. 68% plan increased frontline sharing in the next year and 91% in the next two years.
- Environmental services and social care were most commonly identified as frontline areas for future sharing.
The survey found growing willingness among local authorities to explore new partnerships and delivery models for services, including increased openness to working with the private sector.
Similar to California redevelopment dissolution (16)
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slackshyamraj55
Discover the seamless integration of RPA (Robotic Process Automation), COMPOSER, and APM with AWS IDP enhanced with Slack notifications. Explore how these technologies converge to streamline workflows, optimize performance, and ensure secure access, all while leveraging the power of AWS IDP and real-time communication via Slack notifications.
Full-RAG: A modern architecture for hyper-personalizationZilliz
Mike Del Balso, CEO & Co-Founder at Tecton, presents "Full RAG," a novel approach to AI recommendation systems, aiming to push beyond the limitations of traditional models through a deep integration of contextual insights and real-time data, leveraging the Retrieval-Augmented Generation architecture. This talk will outline Full RAG's potential to significantly enhance personalization, address engineering challenges such as data management and model training, and introduce data enrichment with reranking as a key solution. Attendees will gain crucial insights into the importance of hyperpersonalization in AI, the capabilities of Full RAG for advanced personalization, and strategies for managing complex data integrations for deploying cutting-edge AI solutions.
HCL Notes and Domino License Cost Reduction in the World of DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-and-domino-license-cost-reduction-in-the-world-of-dlau/
The introduction of DLAU and the CCB & CCX licensing model caused quite a stir in the HCL community. As a Notes and Domino customer, you may have faced challenges with unexpected user counts and license costs. You probably have questions on how this new licensing approach works and how to benefit from it. Most importantly, you likely have budget constraints and want to save money where possible. Don’t worry, we can help with all of this!
We’ll show you how to fix common misconfigurations that cause higher-than-expected user counts, and how to identify accounts which you can deactivate to save money. There are also frequent patterns that can cause unnecessary cost, like using a person document instead of a mail-in for shared mailboxes. We’ll provide examples and solutions for those as well. And naturally we’ll explain the new licensing model.
Join HCL Ambassador Marc Thomas in this webinar with a special guest appearance from Franz Walder. It will give you the tools and know-how to stay on top of what is going on with Domino licensing. You will be able lower your cost through an optimized configuration and keep it low going forward.
These topics will be covered
- Reducing license cost by finding and fixing misconfigurations and superfluous accounts
- How do CCB and CCX licenses really work?
- Understanding the DLAU tool and how to best utilize it
- Tips for common problem areas, like team mailboxes, functional/test users, etc
- Practical examples and best practices to implement right away
Communications Mining Series - Zero to Hero - Session 1DianaGray10
This session provides introduction to UiPath Communication Mining, importance and platform overview. You will acquire a good understand of the phases in Communication Mining as we go over the platform with you. Topics covered:
• Communication Mining Overview
• Why is it important?
• How can it help today’s business and the benefits
• Phases in Communication Mining
• Demo on Platform overview
• Q/A
For the full video of this presentation, please visit: https://www.edge-ai-vision.com/2024/06/building-and-scaling-ai-applications-with-the-nx-ai-manager-a-presentation-from-network-optix/
Robin van Emden, Senior Director of Data Science at Network Optix, presents the “Building and Scaling AI Applications with the Nx AI Manager,” tutorial at the May 2024 Embedded Vision Summit.
In this presentation, van Emden covers the basics of scaling edge AI solutions using the Nx tool kit. He emphasizes the process of developing AI models and deploying them globally. He also showcases the conversion of AI models and the creation of effective edge AI pipelines, with a focus on pre-processing, model conversion, selecting the appropriate inference engine for the target hardware and post-processing.
van Emden shows how Nx can simplify the developer’s life and facilitate a rapid transition from concept to production-ready applications.He provides valuable insights into developing scalable and efficient edge AI solutions, with a strong focus on practical implementation.
Driving Business Innovation: Latest Generative AI Advancements & Success StorySafe Software
Are you ready to revolutionize how you handle data? Join us for a webinar where we’ll bring you up to speed with the latest advancements in Generative AI technology and discover how leveraging FME with tools from giants like Google Gemini, Amazon, and Microsoft OpenAI can supercharge your workflow efficiency.
During the hour, we’ll take you through:
Guest Speaker Segment with Hannah Barrington: Dive into the world of dynamic real estate marketing with Hannah, the Marketing Manager at Workspace Group. Hear firsthand how their team generates engaging descriptions for thousands of office units by integrating diverse data sources—from PDF floorplans to web pages—using FME transformers, like OpenAIVisionConnector and AnthropicVisionConnector. This use case will show you how GenAI can streamline content creation for marketing across the board.
Ollama Use Case: Learn how Scenario Specialist Dmitri Bagh has utilized Ollama within FME to input data, create custom models, and enhance security protocols. This segment will include demos to illustrate the full capabilities of FME in AI-driven processes.
Custom AI Models: Discover how to leverage FME to build personalized AI models using your data. Whether it’s populating a model with local data for added security or integrating public AI tools, find out how FME facilitates a versatile and secure approach to AI.
We’ll wrap up with a live Q&A session where you can engage with our experts on your specific use cases, and learn more about optimizing your data workflows with AI.
This webinar is ideal for professionals seeking to harness the power of AI within their data management systems while ensuring high levels of customization and security. Whether you're a novice or an expert, gain actionable insights and strategies to elevate your data processes. Join us to see how FME and AI can revolutionize how you work with data!
Why You Should Replace Windows 11 with Nitrux Linux 3.5.0 for enhanced perfor...SOFTTECHHUB
The choice of an operating system plays a pivotal role in shaping our computing experience. For decades, Microsoft's Windows has dominated the market, offering a familiar and widely adopted platform for personal and professional use. However, as technological advancements continue to push the boundaries of innovation, alternative operating systems have emerged, challenging the status quo and offering users a fresh perspective on computing.
One such alternative that has garnered significant attention and acclaim is Nitrux Linux 3.5.0, a sleek, powerful, and user-friendly Linux distribution that promises to redefine the way we interact with our devices. With its focus on performance, security, and customization, Nitrux Linux presents a compelling case for those seeking to break free from the constraints of proprietary software and embrace the freedom and flexibility of open-source computing.
Observability Concepts EVERY Developer Should Know -- DeveloperWeek Europe.pdfPaige Cruz
Monitoring and observability aren’t traditionally found in software curriculums and many of us cobble this knowledge together from whatever vendor or ecosystem we were first introduced to and whatever is a part of your current company’s observability stack.
While the dev and ops silo continues to crumble….many organizations still relegate monitoring & observability as the purview of ops, infra and SRE teams. This is a mistake - achieving a highly observable system requires collaboration up and down the stack.
I, a former op, would like to extend an invitation to all application developers to join the observability party will share these foundational concepts to build on:
UiPath Test Automation using UiPath Test Suite series, part 6DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 6. In this session, we will cover Test Automation with generative AI and Open AI.
UiPath Test Automation with generative AI and Open AI webinar offers an in-depth exploration of leveraging cutting-edge technologies for test automation within the UiPath platform. Attendees will delve into the integration of generative AI, a test automation solution, with Open AI advanced natural language processing capabilities.
Throughout the session, participants will discover how this synergy empowers testers to automate repetitive tasks, enhance testing accuracy, and expedite the software testing life cycle. Topics covered include the seamless integration process, practical use cases, and the benefits of harnessing AI-driven automation for UiPath testing initiatives. By attending this webinar, testers, and automation professionals can gain valuable insights into harnessing the power of AI to optimize their test automation workflows within the UiPath ecosystem, ultimately driving efficiency and quality in software development processes.
What will you get from this session?
1. Insights into integrating generative AI.
2. Understanding how this integration enhances test automation within the UiPath platform
3. Practical demonstrations
4. Exploration of real-world use cases illustrating the benefits of AI-driven test automation for UiPath
Topics covered:
What is generative AI
Test Automation with generative AI and Open AI.
UiPath integration with generative AI
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Goodbye Windows 11: Make Way for Nitrux Linux 3.5.0!SOFTTECHHUB
As the digital landscape continually evolves, operating systems play a critical role in shaping user experiences and productivity. The launch of Nitrux Linux 3.5.0 marks a significant milestone, offering a robust alternative to traditional systems such as Windows 11. This article delves into the essence of Nitrux Linux 3.5.0, exploring its unique features, advantages, and how it stands as a compelling choice for both casual users and tech enthusiasts.
AI 101: An Introduction to the Basics and Impact of Artificial IntelligenceIndexBug
Imagine a world where machines not only perform tasks but also learn, adapt, and make decisions. This is the promise of Artificial Intelligence (AI), a technology that's not just enhancing our lives but revolutionizing entire industries.
UiPath Test Automation using UiPath Test Suite series, part 5DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 5. In this session, we will cover CI/CD with devops.
Topics covered:
CI/CD with in UiPath
End-to-end overview of CI/CD pipeline with Azure devops
Speaker:
Lyndsey Byblow, Test Suite Sales Engineer @ UiPath, Inc.
Pushing the limits of ePRTC: 100ns holdover for 100 daysAdtran
At WSTS 2024, Alon Stern explored the topic of parametric holdover and explained how recent research findings can be implemented in real-world PNT networks to achieve 100 nanoseconds of accuracy for up to 100 days.
Climate Impact of Software Testing at Nordic Testing DaysKari Kakkonen
My slides at Nordic Testing Days 6.6.2024
Climate impact / sustainability of software testing discussed on the talk. ICT and testing must carry their part of global responsibility to help with the climat warming. We can minimize the carbon footprint but we can also have a carbon handprint, a positive impact on the climate. Quality characteristics can be added with sustainability, and then measured continuously. Test environments can be used less, and in smaller scale and on demand. Test techniques can be used in optimizing or minimizing number of tests. Test automation can be used to speed up testing.
In the rapidly evolving landscape of technologies, XML continues to play a vital role in structuring, storing, and transporting data across diverse systems. The recent advancements in artificial intelligence (AI) present new methodologies for enhancing XML development workflows, introducing efficiency, automation, and intelligent capabilities. This presentation will outline the scope and perspective of utilizing AI in XML development. The potential benefits and the possible pitfalls will be highlighted, providing a balanced view of the subject.
We will explore the capabilities of AI in understanding XML markup languages and autonomously creating structured XML content. Additionally, we will examine the capacity of AI to enrich plain text with appropriate XML markup. Practical examples and methodological guidelines will be provided to elucidate how AI can be effectively prompted to interpret and generate accurate XML markup.
Further emphasis will be placed on the role of AI in developing XSLT, or schemas such as XSD and Schematron. We will address the techniques and strategies adopted to create prompts for generating code, explaining code, or refactoring the code, and the results achieved.
The discussion will extend to how AI can be used to transform XML content. In particular, the focus will be on the use of AI XPath extension functions in XSLT, Schematron, Schematron Quick Fixes, or for XML content refactoring.
The presentation aims to deliver a comprehensive overview of AI usage in XML development, providing attendees with the necessary knowledge to make informed decisions. Whether you’re at the early stages of adopting AI or considering integrating it in advanced XML development, this presentation will cover all levels of expertise.
By highlighting the potential advantages and challenges of integrating AI with XML development tools and languages, the presentation seeks to inspire thoughtful conversation around the future of XML development. We’ll not only delve into the technical aspects of AI-powered XML development but also discuss practical implications and possible future directions.
2. Subscribe to comments Edit your comment Cancel Linda - Welcome and
housekeeping remarks. Linda to cover administrative items Linda - will include
in intro of Dave: David has frequently presented various topics to MGO
employees, to clients, and to professional organizations, including the
Association of Government Accountants, the California County Audit Chiefs
Association, and BDOâ——s Government Industry Group. David - Thank you Linda,
and
welcome everyone â—¦ glad you could join us on such short notice. I gave a
similar presentation almost two weeks ago on May 10 th to the east bay chapter
of CSMFO, but was waiting for the release of the CCMA White Paper before going
with the larger webinar broadcast. As it just got finalized on Monday, we
wanted to get the information out to our clients as quickly as possible.
Hence, short notice. We plan to revisit â——redevelopment agenciesâ—— in our
annual
client trainings â—¦ so stay tuned for another opportunity to discuss these
matters. Before we get started â—¦ we have two quick polling Qs â—¦ in order
to
get a feel of those in attendance. Very closely â—— meaning, you are on the
distribution list or have been forwarded copies of the drafts all along or you
have read the final document. Somewhat closely â—— meaning, you are aware of
the
White Paper and have seen a draft somewhere along the way â—¦ aware of key
points. On a limited basis â—— meaning, you have heard about it through others
.. But have not actually seen it. Not at all â—— meaning, who the heck is
CCMA,
and the only white paper Iâ——ve seen is the paper Iâ——ve stuck into my printer
this week â—¦ which has nothing to do with redevelopment. Whoâ——s in the
audience?
Here is todayâ——s agenda â—¦ the objectives of this webinar is to provide a
better
understanding of the suggested guidance outlined in the CCMA White Paper, as
listed in the following categories â—¦ (read categories on slide). David â——
We
wanted to share an abridged version of something our Oakland clients wrote
which impressed us â—¦ as they were able to find some levity in the challenges
theyâ——re facing. Linda â—— to read story. David â—— Theyâ——ve identified a
very good
point â—— that the dissolution of redevelopment agencies has some similarity
to
dealing with someoneâ——s estate after theyâ——ve passed away. First of all,
Successor Agencies are â——the county, city or city and countyâ—— â—¦ that
authorized
the creation of each redevelopment agency â—¦ or, as provided by the Health
and
safety code, could be another entity if the county or city did not accept this
responsibility. Legal counsel for the State Controllerâ——s Office made a
determination that Successor Agencies are not legally separate entities,
corporate or politic. This is consistent with the organizational structure
written up in the Goldfarb Lipman law alerts earlier this year (1/19/12 and
2/10/12), which stated that the governing board of the Successor Agency will
be the Sponsoring Communityâ——s governing board (City Council or the Board of
Supervisors). Therefore, if it does not have separate legal standing â—¦ then,
it cannot be a component unit. CCMA is the â——California Committee on
Municipal
Accountingâ——, a joint committee comprised of representatives of the League of
3. California Cities and the California Society of Certified Public Accountants .
The CCMA publishes â——White Papersâ—— as needed from time to time. While CCMA
does
not promulgate GAAP, it is a widely recognized body for providing accounting
and reporting guidance, and therefore, most likely will be the general
consensus. CCMAâ——s basis of conclusions, supporting a position of Private
Purpose Trust Fund, is based on the premise that Successor Agencies are not a
separate legal entities, and instead, acting as custodians over the assets and
activities of the former RDA post-dissolution with substantial control by an
oversight board. As such and with the concurrence of senior staff at GASB and
GFOA â—¦ it was determined the nature of this custodial role should be
reported
as a fiduciary fund (specifically, a private-purpose trust fund), acting on
behalf of taxing entities and creditors of enforceable obligations. While
there is no specific trust document, the Bill acts in lieu. Economic resources
measurement focus and accrual basis of accounting Combine individual sub-funds
into one reporting fund The government-wide financial statements should
display information about the reporting government as a whole (for instance,
the primary government and its component units), and should NOT include any
fiduciary activities â—¦ therefore, while the beginning balances will
carryover
FY2011 position â—¦ the ending balances at June 30, 2012 will no longer
contain
assets and liabilities of the former RDA. For many organizations, the
redevelopment funds were treated as a blended component unit and often
presented as Major Funds. Thus, the impact to governmental funds may be
significant â—¦ the governmental funds of the former RDA will be brought to
zero
and transferred to the Successor Agency (now a fiduciary fund) and to the
Housing Successor Agency (which may be another governmental or enterprise fund
or may even be outside the organization). If the former RDA funds were
significant governmental funds, than it stands to reason that it will have a
huge impact to the major fund determination for purposes of presenting funds
in the basic financial statements. Read last two bullets. Transmittal Letter
â——
discuss the impacts of dissolution â—¦ however, GASB encourages not to
duplicate
information contained in MD&A. More of a global discussion. MD&A - should
focus on the primary government, and NOT fiduciary funds. However, there
should be significant discussion on changes as a result of comparing 2012
amounts to 2011. FN â—— separating fiduciary activity from governmental
activities. Combining â—— changes related to any non-major governmental funds
of
the former RDA and possibly new fund related to the Housing successor agency
â—¦
and possibly Private-Purpose Trust Fund, if needed at combining level. Stats
â——
mostly 10 year trend information and lots of debt disclosures. Successor
Agency means â——the county, city or city and countyâ—— that authorized the
creation of each redevelopment agency or another entity, as provided by the
Health and Safety Code. Legal counsel for the SCOâ——s Office has made a
determination that successor agencies are not separate legal entities !
Therefore, no longer a Component Unit. Under the Bill, agencies that accept
the role of successor agency will serve as a custodian for the assets of the
former redevelopment agency pending distribution to the appropriate taxing
entities. Based upon the nature of this custodial role, upon dissolution of
assets of the former redevelopment agency should be reported in a fiduciary
fund (private-purpose trust fund) of the City. This determination was made by
4. the CCMA after consultation with senior staff members of GASB and GFOA. This
is the general definition of governmental funds This is an agency fund. Purely
custodial capacity means that assets equal liabilities. Correct answer. GASB
34 states that trust funds generally are associated with a trust agreement. A
formal trust agreement may or may not exist with respect to the fiduciary role
served by the successor agency. However, the use of the term â——generallyâ——
in
paragraph 69 of GASB 34 suggests that there are circumstances when
professional judgment would lead to a proper reporting of a private-purpose
trust fund without the existence of a trust agreement. Because of the
fiduciary responsibilities that are assigned to successor agencies by the
Bill, the Bill may be considered to effectively function as an informal trust
arrangement for the purposes of applying this definition. This is an
enterprise fund. Dissolution February 1, 2012 â—¦ split the year between old
presentation and new presentation. CRA provided guidance earlier this year to
simply change the name of the fund, rather than create new funds. If you
followed that guidance, it might add complexity to the accounting as the
previous treatment may have been governmental funds, but now fiduciary funds,
which has different measurement focus and basis of accounting. Important to
have clear â——cut-offâ—— between the old and new activity! New fund is
required
(34170.5) â—¦ Redevelopment Obligation Retirement Fund, which is intended as
the
repository for property taxes received from the County Auditor-Controller to
pay enforceable obligations and administrative costs listed on the ROPS as
payable from the Redevelopment Property Tax Trust Fund (RPTTF) administered by
the County, as indicated in 34185. Extraordinary items are transactions or
other events that are both unusual in nature and infrequent in occurrence.
Accounting Principles Board (APB) Opinion No. 30, Reporting the Results of
Operationsâ——Reporting the Effects of Disposal of a Segment of a Business, and
Extraordinary, Unusual and Infrequently Occurring Events and Transactions , as
amended and interpreted, defines the terms unusual in nature and infrequency
of occurrence. Extraordinary items should be reported separately at the bottom
of the statement of activities, after general revenues and special items, if
any, and before transfers. For the Fiduciary Fund â—¦ we would suggest to
treat
the establishment of the fund as an addition .. Not an extraordinary
gain/loss. Read slide. For example, Capital Assets â—¦ need to calculate
depreciation through 1/31/12 â—¦ to get proper carrying value to Fiduciary
Fund
on 2/1/12. Same for long-term debt related items .. Premiums, discounts,
deferred amounts on refunding â—¦ etc. Read slide. For unpaid advances from
the
City/County (for example, the General Fund) â—¦ due to being invalid, should
recognize an extraordinary gain in the redevelopment fund and an extraordinary
loss in the fund that reported the interfund receivable (advance). At this
point, this treatment assumes you will not collect it â—¦ however, if your
legal
counsel has a basis that the collection of the interagency loan is probable
â—¦
then you may have basis to keep it on the books. Uncertainty over these areas.
Property held for resale = net realizable value Capital assets = historical
cost, less depreciation Read slide. Bullet #1 â—— extraordinary gains/losses
Bullet #2 â—— Transfers in/out Read slide. a - Special Item - Significant
transactions or other events within the control of management that are either
unusual in nature or infrequent in occurrence d - 143 Extraordinary items are
6. Agency. In addition, Davidcurrently serves as the contracted controller forthe
Contra Costa County RedevelopmentAgency. www.mgocpa.com 3
4. Polling Question #1To what extent have you been following the draftsof the
CCMA White Paper on RedevelopmentAgencies â—¦ or have you had the opportunity
toread the final copy?c) Very closelyd) Somewhat closelye) On a limited
basisf) Not at all 4
5. Polling Question #2What are your roles and responsibilities relating tothe
Accounting and Financial Reporting ofSuccessor Agencies?c) Accounting
Department of a Successor Agencyd) Auditor-Controllerâ——s Office of a
California
Countye) An Independent Auditor of a CPA Firmf) Other 5
6. Todayâ——s Agendaï—§ Structure and Presentationï—§ Accounting and
Reportingï—§ Audit
Requirementsï—§ Q&A 6
7. Finding Levity Amidst the ChallengesIN MEMORIAM â——â—— OAKLAND
REDEVELOPMENT
AGENCY, 1956â—— 2012OAKLAND, CA â——â—— The Oakland Redevelopment Agency passed
away
peacefully atmidnight on February 1 at age 55. Cause of death was listed as
ABX 26 flu, complicatedby acute EOPS poisoning. ORA, as she was affectionately
known, was born on October10, 1956. During ORAâ——s busy life, she was best
known
for transforming downtownOakland... She was especially proud of the thousands
of affordable housing units shehelped produce for low income renters and
homeowners. She even helped build the Stateof Californiaâ——s downtown
headquarters, but was later abandoned by an ungrateful Statelegislature 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
thiscentury as ORA worked hard to make Mr. Brownâ——s 10K housing plan a
reality;
but he laterleft her for higher office and even tried to seize her life
savings, which he claimed was hiscommunity property. 7
8. Structure and Presentation ï—§ Successor Agency means â——the county, city
or
city and countyâ—— that authorized the creation of each redevelopment agency
or
another entity, as provided by HSC. ï—§ Legal counsel for the SCOâ——s Office
has
made a determination that successor agencies are not separate legal entities!
ï—— Therefore, no longer a Component Unit 8
9. Structure and Presentationï—§ CCMA: Reporting Fund is to be a Private
Purpose
Trust Fund â—¢ What does that mean? â—— Fiduciary Fund â—— Report assets held
in a
trustee or agency capacity for others, therefore cannot be used to support the
governments own programs â—— Economic resources measurement focus and accrual
basis of accounting â—— Combine individual sub-funds into one reporting fund 9
10. Structure and Presentationï—§ No balances in Government-Wide financial
statements at June 30, 2012!ï—§ Impact to Governmental Fundsï—§ Major Fund
Determination â—¢ For 2012, could be a significant change in the calculation
of
major funds â—— No ending assets or liabilities and only seven months of
revenues and expenditures â—¢ Suggestion: keep the treatment consistent with
2011, regardless of quantified results 10
11. Structure and Presentationï—§ Other Considerations â—¢ Transmittal letter
(CAFR only) â—¢ Managementâ——s Discussion and Analysis â—¢ Notes to the basic
financial statements â—¢ Combining statements and schedules â—¢ Statistical
section (CAFR only) 11
12. Polling Question #3Successor Agencies should be reported in thefinancial
statements as:c) Component unitd) Governmental fundse) Enterprise fundsf)
7. Fiduciary funds 12
13. Polling Question #3 DebriefSuccessor Agencies should be reported in
thefinancial statements as:d) Fiduciary funds 13
14. Polling Question #4A private purpose trust fund is used to:b) Account for
tax-supported activities.c) Report resources held by the reportinggovernment
in a purely custodial capacity.d) Report all trust arrangements under which
theprincipal and income benefit individuals, privateorganizations, or other
governments.e) Report an activity for which a fee is charged toexternal users
for goods and services. 14
15. Polling Question #4 DebriefA 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 Reportingï—§ AB X1 26 requires dissolution on 2/1/12 â—¢
Final
seven months will continue to be reported in the governmental funds or as a
discrete component unit â—¢ After dissolution, activity of the successor
agency
will be reported in a fiduciary fundï—§ For entities that followed the CRA
guidance - Activity will have to be distinguished between the former
Redevelopment Agency and the Successor Agencyï—§ New Fund Required:
â——Redevelopment Obligation Retirement Fundâ—— 16
17. Accounting and Reportingï—§ Transfers of assets and liabilities of the
former RDA to the successor agency â—¢ Reported as extraordinary gains/losses
in
governmental funds and governmental activities â—— 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 â—¢ Reported as extraordinary gains/losses in
the
trust fund or as additions (â——net assets received upon dissolution of
redevelopment agencyâ——) 17
18. Accounting and Reportingï—§ All transfers of assets and liabilities need
to
be at carrying value (e.g. net book value) â—— Same methodology proposed in
GASB
Exposure Draft â—— Governmental Combinations and Disposals of Governmental
Operations â—— Extremely important to establish the carrying value at the
transfer date (i.e., cut-off) 18
19. Accounting and Reportingï—§ Extraordinary Items may include â—¢ Unpaid
advances from the City/County â—¢ Transfers of properties held for resale and
capital assets at carrying value â—¢ Transfers of outstanding bonds at
carrying
value â—¢ Transfers of all other assets and liabilities (including compensated
absences, accrued employee benefits, etc. that go to the successor agency) 19
20. Accounting and Reportingï—§ Housing Funds â—¢ Unencumbered balances of Low
and
Moderate Income Housing Fund goes to the successor agency â—— Pending
legislation â—¢ Assets transferred to the housing successor agency â—— If the
City/County elected to be the housing successor, then the transferred assets
should be reported within its governmental funds â—¦ 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 â—— February 1, 2012Preliminary and Tentative -
For
Illustration Purposes OnlyExample 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 TotalAssets:
8. 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 $ 1,568,000Liabilities 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 â—— 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 â—— February 1, 2012Preliminary and Tentative -
For
Illustration Purposes OnlyExample 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 StatementsTotal 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 â—— February 1, 2012Preliminary and Tentative -
For
Illustration Purposes OnlyExample 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, 2012Assets: 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
3,994,000Liabilities: 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 6,012,000Net Assets: Held in
trust for other purposes $ (2,018,000) 24
25. Accounting and Reporting â—— February 1, 2012Preliminary and Tentative -
For
9. Illustration Purposes OnlyExample 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"
â—¦
at February 1, 2012Additions: 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 â—— 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 â—— January 31, 2012Preliminary and Tentative -
For
Illustration Purposes OnlyExample 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
ActivitiesProgram 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 5,296,000General 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 36,000Net deficit, end of year $
(450,000) 27
28. Accounting and Reporting â—— 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 â—— January 31, 2012Preliminary and Tentative -
For
Illustration Purposes OnlyExample of a Stand Alone Audit of the Redevelopment
Agency, before Dissolution CITY OF EXAMPLE REDEVELOPMENT AGENCY Reconciliation
10. of the Balance Sheet of Governmental Funds to the Statement of Net Assets -
Governmental Activities January 31, 2012Total 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 â—— 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 â—— January 31, 2012Preliminary and Tentative -
For
Illustration Purposes OnlyExample 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, 2012Net 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 ï—§ Disclosure of dissolution and transfer of
assets and liabilities â—¢ A sample disclosure is included as part of the CCMA
White Paper â—¢ Good starting point, but must be tailored to fit the events
and
circumstances unique to your organization â—¢ Suggests to reconcile the
difference between the extraordinary gain/loss reported in the governmental
funds versus the fiduciary fundâ——s extraordinary gain/loss or additions 32
11. 33. Polling Question #5Extraordinary items are:b) Within the control of
management that are eitherunusual in nature or infrequent in occurrencec)
Unusual in nature not in the control ofmanagementd) Only infrequent in
nature.e) Both unusual in nature and infrequent inoccurrence. 33
34. Polling Question #5 DebriefExtraordinary items are:d) Both unusual in
nature and infrequent in occurrence. 34
35. Polling Question #6The Low and Moderate Income Housing Fund (20%Fund)
balances are to be disposed as follows:b) Encumbered balances are transferred
to theSuccessor Agencyc) Unencumbered balances are transferred tothe Successor
Agencyd) Total balances transferred to the SuccessorAgencye) Transferred to
the Cityâ——s General Fund 35
36. Polling Question #6 DebriefThe 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 RequirementsState and Local Audits/Oversightâ—¢Actions of the
Oversight Board = DOFâ—¢Agreed-upon procedures engagements, directedby the
County Auditor-Controllers â—¢ Due by 7/1/12 and submitted to SCO by 7/15/12
â—¢
Purpose (1) establish assets/liabilities, (2) pass- through obligations, (3)
determine the amount and terms of indebtedness, and (4) â——Certifyâ—— the
initial
ROPSâ—¢Actions of the County ACO = SCOâ—¢SCO also reviews redevelopment asset
transfersmade after 1/1/11 to determine if appropriate 37
38. Audit Requirementsï—§ Transition Audits are highly recommended but not
required by the SCO (no legislative basis â—— either for former RDA or SA) â—¢
No
direct funding for audits under ABX1 26 â—¢ Bond covenants may require a
separate auditï—§ Two separate engagements are contemplated as two separate
entities involved 38
39. Audit Requirementsï—§ The RDA Audit Guide â—— Auditing Procedures for
Accomplishing Compliance Audits of California Redevelopment Agencies (August
2011) is no longer in effect (i.e., no compliance audit required)!!!ï—§ SCO
states there is no legislative basis to require State Controllerâ——s Reports
or
Statements of Indebtednessï—§ Not yet known whether HCD reports will be
required
39
40. Polling Question #7The State Department of Finance is responsible to:b)
Review the actions of the Oversight Boardc) Review the actions of the County
Auditor-Controllerâ——s Officed) Certify the Recognized Obligation
PaymentSchedulee) Review the redevelopment asset transfers madeafter 1/1/11 40
41. Polling Question #7 DebriefThe State Department of Finance is responsible
to:c) Review the actions of the Oversight Board 41
42. Polling Question #8A â——Stubâ—— period audit of the former
redevelopmentagency
is:b) Required by the State Controllerâ——s Officec) Required by the State
Department of Financed) Directly funded under ABX1 26e) Not required, but
recommended 42
43. Polling Question #8 DebriefA â——Stubâ—— period audit of the former
redevelopmentagency is:d) Not required, but recommended 43
44. Whatâ——s Next?ï—§ Pending legislationï—§ DOF has proposed trailer bill,
with
significant changes to the existing laws and regulations in the Health and
Safety Codeï—§ Administrative Costs will start to drop (5% to 3%, still
subject
to $250,000 â—¦ administrative budget to be approved by the Oversight
Board)ï—§
Oversight Boards will consolidate on July 1, 2016 44
45. ReferencesCCMA White Paper (CalCPA members only)
-http://www.calcpa.org/Content/24325.aspxDOF
-http://www.dof.ca.gov/assembly_bills_26-27/view.phpSCO