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.
Banking Securities Update Grant Thornton Winter 2011NJordan97
The document provides updates on banking and securities regulations from Winter 2011. It discusses:
1) Updates from the FASB on its financial instruments project including credit impairment and fair value measurement.
2) Revisions by the U.S. Department of Housing and Urban Development to the financial statement requirements for parent-subsidiary bank structures.
3) The SEC providing guidance on common reporting issues for financial institutions focusing on areas like asset quality, loss contingencies, and liquidity disclosures.
CIT Group reported second quarter results with income from continuing operations of $48.1 million, down from $352.1 million in the prior year quarter. They recorded a net loss of $2.1 billion including a $2.1 billion loss from discontinued home lending operations. CIT made progress strengthening its balance sheet by raising $1.6 billion in capital and selling its home lending business. Credit quality in commercial operations declined slightly with higher delinquencies but lower net charge-offs.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing debt, growing deposits, and limiting asset growth. Credit reserves were increased due to weakening economic conditions and higher non-performing assets, while operating expenses were reduced.
This document is a resume for Daniel J. Duffy, a CPA with extensive senior-level accounting and financial management experience. It outlines his professional experience including roles as Director of Accounting, Chief Financial Officer, and Controller for various companies. It also lists his areas of expertise and education.
* Member A paid $120 in April, so the chapter received $120 in cash that month
* Member B paid $120 in May, so the chapter received $120 in cash that month
* Member C paid $120 in June, so the chapter received $120 in cash that month
* Total cash received = $120 (Member A) + $120 (Member B) + $120 (Member C) = $360
The correct answer is A. The chapter received a total of $360 in cash during the year from the dues payments of the three members.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
- HSBC Finance Corporation's profit before tax for the third quarter of 2006 increased 6% year-over-year but decreased 43% from the previous quarter.
- Net interest income increased 6% year-over-year due to loan growth and repricing initiatives but decreased 6% from the prior quarter.
- Fee income grew 21% year-over-year and 8% from the previous quarter due to higher credit card volumes, including from the Metris portfolio.
- Loan impairment charges decreased 4% year-over-year but increased 16% from the second quarter due to seasoning of the portfolio and normal seasonal impacts.
Banking Securities Update Grant Thornton Winter 2011NJordan97
The document provides updates on banking and securities regulations from Winter 2011. It discusses:
1) Updates from the FASB on its financial instruments project including credit impairment and fair value measurement.
2) Revisions by the U.S. Department of Housing and Urban Development to the financial statement requirements for parent-subsidiary bank structures.
3) The SEC providing guidance on common reporting issues for financial institutions focusing on areas like asset quality, loss contingencies, and liquidity disclosures.
CIT Group reported second quarter results with income from continuing operations of $48.1 million, down from $352.1 million in the prior year quarter. They recorded a net loss of $2.1 billion including a $2.1 billion loss from discontinued home lending operations. CIT made progress strengthening its balance sheet by raising $1.6 billion in capital and selling its home lending business. Credit quality in commercial operations declined slightly with higher delinquencies but lower net charge-offs.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing debt, growing deposits, and limiting asset growth. Credit reserves were increased due to weakening economic conditions and higher non-performing assets, while operating expenses were reduced.
This document is a resume for Daniel J. Duffy, a CPA with extensive senior-level accounting and financial management experience. It outlines his professional experience including roles as Director of Accounting, Chief Financial Officer, and Controller for various companies. It also lists his areas of expertise and education.
* Member A paid $120 in April, so the chapter received $120 in cash that month
* Member B paid $120 in May, so the chapter received $120 in cash that month
* Member C paid $120 in June, so the chapter received $120 in cash that month
* Total cash received = $120 (Member A) + $120 (Member B) + $120 (Member C) = $360
The correct answer is A. The chapter received a total of $360 in cash during the year from the dues payments of the three members.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
- HSBC Finance Corporation's profit before tax for the third quarter of 2006 increased 6% year-over-year but decreased 43% from the previous quarter.
- Net interest income increased 6% year-over-year due to loan growth and repricing initiatives but decreased 6% from the prior quarter.
- Fee income grew 21% year-over-year and 8% from the previous quarter due to higher credit card volumes, including from the Metris portfolio.
- Loan impairment charges decreased 4% year-over-year but increased 16% from the second quarter due to seasoning of the portfolio and normal seasonal impacts.
This document provides supplemental financial information and restated historical consolidated financial statements for HSBC Finance Corporation. Specifically, it restates prior period information to reflect:
1) The results of HSBC Finance Corporation's UK operations as discontinued operations, following the sale of these operations to an affiliate in May 2008.
2) Updated business segment disclosures to combine the Credit Card Services and Retail Services segments into a new Cards and Retail Services segment.
3) Presentation of receivables held for sale as a separate line item in the consolidated balance sheets for all periods presented.
It also provides correcting disclosure for certain delinquency statistics and nonaccrual receivable balances in the Mortgage Services business
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Larry Kosmont - Weathering The Financial StormContract Cities
The document summarizes a presentation on helping California cities weather financial storms. It begins with an overview of California's struggling economy and budget issues. It then focuses on a case study of Montebello's financial troubles and recovery efforts, including adopting an austere budget, hiring consultants, pursuing short-term financing, and implementing a long-term financial recovery plan to restore reserves and services. The presentation discusses challenges to Montebello's recovery in gaining market and political confidence due to negative media coverage and lack of council unity.
Harvey Norman Holdings Ltd reported a 3.6% increase in retained earnings for 2013 despite profits falling by $30 million. Total equity was $2.36 billion consisting mainly of retained earnings (85%) and contributed equity (11%). Deferred tax liabilities of $194 million outweighed deferred tax assets of $28 million. Non-current assets, including investment properties of $1.69 billion, exceeded current assets. While intangible assets increased slightly to $59 million, they represented a small portion of total assets. Dividends paid in 2013 decreased by $26.6 million from 2012 in line with lower profits for the year.
Huntington Bancshares reported a net loss of $2.4 billion for Q1 2009 due to a non-cash $2.6 billion goodwill impairment charge that had no impact on capital ratios. Excluding this charge, core net income was $6.9 million. Deposit growth was strong at 9% and problem loans are expected to remain elevated. Actions to improve liquidity and capital included debt repayments, balance sheet reductions, and dividend cuts. The tangible common equity ratio increased 61 basis points to 4.65%.
Daniel J. Duffy is a CPA with extensive experience as a senior-level accounting executive and controller, specializing in areas like auditing, financial planning, accounting, budgeting, and expense control. He has overseen accounting functions for companies with revenues up to $63 million and has streamlined processes to reduce costs and improve financial reporting. Duffy holds an MBA and BS in Accounting and has experience in industries including staffing, affordable housing development, homebuilding, real estate management, and HVAC services.
Ladder Capital - Investor Presentation (March 2019)David Merkur
This presentation is for investors of Ladder Capital Corp (NYSE: LADR). It discusses Ladder Capital's business model as an internally-managed commercial real estate (CRE) finance REIT with a national direct CRE origination platform. Key points include:
- Ladder has a cycle-tested and aligned management team with no history of quarterly losses.
- The company provides CRE loans, owns CRE equity investments, and invests in CRE securities to target the most attractive risk-adjusted returns across the capital stack.
- Ladder originates CRE loans across the U.S. with a focus on the middle market, and also contributes loans to commercial mortgage-backed securities deals.
1 q2018 bgcp earnings presentation vfinal final 1135pmirbgcpartners
BGC Partners held an earnings presentation for its first quarter 2018 financial results. Some key highlights included total revenues increasing 22% year-over-year and pre-tax adjusted earnings increasing 55% year-over-year. Financial services revenues were up 17% driven by double digit growth across various asset classes. Real estate services revenues increased 28% in the Americas. The presentation provided an overview of BGC Partners' business segments and financial performance.
Morgan Stanley reported a 17% decline in third quarter net income to $611 million. Revenues decreased across most business segments due to difficult market conditions. The annualized return on equity was 11.4%. While markets remained challenging, the company maintained its focus on serving clients and preserving its franchise for future growth.
Current & Emerging Accounting Developments presented by McGladrey - AICPA Nat...Brian Marshall
McGladrey & Pullen Presentation (Rick Day & Brian Marshall) on Current & Emerging Accounting Developments at the June 2011 AICPA National Audit Committee Forum
This document is the Central Ohio Transit Authority's (COTA) Comprehensive Annual Financial Report for fiscal years 2013 and 2012. It includes an introductory letter from the president/CEO highlighting that COTA received its 14th consecutive Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for its 2012 CAFR. It also notes that COTA received the Auditor of State Award with Distinction for a clean audit report. The letter provides an overview of COTA's reporting entity and governance structure.
This document provides an analysis of Suriname companies' compliance with International Financial Reporting Standards (IFRS) in 2011. It finds that most companies do not comply with many IFRS requirements for financial statement presentation and disclosure. Specific issues are identified for banks and state-owned companies. Compliance has not significantly improved since the prior year. Mandatory adoption of IFRS is recommended, along with a transition period for companies to adapt their accounting policies.
The document provides an overview of Bank of America's Global Business & Financial Services division. It summarizes several key business lines including Middle Market Banking, Business Banking, Commercial Real Estate Banking, and others. For each business line, it provides revenue, net income, loans, deposits and other metrics for 2004. It also outlines the division's integrated operating model and global footprint.
BGC Partners reported financial results for 4Q 2017 and FY 2017. Revenues increased 18.3% for 4Q 2017 and 15.3% for FY 2017 compared to the prior year periods. Pre-tax and post-tax adjusted earnings, as well as adjusted earnings per share, increased for both periods compared to the previous years, reflecting strong financial performance. BGC also declared a $0.18 per share quarterly cash dividend to shareholders of record in February 2018.
Steven Akre has 20 years of experience in finance and accounting. Throughout his career, he has identified numerous ways to reduce costs and improve processes. Some of his accomplishments include saving over $2 million in registration fees, $700,000 in bank fees, and $465,000 in tax expenses. He also led several teams that standardized processes, optimized vendor contracts, captured $5 million in capitalizable costs, and developed forecasting models.
Ch02-conceptual framework or financial reportingVivi Tazkia
The document provides an overview and learning objectives for a chapter on the conceptual framework for financial reporting. It discusses the need for a conceptual framework to establish consistent concepts to underlie financial reporting standards. It describes efforts to construct a conceptual framework, which comprises chapters on the objective of financial reporting, qualitative characteristics of accounting information, and basic concepts related to recognition, measurement and disclosure. The chapter objectives cover understanding the usefulness of the conceptual framework, its development, the financial reporting objective, qualitative characteristics, basic elements of financial statements, accounting assumptions, and how the cost constraint affects reporting.
The document summarizes Utah's 2009-2012 strategic e-government plan. Key points include: Utah launched a new multimedia portal and saw growing social media use among state agencies. The plan's goals were to increase online visits, improve citizen experience, ensure web standard compliance, develop mobile standards, and share web services. Utah was recognized as a leader in e-government for its innovative approaches like launching the first state data portal.
This document summarizes a presentation given at the California Contract Cities Association Annual Municipal Seminar on May 18, 2012. The presentation discusses the demise of redevelopment agencies in California following legislation passed in 2011. It provides an overview of city expenditures and revenues, and how the loss of redevelopment agency funding impacted municipalities. The presentation also summarizes the legislation that dissolved redevelopment agencies and the process of establishing successor agencies and oversight boards to manage former redevelopment agency assets and obligations.
how are the next 100 markets different from the large 8-10 metros and million plus cities? The answer is, of course, very different. The reason has to do with the character of India’s cities. Before I expand on that let me first brief you on how cities have evolved. (for those of you not interested in history, just bear for a couple of minutes).
Almost all major Indian cities are close to large water bodies and located on a trade route. Delhi, Mumbai, Kolkata, Indore, Pune, Jodhpur, Coimbatore, Trivandrum etc. etc. all were some type of trading centres. If we go back in history we find that each of these cities specialized in one of two types of economic activities in their initial phase of growth – whether they were manufactured items, agri commodities, or even services. They were quite specialized at some point. But as a city grew larger and larger, gradually more and more activities got added to the cities’ portfolio. In other words, as a city grew larger and larger, it became less and less specialized. Conversely some cities grew smaller and smaller, and they became more and more specialized.
This is of course a generalization, and there are many idiosyncracies built-in each city. But it helps us a lot in trying to figure how smaller cities are different.
The largest Metros are the least specialized; conversely they have the most heterogenous consumers. And so they are by far the easiest to service because they have enough numbers of all types of consumers. The probability of not finding enough demand is therefore lowest in the larger cities. And for this very reason these cities are the first point of entry for most marketers. This makes them highly competitive markets. In other words, the demand is there, but so is the competition.
Between 2008 and 2018 in Utah:
- Jobs requiring postsecondary education will grow by 202,000, while jobs for high school graduates and dropouts will grow by 97,000.
- Utah will create 477,000 job vacancies from new jobs and retirements, with 308,000 requiring postsecondary credentials.
- By 2018, 66% of Utah jobs, or 1 million jobs, will require education beyond high school.
Hobbs+Black Architects completed its work as Architect of Record for the City Creek redevelopment project in Salt Lake City, Utah. The project included a 700,000 square foot retail center with nearly 100 stores and restaurants, as well as luxury apartments and offices. Developed by the Church of Jesus Christ of Latter-day Saints and Taubman Centers, City Creek Center is the retail centerpiece of the mixed-use development, distinguished by landscaping including a recreated creek and waterfalls.
The document discusses redevelopment in California and the Palm Springs Community Redevelopment Agency. It provides details on projects funded by redevelopment, including community facilities, hotels, retail, housing, and infrastructure. It summarizes the impact of the Supreme Court ruling eliminating redevelopment agencies and the transition to successor agencies to wind down remaining projects and obligations.
This document provides supplemental financial information and restated historical consolidated financial statements for HSBC Finance Corporation. Specifically, it restates prior period information to reflect:
1) The results of HSBC Finance Corporation's UK operations as discontinued operations, following the sale of these operations to an affiliate in May 2008.
2) Updated business segment disclosures to combine the Credit Card Services and Retail Services segments into a new Cards and Retail Services segment.
3) Presentation of receivables held for sale as a separate line item in the consolidated balance sheets for all periods presented.
It also provides correcting disclosure for certain delinquency statistics and nonaccrual receivable balances in the Mortgage Services business
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Larry Kosmont - Weathering The Financial StormContract Cities
The document summarizes a presentation on helping California cities weather financial storms. It begins with an overview of California's struggling economy and budget issues. It then focuses on a case study of Montebello's financial troubles and recovery efforts, including adopting an austere budget, hiring consultants, pursuing short-term financing, and implementing a long-term financial recovery plan to restore reserves and services. The presentation discusses challenges to Montebello's recovery in gaining market and political confidence due to negative media coverage and lack of council unity.
Harvey Norman Holdings Ltd reported a 3.6% increase in retained earnings for 2013 despite profits falling by $30 million. Total equity was $2.36 billion consisting mainly of retained earnings (85%) and contributed equity (11%). Deferred tax liabilities of $194 million outweighed deferred tax assets of $28 million. Non-current assets, including investment properties of $1.69 billion, exceeded current assets. While intangible assets increased slightly to $59 million, they represented a small portion of total assets. Dividends paid in 2013 decreased by $26.6 million from 2012 in line with lower profits for the year.
Huntington Bancshares reported a net loss of $2.4 billion for Q1 2009 due to a non-cash $2.6 billion goodwill impairment charge that had no impact on capital ratios. Excluding this charge, core net income was $6.9 million. Deposit growth was strong at 9% and problem loans are expected to remain elevated. Actions to improve liquidity and capital included debt repayments, balance sheet reductions, and dividend cuts. The tangible common equity ratio increased 61 basis points to 4.65%.
Daniel J. Duffy is a CPA with extensive experience as a senior-level accounting executive and controller, specializing in areas like auditing, financial planning, accounting, budgeting, and expense control. He has overseen accounting functions for companies with revenues up to $63 million and has streamlined processes to reduce costs and improve financial reporting. Duffy holds an MBA and BS in Accounting and has experience in industries including staffing, affordable housing development, homebuilding, real estate management, and HVAC services.
Ladder Capital - Investor Presentation (March 2019)David Merkur
This presentation is for investors of Ladder Capital Corp (NYSE: LADR). It discusses Ladder Capital's business model as an internally-managed commercial real estate (CRE) finance REIT with a national direct CRE origination platform. Key points include:
- Ladder has a cycle-tested and aligned management team with no history of quarterly losses.
- The company provides CRE loans, owns CRE equity investments, and invests in CRE securities to target the most attractive risk-adjusted returns across the capital stack.
- Ladder originates CRE loans across the U.S. with a focus on the middle market, and also contributes loans to commercial mortgage-backed securities deals.
1 q2018 bgcp earnings presentation vfinal final 1135pmirbgcpartners
BGC Partners held an earnings presentation for its first quarter 2018 financial results. Some key highlights included total revenues increasing 22% year-over-year and pre-tax adjusted earnings increasing 55% year-over-year. Financial services revenues were up 17% driven by double digit growth across various asset classes. Real estate services revenues increased 28% in the Americas. The presentation provided an overview of BGC Partners' business segments and financial performance.
Morgan Stanley reported a 17% decline in third quarter net income to $611 million. Revenues decreased across most business segments due to difficult market conditions. The annualized return on equity was 11.4%. While markets remained challenging, the company maintained its focus on serving clients and preserving its franchise for future growth.
Current & Emerging Accounting Developments presented by McGladrey - AICPA Nat...Brian Marshall
McGladrey & Pullen Presentation (Rick Day & Brian Marshall) on Current & Emerging Accounting Developments at the June 2011 AICPA National Audit Committee Forum
This document is the Central Ohio Transit Authority's (COTA) Comprehensive Annual Financial Report for fiscal years 2013 and 2012. It includes an introductory letter from the president/CEO highlighting that COTA received its 14th consecutive Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for its 2012 CAFR. It also notes that COTA received the Auditor of State Award with Distinction for a clean audit report. The letter provides an overview of COTA's reporting entity and governance structure.
This document provides an analysis of Suriname companies' compliance with International Financial Reporting Standards (IFRS) in 2011. It finds that most companies do not comply with many IFRS requirements for financial statement presentation and disclosure. Specific issues are identified for banks and state-owned companies. Compliance has not significantly improved since the prior year. Mandatory adoption of IFRS is recommended, along with a transition period for companies to adapt their accounting policies.
The document provides an overview of Bank of America's Global Business & Financial Services division. It summarizes several key business lines including Middle Market Banking, Business Banking, Commercial Real Estate Banking, and others. For each business line, it provides revenue, net income, loans, deposits and other metrics for 2004. It also outlines the division's integrated operating model and global footprint.
BGC Partners reported financial results for 4Q 2017 and FY 2017. Revenues increased 18.3% for 4Q 2017 and 15.3% for FY 2017 compared to the prior year periods. Pre-tax and post-tax adjusted earnings, as well as adjusted earnings per share, increased for both periods compared to the previous years, reflecting strong financial performance. BGC also declared a $0.18 per share quarterly cash dividend to shareholders of record in February 2018.
Steven Akre has 20 years of experience in finance and accounting. Throughout his career, he has identified numerous ways to reduce costs and improve processes. Some of his accomplishments include saving over $2 million in registration fees, $700,000 in bank fees, and $465,000 in tax expenses. He also led several teams that standardized processes, optimized vendor contracts, captured $5 million in capitalizable costs, and developed forecasting models.
Ch02-conceptual framework or financial reportingVivi Tazkia
The document provides an overview and learning objectives for a chapter on the conceptual framework for financial reporting. It discusses the need for a conceptual framework to establish consistent concepts to underlie financial reporting standards. It describes efforts to construct a conceptual framework, which comprises chapters on the objective of financial reporting, qualitative characteristics of accounting information, and basic concepts related to recognition, measurement and disclosure. The chapter objectives cover understanding the usefulness of the conceptual framework, its development, the financial reporting objective, qualitative characteristics, basic elements of financial statements, accounting assumptions, and how the cost constraint affects reporting.
The document summarizes Utah's 2009-2012 strategic e-government plan. Key points include: Utah launched a new multimedia portal and saw growing social media use among state agencies. The plan's goals were to increase online visits, improve citizen experience, ensure web standard compliance, develop mobile standards, and share web services. Utah was recognized as a leader in e-government for its innovative approaches like launching the first state data portal.
This document summarizes a presentation given at the California Contract Cities Association Annual Municipal Seminar on May 18, 2012. The presentation discusses the demise of redevelopment agencies in California following legislation passed in 2011. It provides an overview of city expenditures and revenues, and how the loss of redevelopment agency funding impacted municipalities. The presentation also summarizes the legislation that dissolved redevelopment agencies and the process of establishing successor agencies and oversight boards to manage former redevelopment agency assets and obligations.
how are the next 100 markets different from the large 8-10 metros and million plus cities? The answer is, of course, very different. The reason has to do with the character of India’s cities. Before I expand on that let me first brief you on how cities have evolved. (for those of you not interested in history, just bear for a couple of minutes).
Almost all major Indian cities are close to large water bodies and located on a trade route. Delhi, Mumbai, Kolkata, Indore, Pune, Jodhpur, Coimbatore, Trivandrum etc. etc. all were some type of trading centres. If we go back in history we find that each of these cities specialized in one of two types of economic activities in their initial phase of growth – whether they were manufactured items, agri commodities, or even services. They were quite specialized at some point. But as a city grew larger and larger, gradually more and more activities got added to the cities’ portfolio. In other words, as a city grew larger and larger, it became less and less specialized. Conversely some cities grew smaller and smaller, and they became more and more specialized.
This is of course a generalization, and there are many idiosyncracies built-in each city. But it helps us a lot in trying to figure how smaller cities are different.
The largest Metros are the least specialized; conversely they have the most heterogenous consumers. And so they are by far the easiest to service because they have enough numbers of all types of consumers. The probability of not finding enough demand is therefore lowest in the larger cities. And for this very reason these cities are the first point of entry for most marketers. This makes them highly competitive markets. In other words, the demand is there, but so is the competition.
Between 2008 and 2018 in Utah:
- Jobs requiring postsecondary education will grow by 202,000, while jobs for high school graduates and dropouts will grow by 97,000.
- Utah will create 477,000 job vacancies from new jobs and retirements, with 308,000 requiring postsecondary credentials.
- By 2018, 66% of Utah jobs, or 1 million jobs, will require education beyond high school.
Hobbs+Black Architects completed its work as Architect of Record for the City Creek redevelopment project in Salt Lake City, Utah. The project included a 700,000 square foot retail center with nearly 100 stores and restaurants, as well as luxury apartments and offices. Developed by the Church of Jesus Christ of Latter-day Saints and Taubman Centers, City Creek Center is the retail centerpiece of the mixed-use development, distinguished by landscaping including a recreated creek and waterfalls.
The document discusses redevelopment in California and the Palm Springs Community Redevelopment Agency. It provides details on projects funded by redevelopment, including community facilities, hotels, retail, housing, and infrastructure. It summarizes the impact of the Supreme Court ruling eliminating redevelopment agencies and the transition to successor agencies to wind down remaining projects and obligations.
United States no longer the most productive Country in the Worldpaul young cpa, cga
This presentation looks at GDP per capita. The emphasis of the is presentation is on GDP per capita including the factors like productivity.
Key areas to watch over the next 1-4 years will be how countries address issues with productivity through redefining education, R&D/innovation spending, capital investment, government regulation and red tape and taxation.
Station Area Planning: The Fundamentals by W. Brian KeithRail~Volution
What basic elements go into making a successful station area plan? Review the fundamentals of a station area plan that catalyzes the development and investments your community envisions. Hear from transit planners, city staff, and land use and urban design consultants. What are their tips and pet approaches? How can you engage your communities? What's the latest and greatest from the transportation, housing, public works and economic development worlds? Absorb a wide range of new ideas and details during this station area planning overview.
Moderator: Jan Lucke, Transporation Planning Manager, Washington County Regional Rail Authority, Stillwater, Minnesota
Nadine Fogarty, Principal, Vice President, Strategic Economics, Berkeley, California
W. Brian Keith, AIA, AICP, Associate Principal, JHP, Dallas, Texas
Tim Chan, Manager of Planning, San Francisco Bay Area Rapid Transit District, Oakland, California
Oxford "Future of Cities" @ the Harvard GSDNoah Raford
The document outlines three scenarios for future urban development:
1) "Gulliver's World" - cities develop unevenly, with a prosperous core and struggling fringe as basic challenges persist for most.
2) "Massive socio-technical revolution" - a period of decline and upheaval leads to new green, smarter cities with improved quality of life for all.
3) "Triumph of the Triads" - rapid climate change causes infrastructure breakdown and urban tribalism increases as people rely on local warlords for services in a global age of instability.
HR / Talent Analytics orientation given as a guest lecture at Management Institute for Leadership and Excellence (MILE), Pune. This presentation covers aspects like:
1. Core concepts, terminologies & buzzwords
- Business Intelligence, Analytics
- Big Data, Cloud, SaaS
2. Analytics
- Types, Domains, Tools…
3. HR Analytics
- Why? What is measured?
- How? Predictive possibilities…
4. Case studies
5. HR Analytics org structure & delivery model
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.
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.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
The audit of the City of Alamo Heights' 2020 Comprehensive Annual Financial Report found the city to be in compliance with accounting standards and received an unmodified opinion. The audit was conducted by an independent auditor and presented to the city council. The financial report showed the city to be in a strong financial position with increased net assets and adequate cash on hand.
Comprehensive Annual Financial Report 2012COTA BUS
The presentation of the CAFR contains financial statements and statistical data that provide full disclosure of all the material financial operations of the Authority.
HR&A worked with the Portland Development Commission to identify and prioritize appropriate funding sources for operations, programs, and capital costs.
Over the past 15 years, we have worked closely with Canadian businesses to solve difficult problems, achieve strategic objectives, grow and succeed. We reach out to clients, investors, lawyers and other industry participants so that we are always current on what is happening in focus sectors, the capital markets and the Canadian economy. Further, we have developed informed opinions on a range of matters pertinent to many Canadian businesses and how things may unfold.
This document provides a summary of qualifications and work experience for Monica Kumar. She has over 10 years of experience in finance management roles at various banks and companies. Her most recent role was as a financial consultant performing short-term assignments reviewing treasury functions and regulatory reporting for financial institutions. She has extensive experience in areas such as asset-liability management, regulatory reporting, accounting, and financial analysis.
The document provides an overview of financial reporting for entrepreneurs. It discusses key financial statements including the balance sheet, income statement, and statement of cash flows. It aims to help entrepreneurs better understand and explain financial statements to demonstrate the growth and strength of their business to various stakeholders. The presentation covers accounting principles, forms of business organizations, and components of the major financial statements.
This document provides a summary of Stacy L. Wheeler's contact information, education, skills, training, and work experience. She has over 10 years of experience in accounting, customer service, budgeting, and data entry. Her most recent role is as an Accountant at the Bureau of Fiscal Service where she provides customer service, completes audits and analyses, and processes journal vouchers. She also has experience as an Accounting Technician at the Bureau of the Public Debt processing payments, receipts, budgets, and training new employees. Her goal is to contribute her skills and experience to a new organization.
This document provides an overview of accounting standards LKAS 01, 02, 16, 37, and 38 and their application to Dialog Axiata PLC's financial statements. It summarizes Dialog Axiata's business, vision, mission and financial performance for 2020-2021. Key points include a decrease in profit from 2020 to 2021 due to higher expenses. Total assets increased in 2021 due to rises in inventories, receivables, property and cash. Equity increased slightly from 2020 to 2021 because of a smaller dividend payment leading to higher reserves. Net cash flows also increased over this period. The document was prepared by accounting students at Rajarata University of Sri Lanka.
Susanne Greschner, chief of the Rhode Island Department of Revenue Division of Municipal Finance, describes her state’s Fiscal Stability Act and innovative fiscal transparency portal.
The document provides an overview of government financial statements, including:
- It discusses the different types of funds used in government financial reporting, such as governmental, proprietary, and fiduciary funds.
- It explains the key financial statements included in fund financial statements and government-wide financial statements, such as the balance sheet, statement of revenues/expenditures, and statement of activities.
- It provides details on the notes to the financial statements, required supplementary information, and different auditor reports that may accompany the financial statements.
The business world continues to grow more complex and to place increasing pressures on you to perform at the highest levels. These pressures come from all angles. Despite the fact that nonprofits may desire to be mission driven first, finances play a important role in your organization's success, and finances will usually determine the pace at which you can advance your mission. Thus, it is very important to understand financial matters. This session will be a summary of the basics.
This document discusses financial statements and how they relate to entrepreneurial businesses. It provides definitions for key financial terms like assets, liabilities, equity, income statement, balance sheet, and cash flow statement. It explains the purpose and components of various financial statements. The document also discusses financial analysis metrics for evaluating a company's profitability, solvency, and efficiency.
"ALLL" About Disclosure Reports: Key Issues to KnowLibby Bierman
This session reviews the financial reporting disclosures that were added to bank and credit union's responsibility in 2011. The slides show example reports for requirements including Credit Quality Indicators
Aging of Past Due Receivables
Nature and extent of Troubled Debt Restructures and their effect on the ALLL
Listing of significant loan purchases and sales of loans
The document discusses municipal bankruptcy in the United States. It provides an overview of the status of municipal bankruptcies, with 38 municipal governments having filed for bankruptcy out of 89,000 total governments. It also discusses lessons learned from bankruptcy situations, including excessive debt issuance, lack of understanding of long-term obligations like pensions, revenue concentration risks, and short-sighted decision making. Key recommendations include formalizing financial policies, long-range budgeting, pursuing grants, cost cutting strategies, and pension reform to help manage finances and avoid potential bankruptcy.
This document provides an overview and summary of key topics in Chapter 11 of the textbook, which discusses public sector financial reporting. It begins with an introduction to the chapter and outlines the major topics that will be covered, including the nature of government organizations, financial reporting standards for governments, and notable reporting issues such as determining the reporting entity and measuring liabilities. The remainder of the document summarizes case studies, review questions and answers from the chapter.
Finance for strategic managers Part 3 of 4Parag Tikekar
The document provides information about Prof. Parag Tikekar and the agenda for the second day of a four-part finance course. It introduces various tools for financial analysis including risk management, trend analysis, balance sheets, profit and loss statements, and cash flows. It discusses how to analyze and interpret these tools. The document also outlines who uses financial information both internally and externally.
Similar to California Redevelopment Dissolution (20)
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
2. Administrative Details
Continuing Professional Education (CPE)
regulations require online participants take part in
online poll questions.
You must be registered and logged in online.
You must respond to a minimum of six questions
in order to be eligible for 1.5 CPE credits.
To ask a question during today’s session, use the
Q&A feature in LiveMeeting to type in and submit
your question.
Download a copy of today’s slides or
accompanying handout from the “Handouts”
section in the top right corner of your screen.
Help Desk: 916-642-7012
2
3. Today’s Speaker: David Bullock,
CPA
David is an Assurance and Government
Advisory Services Partner in the San Francisco
Bay Area office of MGO. He has 18 years of
professional experience providing auditing,
accounting and consulting services. During the
past year, David has served as the engagement
partner for diverse clients such as the Cities of
Oakland, Palo Alto, and Pleasant Hill, County of
Alameda, and the San Francisco
Redevelopment Agency. In addition, David
currently serves as the contracted controller for
the Contra Costa County Redevelopment
Agency.
www.mgocpa.com
3
4. Polling Question #1
To what extent have you been following the drafts
of the CCMA White Paper on Redevelopment
Agencies … or have you had the opportunity to
read the final copy?
c) Very closely
d) Somewhat closely
e) On a limited basis
f) Not at all
4
5. Polling Question #2
What are your roles and responsibilities relating to
the Accounting and Financial Reporting of
Successor Agencies?
c) Accounting Department of a Successor Agency
d) Auditor-Controller’s Office of a California County
e) An Independent Auditor of a CPA Firm
f) Other
5
6. Today’s Agenda
Structure and Presentation
Accounting and Reporting
Audit Requirements
Q&A
6
7. Finding Levity Amidst the
Challenges
IN MEMORIAM ‐‐ OAKLAND REDEVELOPMENT AGENCY, 1956‐ 2012
OAKLAND, CA ‐‐ The Oakland Redevelopment Agency passed away peacefully at
midnight on February 1 at age 55. Cause of death was listed as ABX 26 flu, complicated
by acute EOPS poisoning. ORA, as she was affectionately known, was born on October
10, 1956. During ORA’s busy life, she was best known for transforming downtown
Oakland... She was especially proud of the thousands of affordable housing units she
helped produce for low income renters and homeowners. She even helped build the State
of California’s downtown headquarters, but was later abandoned by an ungrateful State
legislature 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 this
century as ORA worked hard to make Mr. Brown’s 10K housing plan a reality; but he later
left her for higher office and even tried to seize her life savings, which he claimed was his
community property.
7
8. Structure and Presentation
Successor Agency means “the county,
city or city and county” that authorized
the creation of each redevelopment
agency or another entity, as provided by
HSC.
Legal counsel for the SCO’s Office has
made a determination that successor
agencies are not separate legal entities!
Therefore, no longer a Component Unit
8
9. Structure and Presentation
CCMA: Reporting Fund is to be a Private
Purpose Trust Fund
• What does that mean?
− Fiduciary Fund
− Report assets held in a trustee or agency capacity for
others, therefore cannot be used to support the
government's own programs
− Economic resources measurement focus and accrual
basis of accounting
− Combine individual sub-funds into one reporting fund
9
10. Structure and Presentation
No balances in Government-Wide financial
statements at June 30, 2012!
Impact to Governmental Funds
Major Fund Determination
• For 2012, could be a significant change in the calculation
of major funds
− No ending assets or liabilities and only seven months of
revenues and expenditures
• Suggestion: keep the treatment consistent with 2011,
regardless of quantified results
10
11. Structure and Presentation
Other Considerations
• Transmittal letter (CAFR only)
• Management’s Discussion and Analysis
• Notes to the basic financial statements
• Combining statements and schedules
• Statistical section (CAFR only)
11
12. Polling Question #3
Successor Agencies should be reported in the
financial statements as:
c) Component unit
d) Governmental funds
e) Enterprise funds
f) Fiduciary funds
12
13. Polling Question #3 Debrief
Successor Agencies should be reported in the
financial statements as:
d) Fiduciary funds
13
14. Polling Question #4
A private purpose trust fund is used to:
b) Account for tax-supported activities.
c) Report resources held by the reporting
government in a purely custodial capacity.
d) Report all trust arrangements under which the
principal and income benefit individuals, private
organizations, or other governments.
e) Report an activity for which a fee is charged to
external users for goods and services.
14
15. Polling Question #4 Debrief
A 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 Reporting
AB X1 26 requires dissolution on 2/1/12
• Final seven months will continue to be reported in
the governmental funds or as a discrete
component unit
• After dissolution, activity of the successor agency
will be reported in a fiduciary fund
For entities that followed the CRA guidance -
Activity will have to be distinguished between
the former Redevelopment Agency and the
Successor Agency
New Fund Required: “Redevelopment Obligation
Retirement Fund”
16
17. Accounting and Reporting
Transfers of assets and liabilities of the former
RDA to the successor agency
• Reported as extraordinary gains/losses in
governmental funds and governmental activities
− 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
• Reported as extraordinary gains/losses in the
trust fund or as additions (“net assets received
upon dissolution of redevelopment agency”)
17
18. Accounting and Reporting
All transfers of assets and liabilities need to be
at carrying value (e.g. net book value)
− Same methodology proposed in GASB
Exposure Draft – Governmental
Combinations and Disposals of
Governmental Operations
− Extremely important to establish the
carrying value at the transfer date (i.e.,
cut-off)
18
19. Accounting and Reporting
Extraordinary Items may include
• Unpaid advances from the City/County
• Transfers of properties held for resale and capital
assets at carrying value
• Transfers of outstanding bonds at carrying value
• Transfers of all other assets and liabilities
(including compensated absences, accrued
employee benefits, etc. that go to the successor
agency)
19
20. Accounting and Reporting
Housing Funds
• Unencumbered balances of Low and Moderate
Income Housing Fund goes to the successor
agency
− Pending legislation
• Assets transferred to the housing successor
agency
− If the City/County elected to be the housing
successor, then the transferred assets should
be reported within its governmental funds … 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 – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example 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 Total
Assets:
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 $ 1,568,000
Liabilities 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 – 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 – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example 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 Statements
Total 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 – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example 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, 2012
Assets:
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 3,994,000
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:
Held in trust for other purposes $ (2,018,000)
24
25. Accounting and Reporting – February 1,
2012
Preliminary and Tentative - For Illustration Purposes Only
Example 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" … at February 1, 2012
Additions: 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 – 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 – 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 Activities
For the Period July 1, 2011 through January 31, 2012
Governmental
Activities
Program 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 5,296,000
General 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 36,000
Net deficit, end of year $ (450,000)
27
28. Accounting and Reporting – 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 – 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
Reconciliation of the Balance Sheet of Governmental Funds to
the Statement of Net Assets - Governmental Activities
January 31, 2012
Total 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 – 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 – 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
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, 2012
Net 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
Disclosure of dissolution and transfer of assets
and liabilities
• A sample disclosure is included as part of the
CCMA White Paper
• Good starting point, but must be tailored to fit the
events and circumstances unique to your
organization
• Suggests to reconcile the difference between the
extraordinary gain/loss reported in the
governmental funds versus the fiduciary fund’s
extraordinary gain/loss or additions
32
33. Polling Question #5
Extraordinary items are:
b) Within the control of management that are either
unusual in nature or infrequent in occurrence
c) Unusual in nature not in the control of
management
d) Only infrequent in nature.
e) Both unusual in nature and infrequent in
occurrence.
33
34. Polling Question #5 Debrief
Extraordinary items are:
d) Both unusual in nature and infrequent in
occurrence.
34
35. Polling Question #6
The Low and Moderate Income Housing Fund (20%
Fund) balances are to be disposed as follows:
b) Encumbered balances are transferred to the
Successor Agency
c) Unencumbered balances are transferred to
the Successor Agency
d) Total balances transferred to the Successor
Agency
e) Transferred to the City’s General Fund
35
36. Polling Question #6 Debrief
The 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 Requirements
State and Local Audits/Oversight
•Actions of the Oversight Board = DOF
•Agreed-upon procedures engagements, directed
by the County Auditor-Controllers
• Due by 7/1/12 and submitted to SCO by 7/15/12
• Purpose (1) establish assets/liabilities, (2) pass-
through obligations, (3) determine the amount and
terms of indebtedness, and (4) “Certify” the initial
ROPS
•Actions of the County ACO = SCO
•SCO also reviews redevelopment asset transfers
made after 1/1/11 to determine if appropriate
37
38. Audit Requirements
Transition Audits are highly recommended but
not required by the SCO (no legislative basis –
either for former RDA or SA)
• No direct funding for audits under ABX1 26
• Bond covenants may require a separate audit
Two separate engagements are contemplated
as two separate entities involved
38
39. Audit Requirements
The RDA Audit Guide – Auditing Procedures for
Accomplishing Compliance Audits of California
Redevelopment Agencies (August 2011) is no
longer in effect (i.e., no compliance audit
required)!!!
SCO states there is no legislative basis to
require State Controller’s Reports or
Statements of Indebtedness
Not yet known whether HCD reports will be
required
39
40. Polling Question #7
The State Department of Finance is responsible to:
b) Review the actions of the Oversight Board
c) Review the actions of the County Auditor-
Controller’s Office
d) Certify the Recognized Obligation Payment
Schedule
e) Review the redevelopment asset transfers made
after 1/1/11
40
41. Polling Question #7 Debrief
The State Department of Finance is responsible to:
c) Review the actions of the Oversight Board
41
42. Polling Question #8
A “Stub” period audit of the former redevelopment
agency is:
b) Required by the State Controller’s Office
c) Required by the State Department of Finance
d) Directly funded under ABX1 26
e) Not required, but recommended
42
43. Polling Question #8 Debrief
A “Stub” period audit of the former redevelopment
agency is:
d) Not required, but recommended
43
44. What’s Next?
Pending legislation
DOF has proposed trailer bill, with significant
changes to the existing laws and regulations in
the Health and Safety Code
Administrative Costs will start to drop (5% to
3%, still subject to $250,000 … administrative
budget to be approved by the Oversight Board)
Oversight Boards will consolidate on July 1,
2016
44
45. References
CCMA White Paper (CalCPA members only) -
http://www.calcpa.org/Content/24325.aspx
DOF -
http://www.dof.ca.gov/assembly_bills_26-27/view.php
SCO -
http://www.sco.ca.gov/ard_local_info_resources.html
League of California Cities -
http://www.cacities.org/Home
45
46. Closing Items
Play this and previous MGO Academy webinars
at www.mgocpa.com/go/mgo/thought-leadership
If you are eligible for CPE credit for today’s
session, you will receive the certificate
electronically in one to two weeks.
Please complete and return the evaluation
survey, which you will receive via email.
46
47. Questions & Contact Info
Northern California Central California
San Francisco Bay Area: Sacramento:
David Bullock, Partner Richard Green, Partner
dbullock@mgocpa.com rgreen@mgocpa.com
(925) 395-2835 (916) 642-7046
Southern California
Los Angeles: Orange County:
Jim Godsey, Partner Linda Hurley
jgodsey@mgocpa.com lhurley@mgocpa.com
(310) 746-2177 (949) 296-4340
San Diego:
Kevin Starkey, Director
kstarkey@mgocpa.com
(619) 618-7211
Thank you for attending.
47
Editor's Notes
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 BDO’s Government Industry Group. David - Thank you Linda, and welcome everyone … 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 “redevelopment agencies” in our annual client trainings … so stay tuned for another opportunity to discuss these matters.
Before we get started … we have two quick polling Qs … in order to get a feel of those in attendance. Very closely – 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 – meaning, you are aware of the White Paper and have seen a draft somewhere along the way … aware of key points. On a limited basis – meaning, you have heard about it through others .. But have not actually seen it. Not at all – meaning, who the heck is CCMA, and the only white paper I’ve seen is the paper I’ve stuck into my printer this week … which has nothing to do with redevelopment.
Who’s in the audience?
Here is today’s agenda … 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 … (read categories on slide).
David – We wanted to share an abridged version of something our Oakland clients wrote which impressed us … as they were able to find some levity in the challenges they’re facing. Linda – to read story. David – They’ve identified a very good point – that the dissolution of redevelopment agencies has some similarity to dealing with someone’s estate after they’ve passed away.
First of all, Successor Agencies are “the county, city or city and county” … that authorized the creation of each redevelopment agency … 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 Controller’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 Community’s governing board (City Council or the Board of Supervisors). Therefore, if it does not have separate legal standing … then, it cannot be a component unit.
CCMA is the “California Committee on Municipal Accounting”, a joint committee comprised of representatives of the League of California Cities and the California Society of Certified Public Accountants . The CCMA publishes “White Papers” 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. CCMA’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 … 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 … therefore, while the beginning balances will carryover FY2011 position … 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 … 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 – discuss the impacts of dissolution … 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 – separating fiduciary activity from governmental activities. Combining – changes related to any non-major governmental funds of the former RDA and possibly new fund related to the Housing successor agency … and possibly Private-Purpose Trust Fund, if needed at combining level. Stats – mostly 10 year trend information and lots of debt disclosures.
Successor Agency means “the county, city or city and county” that authorized the creation of each redevelopment agency or another entity, as provided by the Health and Safety Code. Legal counsel for the SCO’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 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 “generally” 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 … 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 “cut-off” between the old and new activity! New fund is required (34170.5) … 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 Operations—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 … we would suggest to treat the establishment of the fund as an addition .. Not an extraordinary gain/loss.
Read slide. For example, Capital Assets … need to calculate depreciation through 1/31/12 … 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 … etc.
Read slide. For unpaid advances from the City/County (for example, the General Fund) … 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 … however, if your legal counsel has a basis that the collection of the interagency loan is probable … 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
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 transactions or other events that are both unusual in nature and infrequent in occurrence. APB Opinion No. 30, Reporting the Results of Operations—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. As discussed in paragraph .141, extraordinary items should be reported separately at the bottom of the statement of activities. [GASBS 34, ¶55]
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 transactions or other events that are both unusual in nature and infrequent in occurrence. APB Opinion No. 30, Reporting the Results of Operations—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. As discussed in paragraph .141, extraordinary items should be reported separately at the bottom of the statement of activities. [GASBS 34, ¶55]
Unencumbered balances of Low and Moderate Income Housing Fund to the successor agency Pending legislation Assets transferred to the housing successor agency If the City/County elected to be the housing successor, then should be reported within its governmental funds
Unencumbered balances of Low and Moderate Income Housing Fund to the successor agency Pending legislation Assets transferred to the housing successor agency If the City/County elected to be the housing successor, then should be reported within its governmental funds
Read slide.
Read slide.
Read slide.
b) Review the actions of the County Auditor-Controller’s Office = State Controller’s Office c) Verify the Recognized Obligation Payment Schedule = Oversight Board d) Review the redevelopment asset transfers made after 1/1/11 = State Controller’s Office