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SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
Independent Accountants' Report on Applying Agreed-Upon Procedures
On the Palm Desert Redevelopment Agency's
And
The Successor Agency to the Palm Desert Redevelopment Agency's
All Other Funds
Pursuant to California Health and Safety Code Section 34179.5
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
Table of Contents
Page
Independent Accountants' Report on Applying Agreed-Upon Procedures
Related to the All Other Funds 1
Attachment A-Agreed-Upon Procedures and Findings Related to All Other Funds 2
SUPPORTING SCHEDULES AND EXHIBITS:
Schedule 1 - Listing of Assets Transferred to Successor Agency
as of February 1, 2012
Schedule 2 - Transfers to the City of Palm Desert
Schedule 3 -Reconciliation of Financial Transactions for the Periods Ended
June 30, 2010, June 30, 2011, January 1, 2012 and June 30, 2012
Schedule 4 - Listing of Assets as of June 30, 2012
Schedule 5 - Summary of Restricted Cash
Schedule 5a- Unspent Bond Proceeds Project Area 1
Schedule 5b - Unspent Bond Proceeds Project Area 2
Schedule 5c - Unspent Bond Proceeds Project Area 3
Schedule 5d - Unspent Bond Proceeds Project Area 4
Schedule 6 -Nonliquid Assets as of June 30, 2012
Schedule 6a- Cash to be Retained to Satisfy Enforceable Obligations (ROPS 1)
Schedule 7 - Cash Balances to be Retained for Fiscal Year 2012-2013
(ROPS 2 and ROPS 3)
Schedule 7a -Supporting Schedule-Disallowed on ROPS 2
Schedule 7b - Supporting Schedule-Use of Bond Proceeds on ROPS 2
Schedule 7c - Supporting Schedule-Restricted Debt Service Payments on ROPS 2
Schedule 7d - Supporting Schedule- Cash Balance for Retention to Meet
Enforceable Obligations in Fiscal Year 2012-2013 on ROPS 2
Schedule 8 - Summary of Balance Available for Allocation to Affected
Taxing Agencies
Exhibit 1 - Restricted Assets for Repayment of Loans made with
$11,020,000 Tax Allocation Bonds
Exhibit 1 a- Cash Received on Loan to the University of California- Riverside
Through June 30, 2012
Exhibit lb - Promissory Note
Exhibit lc -Detail Use of Bond Proceeds to Fund Loan
Exhibit 1d - Certificate-Use of Proceeds, $11,020,000 Series 1998 Tax Allocation Bonds
Exhibit 2 - Cash Flow Requirements for Bond Debt Service
Exhibit 2a- Summary Cash Flows by Project Area
Exhibit 2b - Assumptions Made for Cash Flows
Exhibit 2c- Detail Cash Flows by Project Area
Exhibit 2d- Project Area No. 1 Loan Agreements
Exhibit 3 - Cash to be Retained for Fiscal Year 2012-2013 (ROPS 3)
Exhibit 4 - Legal Services Agreement
WHITE NELSON DIEHL EVANS LLP
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Independent Accountants' Report on Applying
Agreed-Upon Procedures Related to All Other Funds
Oversight Board of the Successor Agency
to the Palm Desert Redevelopment Agency
Palm Desert, California
We have performed the minimum required agreed-upon procedures (AUP) enumerated in
Attachment A, which were agreed to by the California Department of Finance, the California State
Controller's Office, the Riverside County Auditor-Controller, and the Successor Agency to the Palm
Desert Redevelopment Agency (Successor Agency), (collectively, the Specified Parties), solely to
assist you in meeting the statutory requirements of Health and Safety Code Section 34179.5 related to
all other funds except for the Low and Moderate Income Housing Fund (All Other Funds) of the
former Palm Desert Redevelopment Agency and the Successor Agency. Management of the Successor
Agency is responsible for meeting the statutory requirements of Health and Safety Code
Section 34179.5 related to All Other Funds. This agreed-upon procedures engagement was conducted
in accordance with attestation standards established by the American Institute of Certified Public
Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified
in the report. Consequently, we make no representation regarding the sufficiency of the procedures
described below, either for the purpose for which this report has been requested or for any other
purpose.
The scope of this engagement was limited to performing the agreed-upon procedures as set forth in
Attachment A. Attachment A also identifies the findings noted as a result of the procedures
performed.
We were not engaged to and did not conduct an audit, the objective of which would be the expression
of an opinion on whether the Successor Agency has met the statutory requirements of Health and
Safety Code Section 34179.5 related to All Other Funds. Accordingly, we do not express such an
opinion. Had we performed additional procedures, other matters might have come to our attention that
would have been reported to you.
This report is intended solely for the information and use of the Oversight Board and management of
the Successor Agency to the Palm Desert Redevelopment Agency, the California Department of
Finance, the California State Controller's Office, and the Riverside County Auditor-Controller, and is
not intended to be, and should not be, used by anyone other than these specified parties.
iw eu. JL�
Irvine, California
November 21, 2012
1
2875 Michelle Drive,Suite 300,Irvine,CA 92606•Tel: 714.978.1300•Fax: 714.978.7893
Offices located in Orange and San Diego Counties
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A-AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
1. Procedure:
Obtain from the Successor Agency a listing of all assets that were transferred from All Other
Funds of the former redevelopment agency to the Successor Agency on February 1, 2012. Agree
the amounts on this listing to account balances established in the accounting records of the
Successor Agency. Identify in the Agreed-Upon Procedures (AUP) report the amount of the
assets transferred to the Successor Agency as of that date.
Finding:
We agreed the amounts listed on Schedule 1 to the Successor Agency's accounting records
without exceptions. The former redevelopment agency transferred $248,127,074 in assets from
All Other Funds to the Successor Agency as detailed in Schedule 1.
2A. Procedure:
Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from All Other Funds of the former redevelopment agency to the city that formed
the redevelopment agency for the period from January 1, 2011 through January 31, 2012. For
each transfer, the Successor Agency should describe the purpose of the transfer and describe in
what sense the transfer was required by one of the Agency's enforceable obligations or other
legal requirements. Provide this listing as an attachment to the AUP report.
Finding:
Transfers from All Other Funds of the former redevelopment agency other than payments for
goods and services to the City of Palm Desert for the period January 1, 2011 through
January 31, 2012 are shown in Schedule 2.
2B. Procedure:
Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from All Other Funds of the Successor Agency to the city that formed the
redevelopment agency for the period from February 1, 2012 through June 30, 2012. For each
transfer, the Successor Agency should describe the purpose of the transfer and describe in what
sense the transfer was required by one of the Agency's enforceable obligations or other legal
requirements. Provide this listing as an attachment to the AUP report.
Finding:
Transfers from All Other Funds of the Successor Agency other than payments for goods and
services to the City of Palm Desert for the period from February 1, 2012 through June 30, 2012
are shown in Schedule 2. •
2
{
• • SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A -AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
2C. Procedure:
For each transfer, obtain the legal document that formed the basis for the enforceable obligation
that required the transfer. Note in the AUP report the absence of any such legal document or the
absence of language in the document that required the transfer.
Finding:
Schedule 2 shows the details for the enforceable obligation or other legal requirement supporting
the transfers.
3A. Procedure:
Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from All Other Funds of the former redevelopment agency to any other public
agency or to private parties for the period from January 1, 2011 through January 31, 2012. For
each transfer, the Successor Agency should describe the purpose of the transfer and describe in
what sense the transfer was required by one of the former redevelopment agency's enforceable
obligations or other legal requirements. Provide this listing as an attachment to the AUP report.
Finding:
This procedure is not applicable as the former redevelopment agency did not make any transfers
to other public agencies or private parties other than payments for goods and services from All
Other Funds during the period from January 1, 2011 through January 31, 2012.
3B. Procedure:
Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from All Other Funds of the Successor Agency to any other public agency or to
private parties for the period from February 1, 2012 through June 30, 2012. For each transfer,the
Successor Agency should describe the purpose of the transfer and described in what sense the
transfer was required by one of the former redevelopment agency's enforceable obligations or
other legal requirements. Provide this listing as an attachment to the AUP report.
Finding:
This procedure is not applicable as the Successor Agency did not make any transfers to other
public agencies or private parties other than payments for goods and services from All Other
Funds during the period from February 1, 2012 through June 30, 2012.
3
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A-AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
3C. Procedure:
For each transfer, obtain the legal document that formed the basis for the enforceable obligation
•
that required the transfer. Note in the AUP report the absence of any such legal document or the
absence of language in the document that required the transfer.
Finding:
This procedure is not applicable since no transfers were identified as a result of Procedures 3A
and 3B.
4. Procedure:
Obtain from the Successor Agency a summary of the financial transactions of the Redevelopment
Agency and the Successor Agency for the fiscal periods ended June 30, 2010, June 30, 2011,
January 31, 2012 and June 30, 2012. Ascertain that for each period presented, the total of
revenues, expenditures and transfers account fully for the changes in equity from the previous
fiscal period. Compare amounts for the fiscal period ended June 30, 2010 to the state controller's
report filed for the Redevelopment Agency for that period. Compare the amounts for the other
fiscal periods presented to the account balances in the accounting records or other supporting
schedules;
Finding:
A reconciliation of the fmancial transactions of the Redevelopment Agency and the Successor
Agency for the fiscal periods ended June 30, 2010, June 30, 2011, January 31, 2012 and
June 30, 2012 is presented in Schedule 3.
5. Procedure:
Obtain from the Successor Agency a listing of all assets of All Other Funds as of June 30, 2012.
Agree the assets on the listing to the accounting records of the Successor Agency.
Finding:
As of June 30, 2012, the Successor Agency's total assets related to All Other Funds of the former
redevelopment agency amounted to $237,808,728 as shown in Schedule 4.
4
• ' SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A -AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
6. Procedure:
Obtain from the Successor Agency a listing of asset balances held on June 30, 2012 that were
restricted for the following purposes:
• unspent bond proceeds,
• grant proceeds and program income restricted by third parties, and
• Other assets with legal restrictions.
6A. Procedure- Unspent Bond Proceeds:
Obtain the Successor Agency's computation of the restricted balances and trace individual
components of this computation to related account balances in the accounting records, or to other
supporting documentation. Obtain the legal document that sets forth the restriction pertaining to
these balances. We agreed the par amount of the bonds,the original issue premium, underwriter's
discount, bond insurance premium, cost of issuance and deposits to the escrow fund to the
Official Statement prepared on the issuance of the bonds. We agreed the date and amount of the
bond draw to a request from the Palm Desert Redevelopment Agency to Wells Fargo Corporate
Trust Services request reimbursements for expenditures paid by the Agency. We agreed the
balances at June 30,2012 to a Statement of Assets held by Wells Fargo Corporate Trust Services.
Finding:
As of June 30, 2012, the Successor Agency had $86,019,993 in unspent bond proceeds as
detailed in Schedule 5. Schedules 5a through 5d provide detail by bond series and project area.
6B. Procedure- Grant Proceeds and Program Income Restricted by Third Parties:
Obtain the Successor Agency's computation of the restricted balances and trace individual
components of this computation to related account balances in the accounting records, or to other
supporting documentation. Obtain a copy of the grant agreement that sets forth the restriction
pertaining to these balances.
Finding:
This procedure is not applicable as the Successor Agency's assets related to All Other Funds of
the former redevelopment agency did not have grant proceeds and program income restricted by
third parties as of June 30, 2012.
6C. Procedure- Other Assets Considered to be Legally Restricted:
Obtain the Successor Agency's computation of the restricted balances and trace individual
components of this computation to related account balances in the accounting records or other
supporting documentation. We obtained the legal document that sets forth the restriction
pertaining to these balances.
5
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY '
ATTACHMENT A-AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
6C. Finding:
As of June 30, 2012,the Successor Agency had the following amounts that are restricted:
(a) $17,217,786 held by the bond trustee to pay for debt service payments due in July 2012
and September 2012 as detailed in Schedule 5.
(b) $8,290,079 in the reserve and redemptions funds as detailed in Schedule 5 are restricted
by bond documents.
(c) $1,392,000 in cash received through June 30, 2012 as a repayment of principal of
$1,200,000 and interest of $192,000 on a note receivable from the Regents of the
University of California, dated April 21, 2003. The original note in the amount of
$2,000,000 was for capital improvement costs. The original disbursement for the capital
improvements were drawn from Tax Allocation Bond Funds. In accordance with the
bond documents, the funds allocated to this project are to be used for the purpose of
capital improvements by the Agency or to acquire land related to certain capital
improvements. Therefore, the loan repayments carry the same restrictions as the original
bond proceeds and are required to be used in accordance with these restrictions. The
balance of the note receivable in the amount of$800,000 is reported as a nonliquid asset
on Schedule 6. Attached to the report at Exhibit la is the repayment schedule through
June 30, 2012, Exhibit lb is the promissory note, Exhibit lc is the detail use of the bond
proceeds and Exhibit ld is the certificate on the use of proceeds $11,080,000 Series 1998
Tax Allocation Bonds.
(d) There is an adjustment of$140,195 on the general ledger at June 30, 2012 to record the
cash held by the bond trustee to the fair market value. This amount is restricted as the
cash held by the bond trustee is restricted.
7. Procedure:
Obtain from the Successor Agency a listing of assets of All Other Funds of the former
redevelopment agency as of June 30, 2012 that are not liquid or otherwise available for
distribution and ascertain if the values are listed at either purchase cost or market value as
• recently estimated by the Successor Agency. For assets listed at purchased cost, trace the amount
to a previously audited financial statement or other accounting records of the Successor Agency
and note any differences. For any differences noted, inspect evidence of asset disposal
subsequent to January 31, 2012 and ascertain that the proceeds were deposited into the Successor
Agency's trust fund. For assets listed at recently estimated market value, inspect evidence
supporting the value and note the methodology used.
6
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A-AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
7. Finding:
As of June 30, 2012, the Successor Agency's total assets related to All Other Funds of the former
redevelopment agency that are not liquid amounted to $71,000,733 as shown in Schedule 6. The
amounts have been recorded at cost or fair market value on the general ledger of the Successor
Agency.
8A. Procedure:
If the Successor Agency identified that existing asset balances were needed to be retained to
satisfy enforceable obligations, obtain an itemized schedule of asset balances (resources) as of
June 30, 2012 that were dedicated or restricted for the funding of enforceable obligations.
Compare the information on the schedule to the legal documents that formed the basis for the
dedication or restriction of the resource balance in question. Compare all current balances which
needed to be retained to satisfy enforceable obligations to the amounts reported in the accounting
records of the Successor Agency or to an alternative computation. Compare the specified
enforceable obligations to those that were included in the final Recognized Obligation Payment
Schedule (ROPS) approved by the California Department of Finance. If applicable, identify any
listed balances for which the Successor Agency was unable to provide appropriate restricting
language in the legal document associated with the enforceable obligation.
8A. Finding:
As of June 30, 2012, the Successor Agency had the following amounts that are to be retained to
fund enforceable obligations:
(a) The Successor Agency identified $42,025 in accounts payable related to ROPS 1, as
detailed in Schedule 6a, which was paid from available cash. These enforceable
obligations were not listed in ROPS 2.
(b) On September 30, 2005 the Redevelopment Agency acquired property located at
42-445 Washington Street in Palm Desert. Included in the purchase was a restaurant with
an existing lease between Up a Creek, Inc. (business owner) and Santo Thomas Company
(previous property owner) that was transferred upon purchase, to the Redevelopment
Agency as the "successor in interest". The Successor Agency has a deposit payable on the
lease in the amount of$15,000 which is not available for distribution.
7
8B. Procedure:SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A-AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
If the Successor Agency identified that future revenues together with balances dedicated or
4 restricted to an enforceable obligation are insufficient to fund future obligation payments and
thus retention of current balances is required, obtain from the Successor Agency a schedule of
approved enforceable obligations that include a projection of the annual spending requirements to
satisfy each obligation and a projection of the annual revenues available to fund those
requirements. Compare the enforceable obligations to those that were approved by the California
Department of Finance for the six month period from January 1, 2012 through June 30, 2012 and
for the six month period July 1, 2012 through December 31, 2012. Compare the forecasted
annual spending requirements to the legal document supporting the enforceable obligation and
obtain the Successor Agency's assumptions relating to the forecasted annual spending
requirements. Obtain the Successor Agency's assumptions for the forecasted annual revenues.
Disclose the major assumptions for the forecasted annual spending requirements and the
forecasted annual revenues in this AUP report.
Finding:
This procedure is not applicable as the Successor Agency did not identify any assets to be
retained under this procedure.
' 8C. Procedure:
If the Successor Agency identified that projected property tax revenues and other general purpose
4 revenues to be received by the Successor Agency are insufficient to pay bond debt service
payments (considering both the timing and amount of the related cash flows), obtain a schedule
demonstrating this insufficiency. Compare the timing and amounts of bond debt service
payments to the related bond debt service schedules in the bond agreement. Obtain the
assumptions for the forecasted property tax revenues and other general purpose revenues and
disclose them in this AUP report.
Finding:
Project Area No. 1 provides a unique situation relative to its ability to repay debt prior to
reaching the tax increment cap. Tax increment revenues coming from property within the Added
Territory are subject to a maximum of $500,000,000 (exclusive of certain amounts), thus tax
revenues available to pay debt service on the loans will be substantially reduced after the limit is
reached. The Agency expects this limitation will be reached prior to the final maturity date of the
Bonds. Based on a 2% assessed valuation growth projection, the Added Territory will reach the
limit in fiscal year 2021-22.
8
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A- AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
8C. Finding (Continued):
Pursuant to the bond documents, the Agency has agreed to annually submit a report to MBIA
showing the total amount of Tax Revenues remaining available to be received by the Agency
under this Plan's cumulative tax increment limitation, as well as future cumulative annual debt
service with respect to the bonds. The Agency is required to set-aside all current and future tax
revenues and use such amounts solely for the purpose of paying debt service on the loans.
Consequently a portion of the cash on hand, as well as future available tax revenues from the
Project Area are necessary to cover such debt service payments prior to reaching the cap.
The deficit for Project Area No. 1 is estimated to be $15,032,326 as detailed in Exhibit 2a and is
required to be retained for the debt service requirements of Project Area No. 1.
Attached to the report at Exhibit 2a is a summary cash flows by project areas which shows
available revenues and estimated expenditures including bond debt service, Exhibit 2b shows the
assumptions made for the cash flows, Exhibit 2c which is a detailed cash flow by year for each of
the project areas and Exhibit 2d which are the loan agreements to repay the debt for Project Area
No. 1.
8D. Procedure:
If Procedures 8A, 8B and 8C were performed, calculate the amount of unrestricted balances
necessary for retention in order to meet enforceable obligations. Combine the amount identified
as currently restricted balances and the forecasted annual revenues to arrive at the amount of total
resources available to fund enforceable obligations. Reduce the total resources available by the
amount of forecasted annual spending requirements. Include the calculation in this AUP report.
8D. Finding:
For the amounts of $57,055 in procedure 8A, the Successor Agency does not expect any
additional funding to pay for these enforceable obligations.
Exhibit 2a, 2b and 2c provides the information on the forecasted revenues and spending
requirements for the deficit amount of$15,032,326 required to be retained from available cash to
pay for debt service in Project Area No. 1.
The total amount required to be retained amounts to $15,089,381.
9
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY •
ATTACHMENT A- AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
9. Procedure:
If the Successor Agency identified that cash balances as of June 30, 2012 need to be retained to
satisfy obligations on the Recognized Obligation Payment Schedule (ROPS) for the period of
July 1; 2012 through June 30, 2013, obtain a copy of the final ROPS for the period of
July 1, 2012 through December 31, 2012 and a copy of the final ROPS for the period
January 1, 2013 through June 30, 2013. For each obligation listed on the ROPS, the Successor
Agency should identify (a) any dollar amount of existing cash that was needed to satisfy the
obligation, and (b) the Successor Agency's explanation as to why the Successor Agency believes
that such balances were needed to satisfy the obligation. Include this schedule as an attachment
to this AUP report.
Finding:
The Successor Agency has identified $27,979,432 in cash balances be retained to satisfy
obligations on the Recognized Obligation Payment Schedule (ROPS 2 and ROPS 3) for the
period of July 1, 2012 to June 30, 2013. Schedule 7 shows a summary of the cash balances
needed for fiscal year 2012-2013. Schedules 7a, 7b, and 7d provides the details on the cash
balances required to be retained for ROPS 2 in the amount of $24,491,809. The Successor
Agency is requesting an additional $3,487,623 cash for ROPS 3 for additional funding available
as a result of changes made by the Department of Finance as a result of ROPS 3 review. The
Successor Agency has had a meet and confer with the Department of Finance but a decision has
not been made as of the date of the report. Exhibit 3 has the documents related to this request.
10. Procedure:
Present a schedule detailing the computation of the Balance Available for Allocation to Affected
Taxing Agencies. Amounts included in the calculation should agree to the results of the
procedures performed above. Agree any deductions for amounts already paid to the County
Auditor-Controller on July 12,2012 as directed by the California Department of Finance to
evidence of payment.
I
Finding:
El
The computation of the Balance Available for Allocation to Affected Taxing Agencies shows
that the Successor Agency has $10,679,129 to be remitted to the County for disbursement to
affected taxing agencies as shown in Schedule 8.
10
I
• • SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ATTACHMENT A- AGREED-UPON PROCEDURES AND FINDINGS
RELATED TO ALL OTHER FUNDS
11. Procedure:
Obtain a representation letter from management of the Successor Agency acknowledging their
responsibility for the data provided and the data presented in the report or in any schedules or
exhibits to the report. Included in the representations is an acknowledgment that management is
not aware of any transfers (as defined by Section 34179.5) from either the former redevelopment
agency or the Successor Agency to other parties for the period from January 1, 2011 through
June 30, 2012 that have not been properly identified in this AUP report and its related schedules
or exhibits. Management's refusal to sign the representation letter should be noted in the AUP
report as required by attestation standards.
Finding:
No exceptions were noted as a result of this Procedure.
11
SCHEDULEI
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
LISTING OF ASSETS TRANSFERRED TO SUCCESSOR AGENCY
As of February 1,2012
Total
Assets
as of
February 1,2012
ASSETS
Cash and investments $ 68,939,675
Cash with fiscal agent(Bond Trustee) 97,498,463
Accounts receivable 1,234,856
Interest receivable 194,508
Loans receivable 800,000
Prepaid costs 150,000
Due from the City of Palm Desert(Advance) 9,100,000
Due from the City of Palm Desert(Interest) 229,935
SUBTOTAL TOTAL ASSETS(MODIFIED ACCRUAL) 178,147,437
Capital assets 61,084,407
Deferred bond issue costs 8,895,230
TOTAL ASSETS $ 248,127,074
SCHEDULE 2
SUCCESSOR AGENCY TO THE PALM DESERT REDEVLOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
TRANSFERS TO THE CITY OF PALM DESERT
FOR THE PERIOD JANUARY 1,2011 THROUGH JANUARY 31,2012:
Date of Enforceable Obligation/Other
Transfer Description of Transfer Purpose of Transfer Amount Legal Requirement Supporting Transfer
2/24/2011 Transfer of Property to the City Transfer of Property to the City to continue $ 60,491,310 (A) The transfer was made pursuant to the
of Palm Desert Redevelopment City adopting Resolution 581 Pursuant to
the State Controllers Request to transfer the assets
back to the Agency under H&S Code Section
34167.5,the City transferred the assets back to
the Agency
2/28/2011 . Transfer for repayment of advance Repay the advance made by the City of $ 9,100,000 (B) The transfer was made to repay the
Palm Desert to the Palm Desert Redevelopment advance payable to the City.The advance
Agency was incurred after two years of the formation
of the Redevelopment Agency and is not
considered an enforceable obligation pursuant
to California Health and Safety Code Section
34171(g)(2)
2/28/2011 Transfer for interest paid on advances To pay interest on the advance payable by $ 240,443 (C) The payment of interest on the advance
payable of$9,100,000 to the City Palm Desert Redevelopment Agency to the prior to January 1,2011 is not subject to
City of Palm Desert Health and Safety Code Section 34171(gx2).
The interest was paid for the period July 1,2010
to February 28,2011.The payment of interest
of S60,509 for the period January 1,2011 to
February 28,2011 is not considered an enforceable
obligation pursuant to Health and Safety Code
Section 34171(g)(2)
6/30/2011 Transfer for interest paid on advances To pay interest on the advance payable by $ 338,186 (D) The payment of interest on the advance
payable of$13,555,000 to the City Palm Desert Redevelopment Agency to the prior to January 1,2011 is not subject to
City of Palm Desert Health and Safety Code Section 34171(g)(2).
The interest was paid for the period July I,2010
to June 30,2011.The payment of interest
of$169,426 for the period January I,2011 to
June 30,2011 is not considered an enforceable
obligation pursuant to Health and Safety Code
Section 34171(g)(2)
1/31/2012 Transfer of capital assets to Transfer of public use property,which $ 12,092,882 The assets associated are owned by the City,
the City includes Aquatic Center and Street however the capital improvements to the assets
Improvements were funded pursuant to Resolution No.'s 08-48,
03-107,07-60 and 542 and Health and Safety Code
Section 33445 by the Redevelopment Agency.
Therefore,upon dissolution of redevelopment,
the value of the improvements were transferred
to the owner.
(A)For accounting purposes,the City reversed this transfer on June 30,2012 and the assets are included on Schedule 4.The City Council
took action on November 15,2012 to reverse the transfer of assets.A reconciliation of the transfers is shown below.
Capital assets transferred at February 24,2011 $ 60,491,310
Expenditures(Work in Progress)incorrectly capitalized written of (1,173,861)
Capital assets transferred back to Agency S 59,317,449
(B)For accounting purposes,the City reversed the transfer of$9,100,000 and has reported a receivable from the City of Palm Desert as of June 30,2012.
This amount is included in the assets reported for the Successor Agency at June 30,2012
(C)For accounting purposes,the City reversed$60,509 of the interest paid on the$9,100,000 advance for the period January 1,2011 to February 28,2011.
This amount is included in the assets reported for the Successor Agency at June 30,2012
(D)For accounting purposes,the City reversed$169,426 of the interest paid on the$13,555,000 advance for the period January 1,2011 to June 30,2011.
This amount is included in the assets reported for the Successor Agency at June 30,2012
(E)$459,943 in work-in-progress that was deleted from the Redevelopment Agency due to lack of funding to complete projects as a result of RDA dissolution.
(F)The Redevelopment Agency restated ifs financial statements at June 30,2011 to remove capital assets in the amount of$18,083,336 which are
not reported above.These assets were transferred by the Governing Boatel in prior years but were not adjusted in the accounting records. Property
includes public use parks,public use buildings,etc.
(G)Restatement as of July 1,2012 to adjust for land that is not property of the
Redevelopment Agency $ (1,243,031)
Restatement as of July 1,2012 to reverse parking lot that is not property of
the Redevelopment Agency (115,098)
$ (1,358,129)
1
SCHEDULE ,
SUCCESSOR AGENCY TO THE PALM DESERT REDEVLOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
TRANSFERS TO THE CITY OF PALM DESERT
FOR THE PERIOD FEBRUARY 1,2012 THROUGH JUNE 30,2012:
Date of Enforceable Obligation/Other
Transfer Description of Transfer Purpose of Transfer Amount Legal Requirement Supporting Transfer
6/30/2012 Transfer of capital assets to Transfer of public use property,which $ 194,559 The transfer was made pursuant to Health&
the City includes retention basin to capture water Safety Code Section 34181(a)
run-off
•
SCHEDULE 3
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
RECONCILIATION OF FINANCIAL TRANSACTIONS FOR THE PERIODS ENDED
JUNE 30,2010,JUNE 30,2011,JANUARY 31,2012 AND JUNE 30,2012
(a) (a) (b) (c)
Redevelopment Redevelopment Redevelopment Successor
Agency Agency Agency Agency
12 Months Ended 12 Months Ended 7 Months Ended 5 Months Ended
6/30/2010 6/30/2011 1/31/2012 6/30/2012
Assets(modified accrual basis)
Cash and investments $ 143,055,348 $ 110,557,650 $ 82,628,518 $ 56,794,263
Restricted cash with fiscal agent 147,287,068 127,588,762 120,893,163 135,637,866
Property tax receivable 416,841
Accounts receivable 421,198 231,162 1,258,852 1,309,911
Interest receivable 569,198 420,054 231,001 210,496
Note/loan receivable 8,928,010 8,524,592 7,587,629 800,000
Due from other funds - 3,979,739 - -
Advances to other funds 17,821,288 17,821,288 17,821,288 -
Due from the City of Palm Desert-Advances - - 9,100,000 9,100,000
Due from the City of Palm Desert-Interest - - 229,935 229,935
Property held for resale 855,224 2,685,387 3,671,674 -
Prepaid costs and deposits 26,813 177,320 150,129 157,448
Total Assets $ 318,964,147 $ 271,985,954 $ 243,572,189 $ 204,656,760
Liabilities(modified accrual basis)
Accounts payable $ 1,469,174 $ 2,853,030 $ 6,267,364 $ 2,543,043
Accrued liabilities 80,299 85,773 - -
Deposits payable 15,500 15,500 15,500 15,000
Advances from other funds 17,821,288 17,821,288 17,821,288 17,821,288
Due to the City of Palm Desert - - 9,100,000 9,100,000
Due to other funds(RDA) - 3,979,739 - -
Unearned revenue 6,796 6,796 6,796 -
Deferred revenue 36,493 36,493 36,494 -
Amounts due to pass-through agreements 60,678,180 44,341,716 12,576,364 135,936
Total Liabilities 80,107,730 69,140,335 45,823,806 29,615,267
Equity 238,856,417 202,845,619 197,748,383 175,041,493
Total Liabilities and Equity $ 318,964,147 $ 271,985,954 $ 243,572,189 $ 204,656,760
Total Revenues $ 90,977,877 $ 83,270,086 $ 40,814,989 $ 21,313,962
Total Expenditures (107,340,283) (111,564,389) (43,730,284) (15,471,841)
Transfer out to Housing Authority (7,716,495) (2,181,941) -
Transfer of Capital Assets to City - - - (194,559)
Transfer out to Housing Authority - - - (28,297,421)
Net change in equity (16,362,406) (36,010,798) (5,097,236) (22,649,859)
Beginning Equity 255,218,823 238,856,417 202,845,619 197,748,383
Restatement of Equity - - - (57,031)
Ending Equity $ 238,856,417 $ 202,845,619 $ 197,748,383 $ 175,041,493
Other Information(show year end
balances for all three years presented):
Capital assets as of end of year $ 157,525,805 $ 84,418,599 $ 132,031,683 $ 60,687,360
Long-term debt as of end of year $ 389,217,570 $ 368,384,074 $ 360,564,284 $ 354,527,797
Advances due to the City of Palm Desert $ 22,655,000 $ 13,555,000 $ 13,555,000 $ 22,655,000
Unamortized bond premium $ 6,899,537 $ 6,423,834 $ 6,146,341 $ 5,948,131
Deferred amount on refunding $ (1,360,820) $ (1,238,105) $ (1,166,521) $ (1,115,390)
(a)Agreed amounts to State Controller's Reports and audited financial statements for the fiscal years 2009-2010 and 2010-2011.
(b)Agreed amounts to accounting records.
(c)This schedule does not include the Housing Authority.
SCHEDULE 4
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
LISTING OF ASSETS
As of June 30.2012
Total
Assets
as of
June 30, 2012
ASSETS
Cash and investments $ 43,919,407
Cash with fiscal agent(Bond Trustee) 112,293,151
Property tax receivable 416,841
Due from other governments 1,309,911
Interest receivable 210,496
Loans 800,000
Prepaid costs 157,448
Due from the City of Palm Desert(Advance) 9,100,000
Due from the City of Palm Desert(Interest) 229,935
SUBTOTAL TOTAL ASSETS(MODIFIED ACCRUAL) 168,437,189
Capital assets 60,687,360
Deferred bond issue costs 8.684,179
TOTAL ASSETS $ 237.808.728
•
SCHEDULE 5
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUMMARY OF RESTRICTED CASH
June 30,2012
Enforceable Obligation/
Other Legal Requirement
Bond Description Amount Supporting Restriction
Unspent Bond Proceeds
$37,780,000 Tax Allocation Revenue Bonds(Project Area No. 1,as
amended)2006 Series A and$24,540,000 Tax Allocation Refunding
Revenue Bonds(Project Area No. 1,as amended)2006 Series B
(Taxable)(Grand Total=$62,320,000) $ 15,559,922.52 Bond Documents
$32,600,000 Tax Allocation Refunding Revenue Bonds(Project Area
No. I,as amended)2007 Series A 797,395.91 Bond Documents
Project Area No.2$41,340,000 Tax Allocation Refunding Revenue
Bonds 2006 Series A,$1,567,118 Tax Allocation Revenue Capital
Appreciation Bonds 2006 Series B,$7,775,000 Tax Allocation
Revenue Bonds 2006 Series C and$16,936,095 Subordinate Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series D
(Grand Total=$67,618,213) 15,339,777.90 Bond Documents
Project Area No.2$41,340,000 Tax Allocation Refunding Revenue
Bonds 2006 Series A,$1,567,118 Tax Allocation Revenue Capital
Appreciation Bonds 2006 Series B,$7,775,000 Tax Allocation
Revenue Bonds 2006 Series C and$16,936,095 Subordinate Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series D
(Grand Total=$67,618,213) 16,592,960.49 Bond Documents
$4,745,000 Tax Allocation Revenue Bonds(Project Area No.3)2003
Series 1,824,075.86 Bond Documents
Project Area No.3$11,915,000 Tax Allocation Revenue Bonds 2006
Series A,$383,660 Tax Allocation Revenue Capital Appreciation
Bonds 2006 Series B and$2,760,866 Subordinate Tax Allocation
Revenue Capital Appreciation Bonds 2006 Series C(Grand Total=
$15,059,526) 11,240,337.19 Bond Documents
Project Area No.3$11,915,000 Tax Allocation Revenue Bonds 2006
Series A,$383,660 Tax Allocation Revenue Capital Appreciation
Bonds 2006 Series B and$2,760,866 Subordinate Tax Allocation
Revenue Capital Appreciation Bonds 2006 Series C(Grand Total=
$15,059,526) 2,697,545.14 Bond Documents
$15,695,000 Tax Allocation Revenue Bonds(Project Are No.4)2001
Series 5,155,682.43 Bond Documents
$14,610,000 Tax Allocation Refunding Revenue Bonds(Project Area
No.4)2006 Series A and$4,663,089 Tax Allocation Revenue Capital
Appreciation Bonds(Project Area No.4)2006 Series B(Grand Total
=$19,273,089) 16,812,295.26 Bond Documents
Total Unspent Bond Proceeds 86,019,992.70
1
SCHEDULE 5 •
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUMMARY OF RESTRICTED CASH
June 30,2012
Enforceable Obligation/
Other Legal Requirement
Bond Description Amount Supporting Restriction
Debt Service Payments Due in July and September 2012
$11,02,000 Tax Allocation Revenue Bonds(Project Area No.4) 1998
Series $ 348,765.00 Bond Documents
$24,945,000 Tax Allocation Refunding Revenue Bonds(Project Are
No. 1,as amended)2004 Series A 414,481.26 Bond Documents
$15,695,000 Tax Allocation Revenue Bonds(Project Are No.4)2001
Series 655,983.75 Bond Documents
$22,070,000 Tax Allocation Refunding Revenue Bonds(Project Area
No. 1,as amended)2002 Series A 557,332.50 Bond Documents
$12,100,000 Tax Allocation(Housing Set-Aside Revenue Bonds 2002
Series 537,224.38 Bond Documents
$19,000,000 Tax Allocation Revenue Bonds(Project Area No. 1,as
amended)2003 Series 475,000.00 Bond Documents
$4,745,000 Tax Allocation Revenue Bonds(Project Area No.3)2003
Series 91,132.51 Bond Documents
$17,310,000 Tax Allocation Refunding Revenue Bonds(Project Area
No.2)2002 Series A 1,059,818.75 Bond Documents
$15,745,000 Tax Allocation Revenue Bonds(Project Area No.2)
2003 Series 384,503.13 Bond Documents
$37,780,000 Tax Allocation Revenue Bonds(Project Area No. 1,as
amended)2006 Series A and$24,540,000 Tax Allocation Refunding
Revenue Bonds(Project Area No. 1,as amended)2006 Series B
(Taxable)(Grand Total=$62,320,000) 1,286,634.50 Bond Documents
Project Area No.2$41,340,000 Tax Allocation Refunding Revenue
Bonds 2006 Series A,$1,567,118 Tax Allocation Revenue Capital
Appreciation Bonds 2006 Series B,$7,775,000 Tax Allocation
Revenue Bonds 2006 Series C and$16,936,095 Subordinate Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series D
(Grand Total=$67,618,213) 1,625,493.78 Bond Documents
Project Area No.2$41,340,000 Tax Allocation Refunding Revenue
Bonds 2006 Series A,$1,567,118 Tax Allocation Revenue Capital
Appreciation Bonds 2006 Series B,$7,775,000 Tax Allocation
Revenue Bonds 2006 Series C and$16,936,095 Subordinate Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series D
(Grand Total=$67,618,213) 1,320,000.00 Bond Documents
2
•
SCHEDULE 5
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUMMARY OF RESTRICTED CASH
June 30,2012
Enforceable Obligation/
Other Legal Requirement
Bond Description Amount Supporting Restriction
Debt Service Payments Due in July and September 2012
(Continued)
Project Area No.3$11,915,000 Tax Allocation Revenue Bonds 2006
Series A,$383,660 Tax Allocation Revenue Capital Appreciation
Bonds 2006 Series B and$2,760,866 Subordinate Tax Allocation
Revenue Capital Appreciation Bonds 2006 Series C(Grand Total=
$15,059,526) $ 274,437.51 Bond Documents
$14,610,000 Tax Allocation Refunding Revenue Bonds(Project Area
No.4)2006 Series A and$4,663,089 Tax Allocation Revenue Capital
Appreciation Bonds(Project Area No.4)2006 Series B(Grand Total
=$19,273,089) 1,005,410.00 Bond Documents
$32,600,000 Tax Allocation Refunding Revenue Bonds(Project Area
No. 1,as amended)2007 Series A 470,000.00 Bond Documents
$86,155,000 Tax Allocation(Housing Set-Aside)Refunding Revenue
Bonds Series 2007 6,711,568.75 Bond Documents
Total Debt Service Payments July and September 2012 17,217,785.82
Reserve and Redemption Funds
$22,070,000 Tax Allocation Refunding Revenue Bonds(Project Area
No. 1,as amended)2002 Series A 6,316,331.94 Bond Documents
Project Area No.2$41,340,000 Tax Allocation Refunding Revenue
Bonds 2006 Series A,$1,567,118 Tax Allocation Revenue Capital
Appreciation Bonds 2006 Series B,$7,775,000 Tax Allocation
Revenue Bonds 2006 Series C and$16,936,095 Subordinate Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series D
(Grand Total=$67,618,213) 1,697,660.85 Bond Documents
Project Area No.3 $11,915,000 Tax Allocation Revenue Bonds 2006
Series A,$383,660 Tax Allocation Revenue Capital Appreciation
Bonds 2006 Series B and$2,760,866 Subordinate Tax Allocation
Revenue Capital Appreciation Bonds 2006 Series C(Grand Total=
$15,059,526) 276,086.64 Bond Documents
Total Reserve and Redemption Funds 8,290,079.43
Cash and interest received on note to University of California-
Riverside 1,392,000.00 Bond Documents
Fair market value change 140,195.01 Bond Documents
Grand Total $ 113,060,052.96
3
SCHEDULE 5a
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
UNSPENT BOND PROCEEDS
2006 PROJECT AREA 1 TAX ALLOCATION BONDS
Par Amount of 2006 Project Area No.1 TAB's $ 62,320,000.00
Plus:Original Issue Premium(Series A) 1,435,429.15
Less:Original Issue Discount(Series B) (84,107.60)
Less:Underwriter's Discount (312,071.40)
Bond Proceeds 63,359,250.15
Series 2006 Bond Proceeds per Transcript 63,359,250.15
Less:COI (215,210.21)
Less:Bond Insurance Premium (577,000.00)
Less:Surety Bond Premium (66,000.00)
Less:Deposit to Escrow Fund(Refunding) (24,110,965.40)
Net Project Funds 38,390,074.54
Deposit to Project Fund 38,390,074.54
Accumulated Interest 3,424,406.97
Reimbursement Requests: Date
Draw No. 1 10/31/2006 (584,189.00)
Draw No.2 1/15/2007 (502,783.17)
Draw No.3 3/15/2007 (2,066,686.94)
Draw No.4 4/9/2007 (785,470.30)
Draw No.5 4/30/2007 (848,446.94)
Draw No.6 5/31/2007 (994,766.76)
Draw No.7 5/31/2007 (2,114,473.60)
Draw No. 8 6/30/2007 (992,610.62)
Draw No.9 7/31/2007 (8,420.72)
Draw No. 10 8/31/2007 (751,816.26)
Draw No. 11 9/19/2007 (1,039,012.23)
Draw No. 12 9/30/2007 (4,466.81)
Draw No. 13 10/31/2007 (188,919.60)
Draw No. 14 11/30/2007 (306,383.39)
Draw No. 15 12/31/2007 (773,269.69)
Draw No. 16 1/31/2008 (1,072,681.83)
Draw No. 17 2/29/2008 (734,563.82)
Draw No. 18 3/31/2008 (4,656.75)
Draw No. 19 4/30/2008 (1,412,010.52)
Draw No.20 5/31/2008 (665,998.98)
Draw No.21 6/20/2008 (1,523,099.49)
Draw No.22 7/25/2008 (949,392.47)
Draw No.23 8/31/2008 (721,054.58)
Draw No.24 9/30/2008 (11,550.00)
Draw No.25 10/31/2008 (55,549.22)
Draw No.26 11/30/2008 (481,756.70)
Draw No.27 12/31/2008 (612,554.12)
Draw No.28 2/28/2009 (842,310.89)
Draw No.29 3/31/2009 (26,536.81)
Draw No.30 5/15/2009 (374,497.00)
Draw No.31 6/19/2009 (228,673.89)
Draw No.32 8/14/2009 (2,302,146.56)
Draw No.33 10/16/2009 (36,230.25)
Draw No.34 1/22/2010 (183,974.27)
Draw No.35 6/18/2010 (292,249.59)
Draw No.36 9/24/2010 (769,519.82)
Draw No.37 12/31/2010 (651,874.01)
Draw No.38 9/16/2011 (103,034.99) ,
Draw No.39 Skipped
Draw No.40 10/28/2011 (7,212.45)
Draw No.41 1/31/2012 (229,713.95)
Actual Current Balance(including interest earned) $ 15,559,922.52
•
SCHEDULE 5a
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
UNSPENT BOND PROCEEDS
2007 PROJECT AREA 1 TAX ALLOCATION BONDS
Par Amount of 2007 Project Area No.1 TAB's(Taxable) $ 32,600,000.00
Plus:Original Issue Premium 1,926,034.15
Less:Underwriter's Discount (160,039.00)
Bond Proceeds 34,365,995.15
Series 2007 Bond Proceeds per Transcript 34,365,995.15
Less:COT (210,000.00)
Less:Bond Insurance Premium (248,000.00)
Less:Surety Bond Premium (33,000.00)
Less:Deposit to Escrow Fund(Refunding) (32,129,876.98)
Net Project Funds 1,745,118.17
Deposit to Project Fund 1,745,118.17
Accumulated Interest 127,526.89
Reimbursement Requests: Date
Draw No. 1 8/14/2009 (508,186.41)
Draw No.2 10/16/2009 (249,573.75)
Draw No.3 1/22/2010 (161,024.84)
Draw No.4 6/18/2010 (85,422.13)
Draw No.5 9/24/2010 (71,042.02)
Actual Current Balance(including interest earned) $ 797,395.91
SCHEDULE 5b .
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
UNSPENT BOND PROCEEDS
2006 PROJECT AREA 2 TAX ALLOCATION BONDS
Par Amount of 2006 Project Area No.2 TAB's $ 67,618,212.55
Plus:Oriinal Issue Premium 226,918.35
Less:Underwriter's Discount (405,171.83)
Bond Proceeds 67,439,959.07
Series 2006 Bond Proceeds per Transcript 67,439,959.07
Less:COI (372,458.70)
Less:Bond Insurance Premium (996,084.24)
Less:Surety Bond Premium (139,375.82)
Less:Deposit to Reserve Fund (1,693,609.46)
Less:Deposit to Escrow Interest Fund (1,303,593.17)
Less:Deposit to Escrow Fund (7,749,804.25)
Less:Deposit to Escrow Fund(Refunding) (4,021,992.50)
Net Project Funds 51,163,040.93
Deposit to Project Fund 51,163,040.93
Accumulated Interest 5,543,867.69
Reimbursement Requests: Date
Draw No. 1 10/31/2006 (3,677,637.60)
Draw No.2 5/31/2007 (2,344,732.61)
Draw No.3 5/31/2007 (1,871,827.27)
Draw No.4 6/30/2007 (733,943.56)
Draw No. 5 7/31/2007 (5,878.20)
Draw No.6 9/19/2007 (5,073.76)
Draw No.7 9/30/2007 (101,249.18)
Draw No. 8 10/31/2007 (10,599.91)
Draw No.9 12/31/2007 (4,692.23)
Draw No. 10 1/31/2008 (1,639.94)
Draw No. 11 2/29/2008 (300,636.67)
Draw No. 12 6/20/2008 (5,407.50)
Draw No. 13 7/25/2008 (10,696.88)
Draw No. 14 9/30/2008 (32,876.19)
Draw No. 15 12/31/2008 (14,833.17)
Draw No. 16 8/14/2009 (598.27)
Draw No. 17 10/16/2009 (431,544.10)
Draw No. 18 9/24/2010 (320,870.52)
Draw No. 19 12/31/2010 (3,166,737.53)
Draw No.20 1/28/2011 (1,472,653.73)
Draw No.21 2/25/2011 (2,764,372.96)
Draw No.22 4/1/2011 (1,728,904.67)
Draw No.23 5/13/2011 (647,008.94)
Draw No.24 8/12/2011 (3,337,909.11)
Draw No.25 9/16/2011 (911,359.61)
Draw No.26 10/28/2011 (343,023.19)
Draw No.27 1/31/2012 (454,259.03)
Draw No.28 5/11/2012 (73,203.90)
Actual Current Balance(including interest earned) $ 31,932,738.39
•
SCHEDULE 5c
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
UNSPENT BOND PROCEEDS
2003 PROJECT AREA 3 TAX ALLOCATION BONDS
Par Amount of 2003 Project Area No.3 TAB's $ 4,745,000.00
Plus:Issue Premium 47,636.85
Less:Underwriter's Discount (47,450.00)
Bond Proceeds 4,745,186.85
Series 2003 Bond Proceeds per Transcript 4,745,186.85
Less:COI (109,100.00)
Less:Bond Insurance Premium (12,000.00)
Less:Surety Bond Premium (133,000.00)
Net Project Funds 4,491,086.85
Deposit to Project Fund 4,491,086.85
Accumulated Interest 504,349.03
Reimbursement Requests: Date
Draw No. 1 9/26/2003 (5,350.00)
Draw No.2 10/31/2003 (61,642.17)
Draw No.3 2/29/2004 (4,043.69)
Draw No.4 6/30/2004 (195,844.78)
Draw No.5 8/31/2004 (237,851.74)
Draw No.6 9/30/2004 (353,153.16)
Draw No.7 10/31/2004 (159,189.47)
Draw No.8 12/31/2004 (37,327.16)
Draw No.9 4/30/2005 (4,309.10)
Draw No. 10 5/31/2005 (112,440.96)
Draw No. 11 3/30/2005 (300,429.73)
Draw No. 12 6/30/2005 (131,383.74)
Draw No. 13 8/31/2005 (745.61)
Draw No. 14 7/31/2006 (12,945.45)
Draw No. 15 Skipped -
Draw No. 16 9/19/2007 (203,436.29)
Draw No. 17 6/20/2008 (84,217.14)
Draw No. 18 9/30/2008 (17,716.42)
Draw No. 19 10/16/2009 (19,567.91)
Draw No.20 12/31/2010 (53,921.04)
Draw No.21 3/9/2012 (1,129,416.61)
Draw No.22 5/11/2012 (46,427.85)
Actual Current Balance(including interest earned) $ 1,824,075.86
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
UNSPENT BOND PROCFFDS SCHEDULE 5c
2006 PROJECT AREA 3 TAX ALLOCATION BONDS
Par Amount of 2006 Project Area No.3 TAB's $ 15,059,526.10
Less:Original Issue Discount (151,181.55)
Less:Underwriter's Discount (103,694.97)
Bond Proceeds 14,804,649.58
Series 2006 Bond Proceeds per Transcript 14,804,649.58
Less:COI (219,700.00)
Less:Bond Insurance Premium (377,000.00)
Less:Surety Bond Premium (28,000.00)
Less:Reserve Fund Deposit (276,086.64)
Net Project Funds 13,903,862.94
Deposit to Project Fund 13,903,862.94
Accumulated Interest 1,594,267.68
Reimbursement Requests: Date
Draw No. 1 9/16/2011 (414,425.99)
Draw No.2 10/28/2011 (477,233.96)
Draw No.3 1/31/2011 (668,5 88.34)
Actual Current Balance(including interest earned) $ 13,937,882.33
4
. • SCHEDULE 5d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
UNSPENT BOND PROCEEDS
2001 PROJECT AREA 4 TAX ALLOCATION BONDS
Par Amount of 2001 Project Area No.4 TAB's $ 15,695,000.00
Less:Net Issue Discount (86,649.35)
Less:Underwriter's Discount (177,353.50)
Bond Proceeds 15,430,997.15
Series 2001 Bond Proceeds per Transcript 15,430,997.15
Less:COI (172,500.00)
Less:Reserve Fund Deposit (310,423.75)
Less:Bond Insurance Premium (461,000.00)
Less: Surety Bonds Premium (19,315.60)
Less:Special Escrow Account(Funds released 2005) (5,191,415.26)
Net Project Funds 9,276,342.54
Deposit to Project Fund 9,276,342.54
Release of escrow in 2005 5,191,415.26
Accumulated Interest 2,002,083.11
Reimbursement Requests: Date
Draw No. 1 5/13/2005 (342,770.68)
Draw No.2 2/28/2006 (1,205,887.49)
Draw No.3 6/30/2006 (125,672.26)
Draw No.4 7/31/2006 (120,062.82)
Draw No.5 7/31/2006 (719,449.22)
Draw No.6 8/31/2006 (324,428.91)
Draw No.7 10/31/2006 (1,332,708.37)
Draw No.8 1/15/2007 (3,032,605.75)
Draw No.9 2/16/2007 (677,566.88)
Draw No. 10 3/31/2007 (357,202.93)
Draw No. 11 4/30/2007 (29,159.10)
Draw No. 12 5/31/2007 (526,921.63)
Draw No. 13 6/30/2007 (1,307,557.53)
Draw No. 14 7/31/2007 (22,113.00)
Draw No. 15 9/19/2007 (823,157.50)
Draw No. 16 9/30/2007 (5,649.00)
Draw No. 17 9/30/2008 (60,661.97)
Draw No. 18 10/16/2009 (26,250.00)
Draw No. 19 1/22/2010 (5,708.06)
Draw No.20 6/18/2010 (172,309.24)
Draw No.21 9/24/2010 (22,551.95)
Draw No.22 12/31/2010 (6,282.63)
Draw No.23 1/28/2011 (13,998.47)
Draw No.24 2/25/2011 (12,766.81)
Draw No.25 8/12/2011 (32,113.31)
Draw No.26 9/16/2011 (1,603.09)
Draw No.27 10/28/2011 (2,962.79)
Draw No.28 1/31/2012 (4,037.09)
Actual Current Balance(including interest earned) $ 5,155,682.43
SCHEDULE 5d •
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
UNSPENT BOND PROCEEDS
2006 PROJECT AREA 4 TAX ALLOCATION BONDS
Par Amount of 2006 Project Area No.4 TAB's $ 19,273,089.30
Plus:Original Issue Premium 223,012.25
Less:Underwriter's Discount (115,638.54)
Bond Proceeds 19,380,463.01
Series 2006 Bond Proceeds per Transcript 19,380,463.01
Less:COI (195,000.00)
Less:Bond Insurance Premium (271,000.00)
Less:Surety Bonds Premium (48,000.00)
Less:Deposit to Escrow Fund(Refunding) (1,536,835.15)
Net Project Funds 17,329,627.86
Deposit to Project Fund 17,329,627.86
Accumulated Interest 2,078,105.69
Reimbursement Requests: Date
Draw No. 1 12/31/2007 (355,017.29)
Draw No.2 2/29/2008 (724,702.52)
Draw No.3 3/31/2008 (630,000.00)
Draw No.4 4/30/2008 (9,686.25)
Draw No. 5 6/20/2008 (876,032.23)
Actual Current Balance(including interest earned) $ 16,812,295.26
SCHEDULE 6
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
LISTING OF NONLIQUID ASSETS
As of June 30,2012
Basis for Balance at
Asset Description Determining Value June 30,2012
Fair market value change in cash and investments(A) Fair Market Value $ 54,096
Prepaid asset(B) Cost 150,000
Cash held in escrow for construction project(C) Cost 625,098
Loans funded from bond proceeds Cost 800,000
Capital assets Cost 60,687,360
Deferred bond issue costs Cost 8,684,179
$ 71,000,733
(A) The change in fair value of cash and investments was made at June 30,2012. This is an accounting entry and
the asset is not available for distribution.
(B) This amount was prepaid to the Agency's attorneys as a deposit to fund future litigation. This asset is not
available for distribution.(See Exhibit 4).
(C) This amount is held in an escrow account to pay for retentions on a construction project. The amount is not
available as the funds are in an escrow account to pay project costs which have been incurred through
June 30,2012.
SCHEDULE 6a
SUCCESOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
CASH TO BE RETAINED TO SATISFY ENFORCEABLE OBLIGATIONS(ROPS 1)
Payee Project/Description Amount Source Enforceable Obligation
ASR Construction Aquatic Facility $1,614,142.88 Bonds PA 2,Line 16
American Fence Alessandro(Agency Owned
Properties) 320.00 Cash PA 1,Line 43
Canyon Pools Portola(Agency Owned
Properties) 1,330.00 Cash PA 1,Line 43
CVWD DR/FC(Stipulation) 622.13 Cash PA 1-4,Lines 32,32, 13&
Gas Co. NSP(Stipulation) 21.33 Cash PA 1-4,Lines 32,32, 13&
Killer Bee Pest Control Alessandro(Agency Owned
Properties) 185.00 Cash PA 1,Line 43
New West Landscape NSP/DR(Stipulation) 395.00 Cash PA 1-4,Lines 32,32, 13&
Quality Landscape Alessandro(Agency Owned
Properties) 1,300.00 Cash PA 1,Line 43
SCE DR/FC(Stipulation) 98.71 Cash PA 1-4,Lines 32,32, 13 &
El Paseo LLC VC Lease(Facilities Lease) 318.98 Cash PA 1,Line 24
Interactive Design COV Design Svc-(CLO Villas) 18,440.50 Bonds PA 4,Line 18
New West Landscape DR/FC(Stipulation) 695.00 Cash PA 1-4,Lines 32,32, 13&
Ana Rosa's Painting& SR Cleaning-5/12(Santa Rosa
Cleaning Apts) 150.00 Cash PA 1,Line 52
BB&K Legal Services 5/12(Aquatic
Facility) 3,633.50 Bonds PA 2,Line 16
BB&K Legal Services 5/12(Gen Legal) 268.00 Cash PA 1-4,Lines 18,24,21, 11
CVWD SR Water Svc-6/12(Santa Rosa
Apts) 26.15 Cash PA 1,Line 52
RPM Company Management Svc 6/12(Santa
Rosa Apts) 400.00 Cash PA 1,Line 52
SCE SR Elect Svc-6/12(Santa Rosa
Apts) 163.89 Cash PA 1,Line 52
Union Bank Bank Fees-4/12(Banking 258.00 Cash PA 1-4,Lines 22,47,28, 16
Liberty Landscape SR Landscape Svc-(Santa Rosa
Apts) 450.00 Cash PA 1,Line 52
The Land Steward Dust Control Svc-6/12(Agency
Owned Properties) 1,940.71 Cash PA 1,Line 43
CVWD NSP Water Svc-6/12(Stipulation) 53.67 Cash PA 1-4,Lines 32,32, 13&
SCE NSP Elect Svc-6/12(Stipulation) 127.52 Cash PA 1-4,Lines 32,32, 13&
Office Depot Office Supplies(Admin) 93.18 Cash PA 1-4,Lines 30,30, 11, 19
RW&G Legal Services 4/12(Gen Legal) 14,635.52 Cash PA 1-4,Lines 17,23,20, 10
RPM Company Management Svc 5/12(Santa
Rosa Apts) 400.00 Cash PA 1,Line 52
Liberty Landscaping SR Landscaping Svc-6/12(Santa
Rosa Apts) 935.00 Cash PA 1,Line 52
Daniel's DKI FC Emerg Abatement Svc-6/12 PA 1-4,Lines 32,32, 13&
(Stipulation) 2,215.72 Cash 21
El Paseo LLC Lease Service-Retro Tax
(Facilities Lease) 129.97 Cash PA 1,Line 24
BB&K Legal Services(Aquatic Facility) 649.25 Bonds PA 2,Line 16
RW&G Legal Services(Gen Legal) 14,221.54 Cash PA 1-4,Lines 17,23,20, 10
VM Pool Service NSP Pool Service-6/12 270.00 Cash PA 1-4,Lines 32,32, 13&
1,678,891.15
Less:Amounts to be paid from bonds proceeds (1,636,866.13)
Amount to be restricted from Cash $ 42,025.02
•
. SCHEDULE 7
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
CASH BALANCES TO BE RETAINED FOR FISCAL YEAR 2012-2013 (ROPS 2 and ROPS 3)
Project Project Project Project
Area 1 Area 2 Area 3 Area 4 Totals
ROPS 2:
ROP's 2 Original Request $ 38,705,093.43 $ 11,708,165.42 $ 3,789,369.10 $ 8,459,833.36 $ 62,662,461.31
ROP's Disallowed-
(Schedule 7a) (23,056.14) (184,437.96) - (13,550.94) (221,045.04)
Less:Use of Bond Proceeds
Restricted in Procedure 6a-
(Schedule 7b) (387,478.29) (3,162,337.43) (1,596,213.72) (1,053,637.42) (6,199,666.86)
Adjustment for Pass-thru Trust
Account Obligations amounts
on ROPS 2 (8,667,301.11) (250,168.83) (532,294.71) (2,990,664.20) (12,440,428.85)
Actual Pass-then Trust Account
Obligations 85,392.11 4,305.09 20,734.80 25,503.59 135,935.59
Less:L/M Housing Fund Loan
related to the 2009/10 SERAF
loan repayment on ROPS 2 (1,304,766.40) (469,450.66) (121,289.12) (332,154.83) (2,227,661.01)
Less:Debt Service Payments
Restricted in Procedure 6c-
(Schedule 7c) (10,452,241.39) (4,389,815.66) (365,570.02) (2,010,158.75) (17,217,785.82)
Subtotal ROPS 2(Schedule 7d) 17,955,642.21 3,256,259.97 1,194,736.33 2,085,170.81 24,491,809.32
ROPS 3:
Requested revision for ROPS 3
(See Exhibit 3) 2,175,370.00 628,192.00 174,664.00 509,397.00 3,487,623.00
Subtotal ROPS 3 2,175,370.00 628,192.00 174,664.00 509,397.00 3,487,623.00
Grand Total $ 20,131,012.21 $ 3,884,451.97 $ 1,369,400.33 $ 2,594,567.81 $ 27,979,432.32
SCHEDULE 7a .
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE DISALLOWED ON ROPS 2
Total
Line July to Dec. Portion
Number Project Name Description 2012 Disallowed
PROJECT AREA 1:
Payments on existing contract for
51 NSP Rehabilitation Rehab/Resale of Single Family $ 16,115.00 $ 8,056.14
52 Santa Rosa Apartments Per contract dated 1/1/2000 30,000.00 15,000.00
TOTAL PROJECT AREA 1 $ 46,115.00 $ 23,056.14
PROJECT AREA 2:
5 North Sphere Hotel land Balance due Property Acquisition $ 90,000.00 $ 90,000.00
6 North Sphere Property Acquisition Loan for Property Acquisition 68,749.98 68,749.98
City Loan for formation of Project Formation of PA/Property
7 Area No.2- 1986 Acquisition 25,687.98 25,687.98
TOTAL PROJECT AREA 2 $ 184,437.96 $ 184,437.96
PROJECT AREA 4:
Payments per existing contract
related to Rehab/Resale of Single
30 NSP Rehabilitation Family Dwelling $ 27,103.50 $ 13,550.94
TOTAL PROJECT AREA 4 $ 27,103.50 $ 13,550.94
GRAND TOTAL $ 257,656.46 $ 221,045.04
SCHEDULE 7b
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-USE OF BOND PROCEEDS ON ROPS 2
Total
Line July to Dec.
Number Project Name Description 2012
PROJECT AREA 1:
Payments per existing contract for
public parking improvements along
14 Alessandro Alleyway commercial corridor $ 3,513.53
Payments for existing contract for
29 El Paseo Revitalization public improvements in the central 171,123.65
34,35, Payments on existing contracts for
36&37 FW Drive Widening Improvements street improvement along Fred 59,489.50
Payments on existing contract for
38 Portola Wall&Sidewalk Improvements public improvements relative to the 25,495.00
Costs associated with administration of
45 Bond Project Overhead Costs bond 127,856.61
TOTAL PROJECT AREA 1 $ 387,478.29
PROJECT AREA 2:
Payments on existing contracts related
to newly constructed fire station to
10 North Sphere Fire Station serve the North Area $ 8,750.00
14, 15, Payments on existing contracts related
16&17 Aquatic Facility to the Aquatic/Community Facility 2,020,764.78
Payments on existing contracts related
to the North area required future well
28 Well Sites sites 667,246.00
Payments on existing contracts for the
street improvements related to arterial
37,39, access inbound and outbound from
40&41 Monterey @ I-10 Improvements Interstate 10 on Monterey 149,037.00
Payments on existing contract related
to the alignment of Portola Avenue to
connect with the proposed new
42 Portola @ I-10 Improvements interchange on I-10 18,636.93
Costs associated with administration of
48 Bond Project Overhead Costs bond funded projects 297,902.72
TOTAL PROJECT AREA 2 $ 3,162,337.43
1
SCHEDULE 7b '
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-USE OF BOND PROCEEDS ON ROPS 2
Total
Line July to Dec.
Number Protect Name Description 2012
PROJECT AREA 3:
Payments on existing contracts related
4, 5,8 to the infrastructure improvements on
&9 Cook Street Widening Cook Street $ 1,191,889.41
Payments on existing contract related
to the reimbursement of College of the
Desert for the construction of the
10 Public Safety Academy Reimbursement Public Safety Academy 300,000.00
Costs associated with administration of
29 Bond Project Overhead Costs bond funded projects 104,324.31
TOTAL PROJECT AREA 3 $ 1,596,213.72
PROJECT AREA 4:
rayments per existing contract reiatea
to the public improvements to develop
and construct public facilities for
emergency services,affordable
housing,façade improvements to
existing structures,and infrastructure
5&6 PA 4 Public Improvements improvements $ 17,274.00
Payments per existing contract related
to undergrounding of utilities in Project
7 PD Country Club Undergrounding Area No.4 15,058.15
Payments per existing contract for a 72
18 Affordable Housing-Carlos Ortega Villas unit affordable senior complex 644,649.13
Payments on existing contract related
to the reimbursement of College of the
Desert for the construction of the
28 Public Safety Academy Reimbursement Public Safety Academy 100,000.00
Costs associated with administration of
31 Bond Project Overhead Costs bond funded projects 276,656.14
TOTAL PROJECT AREA 4 $ 1,053,637.42
GRAND TOTAL $ 6,199,666.86
2
•
SCHEDULE 7c
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-RESTRICTED DEBT SERVICE PAYMENTS ON ROPS 2
Payments
Made
Line July and Sept.
Number Project Name Description 2012
PROJECT AREA 1:
2002 Tax Allocation Refunding Bond Issue
1 $22,070,000 Semi-Annual Debt Service Payment $ 557,332.50
2 2003 Tax Allocation Bond Issue-$19,000,000 Semi-Annual Debt Service Payment 475,000.00
3 2004 Tax Allocation Bond Issue-$24,945,000 Semi-Annual Debt Service Payment 414,481.26
4 2006 Tax Allocation Bond Issue-$62,320,000 Semi-Annual Debt Service Payment 1,286,634.50
5 2007 Tax Allocation Bond Issue-$32,600,000 Semi-Annual Debt Service Payment 470,000.00
2002 Housing Tax Allocation Bond Issue-
7 $12,000,000 Semi-Annual Debt Service Payment 537,224.38
2007 Housing Tax Allocation Bond Issue-
8 $87,056,348 Semi-Annual Debt Service Payment 6,711,568.75
TOTAL PROJECT AREA 1 $ 10,452,241.39
PROJECT AREA 2:
2002 Tax Allocation Refunding Bond Issue
1 $17,310,000 Semi-Annual Debt Service Payment $ 1,059,818.75
2 2003 Tax Allocation Bond Issue-$15,745,000 Semi-Annual Debt Service Payment 384,503.13
3 2006 Tax Allocation Bond Issue-$67,618,273 Semi-Annual Debt Service Payment 2,945,493.78
TOTAL PROJECT AREA 2 $ 4,389,815.66
PROJECT AREA 3:
1 2003 Tax Allocation Bond Issue-$4,745,000 Semi-Annual Debt Service Payment $ 91,132.51
2 2006 Tax Allocation Bond Issue-$15,029,526 Semi-Annual Debt Service Payment 274,437.51
TOTAL PROJECT AREA 3 $ 365,570.02
PROJECT AREA 4:
1 1998$11,020,000 Tax Allocation Bond Issue Semi-Annual Debt Service Payment $ 348,765.00
2 2001 $15,695,000 Tax Allocation Bond Issue Semi-Annual Debt Service Payment 655,983.75
3 2006$19,273,089 Tax Allocation Bond Issue Semi-Annual Debt Service Payment 1,005,410.00
TOTAL PROJECT AREA 4 $ 2,010,158.75
GRAND TOTAL $ 17,217,785.82
SCHEDULE 7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
PROJECT AREA 1:
2002 Tax Allocation Wells Fargo Bank December 2012 Debt
Refunding Bond Issue Service Payment
$22,070,000 $ 557,332.50 ROPS 2,line 1
2003 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue- Service Payment
$19,000,000 475,000.00 ROPS 2,line 2
2004 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue- Service Payment
$24,945,000 1,569,481.25 ROPS 2,line 3
2006 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue- Service Payment
$62,320,000 3,881,634.50 ROPS 2,line 4
2007 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue- Service Payment
$32,600,000 3,425,000.00 ROPS 2,line 5
2002 Housing Tax Wells Fargo Bank December 2012 Debt
Allocation Bond Issue- Service Payment
$12,000,000 226,124.38 ROPS 2,line 7
2007 Housing Tax Wells Fargo Bank December 2012 Debt
Allocation Bond Issue- Service Payment
$87,056,348 1,606,468.75 ROPS 2,line 8
Indian Springs Indian Springs Judgment related to
Stipulated Agreement Mobilehome ISMHP 69,834.00 ROPS 2,line 9
Trustee Services Wells Fargo Bank Payments per existing
contract for
professional services 1,419.00 ROPS 2,line 15
Disclosure Services Willdan Payments per existing
contract for
professional services 1,176.00 ROPS 2,line 16
Legal Services Richards,Watson& Payments per existing
Gershon contract for
professional services 7,878.00 ROPS 2,line 17
1
I
SCHEDULE 7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Legal Services Best,Best&Krieger Payments per existing
contract for
professional services $ 660.00 ROPS 2,line 18
Professional Association California Payments per existing
Redevelopment contract for
Association professional services 2,580.00 ROPS 2,line 19
Auditing Services Diehl,Evans&Co. Payments per existing
contract for
professional services 2,167.00 ROPS 2,line 20
Reporting Services Redevelopment Payments per existing
Reporting Solutions contract for
professional services 430.00 ROPS 2,line 21
Banking Services Union Bank Payments per existing
contract for
professional services 102.00 ROPS 2,line 22
Liability Insurance California JPIA Payments per existing
contract for
professional services 1,158.00 ROPS 2,line 23
Facilities Lease El Paseo LLC Payments on existing
contract providing a
central location for 31,998.00 ROPS 2,line 24
Pass-thru Trust Account Palm Desert Taxing Balances in trust per
Obligations Entities negotiated pass-thru ROPS 2,line 25,as
agreements 85,392.11 adjusted for actual
Energy Independence Lawyer's Title Ins Payments for existing
Program Corp contract related to title
insurance services for 7,200.00 ROPS 2,line 26
Carrying Costs-Agency Guzman Gardening Payments for existing
Property contract services
related to Agency 1,944.00 ROPS 2,line 27
Carrying Costs-Agency Overland Pacific& Payments for existing
Property Cutler contract services
related to Agency 11,223.75 ROPS 2,line 28
2
SCHEDULE 7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Project Area Various Allowable Costs per
Administration Admin Plan-staff,
utilities,professional
services $ 660,815.88 ROPS 2,line 30
Vested Employee RDA Assigned Obligation based on
Benefit Obligation Employees accrued leaves and
current MOU 352,053.36 ROPS 2,line 31
Stipulated Judgment Desert Rose Duties required under
Case No.51124 Affordable Housing said court order
Development 2,833,632.90 ROPS 2,line 32
Replacement Reserve Palm Desert Housing 1,100 Affordable
Fund Authority Housing Apt Comp's 1,916,402.00 ROPS 2,line 33
PDHA Property RPM Company Payment on existing
Management contract for Housing
Authority property 123,708.00 ROPS 2,line 39
PDHA Properties Andy's Landscape and Payment on existing
Tree contract for Housing
Authority property 3,228.48 ROPS 2,line 40
PDHA Properties West Coast Arborist Payment on existing
contract for Housing
Authority property 5,603.51 ROPS 2,line 41
PDHA Property Utilities,Maint Payment on existing
Maintenance Services,HOA Dues, contract for Housing
Etc. Authority property 44,536.02 ROPS 2,line 42
Agency Owned Utilities,Maint Agency owned
Properties Services,HOA Dues, properties monthly
Etc. carrying costs prior to 24,999.96 ROPS 2,line 43
Additional Disclosures Willdan Additional disclosures
on TAB's that will be required to
report changes in the 1,400.00 ROPS 2,line 44
NSP Rehabilitation Mostar Heavy Payments on existing
Equipment Corp contract for
Rehab/Resale of Single
Family-Allowable
Portion 8,058.86 ROPS 2,line 51
3
SCHEDULE 7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Santa Rosa Apartments Utilities,Maint Per contract dated
Services,Etc. 1/1/00-Allowable
Portion $ 15,000.00 ROPS 2,line 52
PROJECT AREA 1 SUBTOTAL 17,955,642.21
PROJECT AREA 2:
2002 Tax Allocation Wells Fargo Bank December 2012 Debt
Refunding Bond Issue Service Payment
$17,310,000 244,943.75 ROPS 2,line 1
2003 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue- Service Payment
$15,745,000 384,503.13 ROPS 2,line 2
2006 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue- Service Payment
$67,618,273 962,493.75 ROPS 2,line 3
Trustee Services Wells Fargo Bank Payments per existing
contract for
professional services 7,812.00 ROPS 2,line 21
Disclosure Services Willdan Payments per existing
contract for
professional services 6,468.00 ROPS 2,line 22
Legal Services Richards,Watson& Payments per existing
Gershon contract for
professional services 43,386.00 ROPS 2,line 23
Legal Services Best,Best&Krieger Payments per existing
contract for
professional services 3,642.00 ROPS 2,line 24
Professional Association California Payments per existing
Redevelopment contract for
Association professional services 14,208.00 ROPS 2,line 25
Auditing Services Diehl,Evans&Co. Payments per existing
contract for
professional services 5,968.00 ROPS 2,line 26
4
SCHEDULE 7d •
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Project Area Allowable costs per
Administration Admin Plan-staff,
utilities,professional
services.etc. $ 205,827.90 ROPS 2,line 30
Vested Employee RDA Assigned Obligation based on
Benefit Obligation Employees accrued leaves and
current MOU 109,655.94 ROPS 2,line 31
Stipulated judgment Vineyards,Emerald Duties required under
Case No.51124 Brook(aka Palm said court order
Desert 103)PDHA
subside for 1,100
Affordable Unite 882,606.96 ROPS 2,line 32
PDHA Property RPM Company Payments on existing
Management contract for the
Housing Authority
property management 12,366.00 ROPS 2,line 33
PDHA Properties Andy's Landscape and Payments on existing
Tree contract for the
Housing Authority
property maintenance 322.50 ROPS 2,line 34
PDHA Properties West Coast Arborist Payments on existing
contract for the
Housing Authority
property maintenance 559.95 ROPS 2,line 35
Replacement Reserve Palm Desert Housing 1,100 Affordable
Fund Authority Housing Apt Comp's 357,281.00 ROPS 2,line 36
Reporting Services Redevelopment Payments per existing
Reporting Solutions contract for
professional services 2,368.00 ROPS 2,line 43
Liability Insurance California JPIA Payments per existing
contract for
professional services 6,384.00 ROPS 2,line 44
Pass-thru Trust Account Palm Desert Taxing Balances in trust per
Obligations Entities negotiated pass-thru ROPS 2,line 45,as
agreements 4,305.09 adjusted for actual
5
•
SCHEDULE 7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Additional Disclosures Willdan Additional disclosures
on TAB's that will be required to
report changes in the
allocation of tax
increment and the
payment on tax
allocation bonds due to
AB26. These
disclosures would not
have been necessary
without this legislative
change $ 600.00 ROPS 2,line 46
Banking Services Union Bank of Payments per existing
California contract for
professional services 558.00 ROPS 2,line 47
PROJECT AREA 2 SUBTOTAL 3,256,259.97
PROJECT AREA 3:
2003 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue-$4,745,000 Service Payment
206,132.50 ROPS 2,line 1
2006 Tax Allocation Wells Fargo Bank December 2012 Debt
Bond Issue- Service Payment
$15,029,526 519,437.50 ROPS 2,line 2
Project Area Allowable costs per
Administration Admin Plan-staff,
utilities,professional
services,etc. 54,165.24 ROPS 2,line 11
Vested Employee RDA Assigned Obligation based on
Benefit Obligation Employees accrued leaves and
current MOU 28,856.82 ROPS 2,line 12
Stipulated Judgment Falcon Crest Duties required under
Case No.51124 Affordable Housing said court order
Development-
Homeowners at lots 1
thru 93,et al.PDHA
Subsidy for 1,100
Aef..iol.tn 232,264.98 ROPS 2,line 13
6
SCHEDULE 7d '
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Replacement Reserve Palm Desert Housing 1,100 Affordable
Fund Authority Housing Apt Comp's $ 71,470.00 ROPS 2,line 14
PDHA Property RPM Company Payments on existing
Management contract for Housing
Authority property
management 12,381.00 ROPS 2,line 15
PDHA Properties Andy's Landscape and Payments on existing
Tree contract for Housing
Authority property
maintenance 322.50 ROPS 2,line 16
PDHA Properties West Coast Arborist Payments on existing
contract for Housing
Authority property
maintenance 559.99 ROPS 2,line 17
Trustee Services Wells Fargo Bank Payments per existing
contract for
professional services 4,134.00 ROPS 2,line 18
Disclosure Services Willdan Payments per existing
contract for
professional services 3,420.00 ROPS 2,line 19
Legal Services Richards,Watson& Payments per existing
Gershon contract for
professional services 22,938.00 ROPS 2,line 20
Legal Services Best,Best&Krieger Payments per existing
contract for
professional services 1,926.00 ROPS 2,line 21
Professional Association California Payments per existing
Redevelopment contract for
Association professional services 7,513.00 ROPS 2,line 22
Auditing Services Diehl,Evans&Co. Payments per existing
contract for
professional services 3,156.00 ROPS 2,line 23
Reporting Services Redevelopment Payments per existing
Reporting Solutions contract for
professional services 1,252.00 ROPS 2,line 24
7
SCHEDULE 7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Pass-thru Trust Account Palm Desert Taxing Balances in trust per
Obligations Entities negotiated pass-thru ROPS 2,line 25,as
agreements $ 20,734.80 adjusted for actual
Additional Disclosures Willdan Additional disclosures
on TAB's that will be required to
report changes in the
allocation of tax
increment and the 400.00 ROPS 2,line 26
Liability Insurance California JPIA Payments per existing
contract for
professional services 3,378.00 ROPS 2,line 27
Banking Services Union Bank of Payments per existing
California contract for
professional services 294.00 ROPS 2,line 28
PROJECT AREA 3 SUBTOTAL 1,194,736.33
PROJECT AREA 4:
1998$11,020,000 Tax Wells Fargo Bank December 2012 Debt
Allocation Bond Issue Service Payment 205,475.00 ROPS 2,line 1
2001 $15,695,000Tax Wells Fargo Bank December 2012 Debt
Allocation Bond Issue Service Payment 303,821.25 ROPS 2,line 2
2006$19,273,089 Tax Wells Fargo Bank December 2012 Debt
Allocation Bond Issue Service Payment
302,466.25 ROPS 2,line 3
Trustee Services Wells Fargo Bank Payments per existing
contract for
professional services 96.00 ROPS 2,line 8
Disclosure Services Willdan Payments per existing
contract for
professional services 84.00 ROPS 2,line 19
Legal Services Richards,Watson& Payments per existing
Gershon contract for
professional services 546.00 ROPS 2,line 10
Legal Services Best,Best&Krieger Payments per existing
contract for
professional services 48.00 ROPS 2,line 11 8
7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY SCHEDULE
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
Professional Association California Payments per existing
Redevelopment contract for
Association professional services $ 179.00 ROPS 2,line 12
Auditing Services Diehl,Evans&Co. Payments per existing
contract for
professional services 150.00 ROPS 2,line 13
Reporting Services Redevelopment Payments per existing
Reporting Solutions contract for
professional services 30.00 ROPS 2,line 14
Liability Insurance California JPIA Payments per existing
contract for
professional services 13.00 ROPS 2,line 15
Banking Services Union Bank of Payments per existing
California contract for
professional services 7.50 ROPS 2,line 16
Project Area Allowable costs per
Administration Admin Plan-staff,
utilities,professional
services,etc. 162,495.72 ROPS 2,line 19
Vested Employee RDA Assigned Obligation based on
Benefit Obligation Employees accrued leaves and
current MOU 86,570.46 ROPS 2,line 20
Stipulated Judgment PDHA subsidy for Duties required under
Case No.51124 1,100 Affordable said court order
Units 696,795.00 ROPS 2,line 21
Replacement Reserve Palm Desert Housing 1,100 Affordable
Fund Authority Housing Apt Comp's 273,489.00 ROPS 2,line 22
PDHA Property RPM Company Payments on existing
Management contract for Housing
Authority property
management 12,366.00 ROPS 2,line 23
PDHA Properties Andy's Landscape and Payments on existing
Tree contract for Housing
Authority property
maintenance 322.50 ROPS 2,line 24
9
SCHEDULE 7d
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUPPORTING SCHEDULE-CASH BALANCES FOR RETENTION TO MEET
ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012-2013 ON ROPS 2
Enforceable Obligation/
Project Name/ Other Legal Requirement
Debt Obligation Payee Description Amount Supporting Retention
PDHA Properties West Coast Arborist Payments on existing
contract for Housing
Authority property
maintenance $ 559.98 ROPS 2,line 25
Additional Disclosures Willdan/RWG Additional disclosures
on TAB's that will be required to
report changes in the
allocation of tax
increment and the
payment on tax
allocation bonds due to
AB26. These
disclosures would not
have been necessary
without this legislative 600.00 ROPS 2,line 26
Pass-thru Trust Account Palm Desert Taxing Balances in trust per
Obligations Entities negotiated pass-thru ROPS 2,line 27,as
agreements 25,503.59 adjusted for actual
NSP Rehabilitation AA Max Payments per existing
contract related to
Rehab/Resale of Single
Family Dwelling-
Allowable Portion 13,552.56 ROPS 2,line 30
PROJECT AREA 4 SUBTOTAL 2,085,170.81
GRAND TOTAL $24,491,809.32
10
SCHEDULE 8
SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AGREED-UPON PROCEDURES RELATED TO ALL OTHER FUNDS
SUMMARY OF BALANCE AVAILABLE FOR ALLOCATION TO AFFECTED TAXING AGENCIES
As of June 30,2012
Total amount of assets held by the Successor Agency as of June 30,2012-(Procedure 5) $ 237,808,728
Less assets legally restricted for uses specified by debt covenants,grant restrictions,
or restrictions imposed by other governments-(Procedure 6) (113,060,053)
Less assets that are not cash or cash equivalents (e.g.,physical assets)-(Procedure 7) (71.000.733)
Le balances thelegally rit fe ndig an fligation
(ssnet a of projected
ar annual lega revenues
restc availableedorth tofu fundn thoseof obligationenorceable s)-(Pob rocedure 8) (15,089,381)
Less balances needed to satisfy ROPS for the 2012-13 fiscal year-(Procedure 9) (27,979,432)
•
Less the amount of payments made on July 12,2012 to the County Auditor-Controller
as directed by the California Department of Finance -
Add the amount of any assets transferred to the City for which an enforceable
obligation with a third party requiring such transfer and obligating the use of
the transferred assets did not exist-(Procedures 2 and 3) -
Amount to be remitted to County for disbursement to affected taxing agencies $ 10,679,129