In 2015, the City of Tulare Successor Agency engaged RSG to help the agency identify the cause of its negative balance, explain the cause to the DOF, and secure approval for a cash balance reconciliation from the agency’s Oversight Board and DOF. The process involved a thorough review of the agency’s financial documents, a keen eye for detail, and—most challengingly—the ability to “translate” between the language of the agency’s accounting documents and that of redevelopment dissolution. This cash balance correction allowed the agency to proceed with a bond refunding that will save the agency more than $9 million due to lower interest payments over the life of the bonds.
RSG also prepared the Agency’s Long-Range Property Management Plan involving 27 properties in total, and continues to provide the following ongoing services:
- Preparing its annual ROPS
- Providing an annual accounting review to reconcile revenues and expenses in a timely manner
- Advising on other complicated items such as an Owner Participation Agreement and an error related to the County’s RPTTF reports
- Assisting the Agency with the sale of 21 properties and the transfer for government use of the others
Guiding the agency in resolving outstanding dissolution issues and advising the City and Successor Agency on continuing disclosures, property disposition, cash flow projections, and related needs as they arise.