CLEARLAKE — The Clearlake Redevelopment Oversight Board Thursday approved a report related to the low and moderate housing income fund.
The report detailed agreed-upon procedures relating to the due-diligence review of low- and moderate-income housing fund in accordance with Assembly Bill 1484.
David Spilman, interim finance director for the city, said the purpose of the limited due-diligence review was to determine the amounts of cash to be turned over to the Lake County Auditor after all the essential obligations were accounted for in the low and moderate income fund.
Spilman said AB 1484 was enacted early in the 2012-13 fiscal year and required independent auditing reports to be prepared for the public and public agencies for the transfer of former redevelopment funds.
The oversight board presented the report, which was prepared by independent accounting firm Pun & McGeady, to the public on Sept. 27.
The accounting firm reported an approximate total of $3.1 million in assets, of which $936,806 would be released to the county.
The report was transmitted to the state Department of Finance, Lake County Auditor and State Controller on Monday, which was the last day the report could be submitted by law.
The oversight board approved the resolution by a 4-0 vote.
Three oversight board members were absent: County Supervisor Jeff Smith, Member-At-Large Bill Perkins and Bryon Bell with the Yuba College Chancellor”s Office.
Kevin N. Hume can be reached at kevin.n.hume@gmail.com or call directly 263-5636 ext. 14. Follow on Twitter: @KevinNHume.
