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State Department of Finance corrects Yucca Valley’s Math

By   /   January 1, 2014  /   Comments Off

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Yucca Valley, Ca.,- A letter to the Town of Yucca Valley from the Department of Finance advises the math has been corrected to recover a bond reserve in the amount of $743,203 which was not reflected in the town’s beginning balance in the winding down of the RDA, Redevelopment Agency, and also denied payments of presented obligations on the ROPS , Recognized Obligation Payment Schedule reporting form. The Town reported their beginning balance was $5,546,007, but should have been $6,289,210, a discrepancy of $743,203, doing the math. (Their statement below MAY reflect two typos of $742,203 and $723,203)

The DOF writes, Based on a review of the Funds Balances form, the following adjustments were made:

“Beginning Available Fund Balance (Actual 01/01/13), Bonds Issued on or before December 31, 2010 in the amount of $5,546,007 should be $6,289,210.  Required bond reserves in the amount of $742,203 were not included in the beginning balance as reflected in the Agency’s Other Funds and Accounts Due Diligence Review dated June 30, 2012.  Accordingly, Retention of Available Balance (Actual 06/30/13) and (Estimate 12/31/13), Bonds Issued on or before December 31, 2010 has been revised to $723,203 to reflect the retention of reserves going forward.”

The DOF adjusted down the amount the town was claiming for management costs from $125,000 to $117,000  and continues to deny the $636,000 re-payment to the Low-Moderate Income Housing Fund.

See DOF four page letter here> Yucca_Valley_ROPS_13-14B

Yucca Valley ROPS>FY_13-14B_ROPS

 

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About the author

Margo Sturges

Yucca Valley Editor

Note: Margo Sturges has written many articles for Cactus Thorns and is the founder of Citizens4Change.info. Email contact: MargoSturgesYV(at)aol.com "In a time of universal deceit, telling the truth becomes a revolutionary act."- George Orwell

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