Meeting Date: November 13, 2014
Agenda Item #11
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Note 15 – Prior Period Adjustment
The State of California recently claimed, as part of its review of transfers relating to the City’s former redevelopment agency, that $700,000 of payments from the redevelopment agency to the City during the period January 1, 2011 and June 30, 2012 were not valid loan payments, but unallowable transfers. The prior period adjustment is to record a liability payable to the State of California.
During the current year, it was determined by the State Department of Finance that $511,193 of funds recorded as a payable to the City from The Successor Agency were not enforceable obligations. The beginning net position of the Successor Agency was increased by this amount.