The Redevelopment Agency of the City of San Diego (Agency) was dissolved as of February 1, 2012, per Assembly Bill 1X 26 (AB 26). The City of San Diego, serving as the Successor Agency per Resolution No. R-307238 (January 12, 2012), has assumed the former Agency's assets, rights, and obligations under the California Community Redevelopment Law, subject to some limitations, and is winding down the former Agency's affairs and taking other actions in accordance with the dissolution provisions in Part 1.85 of AB 26.
Successor Agency funds are reported as private-purpose trust funds in the fiduciary section of the Comprehensive Annual Financial Report (CAFR). Fiduciary trust funds are used to report trust arrangements under which principal and income benefit individuals, private organizations, or other governments.
Successor Agency Section Activities
- Providing accounting services for the Successor Agency funds.
- Assisting Civic San Diego in the preparation of Recognized Obligation Payment Schedule (ROPS), due to the Department of Finance (DOF) semiannually.
- Establishing budgets in conjunction with ROPS periods.
- Reviewing and approving payments for Civic San Diego and other departments as approved by the DOF in the ROPS.
- Compiling expenditure data and required backup documentation for billing to various non-City agencies for services performed by City staff and for ROPS reimbursable expenditures.
- Updating and modifying departmental accounting structures, reviewing funds to ensure transactions have been posted correctly, and preparing financial reports as needed.
- Preparing year end closing entries and fund financial statements for inclusion in the CAFR.