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01/10/2013 To the Oversight Board of the City of Redwood City Redevelopment Agency's Successor Agency Redwood City,California Page 7 a. Obtain from the Successor Agency its assumptions relating to the forecasted annual spending requirements and disclose in the report major assumptions associated with the projections. iii. For the forecasted annual revenue: a. Obtain from the Successor Agency its assumptions for the forecasted annual revenues and disclose in the report major assumptions associated with the projections. Results: Management has represented to us that they believe future revenues together with balances dedicated or restricted to an enforceable obligation will be sufficient to fund future obligations. No procedures performed. C. If the Successor Agency believes that projected property tax revenues and other general purpose revenues to be received by the Successor Agency are insufficient to pay bond debt service payments (considering both the timing and amount of the related cash flows), obtain from the Successor Agency a schedule demonstrating this insufficiency and apply the following procedures to the information reflected in that schedule. i. Compare the timing and amounts of bond debt service payments to the related bond debt service schedules in the bond agreement. ii. Obtain the assumptions far the forecasted property tax revenues and disclosed major assumptions associated with the projections. iii. Obtain the assumptions for the forecasted other general purpose revenues and disclosed major assumptions associated with the projections. Results: Management has represented to us that they property tax revenue and other general revenue are sufficient to pay bond debt service payments. No procedures performed. D. If procedures A, B, or C were performed, calculate the amount of current unrestricted balances necessary for retention in order to meet the enforceable obligations by performing the following procedures. i. Combine the amount of identified current dedicated or restricted balances and the amount of forecasted annual revenues to arrive at the amount of total resources available to fund enforceable obligations. ii. Reduce the amount of total resources available by the amount farecasted for the annual spending requirements. A negative result indicates the amount of current unrestricted balances that needs to be retained. iii. Include the calculation in the AUP report. Results: Not applicable. The Successor Agency does not need to retain current unrestricted balances. 7 OB RESO 13-01