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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 4 4. Perform the following procedures: A. Obtain from the Successor Agency a summary of the financial transactions of the Redevelopment Agency and the Successar Agency for the following fiscal periods: June 30, 2010; June 30, 2011, January 31,2012 and June 30,2012. B. Ascertain that for each period presented,the total of revenues,expenditures, and transfers accounts fully for the changes in equity from the previous fiscal period by comparing to the Successor Agency's accounting records. C. Compare amounts in the schedule relevant to the fiscal year ended June 30, 2010 to the state controller's report filed for the Redevelopment Agency for that period. D. Compare amounts in the schedule for the other fiscal periods presented to account balances in the accounting records or financial statements. Results: No exceptions were noted as a result of our procedures.See Exhibit 3. 5. Obtain from the Successor Agency a listing of all assets of the Aggregate Remaining RDA Funds as of June 30, 2012 for the report that is due December 15, 2012. For the Aggregate Remaining Funds, the schedule attached as an exhibit will include only those assets of the Aggregate Remaining RDA Funds that were held by the Successor Agency as of June 30, 2012. Agree the assets so listed to recorded balances reflected in the accounting records of the Successor Agency. See Exhibit 4 for the listing. Results: No exceptions were noted as a result of our procedures. 6. Obtain from the Successor Agency a listing of asset balances held on June 30,2012 that are restricted for the following purposes: A. Unspent bond proceeds: i. Obtain the Successor Agency's computation of the restricted balances (e.g., total proceeds less eligible project expenditures,amounts set aside for debt service payments,etc.) ii. Trace individual components of this computation to related account balances in the accounting records,or to other supporting documentation. iii. Obtain from the Successor Agency a copy of the legal document that sets forth the restriction pertaining to these balances. B. Grant proceeds and program income that are restricted by third parties: i. Obtain the Successor Agency's computation of the restricted balances (e.g., total proceeds less eligible project expenditures). ii. Trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation. 4 OB RESO 13-01