Redevelopment Accounting 101
Up to 5 class hours of CPE credit available.
Learn the fundamentals of redevelopment accounting.
This workshop will provide an overview of redevelopment accounting fundamentals by focusing on issues unique to redevelopment. Accounting and operational personnel of an Agency need a basis in the accounting structures and organizational aspects unique to redevelopment to understand and properly complete the compliance reporting required and discussed in the Financial Reporting Workshop. This workshop is recommended for persons not familiar with the unique aspects of accounting for redevelopment agencies.
The workshop will cover the life of a redevelopment agency, including its formation, establishment of indebtedness, receipt of tax increment, low- and moderate-income housing set-aside, and bonding. These will be discussed from the standpoints of how to implement the various fund accounting structures and to record the appropriate accounting entries. The presenters will focus on the basics of accounting in these areas providing the attendee an additional understanding of how redevelopment budgeting works and what adjustments are necessary to provide program personnel with the necessary financial information and working with your outside independent auditor.
With regard to agency bonding, presenters will discuss the types of bonding, who the players are, the roles and responsibilities each have in the process, and how it works from start to finish.
- Learn the elements of a properly structured redevelopment accounting system.
- Learn how property tax increment works.
- Understand how to calculate and record low- and moderate- income housing set-aside.
- Comprehend loans, transfers and the use of project monies.
- Understand redevelopment indebtedness issues and timing.
- Understand the general bonding process and things to consider.
- Learn who the players are in redevelopment bonding and what they do.
- Understand what information is needed by program/project personnel and how to fit that into the financial reporting system.
- Learn the different types of pass-through obligations and generally how pass-through payments should be recorded.
Financial Reporting Workshop
Up to 7 class hours of CPE credit available.
Get out our message and get the numbers right!
Every year, redevelopment agencies are required to submit detailed reports about their activities to the State Controller’s Office, the Department of Housing and Community Development, and their local county auditor. The information derived from those reports is used by legislators and their staffs, state agencies, the media, and activist organizations to make judgments about the effectiveness of the redevelopment program. The reports are the principal means of describing the achievements of agencies, and so it is imperative that the reports be prepared properly, accurately, and completely.
The workshop will provide detailed guidance on the preparation of required reports. In addition, the workshop will discuss how to hire an outside independent auditor that is competent in auditing a redevelopment agency. Making sure all compliance requirements are reviewed by your independent auditor will also be discussed.