Oxnard—The Finance & Governance Committee received and filed a report on its Community Development Commission Successor Agency Capital Assets Restatement during its Tuesday, September 24, meeting.
PROJECT Manager Adam Smith presented the restatement and said the Successor Agency reached an important milestone in winding down its former Redevelopment Agency, the Oxnard Community Development Commission.
“In 2023, the Successor Agency completed the disposition of all real estate property in the Successor Agency’s Long-Range Property Management Plan (LRPMP) as approved by the State Department of Finance and Ventura County Consolidated Oversight Board (VCCOB),” he said.
There are 49 remaining capital asset accounting records after analysis, and he said it represented $28 million in capitalization accounting entries that were reported in the Successor Agency’s annual financial statement.
“The former Redevelopment Agency’s pre-dissolution contributions to improvements to City property were not filtered from the Successor Agency general ledger at the time of the 2012 dissolution and redevelopment,” he said. “These improvements to City property were incorrectly reported as Successor Agency Capital Assets and not City assets. The Successor Agency’s assets have been overstated, and the City’s Capital Assets have been understated since 2012.”
He said City Staff analyzed and used their best efforts…
