City of Pleasanton
10/29/2019 3:28:04 PM
10/29/2019 3:28:03 PM
CITY CLERK - TYPE
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THE CITY OF 2 <br /> — - e" CITY COUNCIL AGENDA REPORT <br /> pLE ASANTON, <br /> November 5, 2019 <br /> City Manager <br /> TITLE: APPROVE WRITE-OFF OF $51,667 UNCOLLECTABLE ACCOUNT <br /> RECEIVABLE FROM THE TRI-VALLEY HOUSING OPPORTUNITY CENTER <br /> SUMMARY <br /> On April 22, 2013, the Tri-Valley Housing Opportunity Center (TVHOC) and the Tri- <br /> Valley Cities of Dublin, Livermore, and Pleasanton entered into an agreement to provide <br /> TVHOC a loan in the amount of $155,001 to meet TVHOC's outstanding operating debt. <br /> Pleasanton's share of the loan was $51 ,667. As stipulated in the agreement, in lieu of <br /> cash repayments, TVHOC for a period of three years would provide affordable housing <br /> services, including Housing Counseling Services, Homebuyer Training, and Foreclosure <br /> Prevention. However, despite efforts to reorganize in 2014, TVHOC eventually began <br /> the process of dissolution. With TVHOC out of business, TVHOC was unable to provide <br /> the agreed-upon in-kind services, and the City is also unable to collect the loan from <br /> TVHOC. <br /> On October 18, 2011, the City Council adopted a Policy for Write-Off of Uncollectible <br /> Accounts Receivable. The policy requires that the write-off of any individual uncollectible <br /> account receivable that exceeds $10,000 must be approved by the City Council. <br /> RECOMMENDATION <br /> Staff recommends the City Council approve the write-off of the account receivable <br /> identified herein effective June 30, 2019. <br /> FINANCIAL STATEMENT <br /> The recommended write-off will result in the reduction of City assets of $51,667 in the <br /> Lower Income Housing Fund (Fund 122). <br /> It has been noted that the write-off of an uncollectible accounts receivable from the <br /> City's accounting records does not constitute forgiveness of the debt or a gift of public <br /> funds. The loan was structured to be repaid with the services provided by TVHOC for a <br /> period of three years rather than with cash repayments. <br />
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