Controller: City Holding Funds It Shouldn't

RIVERSIDE - The city of Riverside is not complying with rules regarding the disposal of assets possessed by redevelopment agencies dissolved by the legislature in 2011, and instead is holding onto funds it shouldn't, according to findings released today by the state controller's office.

Controller John Chiang said an audit to ensure that the dissolution of Riverside's redevelopment agency, or RDA, was being carried out in accordance with state parameters revealed the city not complying.

The audit showed Riverside's RDA remained in control of property worth $30.45 million and another $64.25 mil...