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Home My WebLink AboutRDA ANN'L RPT 1988-89 02-5-90DATE: TO: FROM: SUBJECT: C=;?- 90 FEBRUARY 5, 1990 WILLIAM A. HUSTON, CITY MANAGER COMMUNITY DEVELOPMENT DEPARTMENT ANNUAL REPORT, 1988-89 REDEVELOPMENT AGENCY NO. 5 2-5-90 Inter - Com RECOMMENDATION It is,recommended that the City Council take the following actions: 1. Receive and file the Annual Report for 1988-89. 2. Direct that the City Clerk file a copy of this report with the State Controller and the State Department of Housing and Community Development. BACKGROUND California Health and Safety Code Section 33080.1 requires the preparation and filing of an annual report by a redevelopment agency with its legislative body. A copy of this report must be filed with the State Controller and also with the State Department of Housing and Community Development. The annual report must contain the following: 1. An independent financial audit for the previous fiscal year. The audit must include an opinion of the Agency's compliance with laws, regulations and administrative requirements governing activities of the Agency. 2. A fiscal statement containing the following information: a. The amount of outstanding indebtedness of the Agency. b. The amount of tax increment property tax revenue generated. C. The amount of tax increment revenues paid to taxing agencies pursuant to Section 33401. d. The required report to the State Controller. 3. Any other fiscal information which the Agency believes is useful. City Council Report February 51 1990 Annual Report Page 2 4. A description of the Agency's activities affecting housing and displacement containing the following information: a. The total number of households displaced or moved from their dwelling units as part of a redevelopment project during 1988-89. b. An estimate of the total number of households that will be displaced during 1988-89. C. The total number of dwelling units housing persons and families of low and moderate income which were destroyed or removed from the housing market in 1988-89 as part of a redevelopment project. d. The total number of Agency assisted dwelling units constructed, rehabilitated, acquired or subsidized during 1988-89 for occupancy at affordable cost by persons and families of low and moderate income. e. The status and use of the Low and Moderate Income Housing Fund created pursuant to Section 33334.3. f . Any other information the Agency believes useful to explain its housing programs. g. Any excess surplus funds which have accumulated in the Low and Moderate Income Housing Funds excess funds are defined as any unexpended or unencumbered amount in the fund greater than $500,000 or the aggregate amount deposited in- the fund in the preceding five (5) fiscal years (monies are deemed encumbered if committed by a legally enforceable contract or agreement). 3. Any other information the Agency believes useful to explain its programs. ANALYSIS This report is intended to comply with the Health and Safety as described above. Community Development Department City Council Report February 5, 1990 Annual Report Page 3 C 1. Independent financial audit and compliance audit. A copy of the audit and compliance audit for 1988-89 is attached. 2. Fiscal statement: a. The amount of outstanding indebtedness, as of June 30, 1989, was reported to be $14,451,950. b. The amount of tax increment property tax revenue received by the Agency in 1987-88 was $3,461,467. C. The amount of tax increment revenues paid to taxing agencies pursuant to Section 33401 was $ -0-. d. The required report to the state Controller will be submitted with this report. 3. There is no other fiscal information which the Agency believes to be useful at the present time. 4. Activities affecting housing and displacement. a. The total number of households displaced or moved as part of the Town Center or South Central redevelopment projects during 1988-89 were: Total households displaced -0- Low and moderate income -0- (included in total) b. The total number of households estimated to be displaced as part of the Town Center or South Central redevelopment projects in 1988-89 was: Total estimated displacement -0- Low and moderated income -0 (included in total) Community Development Department City Council Report February 5, 1990 Annual Report Page 4 C. The total number of low and moderate income dwelling units demolished or removed from the housing stock in 1988-89 were: ZM d. The total number of Agency assisted dwelling units which were constructed, rehabilitated, acquired, or subsidized in 1988-89 for occupancy at affordable cost by persons and families of low and moderate income is: Q41= e. The Redevelopment Plan for the Town Center Redevelopment Project was adopted November 2 2 , 1976, and amended on March 20, 1989. Pursuant to Section 33334.5 of the Health and Safety Code, the Agency adopted Resolution No. 87-11 on August 17, 1987 and Resolutions No. 88-10 and RDA 88-11 and was not obligated to deposit any tax increment due to existing obligations; Agency staff are also proposing adoption of two resolutions on February 20, 19990 which would not require deposit of tax increment in 1988-89. f. As of June 30, 1989, the accrued balance in the Agency's Low and Moderate Income Fund for the South Central Redevelopment Project was $857,093 as of June 30, 1989. There have been $357,093 funds accumulated in the Housing Fund for the South Central Project Area. Pursuant to Section 33334.12, the Agency must expend or encumber this identified surplus within 5 years from the date the monies become excess surplus. g. There is no other housing program information which the Agency believes to be useful at this time. Community Development Department City Council Report February 5, 1990 Annual Report Page 5 5. Other useful information There is no other information which the Agency believes to be useful at the present time. ,lav Christine A. Sh nglet Director of Community Development CAS:kbc Attachment _..��_.. Community Development Department TUS= OaMJNMYln3 EDPMEW AGENCY I AN= SMTEMERM WITH RIICW CN AUDIT BY P[JBLIC ACMNPUM JUNE 30, 1989 4_+ i� / •• I I ' al/ 81 • • 1� • !'!� • • • •'M June 30, 1989 Independent Auditors' Report General Purpose Financial Statements: i Combined Balance Sheet - All Find Types and Account Group Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types Notes to Financial Statements Supplementary Information: Combining Balance Sheet _ All Capital Projects Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - All Capital Projects Rinds Combining Balance Sheet - All Debt Service Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances - All Debt Service Rinds Independent Auditors' Report on Cmpliance with Audit Guidelines for California Redevelopment Agencies Page Number 1 K 4 - 11 12 13 14 15 16 DIEHL,EVANS &COMPANY CERTIFIED PUBLIC ACCOUNTANTS A PARTNERSHIP INCLUOING ACCOUNTANCY CORPORATIONS 18401 VON KARMAN. SUITE 200 IRVINE • CALIFORNIA 92715-1542 PHONE (714) 757-7700 FAX (714) 757-2707 September 13, 1989 ,Agency Members Tustin amity Redevelopment Agency Tustin, California We have audited the general purpose financial statements o Redevelopment Agency as of and for the year ended June 30, the table of contents. These financial statements are the `-yncy's management. Our responsibility is to express ancial staff based on our audit. OTHER OFFICES AT: 2965 ROOSEVELT ST. CARLSBAD. CA 92008-2389 (619) 729-2343 120 WEST WOODWARD AVE. ESCONDIDO. CA 92025-9990 (619) 741-3141 f the Tustin C1cmmnity 1989, as listed in responsibility of the an opinion on these We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable n-dnm about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general Purpose financial statement presentation. We believe khat our audit provides a reasonable basis for our opuuon. In our opinion, the general purpose financial statements referred to above Present fairly, in all material respects, the financial position of the Tustin ocrmunity Redevelopment Agency as of June 30, 1989, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the gefieral purpose financial statements taken as a whole. The financial statements of the individual funds listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Tustin Commmity Redevelopment Agency. The information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all --trial respects in relation to the general purpose financial statements taken A whole. �i 1 -1- PON 1: DidIII: • • 4M IOi ` �. • •�• !'!•.� ` June 30, 1989 Governanental Account Fund Types Group General Totals Capital Debt Long-term (Memorandum Only) ASSET'S -Projects Service Debt 1989 1988 Cash and investments (Notes lE and 3) Cash with fiscal agent (Note 3) Taxes receivable Accrued interest receivable Amount available in debt service fund Amount to be provided for long-term debt - - 4,225,622 4,225,622 7,160,500 $3,859,463 $6,027,503 $ 9,547,000 $19,433,966 $18,261,549 $3,687,722 $5,138,761 $ - 842,820 71716 45,922 164,025 - $ 81826,483 $ 61751,499 842,820 921,719 53,638 48,425 164,025 94,294 51321,378 51321,378 31285,112 TOTAL ASSET'S WaIMIbMVAr4IW* LTABILr= : Accounts payable and accrued expenses $ 11,951 $ - $ - $ 11,951 $ 55,114 Due to City of Tustin - 706,125 - 706,125 - Loans from the City of i Tustin (Note 4) - - 11512,000 11512,000 21385,612 Tax allocation bonds - - 8,035,000 _ 8,035,000 8,060,000 I TOTAL LIABILITIES 11,951 706,125 9,547,000 _ 10,2651,076 101500,726 FUND BALANCES: Reserved for debt service (Note 4) - 51321,378 - 51321,378 31285,112 Reserved for low-income housing 857,093 - - 857,093 460,962 Unreserved: Designated for capital outlay 21990,419 - - 21990,419 4,014,749 TOTAL FUND BALANCES 3,847,512 5,321,378 - 9,168,890 71760,823 TOTAL LTABILSTIES AND FUND BALANCES $3,859,463 $6,027,503 $ 91547,000 $19,433,966 $18,261,549 See independent auditors' report and notes to financial statements. -2- ,_ ra ., L . �"tir .1�� ,_ '�sailr.�a �iti_i.�:: my�`t,_.._'. ; .•4ei6ri!&+l�SEth'_�... ca'.,.�.��:. �,�n .srnir�.,:vt ,�a:�:. . WODOU M -Do 449 CONFINED STATEMENT OF REVENUES, Eq:'EJDIZURES AND c-iANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES For the year ended June 30, 1989 See independent auditors' report and notes to financial statements. -3- Totals Capital Debt (Memorandum Only) Projects Service 1989 1988 Taxes (Note 2) $ 338,929 $ 3,461,467 $ 31800,396 $ 31091,053 Interest 317,659 418,424 736,083 584,021 Other 31576 - 3,576 - TOTAL REVENUES 660,164 31879,891 4,540,055 31675,074 EGEddDITURES : Current: General goverrm ent 934,367 - 934,367 992,845 Capital expenditures 464,100 - 464,100 867,341 Other expenditures 170,646 - 170,646 - Debt service (Note 4): Principal retirement on bonds - 25,000 25,000 - Interest and fiscal changes - 636,336 636,336 512,015 Payments on loans from City 522,500 11182,289 11704,789 411,001 Bond issuance cost - - - 164,751 TOTAL E}CPENDITURES 21091,613 1,843,625 3,935,238 21,947,953 EXCESS OF REVENUES OVER (UNDER)PP'ENDI'.IURFS (11 431, 449) 21 036, 266 604, 817 727,121 OTHER FM IWCING SOURCES (USES) : Loans from City (Note 4) 803,250 - 803,250 973,459 Proceeds of refunding bonds (Note 4) - - - 71892,950 Payment to retire 1982 bonds4 Note ( ) - - - (91244,362 TOTAL OTHER F WCING SOURCES (USES) 803,250 - 803,250 (377,953) EXCESS OF REVENUES AND OTHER SOURCES OVER x (UNDER) (PEMMURES AND O►I.M USES (628,199) 21036,266 1,4081067 349,168 FUND BALANCES, BEGINNING OF YEAR 41475,711 3,2851112 7,760,823 714111,655 "FUND BALANCES, END OF YEAR $ 3,847,512 $ 51321,378 $ 91168,890 $ 7,760,823 See independent auditors' report and notes to financial statements. -3- 1 _IZVOROMWOOZIN1 SI • ` i0DO A Na NOTES TO FINANCIAL STATENENTS June 30, 1989 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: A. Description of Finds and Account Group: Zhe Agency utilizes fund accounting. Its accounts are organized on the basis of funds and an account group, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. The Agency maintains the following fund types and account group: Governmental Funds: Capital Proi ects R]nds - The Capital Projects Finds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. Debt Service Funds - The Debt Service Finds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. General Long-term Debt Account Group: Long --term liabilities expected to be financed from governmental funds are a000Aunted for in the General Long -Term Debt Account Group, not in the governmental funds. B. Measurement Focus: All governmental funds are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. C. Basis of Accounting: Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. All governmental funds are accounted for using the modified accrual basis of accounting. Revenues are recognized when they become measurable and available as net current assets. Expenditures generally are recognized under the accrual basis of accounting when the related fund liability is incurred. An exception to this general rule is - principal and interest on general long-term debt, which are recognized when due. See independent auditors' report. =C NOTES TO FINANCIAL STATEMENM (Continued) June 30, 1989 1. SUMMARY OF SIGIIFICANr ACCOUNTING POLSCIFS (CONTINUED) : D. Budgetary Reporting: ` The budgets of the Agency are primarily "long-term" budgets which emphasize capital outlay plans extending over one year. Because of the long-term nature of redevelopment projects, "annual" budget comparisons are not considered meaningful and accordingly, no budgetary information is included in the accompanying financial statements. E. Investments: Investments are stated at cost. No loss is recorded when market values decline below cost as such declines are considered temporary. The Agency intends to either hold the investments until maturity, or until market values equal or exceed cost. F. Total Columns on Combined Statements: The combined financial statements include total columns, which aggregate the financial statements of the fund types and account group. The Columns are designated "memorandum only" because the totals are not ccii3arable to a consolidation. 2. ORGANIZATION AND TAX INCR ENT FINANCING: The Tustin Cb m unity Redevelopment Agency was established in 1976 for the purpose of providing needed public improvements and facilitating economic development within the Town Center Project Area and the South Central Redevelopment Project Areas. The City Council serves as the Agency Board of Directors and City staff provide required Agency staff support. The Agency is administered in accordance with the Town Center Area Redevelopment project Area and the South Central Project Area plans and State redevelopment law. Agency expenses include capital improvement projects and operating costs which include required staff support and consultant services. The Agency's primary source of revenue comes from property taxes, referred to in the accompanying financial statements as "tax increment revenue". The assessed valuation of all property within the project area is determined on the date of adoption of the Redevelopment Plan. Property taxes related to the incremental increase in assessed values after the adoption of the. Redevelopment Plan are allocated to the Agency; all taxes on the "frozen" assessed valuation of the property are allocated to the City and other districts. See independent auditors' report. -5- NarES TO FINANCIAL STATEMENTS (Continued) June 30, 1989 Cash and investinents at June 30, 1989 consisted of the following: Deposits: Banks: Demand accounts Savings and Loan Associations: Certificates of deposit Investments: Bankers acceptances Cammpercial paper Federal National Mortgage Association California Local Agency Investment Hind Cash and investments held by fiscal agents Total Cash and Investments Collateral for Deposits Market Cyst Value $ (37, 377) $ (37, 377) 762,E 000 970,463 159,414 21,983 4,950,000 8,826,483 842,820 9,669u303 2,762,000 974,969 159,733 21,983 4,950,000 8,831,308 842,820 $ 91674,128 Under the provisions of the California Government Code, California banks and savings and loan associations are required to secure an Agency's deposits by pledging government securities as collateral. The market value of the pledged securities must equal at least 110% of an Agency's deposits. The Treasurer, at his discretion, may waive the 110% collateral requirement for deposits which are insured up to $100,000 by the FDIC or FSLIC. California law also allows financial institutions to secure an Agency's deposits by pledging first trust deed mortgage notes having a value of 150% of an Agency's total deposits. Authorized Investments: The Agency operates its pooled idle cash investments under the Prudent Man Pile (California Civil Code Sections 2261 et seq. ) This affords the Agency a broad spectrum of investment opportunities as long as the investment is deemed prudent and is allowable under current legislation of the State of California (Goverment Code Section 53600 et seq.) See independent auditors' report. NO= TO FINANCIAL STATEMENM (Continued) June 30, 1989 3. CASH AND IN (CONTINUED) : Under provisions of the Agency's Investment Policy and in accordance with Section 53601 of the California Goverrment Code, the Agency may invest in the following types of instruments: a. Bankers acceptances. b. Negotiable certificates of deposit. c. Commercial paper. d. Repurchase agreements. e. Local Agency Investment Fund. The California Local Agency investment Ruzd (T -AIF) is a special fund of the California State Treasury through which local governments may pool investments. The Agency may invest up to $5,000,000 in the fund. Investments in LAIF are highly liquid, as deposits can be converted to cash within 24 hours without loss of interest. Obligations of the United States Treasury are not allowed under the present investment policy. However, investments in obligations of the United States Treasury held at June 30, 1989 were purchased prior to the adoption of the investment policy. Classification of Deposits and Investments By Credit Risk GASB 3 requires that deposits and investments be classified into three categories of credit risk. These categories are as follows: Deposits: Category 1 - Deposits which are insured by FDIC, FSLIC, a state depository insurance fund or a multiple -financial institution collateral pool, or deposits which are collateralized with securities held by the Agency or the Agency's agent in the Agency's name. Category 2 - Deposits which are collateralized with securities held by the pledging financial institutions trust department in the Agency's name. Category 3 - Deposits which are uncollateralized, or collateralized but the pledged securities are not held iA the Agency's name. See independent auditors' report. -7- t •�, I • iii D1 • •90 I.'ll • 11DI NarEs TO FINANCIAL STATEMENTS (Continued) June 30, 1989 3. CASH AND INVEST1KERM (CONTINUED): Investments: Category 1 - Investments which are insured by SIPC, or where the securities are held by the Agency or the Agency's agent in the Agency' s name. Category 2 - Investments which are uninsured, where the securities are held by the, purchasing financial institution's trust department or agent in the Agencyts name. Category 3 - Investments which are uninsured, where the securities are held by the purchasing financial institution's trust department or agent, but not in the Agency's name. Deposits and investments were categorized as follows at June 30, 1989: Category _ Market 1 Deposits: 2 3 cost Value . .Demand accounts $ (37,,377)$ - $ - $ (37,,377)$ (37, 377) Certificates of deposit 21762,000 - - 21762,000 21762,000 Cash held by fiscal agent - - 842,820 84211820 842,820 Total Deposits 21724,623 - 842,820 3,567,443 3115671443 Investments: �Commercial ccept��ces 970,463 _ 970,463 974,969 paper 159,414 _ 159,414 159,733 Federal National Mortgage Association 21,983 - - 21,983 21,983 Total Investments _11151,860 - - 1,151,860 1,156,685 $3,876,483 - $842,820 41719,303 California Local Agency Investment Fund (LAIF) _41950,000 4,9501000 Total Cash and Investments $9,669,303 $9,6728 Allocation of Interest Income Among Funds Interest is allocated annually based on the weighted average cash balances in each fund receiving interest. See independent auditors' report. -8- j..�,fl-T,77"," i:-g- _L& NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1989 a. Tax Allocation Bonds: In August 1987, the Agency issued $8,060,000 in Town Center Area Redevelopment Project Tax Allocation Bonds, Series 1987 to refund Tax Allocation bonds originally issued by the Agency in 1982. The 1982 bonds with principal of $8,105,,000 were refunded with proceeds of the new bond issue. The proceeds from the refunding bonds were invested in obligations of the United States government to be held in an escrow account. The principal and interest payments from these investments will secure and are anticipated to provide funds sufficient to pay the rdmaining Principal of and interest on the Series 1982 Bonds. Below is a schedule of sources and uses of the refunding bonds proceeds: Sources: Principal amount of new debt $ 8,060 000 Underwriters issue discount (161,200) Original issue discount (5,850) Subtotal 7,892,950 Interest earnings 51,439 Cash contribution by Agency 139,180 Cash held by fiscal agent for 1982 bonds 2,275,004 $ 10,358,573 Uses: Deposit to Escrow Fiend - 1982 bond issue $ 9,2441362 Deposit to reserve accounts for 1987 bond issue 975,030 Issuance costs 139,181 $ 10,358,573 Shown below is the difference between the aggregate debt service requirements of the old issue and debt service requirements of the new issue discounted at 7.7842ot'Znterest: Net Present Value of Series 1982 Bonds, Old Issue Net Present Value of 1988 Refunding Bonds, New Issue Gain on -refunding of debt - difference in net present value of debt service requirements See independent auditors' report. 0 $ 91130,433 (7,782,944) $ 1,347,489 NATES TO FrnWCIAL, STATEMENTS (Continued) June 30, 1989 4. GENERAL LONG-TERM DEBT (CONTINUED) : a. Tax Allocation Bonds (Continued): The decrease in cash flow from debt service requirements of the old issue and debt service requirements of the new issue is as follows: Cash flow requirements of Series 1982 Bonds, Old Issue $ 18,470,504 Cash flow requirements of 1988 Refunding Bonds, New Issue (15,203,150) De(:rease in cash flow requirement for debt retirement $ 3,267,354 Bonds of $25,000 were retired during the year ended June 30, 1989. Interest on the 1987 bonds is payable semiannually on May 1 and November 1, with principal maturing annually on November 1 - Debt Service requirements to maturity are as follows: Year Total Ending Principal Interest Debt November 1, Maturing Rate Interest Service 1989 $ 255,000 4.60 $ 543,550 $ 798,550 1990 270,000 4.90 531,820 801,820 1991 285,000 5.20 518,590 803,590 1992 300,000 5.40 503,770 803,770 1993 315,000 5.70 487,570 802,570 1994 335,000 5.90 469,615 804,615 1995 355,000 6.20 449,850 804,850 1996 375,000 6.40 427,840 802,840 1997 400,000 6.70 403,840 803,840 1998 425,000 7.00 377,040 802,040 1999 455,000 7.10 347,290 802,290 2000 490,000 7.20 314,985 804,985 2001 525,000 7.30 279,705 804,705 2002 560,000 7.30 241,380 801,380 2003 605,000 7.40 200,500 805,500 2004 645,000 7.40 155,730 800,730 2005 695,000 7.50 108,000 803,000 2006 745,000 7.50 55,875 800,875 Totals $ 81035,000 $ 6,4161950 $ 14,451,950 See independent auditors' report. atom "•, �. �..... ;� .,', A c,..ttr�k''♦,, >:;G:'.!i. ,t .:1� •x'�r "•4 d" 'C Y.e.'s ,.% ri ��iiv l�. 'S'�?fti �i::``�r�''':..s�tStLJli1'7ildlf��=_. ::,,:' .Y ...,y..... -1.i.' •�i-�a:�34�.ild..1A.,....'Li�rr..,. 1.t., ..:4T '7 t :.�':�Iil1. ':7... TUSTIN CUMIUNITY REDEVELOMMU AGENCY NOR'E'S TO FINANCIAL SrATEMENTS (Continued) June 30, 1989 4. GENERAL LONG -IMM DEBT (CONTINUED): a. Tax Allocation Bonds (Continued): The Agency is required to deposit an amount equal to the lesser of 10 percent of the principal amount of the bonds or maximum annual debt service on the bonds in a reserve account. At June 30, 1989, the Agency was required to have a reserve of $798,550. The amount of cash held by fiscal agent in a reserve account was $842,820. The amount available at June 30, 1989 in the Debt Service Fund to service the tax allocation bonds was $5,321,378. b. The following is a summary of the changes in the loan balances with the City of Tustin for the South Central Project Area for the year ended June 30, 1989: Balance, July 1, 1988 $ 21385r612 Additional borrowings 8031250 A =ued interest, added to principal balance 112,000 Payments of principal (11704,789) Payments of interest (84,073) Balance June 30, 1989 $ 10,5120,000 See independent auditors' report. -11- I W I See independent auditors' report. -12- I TUSTIN C7OMMU rrY REDEVEAMEW AGENCY Ca4B ATG BALANCE SHEET - ALL CAPITAL PRDTECrS FUNDS June 30, 1989 Town South Center Central Low Project Project Income Totals ASSETS Area. Area Housing 1989 1988 Cash and investments $ 11194,967 $ 11643,378 $ 849,377 $ 31687,722 $ 41433,463 Taxes receivable - - 71716 7,716 31068 Accrued interest receivable 164,025 - - 164,025 94,294 TOTAL ASSE'T'S $ 1,358,992 $ 1,643,378 $ 857,093 $ 3,859,463 $ 4,530,825 IIABTT,T''MS AND FUND BALANCES _ LIABILI'MS : Accounts payable and ' accrued expenses $ 10,921 $ 1,030 - $ 11,951 $ 55,114 FUND BALANCES: Reserved for: Low income housing - - 857,093 857,093 460,962 Unreserved: Designated for capital outlay 1,348,071 11642,348 - 2,990,419 4,014,749 TOTAL FUND BALANCES 1,348,071 1,642,348 857,093 31847,512 4,475,711 TOTAL T.TABIIXMS ,• AND FUND BALANCES $ 1,358,992 $ 1,643,378 857,093 $ 3,859,463 $ 4,530,825 See independent auditors' report. -12- I REVENUES: Taxes Interest inooane. Other EXPENDITURES: Current expenditures: General government Capital e>penditures Principal payment to City Other expenditures Mai ME k 02c, 6 Mk For the year ended June 30, 1989 Town South Center Central Low Project Project Income Totals Area Area Housinq 1989 1988 $ - $ - $ 338,929 $ 338,929 $ 250,523 124,533 135,924 57,202 317,659 319,386 2,350 1,226 - 31576 - 1261883 137,150 _ 396,131 660,164 569,909 739,379 194,988 - 934,367 992,845 384,154 79,946 - 464,100 867,341 522,500 - - 522,500 - __ 170,646 - - 170,646 - TOTAL EXPENDITURES 11816,679 274,934 - 21091,613 1,860,186 EXCESS (DEFI=CY) OF REVENUES OVER EXPENDITURES (1,689,796) (137, 784) 396,131 (1,431,449) (11290,277) OME R FMANCING SOURCES: Loans from City 645,750 157,500 - 803,250 973,459 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER .EXPENDITURES (1,0441046) 19,716 396,131 (628,199) (316, 818) FUND BALANCES, BEGINNING OF YEAR 2,392,117 1,622,632 460,962 4,475,711 41792,529 FUND BA.LANCEs, END OF YEAR $ 1,348,071 $ 1,642,348 857 093 $ 3,847,512 4,4751711 See independent auditors' report. -13- •�,�'t1M•Aii �t �A�` 1f L f � iw 1Y. 'il:.s;. ia+e.. •i,r.iw.:wtii•.�ii ASSETS Cash and investments Cash with fiscal agent Taxes receivable TOTAL ASSETS LIABILITIF,S AND FUND BALANCES LSABILTTIES : Due to City of Tustin FUND BALANCES: Reserved for debt service TO'T'AL LIABILITIES AND FUND BALANCES See independent auditors' report. June 30, •.• Town South Center Central Project Project Totals Area Area 1989 1988 $ 2,718,646 $ 2,420,115 $ 5,138,761 $ 2,318,036 842,820 - 842,820 921,719 15,052 30,870 45,922 _ 45,357 _$_31576 518 $ 21450,985 $ 6,027,503 $ 3,285,112 $ 548,625 $ 157,500 $ 706,125 $ - 31027,893 2,293,485 51321,378 3,285,112 3,576,518 $ 2,450,985 $ 6,027,503 $ 3,285,112 r -14- 1 ••, I • 011 � • ,0131 • N� For the year ended June 30, 1989 Taxes Interest insane EXPEND11URES : Principal debt retirement on bonds Interest and fiscal charges Payments on loans from City Bond issuance costs arRm FINANCING SOURCES (USES) : Proceeds of refunding bonds Payment to retire 1982 bonds TOM • mF-nWCING SOURCES • 191 • • - ON a 1D1• a. Town South Center Central Project Project Totals Area Area 1989 1988 $ 21105,748 $ 11355,719 $ 31461,467 $ 218401,530 254,981 163,443 418,424 264,635 2,360,729 1,519,162 — 3,879,891 3,105,165 25,000 25,000 - 552,263 84,073 636,336 512,015 645,750 536,539 1,182,289 411 001 - — 164,751 1,223,013 620,612 1,843,625 1,087,767 _1,137,716 898,550 _ 2,036,266 2,0171398 7,892,950 (9,244,362) (1,351,412) 11137,716 898,550 21036,266 665.986 FUND BAIANCES, BEGINNING OF YEAR __1,890,177 _ 1,394,935 3 285 112 2 � _ ,619,126 FUND BALANCES, END OF YEAR See ,independent auditors' report. $ 3,027,893 $ 2,293.4857 5,321,378 $ 3,285,112 -15- September 13, 3.989 10 24 10 r 024 1�. •• ••� �� • 1220 . eiDR In connection with our audit of the financial statements of the Tustin CMmtini ty Redevel.cpinent Agency of and for the year ended June 30, 1989, we have performed to the extent applicable, the tests of compliance as required by Health and Safety code Section 33080.1 and Sections I through V of the "Guidelines for cOmPliance Audits of California Redevelopment Agencies" issued by the State Controller. Based on the above auditing procedures, we noted no instances of noncompliance with the laws, regulations and administrative activities of the Agency for the year ended June requirements 1989governing special -16-