HomeMy WebLinkAboutCC 6 1987-88 ANNL RPT 12-19-88 , l-E-'~' ,~ NO. 6
DATE: . OECEMBER 19, 1988 ~~~/ .. [
TO:
FROM:
SUBJECT:
WILLIAI~ A. HUSTON, CITY MANAGER
C01~I~UNITY DEVELOPMENT DEPARTMENT
ANNUAL REPORT, 1987-88
. J
RECI)MMENDATION:
It is recommended that the City Council take the following actions:
1. Receive and file the Annual Report for 1987-88.
e
Direct that a copy of this report be filed with the State Controller
and the State Department of Housing and Community Development.
BACKGROUNO:
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:
Ze
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.
Ce
The amount of tax increment revenues paid to taxing agenies
pursuant to Section 33401.
d. The required report to the State Controller.
3. Any other fiscal information which the Agency believes is useful.
e
A description of the Agency's activities affecting housing and
disp. lacement containing the following information:.
Ctty Counctl Report
December 19, 1988
,~nual Report
Page two
a®
The total number of households displaced or moved from their
dwelling units as part of a redevelopmet project during 1987-88.
be
An estimate of the total number of households that will be
displaced during 1987-88.
Ce
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 1987-88 as part of a redevelopment project.
de
The total number of Agency assisted dwelling units constructed,
rehabilitated, acquired or subsidized during 1987-88 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.
ge
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
preceeding five (5) fiscal years (monies are deemed encumbered if
committed by a legally enforceable contract or agreement).
.
Any other information the Agency believes useful to explain its
programs.
ANALYSIS:
This report 'is intended to comply with the Health and Safety Code as described
above.
®
I.n..d. ependentlfinanctal audit and compliance ,~udi, l~.
A copy of the audit and compliance audit for 1987-88 is attached.
2. Fi scal statement:
ii
me
be
The amount of outstanding indebtedness, as of June 30, 1988, was
reported to be $15,203,150.
The amount of tax increment property tax revenue received' by the
Agency in 1987-88 was $2,840,530.
Corn munity Development Department
City Council Report
December 19, 1988
Annual Report
Page three
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
1987-88 were:
Total households displaced
-0-
Low and moderate income
(included in total)
-0-
b. The total number .of households estimated to be displaced as part
of the Town Center or South Central redevelopment projects in
1987-88 was:
Total estimated displacement
-0-
Low and moderate income
(included in total)
-0-
c. The total number of low and moderate income dwelling units
demolished or removed from the housing stock in 1987-88 were:
-O-
d. The total number of Agency assisted dwelling units which were
constructed, rehabilitated, acquired, or subsidized in 1987-88
for occupancy at affordable cost by persons and families of low
and moderate income is:
-0-
e. The Redevelopment Plan for the Town Center Redevelopment Project
was adopted November 22, 1976. Pursuant to Section 33334.5 of
the Heal th 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 ~ax increment due to
existing obligations.
Corn rnuni:y DeveloPrnen~ Depar:rnen: ~
Cit. y Council Report
December 19, 1988
Annual Report
Page four
f. As of June 30, 1988, the accrue~l balance in the Agency's Low and
Moderate Income Fund for the South Central Redevelopment Project
was $460,963 as of June 30, 1988. There have been no excess
funds accumulated in the Housing Fund for the South Central
Project Area.
g. There Is no other housing program information which the Agency
believes to be useful at this time.
5. Other useful information.
There is no other information which the Agency believes to be useful
at the present time.
Cl~rtstine Shingleton /]
Director of Community l)evelopment
CAS :pef
Attachment
Corn munity Development Department
T[JSTJ. N ~]Ofl~I~ B:KDKVKLOPHKNT AG3~NCY
FINAN~ STATKHKHTS
WITH ~KPOB~T ON KXAHI~ON BY
CKRTIF]~KD PUBLIC ACCOUNTANTS
J'UNK30, 1988
TU~TIN COMMUNITY REDEVELOPMENT AGENo~
TABLE OF CONTENTS
June 30, 1988
Accountants' Report
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Group
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - Ail 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 - Ail Capital Projects Funds
Combining Balance Sheet - Ail Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Ail Debt Service Funds
Accountants' Report on Compliance with Audit Guidelines.
for California Redevelopment Agencies
Page
Number
3
4 - 11
12
13
14
15
16
DI L, EV S
COMP
CERTIFffD PUBUC ACCOUNTANTS
A PAJtTN'~ISH~ {NCLUI~NG ACCCRJNTANCY CORPORATIONS
1910 NORTH BUSH'STREET
SANTA ANA · CALIFORNIA 92706-~
PHONE ~14) 542-4453
'AuguSt 25, 1988
WING. PETERS, CPA
DONALD H. PETERSON, CPA
DONALD E. C_~LLAHAN, CPA
L. l~-l~R ~CHERI!R, CPA
RODNEY K. McDANI£L, CPA
RALPH H. WEINTRAUB. CPA
. .
MICHAEL R. LuDIN, CPA
PHILIP H. HOLTKAMP, CPA
THOMAS M. PI~LOWSKI, CPA
ACCOUNTANTS ' REPORT
Agency Members
Tustin Community Redevelopment Agency
Tustin, California
We have examined the general purpose financial statements of the Tustin
Community Redevelopment Agency as of and for the year ended June 30, 1988, as
listed in .the table of contents. Our examination was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In our opinion, the general purpose financial statements referred to above
present fairly the financial position of the Tustin 'Community Redevelopment
Agency at June 30, 1988, and the results of its operations for the year then
ended in conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining financial
statements listed in the Cable of contents are presented for purposes of
additional analysis and are not a required part of the general purpose financial
statements of the Tustin Community Redevelopment Agency. The information has
been subjected to the auditing procedures applied in the examination of the
general purpose financial statements and, in our opinion, is fairly stated in
all material respects in relation to the general purpose financial statements
taken as a whole.
-1-
AT:
ON~ ClVlC PLAZA · SUTTE
NEWPORT BEACH. CA
120 WEST WOODWARD AVE.
ESCONDIDO, CA 92025-9990
(619) 741-3141
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUP
ASSETS
June 30,.1988 .~.
-.
Governmental
Fund TyDes
Capital Debt
Pro~ects Service
Account
Group
General
Long-term
Debt
Totals
(Memorandum Only)
1988 1987
Cash and investments
(Notes 1E and 3)
Cash with fiscal agent
(Note 3)'
Taxes receivable
Accrued interest receivable
Due from other funds
Amount available in debt
service fund
Amount to be provided for
long-term debt
$4,433,463 $2,318,036 $
- 921,719 -
3,068 45,357 -
94,294 - -
- $ 6,751,499 $ 5,124',232
921,719 2,250,979
48,425 59,587
94,294 55,689
- 35,467
3,285,112 3,285,112 2,619,126
7~160~500 .. 7~160~500 ?~224~955
TOTAL ASSETS
$4~530~825 $3,285,112 $10~445~612 $18~261~549 $17~370~035
LIABILITIES AND
FUND BALANCES
LIABILITIES,
Accounts payable and
accrued expenses
Due to ocher funds
Loans from the City of
Tustin (Note 4)
Other long-term debt
(Note 4)
TOTAL LIABILITIES'
$ 55,114 $ - $
55 ~ 114
- $ 55,114 $ 78,832
- - 35,467
2,385,612 2,385,612 1,739,081
8~,060~000 8~060~000 8~105~000
!0~445~612 ,10~500~726 9~958~380
FUND BALANCES:
Reserved for debt
servic.e (Note 4)
Reserved for low-income
housing
Unreserved:
Designated for
capital outlay
460,962
4,014,749
3,285,112
TOTAL FUND BALANCES 4~475~711 3~285~112
- 3,285,112 2,619,126
- 460,962 185,236
- 4,014~749 4~607~293
- 7,760,823 7~411~655
TOTAL .LIABILITIES ·
AND'~'UND BALANCES $4,530,825 $3~285,112 ,$10,445,612 $18 ~ 261, 549 $17~370,035
See accountants' report and notes to financial statements.
-2-
TUSTIN COMMUNITY REDEVELOPHENT AGENCY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the year ended June 30, 1988
REVENUES:
Taxes (Note 2)
Interest
Capital Debt
Project s Service 1988
Totals
(Memorandum Only)
1987
250,523 $ 2,840,530 $ 3,091,053 $ 2,253,193
319,386 264,635 584,021 450,617
TOTAL REVENUES
· 569,909 3,105,165 3,675,074 2,703,810
EXPENDITURES:
Current:
General §overnment
Community development
Capital expenditures
Debt service (Note 4):
Principal retirement
6n bonds
Interest on bonds
Payments on loans from
City
Bond issuance cost
TOTAL EXPENDITURES
412,845 - 412,845 433,733
580,000 - 580,000 465,000
867,341 - 867,341 980,917
1,860~186
- - 115,000
512,015 512,015 816,550
411,001 411,001 778,607
164,751 164 ~ 751 -
1~087,767 2,947,953 3,589,807
EXCESS OF REVENUES OVER
(UNDER) EXPEND ITURES
OTHER FINANCING SOURCES (USES):
Loans from City (Note 4)
Proceeds of refunding
bonds (Note 4)
Payment to retire 1982
bonds (Note 4)
(1~290,277) 2~017,398 727~121 (885~997)
973,459 - 973,459 1,947,050
- 7,892,950 7,892,950 -
- (9 ~244 ~362) (9,244 ~362) -
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND
OTHER SOURCES OVER
(UNDER) EXPENDITURES
AND OTHER USES
973~459 (1~351 ~412) (377~953) 1~947,050
(316,818) 665,986 349,168 1,061,053
FUND BALANCES, BEGINNING
OF YEAR
PRIOR PERIOD ADJUSTMENT
FUND BALAN~S~ END OF YEAR
4,792,529 2,619,126 7',411,655 5,779,964
- - - 570~638
$ 4,475~711 $ 3~285~112 $ 7~760~823 $ 7,411~655
See accountants' report and notes to financial statements.
-3-
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
June 30, 1988
1.. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A. Description of Funds and Account Group:
The 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 Projects Funds - The Capital Projects Funds 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 Funds 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-termDebt Account Group:
· Lon$-term liabilities expected to be financed from governmental funds
are accounted for in the General Long-Term Debt Account Group, not in
the governmental funds.
B. Measurement Focus:
All governmental funds are accounted for on a spending or "financial
flow" measurement focus. This means that only current assets and
current liabilities are generally included on their balance sheets.
Their reported fund balance (net current assets) is considered a measure
of "available spendable resources." Governmental fund operating
statements present increases (revenues and 'other financing sources) and
decreases (expenditures and other financing uses) in net current assets.
C. Basis'of Accountin$~
Basis of accounting refers to when revenues and expenditures are recognized
in the accounts and reported in the financial statements. Basis of
accounting relates to the timing'of the measurements made, regardless of the
measurement focus applied.
See accountants' report.
TUSTIN COMMUNITY REDEVELOPMENT AGENt.
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
C. Basis of Accounting (Continued):
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.
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
comparable to a consolidation.
See accountants~ report.
-5-
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
(.Continued)
June 30, 1988
2. ORGANIZATION AND TAX INCREMENT'FINANCING:
The Tustin Community. 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 "fr. ozen"
.assessed valuation of the property are allocated, to the City and other
districts.
3. CASHAND INVESTMENTS~
Cash and investments at June 30, 1988 consisted of the following:
Deposits:
Banks:
Demand accounts
Savings and Loan Associations~
' Certificates of deposit
Investment s:
Negotiable certificates of deposit
Federal National Mortgage Association
California Local Agency Investment Fund
Cash and investment held by fiscal agents
Market
Cost Value
$ 134,294 $ 134,294
2,166,000 2,166,000
198,000 198,000
22,205 22,205'
4~231,000 4~231~000
6,751,499 6,751,499
921~719 ...... 921,719
Total Cash and Investments
$ 7,673~218 $ 7,673,218
See accountants' report.
-6-
TUSTIN COMMUNITY REDEVELOPMENT AGENuY
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
3. CASH AND INVESTMENTS (CONTINUED)
Collateral for Deposits
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 1107, 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 1507. of an
Agency's total deposits.
Authorized Investments:
The Agency operates its pooled idle cash investments under the Prudent Man
Rule (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 (Government Code Section 53600 et seq.)
Under provisions of the Agency's Investment Policy and in accordance with
· Section 53601 of the California Government Code, the Agency may invest in
the following types of instruments:
a. Bankers acceptances.
b. Negotiable certificates of deposit.
c. Commercial paper.
d. Federal obligations.
e. Obligations of the State of California or of any local agency within the
State of California.
The California Local Agency Investment Fund (LAIF) 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.
Invesfments in LAIF are highly liquid, as deposits can be converted to cash
within 24 hours without loss of interest.
See accountants' report.
-7-
TUSTIN COMMUNITY' REDEVELOPMENT AGENCY
.
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
·
· .
..
3. CASH AND INVEST}~.NTS '(CbNTINUED):
Classification of Cash and Investments by Credit Risk
.
·
Deposits:
All deposits lO0%"insured or collateralized
$ 2,300,29~
Investments and Negotiable Certificates of Deposit:
Category 1: Insured or registered, or securities held by
the City or its agent in the City's name
98,000
Category 2: Uninsured and unregistered securities held
by the counterparty's trust department or
agent in the City's name
Category 3: Uninsured and unregistered, with securities
held by the counterparty, or its trust
department or agent, but not in the
City's name
122,205
California Local Agency Investment Fund
Cash and Investments held by Fiscal Agents
~,231,000
921~719
Allocation of Interest Income Among Funds
$..7~673~218
,,,
Interest ia allocated annually based on the weighted average cash balances
in each fund receiving interest.
A.~ CHANGES IN GENERAL LONG-TERM DEBT:
a. Tax Allocation Bonds:
In August 1987, the Agency issued $8,060,000 in Town Center Area
Re. development 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 wi~h 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 investmen~s will secure and
are anticipated to provide funds sufficient to pay the remaining
principal of and interest on the Series 1982 Bonds.
See accountants' report.
-8-
TL~fIN COMMUNITY REDEVELOPMENT AGEb~.
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
4. CHANGES IN GENERAL LONG-TERM DEBT (CONTINUED):
Below is a schedule of sources and uses of the refunding bonds proceeds:
Sources:
Principal amount of new debt
Underwriters issue discount
Original issue discount
Subtotal
Interest earnings
Cash contribution by Agency
Cash held by fiscal agent for 1982 bonds
$ 8,060,000
(161,200)
(5,850)
7,892,950
51,439
139,180
2~275,004
$ 10,358,573
Uses:
Deposit to Escrow Fund - 1982 bond issue
Deposit to reserve accounts for 1987 bond issue
Issuance costs
$ 9,244,362
975,030
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 7.7847, interest:
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
$ 9,130,433
(7,782,944)
$ 1~347,489
The decrease in cash flow from debt service requirements of the old
i~sue and debt service requirements of the new issue is as follows:
Cash flow requirements of Series 1982 Bonds,
Old Issue
Cash flow requirements of 1988 Refunding
Bonds, New Issue
Decrease in cash flow requirement for debt
retirement
$ 18,470,504
(15~203,150)
$ 3,267,354
See accountants' report.
-9-
TUSTIN COMMUNITY REDEVELOPMENT AGENCY .
NOTES TO FINANCIAL STATEmeNTS
(Continued)
June 30, 1988
..
4. CHANGES IN GENERAL LONG-TERM DEBT (CONTINUED):
Interest on the 1987 bpnds is payable semiannually on May 1 and November
1, with principal maturing annually on November 1 - Debt Service
requirements to maturity are as follows:
Ye ar To t a 1
Ending Principa 1 Interest Debt
November 1, . Matur. in~ Rate Interest Service
1988 $ 25,000 4.40% $ 726,200 $ 751,200
1989 25.5,000 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
i998 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 $ 8,060z000
$ 7~143~150 '$ 15~203~150
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, 1988, the Agency
wa~ required to have a reserve of $751,200. The amount of cash held by
fiscal agent in a reserve account was $828,620.
The amount available at June 30, 1988 in the Debt Service Fund to
service the tax allocation bonds was $3,285,112.
See accountants' report.
-10-
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATE~fENTS
(Continued)
June 30, 1988
4. CHANGES IN GENERAL LONG-TERM DEBT (CONTINUED):
b. The following is a summary of the changeg in the loan balances with the
·
City of Tustin for the year ended June 30, 1988:
Balance, July 1, 1987
Additional borrowings
Accrued interest, added to principal, balance
Payments on loans
$ 1,739,081
973,459
84,073
(411,001)
Balance June 30, 1988
$ 2~385 ~612
Amount
,,,Project Area Interest Rate
South Central 7%
Town Center 7%
$ 1,863,359
522~253
$ ,,,2 ~385~612
See accountants' rePort.
-11-
SUPFL~NTARY II, FOliATION
TUSTIN COMMUNITY REDEVELOPMENT AG,:NCY
COMBINING BALANCE SHEET - ALL CAPITAL PROJECTS F.UNDS
·
June 30, 1988
ASSETS
Cash and investments
Taxes receivable
Accrued interest
receivable
Due from other funds
TOTAL AS SETS
LIABILITIES AND
FUND BALANCES
LIABILITIES:
Accounts payable and
accrued expenses
Due to other funds
TOTAL LIABILI'TIES
FUND BALANCES:
Reserved for:
Low income housing
Unreserved:
Designated for
capital outlay
TOTAL FUND
BALANCES
TOTAL LIABILITIES
AND FUND
BALANCES
Town South
Center Central Low
Project Project Income
Area Area Housin~
Totals
1988 '1987
$ 2,345,884 $ 1,629,685 $ 457,894 $ 4,433,463 $ 4,812,389 -. - 3,068 3,068 -
94,294 - - 94,294 55,689
.... 19,375
$ 2~440~178 $ 1~629~685 $ 460~962 $ 4~530~825 $ 4~887~.453
$ 48,061 $ 7,053 $ - $ 55,114 $ 78,832
.... 16~092
48 ~ 061 7 ~053 - 55 ~ 114 94 ~ 924
- 460,962 460,962 185,236
2m392~117 lm622~632 - 4~014m749 4~607~293
2~392~117 1~622~632 460~962 4~475~711 4,792~529
$ 2~440~178 $ 1~629~685 $ 460~962 $ 4~530~825 $ 4~887~453
See accountants' report.
-12-
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
COMBINING STATEMENT OF REVENUES, EXPENDITURE'S, AND CHANGES
IN FUND BALANCES - ALL CAPITAL PROJECTS FUNDS
For the year ended June 30, 1988
REVENUES:
Taxes
Interest income
T0~n South
Center Central Low
Project Project Income Totals
Area Area Housing 1988
1987
- $ - $ 250,523 $ 250,523 $ 135,386
177~670 116~513 25~203 319~386 384~438
TOTAL REVENUES
177 ~670 116~513 275~726 569 ~909 , 519~824
EXPEND ITURES ~
Current expenditures:
General government
Community development
Capital expenditures
TOTAL EXPENDITURES
EXCESS (DEFICIENCY)
OF REVENUES OVER
EXPENDITURES.
OTHER ~INANCING SOURCES
Loans from City
336,963. 75,882 - 412,845 433,733
430,000 150,000 - 580,000 465,000
852~575 14~766 - 867,341 980,917
1~619,538 240,648 - 1,860,186 1,879,650
(1~4411.868)
(124~135) 275~726 (ll290~277) (1~359~826)
, 522,253 451,206 - 973~459 1,947,050
EXCESS (DEFICIENCY)
OF REVENUES AND
OTHER FINANCING
SOURCES OVER
EXPENDITURES
(919,615) 327,071 275,726 (316,818) 587,224
FUND BALANCES, BEGINNING
OF YEAR -
3,311,732 1,295,561 185,236 4,792,529 3,634,667
PRIOR PERfODADJUSTMENT
570,638
FUND BALANCES, END OF
YEAR.
2,392,117 $ 1~622,632 $ 460,962 $ 4,475~711 $ 4,792~529
See accountints' report.
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TUSTIN COMMUNITY REDEVELOPMENT AGENCY
COMBINING BALANCE SHEET - ALL DEBT SERVICE FUNDS
June 30, 1988
ASSETS
Cash and investments
Cash with fiscal agent
Taxes receivable
Due from other funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
Town South
Center Central
Project Project
Area Area
Totals
1988 1987
935,375 $ 1,382,661 $ 2,318,036 $ 311,843
921,719 - 921,719 2,250,979
33,083 12,274 45,357 59,587
- - - 16~092
$ 1~890~177 $ 1~394~935 $ 3,285~112 $ 2,63.8,501
LIABILITIES:
Due to other funds
FUND BALANCES =
Reserved for debt service
TOTAL LIABILITIES AND
FUND BALANCES
$ - $ - $ - $ 19,375
1~890~177 1~394~935 3~285~112 2~619~126
$ 1~890,177 ~ 1,394~935 $ 3,285,112 $ 2~638,501
See accountants' report.
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TUSTI~ COHHUNITY KEDEVELOPHENT AGENCY
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1988
REVENUES:
Taxes
Interest income
TOTAL REVENUES
EXPEND ITURES:
Principal debt retirement
on bonds
Interest on bonds
Payments on loans from City
Bond issuance costs
TOTAL EXPENDITURES
EXCESS OF' REVENUES OVER
EXPENDITURES
Town South
Center Central
Project PrOject
Area . Area
Totals
1988 1987
$ 1,838,434 $ 1,002,096 $ 2,840,530 $ 2,117,807
199~731 64,904 264,635 66~179
2~038t165 1~067,000 3~105,165 2~183,986
- - - 115,000
· 512,015 ' 512,015 816,550
411,001 - 411,001 778,607
164,751 - 164~751 -
1~087a767 - 1,087,767 1,710~157
950a398 la067t000 2~017,398 473,829
OTHER FINANCING SOURCES (USES):
Proceeds of refunding bonds
Payment to retire 1982 bonds
TOTAL OTHER FINANCING
SOURCES (USES)
EXCESS OF REVENUES AND
OTHER SOURCES (UNDER)
EXPENDITURES AND
· OTHER USES
FUND BALANCES, BEGINNING OF YEAR
FUND BALANCES, END OF YEAR
7,892,950 - 7,892,950 -
(9,244,362) - (9 ~244,362) -
(1,351,412) - ,(1,351,412)
(401,014) 1,067,000 665,986 473,829
2,291~191 327~935 2~619~126 ,, 2~145,297
1,890,177 $ 1~394~935 $ 3~285~112 $ 2~619~126
See accountants' report.
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TUSTIN COMMUNITY REDEVELOPMENT AGENCY
August 25, 1988
ACCOUNTANTS' REPORT ON COMPLIANCE WITH AUDIT GUIDELINES
FOR CALIFORNIA REDEVELOPMENT AGENCIES
In connection with our examination of the financial statements of the Tustin
Community Redevelopment Agency of and for the year ended June 30, 1988, we have
'performed, to the extent applicable, the tasks contained in Section I through V
of the "Guidelines for Compliance Audits of California Redevelopment Agencies"
published by the State Controller.
Based on the above procedures, we are of the opinion that the Agency complied in
all material respects with criteria established in the State Controller's
guidelines referred to above.
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