HomeMy WebLinkAboutCC 6 ANN'L RPT 1986-87 12-21-87TO:
FROM:
SUBJECT:
HILLIAH A. HUSTON, CITY HANAGER
.,.
COHI~NITY DEYELOPHENT DEPARTHENT
ANNUAL REPORT, 1986-87
RECOlelENDATION:
It ts recommended that the Ctty Council take the following actions'
1. Receive and ftle the Annual Report for 1986-87.
2. Direct that a copy of th~s report be f~led with the State Controller.
BACKGROUND:
California Health and Safety Code Section 33080.1 requires the preparation and
f~ling of an annual report by a redevelopment agency w~th ~tso legislative body.
A copy of this report must be filed w~th the State Controller.
The annual report must contain the following'
1. An ~ndependent f~nanc~al audit for the previous f~scal year, The
audit must include an opinton of the Agency's compliance w~th 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 agenies
pursuant to Section 33401.
d. The required report to the State Controller.
3. Any other fiscal information which the Agency believes is useful.
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
dwelltng un, ts as part of a redevelopmet project during 1986-87.
b. An estimate of the total number of households that w~ll be
displaced during 1986-87.
Ctty Councll Report
December 21, 1987
Annual Report
Page two
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 1986-87 as part of a redevelopment project.
de
The total number of Agency assisted dwelling units constructed,
rehabilitated, acquired or subsidized during 1986-87 for
occupancy at affordable cost by persons and families of low and
moderate i ncome.
®
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.
Any other information the Agency believes Useful to explain its
programs.
A#ALYSIS:
ii
This report is intended to comply with the Health and Safety Code as described
above.
I ·
Independent financial audit and compliance audit.
A copy of the audit and compliance audit for 1986-87 is attached.
2. Fi scal statement:
a·
be
ce
de
The amount of outstanding indebtedness, as of June 30, 1987, was
reported to be $8,105,000.
The amount of tax increment property tax revenue received by the
Agency in 1986-87 was $2,253,193.
The amount of tax increment revenues paid to taxing agencies
pursuant to Section 33401 was $-0-.
The required report to the state Controller will be submitted
with this report.
e
There is no other fiscal information which the Agency believes to be
useful at the present time.
4. Activities affecting housing and displacement.
·
Corn rnunity Developrnen~ Departrnen~
Ctty Counci 1 Report
December 21, 1987
Annual Report
Page three
ae
~,.
The total number of households displaced or moved as part of the
Town Center or South Central redevelopment projects during
1986-87 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
1986-87 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 1986-87 were:
-0-
d. The total number of Agency assisted dwelltng untts which were
constructed, rehabilitated, acquired, or subsidized in 1986-87
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 Health and Safety Code, the Agency adopted Resolution No.
87-11 on August 17, 1987 and was not obligated to deposit any tax
increment due to existing obligations.
Corn rnunity Development Department
Ci ty Council Report
December 21, 1987
Annual Report
Page four
f®
As of June 30, 1987, the accrued balance tn the Agency's Low and
Moderate Income Fund for the South Central Redevelopment Project
was $185,236.
There is no other houstng program information which the Agency
believes to be useful at this time.
5. Other useful information.
!
There ts no other inforn~tion which the Agency believes to be useful
at the present time.
Christine Shlngieton ~ i
Director of Comn~nity Development
CAS 'per
Corn reunify Developmen~ Depar~men~
TUSTI[N COHHUN'[TY BXDKVKLOFNEHT AGENCY
FIHAN~ STATKNENTS
bi[TH Ri:PORT ON KXAHINATION BY
CKRTIFI]~D PUBLIC ACCOUHTAHTS
30, 1987
TI IN COMMUNITY REDEVELOPMENT AGE
TABLE OF CONTENTS
June 30, 1987
Accountants ' Report
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups
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 - All Capital Projects Funds
Combining Balance Sheet - ~11 Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - All Debt Service Funds
Accountants' Report on Compliance with Audit Guidelines
for California Redevelopment Agencies
Page
Number
3
4 - 11
12
13
14
15
16
D LEvANS
COMP
CERTIFIED PUBUC ACCOUNTANTS
& PAEll~'F.~I~ INCLU1XNG AC~&NCY CORPORATIONS
1910 NORTH BUSH' STREET
SANTA ANA · CALIFORNIA 92706-2894
PHONE (714)
September 14, 1987
WIN G. PETERS, CPA
OONALD H. PETERSON, CPA
DONALD £. CALLAHAN,
L. PETER SCX"IERER, CPA
RODNEY K. McDANIEL, CPA
RALPH H. WEINTRAUB, CPA
MICHAEL R. LUDIN, CPA
FHlUP H. HOLTKAMP, CPA
THOMAS M. I~RLOWSKL 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, 1987, as
liste~ 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, 1987, 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 except for the change with
which we concur, in the method of accounting for loans from the City of Tustin,
as more fully described at Note 6.
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 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 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=
OTH]~ OFlqCF..S AT:
ONE CIVIC PLAZA · SUITE 26,5
NEV~ORT BEACH, CA 92660-5915
Cr~4) 644-6156
2965 ROOSEVELT ST.
CARLSBAD, CA 92008-2389
(6~9) r~9-z~a
120 WEST WOODWARD AVE.
ESCONDIDO, CA 92025-9990
(619) 741-3141
'"ISTIN COMMUNITY REDEVELOPMENT ' 'v. NCY
BALANCE sHEET - ALL FUND TYPES AND ACCOUNT GROUP
June 30, 1987
-.
ASSETS
Governmental
o
Fund Types
Capital Debt
Projects Service
Account
Group
General
Long-term
Debt
Totals
(Memorandum Only)
1987 1986
Cash and investments
(Note 3)
Cash with fiscal agent
(Note 3)
Taxes receivable
Accrued interest receivable
Accounts receivable
Due from other funds
Amount available in debt
service fund
Amount to be provided for
long- t erin deb t
$4,812,389 $ 311,843 $
- 2,250,979
- 59,587
55,689 -
19,375 16,092
- $ 5,124,232 $ 4,381,860
- 2,250,979 1,738,415
- 59,587 12,672
- 55,689 -
- - 363,481
- 35,467 430,544
2,619,126 2,619,126 2,145,297
7~224~955 -7~224~955 6~074~703
TOTAL ASSETS
$4~88,7~453 $2a.638~501 $9~8~081 $17~370~035 $15 ~146 ~ 972
LIABILITIES AND
FUND BALANCE
LIABILITIES ~
Accounts payable and
accrued expenses
Due to other funds
Due to City of Tustin
(Not:e 4)
Other long-term debt
(Notes 4 and 5)
$ 78,832 $ - $ - $
16,092 19,375 -
- - 1,739,081
- - 8~105~000
78,832 $ 145,826
35,467 430,544
1,739,081 570,638
8~105~000 8~220~000
TOTAL LIABILITIES
94~924 19~375 9 ~844~081 9 ~958~380 9 ~367 ~008
FUND BALANCES ~
Reserved for encumbrances
Reserved for debt service
Reserved for low-income
hous ing
Unreserved:
Designated for capital
outlay
131,000 - - 131,000 -
- 2,619,126 ' 2,619,126 2,145,297
185,236 - - 185,236 37,936
4~476~293
4~476~293 . 3~596~731
TOTAL FUND BALANCES ...4,792,529 2~619~126
- 7~411~655 5~779~964
TOTAL LIABILITIES
AND FUND BALANCES $4,887.453 $2,638~501 $9~844~081 $17~370~635 $!5~146~972
See accountants' report and notes to financial statements.
..
-2-
STIN COM~RqlTY REDEVELOPMENT A .ICY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the year ended June 30, 1987
REVENUES=
Taxes (Note 2)
Interest
Intergovernmental revenues
TOTAL REVENUES
EXPENDITURES:
Current:
General government
Community development
Capital expenditures
Debt service (Note
Principal retirement
on bonds
Interest and fiscal
charges on bonds
Payments on loans from
City (Note 5)
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES:
Loans from City (Note 5)
EXCESS OF REVENUES AND
OTHER SOURCES OVER
(UNDER) EXPENDITURES
FUND BALANCES, BEGINNING
OF YEAR
PRIOR PERIOD ADJUSTMENT (NOTE 6)
FUND BALANCES, END OF YEAR
Totals
Capital Debt (Memorandum Only)
Projects Service 1987 1986
135,386 $ 2,117,807 $ 2,253,193 $ 1,615,093
384,438 66,179 450,617 535,024
- - - 10~837
519 ~824 , 2,183 ~986 2,703;810 2;160;954
433,733 - 433,733 353,580
465,000 - 465,000 542,927
980,917 - 980,917 1,588,294
- 115,000 115,000 100,000
- 816,550 816,550 803,270
- 778;.607 778;607 . 759;620
1;879;650 1;710~157 3;589;807 4;147;691
(1,359,826) 473,829 (885;997) (1,986;737)
1,947;050 - 1~947;050 , 856,114
587,224 473,829 1,061,053 (1,130,593)
3,634,667 2,145,297 5,779,964 6,910,557
570,638 - 570,638 -
$ 4~792,529 $ 2;619~126 $ 7;411;655 $ 5~779~964
See accountants' report and notes to financial statements.
-3-
·
NOTES TO FINANCIAL STATEHENT$
June 30,.1987
1. ~IIHHARY 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 Pro~ects 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:
Long-Germ 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, Heasurement Focus:
All governmentaX 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 (nec 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. Basis of
accounting relates to the timing of the measurements made, regardless of the
measurement focus applied.
See accountants* report.
-4-
IN COMMUNITY REDEVELOPMENT AGE.
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1987
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. Their 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-
TU? 'N COtOIUNITY REDEVELOPHENT AGE"
NOTES TO FINANCIAL STATEHENTS
(Continued)
June 30, 1987
2. ORGANIZATION AND TAX.INcP. EI~NT FINANCING~
The Tustin~C~nity 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; ail taxes on the "frozen"
assessed valuation of the property are allocated to the City and other
districts.
3. CASH AND INVESTMENTS~
Cash and investments at June 30, 1987 consisted of the following=
Deposits~
Banks=
Demand accounts
Savings and Loan Associations~
Certificates of deposit
Investments~
Federal National Hortgage Association
California Local Agency Investment Fund
Cash and investment held by fiscal agents
Cost
$ 642,438
1,986,000
73,79~
2 ~422 ~000
5,12/*, 232
2~250~979
Total Cash and Investments
$ 7~375~211
See accountants' report.
-6-
TI .IN COMMUNITY 'REDEVELOPMENT AGE f
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1987
3. CASH AND INVESTMENTS (CONTINUED):
Collate,ra'l· 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 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
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. 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.
Investments in LAIF are highly liquid, as deposits can be converted to cash
within 24 hours without loss of interest.
See accountants' report.
-7-
~" 'IN CO~/NITY REDEVELOPMENT A~' ;Y
NOTES TO FINANCIAL STATEHENTS
(Continued)
June 30, 1987
3. CASH AND INVESTHENTS (CON.TINUED)=
Classifica~ion of Cash and Investments by Credit Risk
Deposits5
All deposits 100% insured or collateralized
Investments5
Category It Insured or registered, or securities held by
the City or its agent in the Cityts name
$ 2,628,438
Category 25 Uninsured and unregistered securities held
by the counterpartyts trust department or
agent in the City's name
..
Category 35 Uninsured and unregistered, with securities
held by the counterparty, or its trust
department or agent, but not in the
City's name
'2,324,773
California Local Agency Investment Fund
2 ~/,22 tO00
$ 7~375~21.1
Allocation of Interest Income Amon~ Funds
Interest is allocated annually based on the weighted average cash balances
in each fund receiving interest.
CHANGES IN LONG-TEI~ DEBT~
General Long-TermDebt Account Group=
a. The following is a summary of the changes in the Tax Allocation Bonds
for the year ended June 30, 1987=
Balance, July 1, 1986
Debt Retired
Tax
Allocation
Bonds
$ 8,220,000
115 ~ 000
Balance, June 30, 1987
$ 8~105~000
See accountants' report.
-8-
TL iN COMMUNITY REDEVELOPMENT AGE. .
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1987
4. CHANGES IN LONG-TERM DEBT (CONTINUED):
a. (COnt~nued)~
The original issue of 1982 tax allocation bonds was fOr $8,500,000 with
interest ranging from 7.757. to 9.75% payable in annual principal
installments ranging from $100,000 to $626,000 maturing in 2006.
The annual requirements to amortize principal and interest as of June
30, 1987 are as follows..
Year Ending
June 30 Amount
1988 $ 888,696
1989 893,427
1990 896,802
1991 903,384
Thereafter 14 ~888 ~ 195
18,470,504
Less interest (10~365 ~504)
Total $ 8~105~000
The amount available at June 30, 1987 in the Debt Service Fund to
service the tax allocation bonds was $2,619,126.
b. The following is a summary of the changes in the loan balances with the
City of Tustin for the year ended June 30, 1987:
Balance, July 1, 1986
Additional borrowings
Payments on loans
Loan
from City
$ 570,638
1,947,050
778~607
Balance June 30, 1987
$ 1~739~081
Amount
Project Area
South Central
Town Center
Interest Rate
7%
7%
$ 1,328,080
411~001
$ 1~739~081
See accountants' report.
-9-
TU"~IN CO~fl~ITY REDEVELOPHENT AGE"~Y
..
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1987
5 · SUBSEQUENT EVENTS.'
In July 198-7, the Agency issued the Town Center Area Redevelopment Project
Tax Allocation .Refundin$ Bonds, Series 1987 to refund bonds issued by the
Agency in 1982 in the original amount of $8,500,000 (See Note 4). Security
Pacific National Bank, as escrow asent, has agreed to establish and maintain
an Escrow Fund until all principal, interest and premiums on the Series 1982
Bonds have been fully paid.
The proceeds from the refunding bonds were invested in obligations of the
United States government, the interest and principal payments from which
will secure and are anticipated Co provide funds sufficient to pay the
principal of and interest on the Series 1982 Bonds.
Debt Service requirements on the Refunding Bonds' are as follows:
Principal Interest
November 1, Maturing RaCe
Interest
Tocai
Debt
Service
1988 $ 25,000 4.40%
1989 255,000 4.60
1990 270,000 4.90
1991 285,000 5 · 20
1992 300,000 5.40
1993 315,000 5 · 70
1994 335,000 5 · 90
1995 3 55,000 6 · 20
1996 375,000 6 · 40
1997 - 400,000 6.70
1998 425,000 7 · O0
1999 455,000 7.10
2000 490,000 7.20
2001 5 25,000 7 · 30
2002 560,000 7.30
2003 605,000 7.40
2004 645,000 7 · 40
2005 695,000 - 7.50
2006 745 ~ 000 7.50
Totals ~ 8,060,000
726,200
543,550
531,820
518,590
503,770
487,570
469,615
449,850
427,840
403,840
377,040
347,290
314,985
279,705
241,380
200,500
155,730
108,000
55~875
~ 7~143~150
751,200
798,550
801,820
803,590
803,770
802,570
804,615
804,850
802,840
803,840
802,040
802,290
804,985
804,705
801,380
805,500
800,730
803,000
800,~,875
~ 15,203'~150
See accountants' report.
-10-
fin COMMUNITY REDEVELOPMENT AG. ;Y
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1987
5. SUBSEQUENT EVENTS (CONTINUED).'
Shown be'l'ow is the difference between the aggregate debt service
requirements of the old issue and debt service requirements of the new issue
discounted at 7.784% interest:
Net Present Value of Series 1982 Bonds,
Old Issue
Net Present Value of 1987 Refunding Bonds,
New Issue
$ 9,130,433
(7,782,944)
Gain on refunding of debt - difference in net
present value of debt service requirements
$ 1~347,489
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
Cash flow requirements of 1987 Refunding
Bonds, New Issue
$ 18,470,504
(15,203,150)
Decrease in cash flow requirement for debt
retirement
$ 3~267,354
6. PRIOR PERIOD ADJUSTMENT:
For prior years, proceeds of long-term loans from the City of Tustin to the
Agency were recorded as current liabilities in the Capital Projects Fund.
Proceeds should have been recorded as other sources of revenue, and the debt
should have been reflected in the general long-term debt account group. The
fund balance of the Capital Projects Fund at June 30, 1986 has been adjusted
to reflect this change.
Fund balance as originally reported at
June 30, 1986
Adjustment (balance of debt at June 30, 1986)
$ 3,634,667
570,638
Fund Balance restated at June 30, 1986
$ 4,205 ~305
See accountants' report.
SUF~NTARY XNI~ORNATXON
USTIN COHMUNITY REDEVELOPMENT ,~NCY
COMBINING BALANCE SHEET - ALL CAPITAL PROJECTS FUNDS
June 30, 1987
ASSETS
Cash and investments
Accrued interest
receivable
Accounts receivable.
Due from other funds
TOTAL ASSETS
LIABILITIES AND
FUND BALANCES
'.
LIABILITIES~
Accounts payable and
accrued expenses
Due to other funds
Due to City of Tustin
TOTAL LIABILITIES
FUND BALANCES=
Reserved for:
Encumbrances'
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 Housing
Totals
1987 1986
$ 3,322,839 $ 1,305,752 $ 183,798 $ 4,812,389 $ 4,381,860
48,251 6,000 1,438 55,689 -
.... 363,481
19~375 - - 19,375 18,167
$ 3,390,465 $ 1~311,752 $ 185~236 $ 4,.887,453 $ 4,763,508
78,733 $. 99 $ - $ 78,832 $ 145,826
- 16,092 - 16,092 412,377
.... 570,638
78,733 16,19i' - .94~924 1~128~841
$ 131,ooo $ - $ - $ 131,0oo $ -
- - 185,236 185,236 37,936
3~180~732 1~295~561 - 4~476~293 3~596,731
3.,311~732 1,295~561 185~236 4~792~529 3~634~667
$. 3,390~465 $ 1,311,752 $ 185~236 $ 4,887,453 $ 4,763,508
See accountants' report.
-12-
'ISTIN CO}fi/UNITY REDEVELOPHENT INCY
CoHBfNING STATEHENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES - ALL CAPITAL PROJECTS FUNDS
For the year ended June 30, 1987
REVENUES ~
Taxes
Interest income
Intragovernmental
revenue8
Town South
Center Central Low
Project Project Income Totals
Area Area Housing 1987
1986
- $ - $ 135,386 $ 135,386 $ 32,976
337,773 34,751 11,914 384,438 380,517
.... 283
TOTAL REVENUES
337,773 34~751 147 a300 519a824 413,776
EXPENDITURES:
Current expend£tures~
General government
Community development
Capital expenditures
403,250 30,483 - 433,733 353,580
390,000 75,000 - 465,000 542,927
764~629 216,288 - 980,917 1,588,294
TOTAL EXPENDITURES
EXCESS (DEFICIENCY)
OF REVENUES OVER
EXPEND ITURE S
1,557~879 321,771 - 1~879~650 2~484z801
,(1,220,106)
(287,020) 147,300 (1~359z826) (2z071~025)
OTHER FINANCING SOURCES~
Loans from City
528~358 1,418~692 - 1~947 ~050 856~144
EXCESS (DEFICIENCY)
OF REVENUES AND
OTHER FINANCING
SOURCES OVER
EXPENDITURES
(691,748) 1,131,672
147,300
587,224 (1,214,881)
FUND BALANCES, BEGINNING
OF YEAR
3,664,001 (67,270) 37,936 3,634,667 4,849,548
PRIOR PERIOD ADJUSTMENT
339~479 231~159 - 570~638
FUND BALANCES, END OF
YEAR
$ 3~311~732 $ 1,295~561 $ 185~236 $ 4,792,529 $ 3~634~667
See accountants! report.
-13-
STIN COMMUNITY REDEVELOPMENT A NCY
COMBINING BALANCE SHEET - ALL DEBT SERVICE FUNDS
June 30, 1987
ASSETS
Cash and investments
Cash with fiscal agent
Taxes receivable
Due from other funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITIES:
Due to other funds
FUND BALANCES:
Reserved for debt service
TOTAL LIABILITIES AND
FUND BALANCES
Town South
Center Central
Project Project
Area Area
- $ 311,843 $
2,250,979 -
59,587 -
- . 16~092
$ 2 ~310~566 $
Totals
1987 1986
311,843 $ -
2,250,979 1,738,415
59,587 12,672
16~092 412t377
327~935 $ 2~638~501 $ 2~163~464
$ 19,375 $ - $ 19,375 $ 18,167
2~291~191 ,.327~935 2~619~126 2~145~297
$ 2~310~566 $ 327~935 $ 2~638~501 $ 2~163,464
See accountants' report.
-14-
'-'STIN COHHUNITY REDEVELOPltENT ! 'NCY
COMBINING STA~NT OF REVENUES, EXPENDITURES~ AND CHANGES
tN FUND BALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1987
o..
REVENUES ~
Taxes
Interest income
Other
TOTAL REVENUES
EXPENDITURES ~
Principal debt retirement
on bonds
Interest and fiscal charges
on bonds
Payments on. loans from City.
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
EXPENDITURES
FUND BALANCES, BEGINNING OF YEAR
FUND BALANCES, END OF YEAR
Town South
Center Central
Pro~ect Project
Area Area
$ 1,576,222 $
50,087
1 ~ 626 ~ 309
115,000
771,494
456~836
1~343~330
282,979
008 ~ 212
2~291~191 $
Totals
1987 1986
541,585 $ 2,117,807 $ 1,582,117
16,092 66,179 154,507
- - 10~554
557~677' 2~183~986 1~747~178
- 115,000 100,000 .
45,056 816,550 803,270
321 ~7.71 . 778~607 759~620
366~827 1~710~157 1~662~890
190,850 473,829 84,288
,137 ~085 2 ~145~297 2~061~009
327~935 $ 2r619r126 $ 2~145~297
See accountants' report.
-15-
IN COMI~'NITY KEDEVELOPHENT AG~-
September 14, 1987
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, 1987, 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.