HomeMy WebLinkAboutCC 5 RDA ANN'L RPT 12-19-83December ~3, 1983
CONSENT CALENDAR
NO. 5
12-19-83
FRON:
SUBJECT:
Honorable May~r and City Council
R. K. Fleagle, Consultant ~'~j ~,,~'
RDA ANNUAL REPORT
J
Recommendation
Adoption of Resolution No. 83-[10, approving the Annual Report of the Redevelop-
ment Agency for Fiscal Year 1982-83.
Background
Section 33080.2 of the Community Redevelopment Law requires the City Council to
review the Annual Report of the Redevelopment Agency and take any action which
it deems appropriJte on the'report, no later than ~he first meeting of the City
Council occurring more than 21 days from ~eceipt of the report.
Upon City Council approval, the report will b~ transmitted to the State Depart-
ment of Housing and Community Development
R. K. Fleagle
es
attachment
RESOLUTION NO. 83-110
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF TUSTIN, CALIFORNIA, APPROVING THE
ANNUAL REPORT OF THE REDEVELOPMENT AGENCY
FOR FISCAL YEAR 1982-83
WHEREAS, the Redevelopment Agency of the City of Tusttn prepared an
Annual Report for.Fiscal Year 1982-83, and said repor~ was approved and trans-
mitted to the City Council by Resolution No. RDA 83-7 on November 21, 1983.
? NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Tustin, California, has reviewed the Annual Report of the Tustin Redevelopment
8 Agency for Fiscal Year 1982-83 and approves the findings, program and recom-
mendations of the report, including the independent financial audit report.
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PASSED AND ADOPTED at a regular meeting of the City Council of the
City of Tustin, California, on the lgth day of December, 1983.
18 ATTEST:
14'
15 MARY E. WYNN, CIIY CLERK
]6
STATE OF CALIFORNIA)
COUNTY OF ORANGE )
CITY OF TUSTIN )
RONALD B. HOESTEREY, MRYOR
MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City
of Tustin, California, does hereby certify that the whole number of the mem-
bers of the City Council of the City of Tustin is five; that the above and
foregoing Resolution No. 83-110 was duly and regularly introduced, passed and
adopted at a regular mee't~l-6~'-of the City Council held on the 19th day of
December, 1983, by the follo~ng vote:
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AYES :
NOES :
ABSENT:
COUNCILPERSONS:
COUNCILPERSONS:
COUNCILPERSONS:
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MARY E. WYNN, City Clerk
City of Tustin, California
Tustin Con.unity Redevelopment Agency
Annual Financial and Compliance Report
June 30, 1983
_~imonls
~S~oreland ~ ~.
Tustin Con.unity Redevelopment Agency
Table of Contents
June 30, 1983
FINANCIAL SECTION
Accountants' Report
General Purpose Financial Statements: Combined Balance Sheet
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - All Governmental
Fund Types
Statement of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Notes to Financial Statements
COMPLIANCE SECTION
Compl lance Letter
Page
3
,imonis
l oreland
August 26, 1983
610 NEWPORT CENTER DRIVE, SUITE 1325
NEWPORT BEACH, CALIFORNIA 92860
(714) 640-1333
The Board of Directors of the
Tustin Community Redevelopment Agency
We have examined the combined financial statements of the Tustin
Community Redevelopment Agency as of and for the year ended June
30, 1983, 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 combined financial statements referred to above
present fairly the financial position of the Tustin Community
Redevelopment Agency at June 30, 1983 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.
Assets
Cash and short-term investments
Taxes receivable
~ccrued interest receivable
~nount available in debt
I. service fund
~mount to be.provided for
. payment of long-term debt
Total Assets
!-_.abilities and Fund Balances
J~iabilities:
Accounts payable and
accrued expenses
Due to City of Tustin
Long-term debt {Note 2)
I.
Total Liabilities
Fund Balances:
Reserved for debt service
Unreserved:
Designated for Capital
Outlay
Total Fund Balances
Total Liabilities and
Fund Balances
Tustin Community Redevelopment Agency
Combined Balance Sheet
June 30, 1983
Governmental Fund Types
Capital Debt
Projects Service
Account Group Totals
General Long- (Memorandum Only)
Term Debt 1983 1982
$5,286,649 $2,054,531
19,572
73,705 47,610
$ 7,341,180 $2,079,672
19,572 17,231
121,315 38,437
$2,121,713 2,121,713
6,378,287 6,378,287 450,000
$5.360.354 $2.121,713 $8.500.000
$ 4,858
175.405
$8,500,000.
8,500,000
$2,121,713
180.263
2.121.713
5.180.og1
5.180.091
$5.360.354 $2.121,713. $8.500.000
$15.982.067 $2,585.340
4,858 $ 20,537
175,405 1.223.662
8,500,000 450,000
8,680,263 1,694,199
2,121,713
5.180,091 891,141
7.301.804 891.141
$15.982.067 $2.585.34K
S_ee Accompanying Notes to Financial Statements.
· -2-
Tustin Community Redevelopment Agency
'Combined Statement of Revenues, Expenditures and Changes In
Fund Balances - All Governmental Fund Types
For the Year Ended June 30, 1983
T~evenues:
Taxes
Interest
Intergovernmental revenues
Other
Total Revenues
J£xpenditures:
Current
General government
Capital expenditures
Debt service:
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of
Revenues over Expenditures
Tither Financing Sources {Uses):
Bond proceeds
Operating transfers in
Operating transfers out
Total Other Financing
Sources (Uses)
Excess {Deficiency) of
Revenues and Other
Financing Sources over
Expenditures and Other
Financing Uses
:und balances, beginning
I_ of year
Fund balances, end of year
Governmental Fund Types
Capital Debt
Projects 'Service
$1,201,369
387,087 181,724
133,984.
136.747
523.834 1.517,077
~,211,270
2,272,363.
3.483,633
399.576
399,576
(2.959,799) 1.117,501
6,991,549 1,261,412
257,200 (257,200)
{257,200) 257,200
7,248,749 1,004,212
4,288,950 2,121,713
891.141
$5.180,091
$2,121,713 $
{Memorandum Only)
Interfund
Eliminations 1983
$1,201,369
568,81i
133,984'
136,747
2,040,911
1,211,270
2,272,363
399.576
3,883,209
(1,842,298)
8,252,961
8,252.961
6,410,663
891.141
$7,301,804
See Accompanying Notes to Financial Statements.
1982
$1,110,858
137,232
57,627
1,305,717
166,006
1,242,83¢
1.408,836
(103,11~
450,00(
450,00(
346,88
544.26
$ 891,14
Tustin Conmunity Redevelopment Agency
Statement of Revenues, Expenditures, and
Changes-in Fund Balance - Budget and Actual
Capital Projects Fund
For the Year Ended June 30, 1983
Revenues:
Taxes
Interest earned
Intergovernmental revenues
Other
Total Revenues
Expenditures:
General government
Capital expenditures
Total Expenditures
Excess .(Deficiency}
of Revenues over
Expenditures
Other Financing Sources:
Bond proceeds
Operating transfers in
Total Other Financing
Sources
Excess (Deficiency}
of Revenues and
Other Financing
Sources over
Expenditures
Fund balance, beginning
of year
Fund balance, end of year
Rudget
35,000
35.000
1983
Actual
Variance
Favorable
Unfavorabl e)
$ 387,087 $ 352,087
136.747 136.747
523.834 488,834
1982
Actual
$1,110,858
137,232
57,627
1,305,717
169,600 1,211,270 (1,041,670) I66,006
2.367.364 2.272.363 95.001 1.242.830
2.536.964 3.483.633 (946.669) 1,408.836
(2,959,799) (457,835) (103,119)
6,991,549 6,991,549
257.200 257.200 450.000
(2,501,964)
7.248,749 7,248,74q
(2,501,964) 4,288,950 6,790,914
891,141 891.141
$(1,610,823) $5,180,091 $6,790,914
346,881
544.260
$ 891,141
See Accompanying Notes to Financial Statements.
Tu~cin Community Redevelopment Ager,~y
Notes to Financial Statements
June 30, 1983
1. Summarv of Significant Accounting Policies
Description of Funds and Account Group
Fund Accounting:
The accounts of the Agency are organized on the basis of funds and an account
group, each of which is considered a separate accounting entity. The opera-
tions of each fund are accounted for with a separate set of self-balancing
accounts that comprise its assets, liabilities, fund equity,.revenues, and
expenditures. Government resources are allocated to and accounted for in
individual funds based upon the purposes for which they are to be spent and
the means by which spending activities are controlled. The various funds
are grouped, in the financial statements in this report, into generic fund
types land borad fund categories as follows:
Governmental Funds:
Capital Projects Fund - The Capital Projects Fund is 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.
Long-Term Liabilities:
The accounting and reporting treatment applied to the long-term liabilities
associated with a fund are determined by its measurement focus. All govern-
mental 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. Accordingly, they are said to present a summary of sources
and uses of "available spendable resources" during a period.
Long-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.
The account group is not a "fund." It is concerned only with the measurement
of results of operations.
Tustin Community Redevelopment Agency
Notes to FinancSal Statements {Cont.)
Basis of Accounting:
Basis of accounting refers to when revenues an¢'expenditures are recognized
in the accounts and reported in the financial statements. Basis of account-
ing relates to the timing of the measurements made, regardless of the
measurement focus applied.
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 are generally recognized under the modified 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
is recognized when due.
Encumbrances:
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of monies are recorded in order to reserve
that portion of the applicable appropriation, is employed as an extension
of formal budgetary integration in the Capital Projects Fund. Unexpended
and unencumbered appropriations of the governmental funds automatically
lapse at the end of the fiscal year,'
Investments:
Short-term investments are stated at cost or amoritzed cost, which approximates
market.
Comparative Data:
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an understanding of
changes in the financial position and operations. However, comparative (i.e.,
presentation of prior year totals by fund type) data have not been presented
in each of the statements s~nce their inclusion would make the statements
unduly complex and difficult to read.
Total Columns and Interfund Eliminations on Combined Statements:
Total columns and interfund eliminations on the Combined Statements are
captioned Memorandum Only to indicate that they are presented only to facilitate
financial analysis. Data in the total columns do not present financial position,
results of operations, or changes in financial position in conformity with
generally accepted accounting principles. Neither is such data comparable to a
consolidation. Interfund eliminations have been made in the aggregation of this
data. {See Note 3}.
Tustin Community Redevelopment Agency
Notes to Financial Statements (Cont.)
Changes in Long-Term Debt
General Long-Term Debt Account Group:
The following is a summary of the changes in the General Long-Term Debt
Account Group for the year ended June 30, 1983.
Balance, July 1, 1983
New Bonds Issued:
1982 Tax
Allocation Bonds
Debt Retired
Balance, June 30, 1983
Tax Note Payable
Allocation To City Of
Bonds Tustin
$450,000
$8,500,000
$8.500,000
Total
450,000
8,500,000
(450.000) (450,000)
$ - $8,500,000
Long-term debt payable at June 30, 1983 is comprised of the following:
Tax allocation bonds:
$8,500,000, 1982 tax allocation bonds with interest ranging
from 7.75% to 9.75% payable in annual principal installments
ranging from $85,000 to $626,000 maturing in 2006
$8.500,000
The annual requirements to amortize debt outstanding included in the
General Long-Term Debt Account Group as of June 30, 1983, including interest
payments of $13,904,147 are as follows:
Year Ending Tax
June 30 Allocation Bonds
I984 $ 880,860
1985 883,884
1986 881,327
1987 887,996
1988 888,696
Thereafter 17,981,384
S22.404.147
$2,121,713 is available in the Debt Service Fund to service the tax
allocation bonds.
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Tustin Community Redevelopment Agency
Notes to Financial Statement's (Cont.}
3.- lnterfund Eliminations
Interfund operating transfers of $257,200 have been eliminated in the
accompanying combined financial statements.
4. Other Disclosures
The Agency was charged approximately $162,161 for administrative costs for
the fiscal year ended June 30, 1983 by the City of Tustin. These charges
were for salaries and supplies paid by the City for the Agency. Additionally,
$60,806 of interest was c.harged by the City to the Agency for the fiscal
year ended June 30, 1983 on the loans payable to the City.
imonis
l oreland
610 NEWPORT CENTER DRIVE, SUITE 1325
NEWPORT BEACH, CALIFORNIA 92660
(714) 640-13~3
December 1, 1983
The Board of Directors of the
Tustin Community Redevelopment Agency
We have examined the general purpose financial statements of the Tustin
Community Redevelopment Agency for the year ended June 30, 1983, and
have issued our report thereon dated August 26, 1983. 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 connection with our examination, we also performed tests of compliance
as required by the "Guidelines for Compliance Audits of California
Redevelopment Agencies" issued by the Controller's office of the State
of California.
Based on these procedures, we noted no instances of noncompliance with
the regulations for the year ended June 30, 1983.
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