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Home My WebLink About12/11/07 RA Reports CITY OF LAKE ELSINORE RECREATION AUTHORITY AGENDA ROBERT BOB MAGEE CHAIRMAN DARYL HICKMAN VICE CHAIRMAN THOMAS BUCKLEY BOARDMEMBER GENIE KELLEY BOARDMEMBER ROBERT SCHIFFNER BOARDMEMBER ROBERT BRADY EXECUTIVE DIRECTOR WWW LAKE ELSINORE ORG (951) 674 3124 PHONE (951) 674 2392 FAX LAKE ELSINORE CULTURAL CENTER 183 NORTH MAIN STREET LAKE ELSINORE CA 92530 ************************************************************************************* TUESDAY, DECEMBER 11 2007 PUBLIC SESSION AT 700 P M The City of Lake Elsinore appreciates your attendance CItizens Interest provides Recreation Authority with valuable Information regarding Issues of the community If you are attending this City Council Meeting please park In the parking lot across the street from the Cultural Center This will assist us In limiting the Impact of meetings on the Downtown Business District Thank you for your cooperation In compliance with the Americans With Disabilities Act any person With a disability who requires a modification or accommodation In order to partiCipate In a meeting should contact the City Clerk s Office at (951) 674 3124 ext 262 at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility CALL TO ORDER ROLL CALL PUBLIC COMMENTS - NON AGENDIZED ITEMS - 1 MINUTE (Please read & complete a Speaker s Form at the Podium prior to the Start of the City Council Meeting) PUBLIC COMMENTS - AGENDIZED ITEMS - 3 MINUTES (Please read & complete a Speaker s Form at the Podium prior to the Start of the City Council Meeting The Chairman will call on you to speak when your Item IS called) CONSENT CALENDAR (All matters on the Consent Calendar are approved on one motion unless an AuthOrity Member or any member of the public requests separate action on a speCific Item) (1) Minutes of a Reqular Meetlnq of February 27.2007 Recommendation Approve (2) Annual Financial Report for the Fiscal Year EndlnQ June 30, 2007 Recommendation Receive and file BUSINESS ITEMS There are no Business Items PUBLIC COMMENTS - NON AGENDIZED ITEMS - 3 MINUTES EXECUTIVE DIRECTOR COMMENTS LEGAL COUNSEL COMMENTS AUTHORITY MEMBER COMMENTS ADJOURNMENT The Lake Elsinore Recreation Authonty will adjourn to a regular meeting to be held on Tuesday January 8 2008 at 7 00 pm to be held In the Cultural Center located at 183 N Main Street Lake Elsinore CA 92530 AFFIDAVIT OF POSTING I VIVIAN M MUNSON Authonty Secretary of the City of Lake Elsinore do hereby affirm that a copy of the foregoing agenda was posted at City Hall 72 hours In advance of this meeting Ilssll VIVIAN M MUNSON AUTHORITY SECRETARY a........"'- 7. ?lOr? DATE MINUTES RECREATION AUTHORITY CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CALIFORNIA TUESDAY FEBRUARY 27 2007 5 00 P M **************************************************************************************************** CALL TO ORDER The Recreation Authority Meeting was called to order by Chairman Magee at 9 01 P m ROLL CALL PRESENT AUTHORITY MEMBERS BUCKLEY, HICKMAN, KELLEY SCHIFFNER MAGEE ABSENT AUTHORITY MEMBERS NONE Also present were City Manager Brady CIty Attorney Leibold, Administrative Services Director Pressey Public Works Director Seulamo, Planning Manager Weiner Information/Communications Manager Dennis Public Works Manager Payne, BUilding & Safety Manager Chipman Community Services Director Sapp, Associate Planner Donahoe, RDA Project Analyst McCarty City Treasurer Weber and Deputy Clerk of the Board Soto ROLL CALL PUBLIC COMMENTS - NON AGENDIZED ITEMS - 1 MINUTE No comments PUBLIC COMMENTS - AGENDIZED ITEMS - 3 MINUTES No comments CONSENT CALENDAR None BUSINESS ITEMS 1 Approval of the Non disturbance Agreement and authOrize the Chairperson to execute the agreement subject to BCP entering Into a Management Agreement Agenda Item No 1 Page 1 of 2 '- Page 2 - Recreation Authority Minutes - February 27 2007 with Destination R V and any minor modifications as may be approved by the City Attorney MOVED BY BUCKLEY, SECONDED BY KELLEY AND CARRIED BY A VOTE OF 4 1, WITH MAGEE CASTING THE DISSENTING VOTE PUBLIC COMMENTS - NON AGENDIZED ITEMS - 3 MINUTES No comments EXECUTIVE DIRECTOR COMMENTS No comments LEGAL COUNSEL COMMENTS None AUTHORITY MEMBER COMMENTS No comments ADJOURNMENT THE RECREATION AUTHORITY MEETING WAS ADJOURNED AT 902 PM ROBERT E MAGEE, CHAIRMAN RECREATION AUTHORITY ATTEST MICHELLE SOTO DEPUTY CLERK OF THE BOARD Agenda Item No 1 Page 2 of 2 CITY OF ~ LAKE 6LSINO~ , I ?;t.~ DREAM E;(TREME~ REPORT TO RECREATION AUTHORITY TO HONORABLE CHAIRMAN AND MEMBERS OF THE RECREATION AUTHORITY FROM ROBERT A BRADY EXECUTIVE DIRECTOR DATE DECEMBER 11, 2007 SUBJECT ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING JUNE 30, 2007 Backaround The Recreation Authonty s auditors completed their audit field work on November 20 2007 for the fiscal year ending June 30 2007 This IS the third year that the auditors Diehl Evans & Company have performed the audit services for the Authonty DISCUSSion The purpose of the Recreation Authonty IS to provide a financing pool to fund capital Improvement projects through the Issuance of revenue bonds SpeCifically the Recreation Authonty has one vanable rate bond Issue outstanding of $14760000 The proceeds were prOVided to finance the Recreation Authonty s lease of the Stadium from the Agency for lease back to the City The City makes lease payments to the Recreation Authonty In amounts equal to the debt service reqUirements and the Recreation Authonty then makes the debt service payments on the bonds Interest only payments are paid monthly The pnnclpal payment In the fiscal year was $315000 The vanable rate started the year at 3 59% and ended the year at 3 63% With a high of 3 88% and a low of 3 2% The vanable Interest rate today IS 3 34% During the 2006 07 fiscal year total Interest expense was $520 608 (average of 345%) Total Interest expense of $150 616 (average of 0 96%) $270221 (average of 173%) and $432836 (average of 287%) was paid dunng the three fiscal years for 2003 04 200405 and 200506 respectively Interest rates appear to have stabilized for the next fiscal year Fiscal Impact There IS no fiscal Impact Agenda Item No 2 Page 1 of 2 Annual Financial Report December 11 2007 Page 2 Recommendation 1 It IS recommended that the Authority Board receive and file the report Prepared by Matt N Presse~ Director of Adm1n18(ratlve Services Approved by Robert A Brady fi\~ Executive Dlrector\LZV' Agenda Item No 2 Page 2 of 2