HomeMy WebLinkAboutPFA Item No. 2CITY OF
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DREAM EXTREME-
REPORT TO PUBLIC FINANCING AUTHORITY
TO:
FROM
DATE
HONORABLE CHAIRMAN
AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY
ROBERT A. BRADY
EXECUTIVE DIRECTOR
FEBRUARY 22, 2011
SUBJECT: ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING
JUNE 30, 2010
Background
The Public Financing Authority's auditors completed their audit field work on February 7,
2011 for the fiscal year ending June 30, 2010. This is the sixth year that the auditors,
Diehl, Evans & Company, have performed the audit services for the Authority.
Discussion
The purpose of the Authority is to provide financing for public capital improvements for
the City and the Agency, the acquisition by the Authority of such public capital
improvements and/or the purchase by the Authority of local obligations within the
meaning of the Bond Law under the Marks-Roos Bond Pool Act of 1985.
During the fiscal year, all regular debt service scheduled payments were adequately
funded and paid. The reserve requirements are fully funded as of June 30, 2010.
Fiscal Impact
There is no fiscal impact.
Recommendation
1. It is recommended that the Authority Board receive and file the report
Prepared by: James R. Riley
Director of Admi trative Services
Approved by: Robert A. Brady
Executive Director
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