HomeMy WebLinkAboutRA Item No. 1CITY OF
LADE
TO:
FROM
DATE
LS II`IOIZE
DREAM EXTREME-
REPORT TO RECREATION AUTHORITY
HONORABLE CHAIRMAN
AND MEMBERS OF THE RECREATION AUTHORITY
ROBERT A. BRADY
EXECUTIVE DIRECTOR
FEBRUARY 22, 2011
SUBJECT: ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING
JUNE 30, 2010
Background
The Recreation 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 Recreation Authority is to provide a financing pool to fund capital
improvement projects through the issuance of revenue bonds. The Recreation
Authority has one variable rate bond issue outstanding of $13,740,000. The proceeds
were provided to finance the Recreation Authority's lease of the Stadium from the
Agency for lease back to the City. The City makes lease payments to the Recreation
Authority in amounts equal to the debt service requirements, and the Recreation
Authority then makes the debt service payments on the bonds. Interest-only payments
are paid monthly. The principal payment in the fiscal year was $355,000. The variable
interest at June 30, 2010 was 0.20%. During the 2009-10 fiscal year, the total interest
expense was $32,251.
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. Rile
Director of Adm' trative Services
Approved by: Robert A. Brady
Executive Directo
AGENDA 9TaM NO.
PACE / - CF i