HomeMy WebLinkAbout2008-12-23 CC-RDA Item No. 6 CITY OF _1
LAKE 5 LSINOR
E
4 DREAM EXTREME.
REPORT TO REDEVELOPMENT AGENCY
TO: HONORABLE CHAIRMAN
AND MEMBERS OF THE REDEVELOPMENT AGENCY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: DECEMBER 23, 2008
SUBJECT: ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING
JUNE 30, 2008
Background
The Redevelopment Agency's auditors completed their audit field work on November
21, 2008 for the fiscal year ending June 30, 2008. This is the fourth year that the
auditors, Diehl, Evans & Company, have performed the audit services for the City.
Discussion
The major highlights of the Redevelopment Financial Statements are as follows:
• The RDA made all debt service payments.
• All bond reserve requirements are fully funded.
• Overall, total tax increment revenue (property tax revenue for the RDA) of
$26,484,367 increased from the prior fiscal year by $5,371,822, or 25 %.
• The low and moderate housing fund revenue of $5,784,704 increased by
$1,180,004, or 26 %.
• The balance of the advance from the housing fund was $11,852,396 as of June
30, 2008. The current year principal payment was $538,745.
• Tax increment revenue increased from the prior fiscal year by $1,288,056,
$2,075,753 and $933,649 in project areas I, II, and III, respectively. Increases
represent an increase of 25 %, 23 %, 37% in project areas I, II, and III,
respectively.
• Fund balance increased from the prior fiscal year by $2,105,364, $2,168,528,
and $183,035 in project areas I, II, and HI, respectively.
The following are required to be reported by the Agency to the City Council by
December 31 each year in accordance with Health and Safety Code Sections 33080.1,
33080.4 and 33080.5:
Agenda Item No. 6
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Annual Financial Report
December 23, 2008
Page 2
1. Annual Report of Financial Transactions: The report is due to the State
Controller's office by December 31, 2008. The report is not complete at this time.
A copy of the report will be provided to the Redevelopment Agency and City
Council as an informational item upon completion.
2. Blight Progress Report: During the fiscal year, the RDA continued to pay debt
service on prior obligations incurred for projects that worked to eliminate or
substantially reduce blighting conditions. In addition, the Agency continued to
address blight through redevelopment activities such as the purchase of land,
continued negotiations to sell RDA land and facilities consistent with the RDA's
redevelopment goals, and entered into negotiations to develop land in the RDA
project areas.
3. Property Report: The RDA owns several parcels. An inventory of properties are
listed in Exhibit A to this agenda report.
Fiscal Impact
There is no fiscal impact.
Recommendation
1. It is recommended that Agency Board receive and file the report
Prepared by: James R. Riley /
Acting Director o fdministrative Services
Approved by: Robert A. Brady ,
'
Executive Directo I'
Agenda Item No. 6
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LAKE ELSINORE REDEVELOPMENT AGENCY EXHIBIT A
List of Lake Elsinore Redevelopment Agency Owned Parcels
INC APN STREET SUFFIX DIR HOUSE_NO ACRE SUB NAME
65 374062020 0 0.51 HEALDS RESUB
66 374062005 0 0.00 HEALDS RESUB
68 374062006 0 0.00 HEALDS RESUB
69 374062015 SPRING ST N 401 0.51 HEALDS RESUB
94 374162039 0 0.11 HEALDS RESUB
96 374162041 0 0.11 HEALDS RESUB
97 374162043 0 0.10 HEALDS RESUB
98 374162045 0 0.10 HEALDS RESUB
99 374162047 0 0.10 HEALDS RESUB
100 374162049 0 0.10 HEALDS RESUB
101 377292017 ELLIS ST 284 0.21 SMITHS ADD TO ELSINORE
102 374162051 0 0.11 HEALDS RESUB
103 374162036 0 0.53 HEALDS RESUB
104 374162053 0 0.11 HEALDS RESUB
105 374162055 0 0.11 HEALDS RESUB
106 374162057 0 0.11 HEALDS RESUB
107 374162059 0 0.12 HEALDS RESUB
111 374162061 0 0.12 HEALDS RESUB
113 373025006 FRANKLIN ST E 120 0.00 JONES ADD TO ELSINORE
119 373025007 0 0.17 JONES ADD TO ELSINORE
126 374174015 PECK ST W 114 0.00 TOWN OF ELSINORE
129 374174014 0 0.00 TOWN OF ELSINORE
140 374262003 GRAHAM AVE W 118 0.00 TOWN OF ELSINORE
144 374262010 0 0.00 TOWN OF ELSINORE
197 373300027 LAKESHORE DR E 420 2.64 RESUB OF BLK D OF ELSINORE
215 373210032 0 2.37 RESUB OF BLK D OF ELSINORE
233 373210030 0 7.26 RESUB OF BLK D OF ELSINORE
242 373210042 0 4.60 PM 27852
243 373210040 0 14.46 PM 27852
246 371030026 0 5.07 RESUB OF BLK D OF ELSINORE
247 371030024 0 0.14 RESUB OF BLK D OF ELSINORE
248 371030022 0 0.07 PM 27852
249 371030021 0 13.76 PM 27852
250 370020011 0 10.00 PM 27852
251 370020009 0 58.85 PM 27852
252 370020010 0 21.58 RESUB OF BLK D OF ELSINORE
FY 2005 377180037 2.15 SILVER & MENTHORN
Agenda Item No. 6
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