HomeMy WebLinkAbout2008-12-23 CC-Public Finance Authority No.3 CITY OF
LAKE OLSINORE
DREAM EXTREME.
REPORT TO PUBLIC FINANCING AUTHORITY
TO: HONORABLE CHAIRMAN
AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: DECEMBER 23, 2008
SUBJECT: ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING
JUNE 30, 2008
Background
The Public Financing Authority'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 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. Revenue increased by $1,095,589 or 14 %. Expenditures decreased
by $47,934, or .5 %. Two new bonds issues were done during the fiscal year. 2008
Series A Bonds were issued for $22,295,000 and the proceeds used to repay the 1997
Series F Bonds. 2008 Series B Bonds were issued for Wasson Canyon CFD for
$3,265,000. The reserve requirements are fully funded as of June 30, 2008.
Fiscal Impact
There is no fiscal impact.
Agenda Item No. 3
Page 1 of 2
Annual Financial Report
December 23, 2008
Page 2
Recommendation
1. It is recommended that the Authority Board receive and file the report
I mp/
Prepared by: James R. Ril!
Acting Director cf A dministrative Services
Approved by: Robert A. Brady tk
Executive Directo
Agenda Item No. 3
Page 2 of 2