HomeMy WebLinkAboutCity Council Meeting 01/10/2012 Agenda Item 6-Annual Financial Report FYE 6/30/2011 CITY OF ,�
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JOINT REPORT TO CITY COUNCIL AND REDEVELOPMENT AGENCY
TO: HONORABLE MAYOR
AND MEMBERS OF THE CITY COUNCIL
HONORABLE CHAIRMAN
AND MEMBERS OF THE REDEVELOPMENT AGENCY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: JANUARY 10, 2012
SUBJECT: ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING
JUNE 30, 2011
Background
The Community Redevelopment Law requires the Agency to present an Annual Report
to the City Council. The Annual Report for the Fiscal Year ending June 30, 2011
included the audit financial statements from our auditors, White Nelson Diehl Evans &
Company LLP as well as items required to be reported in accordance with Health and
Safety Code Sections 33080.1, 33080.4 and 33080.5. The items discussed in that
report are listed below, along with the related audited financial statements and state
required reports.
Discussion
As directed by the Agency Board on December 13, 2011, the Executive Director has
completed the Agency's Annual Report and submitted it to the City Council on behalf of
the Agency. The Executive Director has also submitted the Annual Report of Financial
Transactions component to the State Controller and the Housing Activities Report
component to the Department of Housing and Community Development.
The major highlights of the Redevelopment Financial Statements are as follows:
• The RDA made all debt service payments.
• The RDA paid $1,436,411 to the Supplemental Education Revenue
Augmentation Fund (SERAF) as required by the State of California.
• All bond reserve requirements are fully funded.
AGENDA ITEM NO. 6
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Annual Financial Report
January 10, 2012
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• Overall, total tax increment revenue (property tax revenue for the RDA) of
$19,004,495 decreased from the prior fiscal year by $872,559, or approximately
4.4 %. This decrease was due to the reassessment of property value by the
County Assessor in accordance with Proposition 8.
• The low and moderate housing fund tax increment revenue of $3,821,776
decreased by $153,635, or approximately 3.8 %. This decrease was due to the
decrease in tax increment noted above.
The following are components comprise the Annual Report for Fiscal Year 2010 -2011.
Copies of the Annual Report have been provided to the City Council /Agency Board
Members and are available for public review in the City Clerk's office. This Report
includes the following components in accordance with Health and Safety Code Sections
33080.1, 33080.4 and 33080.5:
1. Independent Financial Audit Report: This report was prepared by White Nelson
Diehl Evans & Company LLP and was submitted to the State Controller's office in
accordance with statutory requirements.
2. Financial Transactions Report: This report is requires copies of the Independent
Financial Audit Report, the HCD Housing Activity Report and the Agency's
Statement of Indebtedness that was filed with the County Auditor in October
2011 be submitted to the State Controller..
3. California Department of Housing and Community Development Redevelopment
Agency Annual Housing Activity Report: The Agency's Annual Housing Activity
Report is completed on forms provided by the Department of Housing and
Community Development and was submitted to HCD online.
4. Annual Report on Agency Activities: Pursuant to the requirements of Sections
33080.1 (b -h). 33080.4. 33080.5 and 33080.7, this report includes several
subsections, including but not limited to Fiscal Statement, Loan Report, Property
Report, Time Limit Expiration Dates, Blight Progress Reports, and Description of
Housing Activities.
Fiscal Impact
There is no fiscal impact.
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Annual Financial Report
January 10, 2012
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Recommendation
1. It is recommended that the Agency Board accept the Annual Report for Fiscal of
Year 2010-2011 aad nts as required b transmittal
the Redevelopment Law to the State Controller
those c
components y
and the Department of Housing and Community Development.
2. It is recommended that the City Council receive and file the Agency's Annual
Report for Fiscal Year 2010 -2011.
Prepared by: James R. Rile
Director of Admi rative Services
Approved by: Robert A. Brady ('
Executive Directo ,fir
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