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PARKING AWWRITY OF THE
CITY OF UUNTINCTON BEACH
FINANCIAL STATEMBM
WITH REPORT ON EXAMINATION BY CERTIFIED PUBLIC ACCOUNTANTS
JM 30, 1971
CLLIl; C.01CNL.C. /.A.IIY25-1950)
IWN ■RTN N. EVANS, C.P A.
"IN O. PETERS.C. ►.A.
OCMALD N.PCTCRSON.C.P,A.
DONALD C. CALLAHAN. C. P.A.
L.►CTCR SCNLRCN.C.P.A.
WARD M.GALLACHER,C.P,A.
JOHN A.RAARCRO.C..P,A.
RATMONO V. IRA7ICR.C.RA.
'tJ
DIEHL, EvANS AND COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
1910 NORTH GUSH STRCCT
SANTA AN^.CALIFORNIA 92706
I(IMS[nLT 2.445]
pity Council
City of Huntington Beach
Huntington Beach, California
October 14, 19''
ACCOUNTANTS' REPORT
OTHER 0►PICCS AT.
705 CAST MAIN STACCT
SANTA MARIA,CALIrORN1A
WALNuT 0.2570
Sae NORTH N STREET
LOM"C,CAWratNtA
RE&CVT6-0292
We have examined the combined balance sheet of the Parking Authority
of the City of Huntington Beach as of June 301 1971 and the related combi id
statements of changes in reserves Attu fund balwe and cash transactions for
the year then ended. our examination was made in accordance with generally
accepted auditing standards, mud accordingly included such tests of the
accounting records and such other auditing procedures as*we considered nec-
essary in the circumstances.
IA our opinion, the accompanying combined balance sheet and combined
statement of changes in *reserves and fund balance present fairly the financial
position of the Parking Authority of the City of Huntington Beach at June 30,
1971, and the results of its operations for the year then ended, in cor.-formiity
with generally accepted accounting principles applied on a basis consistent
with that of the preceding year. It is also our opinion that the accompanying
combined statement of cash transactions presents fairly the cash receipts and
disbursements of the Authority for the year ended .tune 30, 1971, classified
on a basis consiatcnC with that of the preceding year. I �?
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ILSSETS:
Cash held by kathari:y
Cash hold by traotee
Investamt in V. S. Sscurit: ;.1s, at cost (app-:,mimtea WrIket)
Accra^d intoiest receivable
Due frog otbar f un6a,
Lease Fayamto receivable (Hate 2)
Less unearned finance charges #Aoto 3)
Receivable fray City of ftntir4tova B2acb (Note 2)
iCTAL ASSETS
LIABILITIES:
Accrued Interest payable
Due to otbor funds
Bond* payable (Date 3)
70TAL LIABILITIES
RESERVES AND FMID BALANCE:
Reserve for pwjmsnt of bond principal and interest
Reserve for working .-&p4-ta1
Fund balance
TOTAL RESERVES AND FUND BAWCE
TOTAL LIABILITIRS, RESERVES AND FUND BALANCE
F
_WTI M
M W7-,
MWAM
30I
1;'!OI#
. 223
to, B33
3,741,100
., - -
- .
-
3,741,100
(1,566.5ce)-
(1,566,308)
41
�.
#23
_
192
A 2_25S.42
t 3�/6y5
302
82.s %3
-
yd.'e1
/-y/y0
• 2,376,732 .
301
!., l.� I ��
� -_,
2,155,040
6B,3r31
-
692331
1,300
-
-
1,SO4
_
243,433.
12320!!
_ 3�1 3
,;
.....�:.
425
3 4.T1O�3l6
- _.
-.
AJLM
425
S 2,01-Am
See mceoapaayfn; scceuntants' z+gart and notes to ffaa IMJOI stet ti.
.. — �- ' v5 ti'•! tj.y tit. i:•"
or Ai
.�..
t . _ X ^ups -
t
r--4
RISEil11ES Ate I= MLAM, JULY 1, 1970
Current year mpmWitursa for construction in progress
lAwas payamts - principal (Hoses I and S)
Lease payreats - finance charges earned (Notes 2 and 3)
Additional rent (Mote 2)
Interest earned
Hands paid (Note 3)
Intciest expense (Note 3)
Trustee fees
Interfund t ransf-re
RESERVES AM FiJM BALANCE, JUHE 30, 1971
TP
' '``s -
.' .-
- .. `'ate _
•
-
��1,��1.
i
•
i
- i23
•
w
•
-
23,913
-
IC704
3,il4
-
-
(450000)
-
-
45,000
(115,850)
-
(213*830)
-
-
-
(223)
-
-
-
(223)
..
AJ&W
$ 1 M
AJ
AXAM
tLa�4&1
See accoawpews accountants` report and notes to finsaaial statesmts.
.- . .. .. . .. ,_-. a _��••e�+=�•,'. -�=rL �l+,aa�+r71•_ _"'�• .. .., .
Ilk
CAS$ MIANCK Al? MLY 1, 1970
CUR DIMIM:
ledemptien of securitiep
Interfaced transfers
Interest income
Rent received (note 5)
: TOTAL CASH AVAILABLE
CASH DIU MIME M:
City of Vuntinstan Desch
• Trustee fees
Acquisition and construction of facilities
hand interest payments
Interfund transfers
Purchase of securities
Dana principal payment
TOTAL DISBURSERMS
CASH EAUME AT .TUNE 30, 1971
low
SUAW
223
' 145}7n
145,711
w
w
w
Ilf�}�"
• -
lYit7�Q
-
I
r}�14
3w339
A,943
_
40r6672
-
4W667S
-
-
a..airi. 1
57 GAU
. M
AM.MA
A.iM
Sao accompam4na sccauatants, report and �-stee to fiuemial ststswents.
PARKING AUTHORITY OF THE
CITY OF HEWTINGTON BEACH
K"*:S .G FINANCIAL STATP!'!F.liIS
,Tune 30, 1971
1. The Parking Authority of the City of Huntington Beach was activated in
1967 under the Parking Law of 1949. it is an independent public agency,
whose primary purpore is to provide public off-street parking witbia the
City of Huntington Besrch.
2. Under the terms of a lease agreement dated September 30, 19", terminating
after all of the 1968 Revenue Bonds are retired or provision for payment
is made, the Authority has learned the completed parking facility to the
city. Rental payments began when the facility was available for use for
parting purposes. Rental payments are due aummlly on each July let.
All costs of maintenance and operation are to be borne by the city.
Annual rental payments have been set at $170,050. Total lease payrmsato
receivable over the life of the lease exceed bond principal and faterest
requirements by $425. At the terminatioa of the lease the city As'.'!
surrender all facilities to the Authority.
3. Fivancin6 for the project was accowplishsd througb the sale of Parking
Revenue Bonds in the principal amount of $2,300,000 with interest of
4.73% to 6.00%. The bonds were issued under a trust brdenture with the
Badc of America as trustee. The bonds w cure serially bet -ma September 1,
1970 and September 1, i193 in asounts from $45,000 to $165,000 annually.
The Authority, at its option, my redeesibonds *,marring on and alter
September 1, 1960 with funds from any source. Redemption *ball be at the
principal amount plus a premium equal to one-fourth of 1% for each year
or remaining fraction of a year between the data of redemption and the
date of maturity up to a premium of 3-1/2% plus accrued interest to the
date of redemption.
4. All interest earned in the Acquicition and Cftstruction Frard is to be
transferred to the Bond Service Fund. In addition all "plods" revenues"
(specifically lease prywmts received from the City of Huntington Beach)
received by the Authority shall be placed in the Bond Service Fund.
5. The Authority reports lease income on the financing method of accounting
whereby unearned rentals are talon into income each year as earnad on a
declining balance method over the life of the lease. This method has
the effect of recording earned rental -neome in an amannt that equals
Interest espevae each year.
See accompanying accountants' report.