HomeMy WebLinkAboutParking Authority Financial Statements - 6/30/72PACKM AMORM OP TUB
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jM 30, 1972
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iLlri C.DiCML.C.t.w/�7t3•�tSA�
MOM A. EV"S. C. L A.
• n• G./CTCwS.C.RA.
OORALD N. PCYCRS0q, C. P. A.
ODMALD C. CALLI«Aa. C. ►.A,
L.tLTLw SCNCRZIA.C.P.A.
MAD /.SALLAC►r91r, C.P.A.
JO•1w A.AAALCAC.C. ►.A•
DIEwL,EVANS AND COMPANY
C'M71/IEP PUNUC ACCOUNTANTS
10I0 NORTH su5ri STRICT
SANTA ANA,CALI/ORN1A VR7CZ
(71r) 'SAZ-."S7
city council
city of muntington beach
B=tingtm Beach, California
September 22, 1972
ACCOU l M' WORT
OTM[R OfFICC AT.
706 CAST MAIR STAirT
#AN%% WA:AW GANtORMLA
twos) s:S-s070
We have exAmired the combined balsrce sheet of the ParfU* Authority
of the city of Huntington Bauch as of June 30, 1972 Am the related combined
statements of changes in reserves and fund: balance and casb transactions for
the year then ended. Our eaamilp&titon was mde in accordswe with generally
accepted auditing standards, and accordingly included such tests of the
secomittigg records and such other auditing procedures as we considered nec-
^� essan.-y in the circon+stimces.
In our opinion, the accompanying combined balance, rheet and tetorrbined
stat1.1 t of cbma-as in reseives and yund balance present fairly the financial
position of the Parking Authoritk of the City of Htrntiftem Beach at June 30,
1972, and the results of its operatious for the year them eroded, in conforadtj
with W merally accepted accountitag principles spplied on a basis consistent
with that of the preceding year. it is also our opinion that the accompanying
ooeftned statement of cash transactions presents fairly the cash receipts and
disbursementro of the authority for the year elided June 30, 1972, classified
on a basis consistent with that of the preceding year.
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• Ass". I
Caah geld by authority
Cash held by ttv.stte
Investment in. Ue S. Stcurtti.%, at emrticad cast (approximates mark. t)
Acrrued interest necaiv*W Z
D+ae frra► ocher funds
Lease paymnts ruceivable ;Nate a)
Lf,ss untsarned finance caarges (Note 4)
Recaxvable from City of Munt naton teach (rota 1)
TOTAL ASSETS
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IL34
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axe
U1s606 1.
ii06
mom.
654
46
LIA$ILITIESt
Accrued interest payable
$ 37s467
37,46T'
Due to other funds
9Kf:677
l68173
Fonds payable (Dote 7)
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'1`0?AL i.IAPILI'rIES
RESERVES XIM PM BALA Mi
Reserve for payment of fond principal and interest
6idS31
- :-
Reserve for working capital
1,
+
Fond balance
262,666
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2E
TOTAL RISIRVES AND FM BALANCE
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1, i�667
. TOTAL LIABILITIES, RSSEgVQS AND MD MI AHC1t
S:s accoquyimg at emmtants' resort and notes to finazial atatsis m►ta.
fie.,,, i L��.4Y �. s+t �A. �r•'• -�`t� r,�, ,
-.., _ _ _,�v ��,_.a..ci.7�aSi'�.�w�."ia1•h:.�ls`�'t¢••�`'��—caa:,:a6.6e�-sy'�. 'i•� :L _ � -
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mum /n im 34L/mm, imir 1, ign
Currant year expemAtturas for UVrovem ants
bases paysianta - principal (Sates 1 and 4)
Lease payments - fismes chavXse earned (dotes 1 and 4)
Additional rent (Mote 1)
Interest earnsv
bonds paid (Bate 2)
Interest expanse (Mte 1)
Scheduled Isaesa payumt receivable, in wmess of bond princ4ml and
interest requireamts
Trustee fees
Interfurd transfers
RESSAYSS AM ptS4'D D JMM, JUM 30, 1972
Sea accewGUYLUS OACO ►taxtal, report and sates to l umvgAal stat� to.
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CASH ULAM AT JULY 1, 1971
• CASH MCRI Ss
Redemption of securities
Interfund transfers
Interest income
Rent received (Note 4)
Additional rant received,
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TOTAL CASH MICEIPTS
CASE 018WJR3E'tCM i
Trustee feet
Acquisition and construction of facilities
Boud interest payments
Interfund transfers
Purchaee of Securities
Bond principal payment
TOTAL DlSBURSSMiv'TS
CASH BALANCE AT 301 30, 1972
f?'+ 4 t. '. •. .•Y:,ice .. l _ _
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14,093
1701,030
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719
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U32000
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3770,707
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461
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See acCp iv4 +ttcomtents, jspovt and notes' to fiinamial
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.7
PARKING AMHU M OF THE
CITY OF IfUNTIHG M BEACH
'^"' NOTES TJ MUNCIAL STATEPEh+TPS
June 30, 1972
I. The Parking Authority of the City of Huntington Beach was activated in
1967 under the Parking Lev of 1949. It is an independent public agency,
whose primary purpose is to provide public off-street parking within the
City of Huntington Beach.
Vader the terms of a 1.sase agreement dated Septeaber 30, 1968, terminating
after all of the 1968 Revenue lsonds are retired or provision for paymientt
is made, the Authority has leased the completed parking facility to the
city. Rental payments began when the facility was available for use for
parking purposes. Rental payments are due amusaliy on each July lot.
All cosies of maintenance and operation are to be borne by the city. Annual
rental payments have been set at $170,050. Additional recut is payable by
the city to pay all Wtes,assesssents, insurance, fees and other expanses
of the authority, At the terninatiou of the lease the city shall surrender
all facilities to the Authority.
2. fin in for the project was accomplished through the sale of Parking
Re►teae Bands in the principal awpunt of $2,300,000 with interest of 4.75%
to 6.001. The bonds were issmW under a trust indenture with Coe Bank of
America as trustee. The bonds suture serially between September 1, 1970
and September 1, 1993 in amounts from $45,000 to $165,000 armually. 'the
Authority, at its option, may redeem bonds maturing on aid after September 1,
1980 with funds frow any source. WrVtiaa shill be at the principal anoint
plus a premium equal to one-fourth of .L% for each year of remaining fraction
of a year between the date of redemption and the date of maturity up to a
premium of 3-1/22 plus accrued interest to the date of redemption.
3. All interest earned in the Acquisition and Constructioa Fund is to be trans-
ferred to the Bond Service Tund, in addition all "pledged revenues"
(specifically lease payments recei ed from the City of Huntington Beach)
received by the Authority shall be placed in the Bond Service Fund,
4. The Authority reports lease incomre an the financing vethod of accounting
whereby unearned rentals are taken into income each year as earned on a de-
clining balance method over the life of the lease. This method has the
effect of recording earned rental income in an mount that equal# interest
expense each year.
See accommpanying accountants' report.
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