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HomeMy WebLinkAboutRedevelopment Agency - Financial Statements - 06/30/1981CITY OF HUNTINGTON BEACH Office of the City Clerk P. 0. Box 190 Huntington Beach, Calif. 92648 CITY OF HUNTINGTON BEACH State Of Calif ornia HUNTINGTON BEACH REDEVELOPMENT AGENCY FINANCIAL STATEMENTS June 30, 1981 PPeat,Marwick,Mitchell &Ca September 25, 1981 Certified Public Accountants 4400 MacArthur Boulevard Newport Beach, California 92660 (714) 851-2000 ACCOUNTANT'S REPORT ON COMPLIANCE We have examined the balance sheet of the redevelopment projects fund and long-term debt group of accounts of the Redevelopment Agency of the City of Huntington Beach as of June 30, 1981 and the related statement of revenue, expenditures and changes in fund balance of the redevelopment projects fund for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. As part of our examination we have performed tests of compliance with the Community Redevelopment Law of California as codified in Sections 33000 et. seq. of the State of California Health and Safety Code and Title 25, Chapter 6, of the California Administrative Code in accordance with the Guidelines for Compliance Audits of California Redevelopment Agencies issued by the California State Controller. Our findings are listed below: .1. The Redevelopment Agency of the City of Huntington Beach did not comply with Section 33080 which states that the agency is required to file an annual financial, compliance and program evaluation report to the State Department of Housing and Community Development. No such report was submitted by the Redevelopment Agency of the City of Huntington Beach for the year ended June 30, 1980. This report does not modify our report dated September 25, 1981 on the financial statements of the Redevelopment Agency of the City of Huntington Beach for the year ended June 30, 1981. 2�"-%X " , i 1111_4� �_J_k ��" 11 � M M M go i i 6M 9M No bm WN io Wo imm M 1= �Nm )I= i� REEMENEIM 1J Peat, Marwick, Mitchell &Ca Honorable City Council, City of Huntington Beach, California: Certified Public Accountants 4400 MacArthur Boulevard Newport Beach, California 92660 (714) 851-2000 We have examined the balance sheet of the redevelopment projects fund and long-term debt group of accounts of the Redevelopment Agency of the City of Huntington Beach as of June 30, 1981 and the related statement of revenue, expenditures, and changes in fund balance of the redevelopment projects fund for the year then ended. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position of the Redevelopment Agency of the City of Huntington Beach at June 30,1981 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. September 25, 1981 = M r= M M r M M No bw hmino tm�= tmn im REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Balance Sheet June 30, 1981 Redevelopment Long-term Assets Total Projects Fund Debt Cash and term deposits $204,290 204,290 - Due from other entities 3,345 3,345 Amount to be provided for retirement of long-term debt 184,150 - 184,150 Total assets $391,785 207,635 184,150 Liabilities and Fund Balances Accrued expenses $ 217 217 - Due to the City of Huntington Beach 184,150 - 184,150 Total liabilities 184,367 217 184,150 Fund balance 207,418 207,418 - Total liabilities and fund balance $391,785 207,635 184,150 See accompanying notes to financial statements. REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Redevelopment Projects Fund Statement of Revenue, Expenditures and Changes in Fund Balance Year ended June 30, 1981 Revenue - interest $ 28,678 Expenditures - administration and contract services (132511) Excess of revenue over expenditures 15,167 Fund balance, July 1, 1980 191,450 Cancellation of prior year encumbrances 801 Fund balance, June 30, 1981 $2072418 See accompanying notes to financial statements. M M M M M M M M w M M M w wpm POPE Pw w REDEVELOPMENT AGENCY OF ,THE CITY OF HUNTINGTON BEACH Notes to Financial Statements June 30, 1981 (1) Summary of Significant Accounting Policies The fund and account group in which financial data pertaining to the Redevelopment Agency (Agency) of the City of Huntington Beach are as follows: Redevelopment Projects Fund - This fund accounts for all revenues and costs of implementing redevelopment projects in accordance with the California Community Redevelopment Law, including costs incurred for acquisition of property, site improvements, other project costs, and administrative expenses. Long-term Debt Group of Accounts - This account group is used to record the Agency's outstanding indebtedness with a maturity of more than one year. The accounting policies followed by the Agency conform to generally accepted accounting principles. The following summarizes significant policies: Basis of Accounting The accrual basis of accounting is utilized by the Redevelopment Projects Fund. Encumbrances Encumbrances, such as purchase orders, contracts, and other commitments. for the expenditure of funds, are recorded in order to reserve the appropriation. Open encumbrances are reported as reservations of fund balance since the commitments will be honored through subsequent years' budget appropriations. Encumbrances do not constitute expenditures or liabilities. (2) Creation of the'Redevelopment Agency The Redevelopment Agency of the City of Huntington Beach was created by City Council Ordinance No. 1285, adopted on January 1, 1967. The Agency was established pursuant to the Community Redevelopment Law of California as codified in Part I of Division 24 of the State of California Health and Safety Code. The Agency is empowered to engage in general economic revitalization and redevelopment through acquisition and development of property in areas of declining condition.