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HomeMy WebLinkAboutRedevelopment Agency - Financial Statements - 6/30/80f• ►• 1• li i I• i i i CITY CLERK'S COPY ORIGINAL COPY RLDEVELOPN! = AGENCY OF THE CITY OF HM-1WMff MACH, CALTFORBIA Financial. 8tatownts June 30, 1980 (Hith Accountants' Report Thereon) 0 FPeat.,jM'anvick,Mftche11&Cct A "w PPeaL41hbrw1ckM1tchd1&CcL Owl Chairman and Honorcble Members of The Redevelopment Agency of the City of Huntington leach: Certified Public Aoovunt nb E ; Ncwpmt Center Drive 1 -port sea4 Cal"Ui3 91660 We have wumL ►od the balance sheet of the rede.,eLopment projects fund and 1*W term debt group of accounts of the Redevelopment Agency of the City of Hunting- ton Beach as of June 30, 1980 and the related statemart of revenwt, expendi- tures, oncumbrances and changes :u fund balance of the redevelopment projects fund for the year then ended. Our emudustion was made in accordance with generally accepted auditing standards, and accordingly included such tests of t'hs o�counting records and such other auditing procedures as we considered ne- cessary in the circumstances. In our opinion, the aforementioned financial statements present faizly the financial position of the Redevelopment Agency of the City of Huntington Beach at June 30, 1980 and the results of its operations for the year then ended, in conformity with generally accepted recounting principles applied an a basis con— sistent with that of the preceding year. o AAW1 . 1 August 25, 1980 X r•. , RF.DL"LOF'MT AGEM OF THE CIT ` OF HI=NGTON BEACH Balance Sheet June 30, 1980 A Radsvalopeeut Long-term Assets +tal Total Pr^ojscts Fund Debt Casts and cars deposits $ 192,446 192,446 - .mmat to be prodded for cc- '� tirsaent of LmWten debt (note 3) 194,150 �-, 18,� 130 Total saacts $ 376.5% t92 446 134,150 A Liabilities, Rosario awl Find Balances Accra" s mimses $ 195 195 - Q Des to the ..ity of Hantington Beach (oats 3) 194.150 - 184,150 Total Liabilities 164,345 195 184,150 Reserve for *00mabrawcas 801 801 G Fand balame (it,, e 3) 191,450 191,450 .. Total liabilities, re- serve sad fussd balance $ 376�,595 192d►46 180 4 0 84e accompanytnt notes to financial stataftnts. A 06 f% r_ i CO7 i i r REL`EVELOPPM AGEM OF THE CITY OF HUNTINGTON BEACH Redevelopment Projects Fund Statement of Revenue, Expenditures, Encumbrances and Changes in Fund Balance Year ended June 30, 1980 Rev*MW -interest Upeaditures and encumbrances - administration and contract services Euceas of revenue over expenditures and encumbrances fund balance, July 1, 1979 Cancellation of prior year encumbrances Transfer of land to the City of Huntington Beach (note 3) Fund balance, June 30, 1980 See accompanying notes to financial statements. 3 17,208 7,530 9,b78 394,378 13,244 (223.850) 19 h REDEVELOPMENT AGENCY OF THE CITY OF EitITINGTON BEACH Notes to financial Statements June 30, 1980 (1) Sumagg of Significant Accounting Policies .� The fucd and account group in which financial data pertaining to the Rede— velopment Agency (Agency) of the City of Huntington beach are as follows: Redevelopent Projects Fund — This fund accounts for all revenues and costs of Implementing redevelopment projects in accordance with the California Community Redevelopment L..v, including costs incurred for acquisition of property, site taprovements, other project costs, and administrative expenses. Long—term Debt Group of Accounts — This Account group it used to record the Agency's outstanding Indebtedness with a maturity of more than we year. The accouati n,g policies followed by the Agency conform to generally accepted accounting principles. The following summarizes significant policies: Basis of Account ry The accrual basis of accounting is utilized by the Redevelopment Projects Fund., 3acumbrances Encumbrances, such as purchase orders, contracts, and other commitaents e� for the mWenditurs of funds, are recorded in order to reserve the appropr:.stion and reduce fund balance. (2) Creation of the Redevelopment Me= The Redevelopment Agency of the City of Huntington beach was created by City Council Ordinance No. 1285, adopted on January Y, 1967. The Agency was established pursuant to the Community Redevelopment Law of California as co4;1fied in Part I of Division 24 of the Stare 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. Trcnsfer of Land to the City of Huntington Beach Land, originally purchased by the Agency in 1977 pursuant to preliminary redevelopment plans, was transferred to the City of Huntington Beach upon finalization of redevelopment plans which do not include the subject pro— perty. The land was transferred at cost and in the accompanying financial statementr is shown as a reduction of fund balance in the Redevelopment Projects Fund and as a reduction or debt in the Long —Term Debt Croup of Acanunts. P,�.MmMarw1ckM1tchd1&Ca August 25, 1980 HvnorabYr. City Council, City of Huntington Beach, California: G:rWied POW AcmuntwU 660 Newport Center Drive Newport Btafi, CaUW* 92W Ha 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 Hunting- ton beach as of June 30, 1980 and the related statement of revenue, espeadi- tares, aucumbrances and charuges in fund balance of the redevelopment projects fund for the year than ended. Our examination was made In accordance with generally accepted suditing standards, and accordingly included mu:h testa of the accounting records and such other auditing procedures as we considered necessary in the cireunstraces. As part of our examination we have performed tests of compliance with the Comuniity Redevelopment Low of California as codified in Sections 33000 at. seq. Of the State of CAlifot:nia Health and Safety Code and Title 25, Chapter 6, of the California Admir*istrative Code in accordance with the Cuidelinem for Com- pliance Audits of California Redevelopment Mencies issued by California State tro r. Our findings are lists ow: 1. 'flue 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 Departoont of Housing and Community Development. So such report was submitted by the Redevelopment Agency of the City of Huntington Bascw for the year ended June 30, 1979. This tepart does act modify our report dated August 25, 1960 on the financial statements of the -Redevelopment Agency of the City of Huntington peach for the year ended June 30, :9� 91