HomeMy WebLinkAboutRedevelopment Agency - Financial Statements and Report - 6/3 A
CITY OF HUNTINGTON BEACH
Office of the city Clerk
P. 0. Box 190
Huntington Beadh CW. 92MB
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REDEVELOPMENT AGENCY OF THE
CITY of HUNTINGTON BEACH
FINANCIAL STGTEHENTS
June 30, 1956
TABLE OF COLTENTS
Page ,
Number
ACCount&0ts' Ra;)ort 1
General Purpose Financial Statements:
rti
Combined Balance Sheet - All Fond Types and Accouct Group
Cimbined Statement of Revenues, Expenditures and Chines 3
1n Fund Balances - All Covernmeatal Fund Types
,7 Notes to Financial Statements 4 11
Supplementary information$
Combining Balance Shea - All Debt Service Funds 12 13
Combiuini Statement of levemef, Expenditures and Changes 14 15
in Fund Balances - All Debt Service Funds
CoMmb,uing Balance Sbeet - All Capital Project Funds 16 • 17
l Combining Statement of Revtuues, Expenditures and Changes
{� in Fund Balances • All Capital Project Funds la ' 19
` Accountants' Report on Compliance with Audit Guidelines for 20
California Redevelopment Agencies
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8eptenber 9, 1988
I
ACCOMANTS4' WORT
I
Agency MemLers
1
�y Redevelopment Agency of the
City of Runtingtou Beach
Huntington Beacb, California `
f
We have exaslined the genera . purpose financial statements of the Redevelopment
J Agency of the City of Huntington Beach, as of and for the year ended June 30,
19889 as listed in the table of a 1tenL.s. Our examination was wade in
accordance with generally accepted auditing standards and, accordingly, included
such tests of the accounting records and such other auditing procedures as we
considere, lecessary in the eirc*mwtance•_.
L, In our opinion, tha general purpose fiaaa:sisl statements referred to above
present fairly the financial position of the Redevelopment Agency of the City of
Huntington Beach at .tune 30, 19889 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.
p Our examination was Slade for the purr+ose of forming an opinion on the general
purpose financial atatements taken as a Whole. The supplementary information
listed in the table of contents is presented for purposes of additional analysis
and is r+7t a required part of the general purpose financial statements of the
Redevelopment Agency of the City of Huntington Beach. The inforwation has been
subjected to the auditing procedures upplied in the examina-ion of the general
purpose financial statements and, in cvr opinion, it fairly eta'-ed in all
material respects in relation to the general purpose financial statements taken
as s whole.
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(619)729 23q (619)7/13141
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH r
COMBINED BALANCE SHEET - ALL FUND
TYPES AND ACCOUNT GROUP
.Tune 30, 1968
Account
Groin ._
Lease
PAywents
Governmental Receivable
Fund Types. and
Dabt Capital General Totals
Sexwice Projects Long-term (Memorandum ' I
ASSETS Fund Funds Debt Onix)
Cash and investments
(Notes 1B and 3) $ 29527,634 $ 18,579,161 $ $ 21,106,795
Cash with fiscal agent r"
(Notes 13, 3 and 5B) 6821806 - - 6829806
Interest receivable 19,390 829574 - 101,964
Taxes receivable 100,395 23,621 - 124,016
Land held for resale - 49854,111 - 4,834*111
Lease payments receivable (Mote 53) - - 6,426,000 6,426,000
Uneerned finance charges (Note 5B) - - (215859583) (29585,583) �1
Amount available in debt
service funds - - 3,330,226 3,330,228
Amount to be provided for
35 755 0-
65 _ 35+755+
065repayment of debt
TOTAL ASSETS 3,335 $ 23,539,467 $ 42,925,710 $ 69,795,402
C:
LIABILITIES AND FUND BALANCES
,L3ILLTIES r
Accounts payable $ $ 78,104 $ - $ 78,104
Accrued payroll - 16,841 - 16,841
Current note payable - 817,717 - 817,717
Due to City of Huntington Beach
and Public Financing Authority
(Note 5) - - 36,917,663 36,917,663
Owner participation agreement
(Motes 51 7 and 10) - - 1,408,047 ls407,047 C.
Certificates of participation
payable (Note 53) - _ - 4,6_00,000 4.600,000
TOTAL LIABILITIES 9IZ1662 4 2,0'25,5,710 43,838,372
FUND BALANCES (NOTE 10s
Reserved for debt service 3,330,225 - - 3,3300225 C
Reserved for low-iucomt housing - 3,747,137 - 397479137
Reserved for capital projrcts - 14,025,557 - 14,025*357
Reserved for land held for
resale - 4,8549111 - 4,854,111
TMAL FUND BALANCES 3,330,225 _ 22,626,805 - 25057,030
TOTAL LIABILITIES AND
FUND BALANCES $ 3,330,225 23,539,467 $ 42,925,710 $ 69,795,402
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See accountants' report and notes to financial statements. '
A REDEVILOPHINT AGENCY OF THE
CITY OF HUNTINCTON BEACH
COMBINED STATEMbNT OW REVENUES, EXPENDITURES AND CHANCES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the year ended June 30, 1988
1A Debt Capital Totals
Seivice Projects (Memorandum
Fund Fund Only) _
RBVI:NUES: '
Tax incrssivat revenue (Note 4I) $ 19573,300 $ 3930325 $ 1,966,625
fi From use of money and property 226,981 523,182 7509163
' Lease payments and'relatsd fees (Note 5E) 483.000
463,000
TOTAL REVENUES 2,283,201 , 916,507 3.1"1706
I
BVINDITURES: I
Interest and letter of crecit fees (Note 5) 743*763 - 743*763 fl
Housing and community development 2,983o836 ",9839836
Capital outlay - 1,116,208 1,118,208 I ,
Repayment of advances fro* City 67A,500 l 690_y7_�i� 2,,365,286
TOTAL ZIP ZVDITURES 1,418,2f3 `LMJ32 7,211,,095
EXCESS 0'i REVENUES OVER (UNDER)
EXPENDITURES 8551018 (4,876,325) 4,011,307)
OTHER y1MVCIW, SOURCES (USES)9
Advances from Cicy of Huntington Beach - 6,2360896 6,238,896
O (Mote 5)
Advances frog Public Financing Authority
14,869,123 14,86°,123
debt (Note 3)
Gain on sale of land _ 726,E64 ^ 726,864
TOTAL OTHER FINANCING SOURCES 211834,883 21,834,883
O . iXCESS OF REVENUES AND OTHER
SOURCES OVER RVINDITURES 665,018 16,9589558 17,923,576
FUND BALANCES - BEGINNING OF YEAR 2,,465,207 526662247 8,133_,454
FUND BALANCES - ENDING OF YEAR $ 3,3302225 $ 22,626,805 $25,957,030
I
C
See accountants' report and notes to financial statements.
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REDEVELOPAZ T AGEYC2 or THL
CITY OF HUNTINGTON BEACH
MOTES TO FINANCIAL STATEMENTS
June 309 1968
1. SIcNIPICANI ACCOUNTING POLICIES$
A. Basis of Accounting:
The modified accrual baets of accounting is followed by the
Redevelopment Agency of the City of Huntington Beach (the Agency). i
Revenue■ are recognized whit► they become measurable and available to
finance expenditures of the current period. Expenditures are recorded
st the time liabilities are incurred, except that principal and interest
payments on long-term debt are recorded as expenditures when► due. r-
B. Investments$
Investments are stated at cost, which was equal to market value at
June 300 1988. If market value declines below cost, no loss is recorded
if such declines are considered teoreorary. r+ ,
C. General Fixed Ansetss
The Agency has no capitalised general fixed assets. Project costs
Incurred such as roads and streets, curbs, gutters, drainage systems,
lighting systems and other similar project costs are recorded as
expenditures of the Capital Projects fund.
D. Financial Reportings
Total columns in the accompanying financSal statements are captioned
"Memorandum Only" to indicate that they are presented only to facilitate r- 1
financial analysis. The totals are not comparable to a consolidation in
that intesrfund elimination* Lave not been made in comb;:sing the data.
X. Budgetary Reportings
The budgets of the Agency are primarily "long-term" budgets which G'
a*hasize capital outlay plans extending over one year. Because of the
long-terms nature of redevelops+" projects, "annual" budget comparisons
are not considered meaningf• . ...a accordingly; no hudgetary information
is included in the accompanying financial statements.
F. Administrative and Overhead Chargehs
Pursuant to the California Community Redevelopment Law, Chaptcr 69
Article 2, Section 33610, a city may elect to allocate administrative
and overhead expenses to a redevelopment agency, either as a grant or a
loan. Daring the fiscal year ended June 30, 1988, the City of
Huntington Beach incurred certain salary and overhead expenses in behalf
of the Agency and elected to allocate these expenses to the Agency.
See accountants' report.
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REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NMS TO FINAACIAL STATEMENTS
(Continued)
June 30, 1988
2. DESCRIPTION OF FUNDS:
A. Debt Service Funds - Tax increment revenue and related interest incusce
are placed in these funds. The funds are than used to repay principal
and interest on indebtedness of the Agency. Any fund balance is
reserved for debt retirement. Under provisions of the Health and Safety
Code, sucl► a fund it; referred to as a "Special Fund".
S. Capital Projects Funds - A separate capital projects fund is used to
account for all revenues and expenditures, other than those related to
debt service of each project, including costs of sit* Improvements tad
an allocation at administrative expenditures incurred in sustaining
Agency activities. Under provisions of the Health and Safety Code such
a fund is referred to as a "Redevelopment Fund". :
C. Lease Payments Receivable and General Long-Term Debt Account Croup -
Agency debt which is not payable from currently held assets is recorded
' for memorandum purposes in this account group. As more fully described
at Pots 5, the terms of repayment on debt to the City are indefinite.
Thus, all debt to the City is classified as long-term, even though it
may be repaid shortly after balance sheet date. The account group is
also used to account for lease paywcnts receivable (See Note 5).
3. CASH AND IPVESVSNTB:
The following disclosures are made in accordance with GASB Statement No. 3s
Cash and investments at June 30, 1988 consisted of the foilowiags
Cash and investments $ 21,206,795
Cash with fiscal agent 682,806
Total 21,789,,601
The Agency's investments are categorized as follows:
market
C. Cost Value
Category 1: Insured or unregistered, or aeourit+.es
held by the Agency or its agent in the
Agency's name $ _ $ _
Category 21 Uninsured and unregistered with
securities held by the counterparty's
V trust department or agent in the
Agency's name -
Category 3: Uninsured and unregistered vita
securities held by the countexparty,
or by !.ts trust department or agent,
but not in the Agency's name 682,806 682,806
Cash and investments pooled with the City of
Huntington Beach 21,106,795 21,106,795
Total 21,789 6O1 yg, 21,789,601
U See accountants' report.
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REDEVEWPMUT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATMMTS
(Continued)
June 30, 1988
3. CASH AND INVESTMENTS (COhMNUED)s
Safekeeping ArransesentsI
First Interstate Bank acts as fiscal agent for the Certificates of
Participation holders and bolds all revenues received in trust. All
securities and demand deposits held by tr : trustee are in the trustee's name
and are held in their trust department.
The Agency does not own specifically identifiable securities in the City of
Suntington Beach Pool. r'
Alltcation of Interest Aaron& Funda:
Interest income is allocated monthly on tb* various funds based on the
moth-end cash balances. Interest income from restricted cash is recorded
directly in the fund earning the income.
See terse City of Suntingtom teach annual report as of and for the year ended
June 30, 1956 for additional CASE 3 disclosures ou investments. j
A. ORGANIZATION AND TAX INCM MWr FINANCIRG:
C.►
The Redevelopment Agency of the City of Huntington Beach was created by City
Council Ordinance Number 1785 adopted on January 1, 1967. The primary
purpose of the Agency is to encourage private redevelopment of property and
to rehabilitate those areas suffering economic disuse arising from pool and
Inadequate planning, inadequate street layout and street access, lack of
open space or landscaping, and provide Other improrements and facilities
necessary to establish and maintain the economic growth of the City.
The Agency's primary source of revenue comes from property taxes, referred
to in the accompanying financial statements as "tax increment revenue".
The assessed valuation of all property within the project area is determined G
on the date of adoption of the Redevelopment Plan.
Propert; taxes related to the incremental increase in assessed values after
the adoption of the Redevelopment Plan are allocated to the Agencyi all
taxes on the "frozen" assessed valuation of the property are allocated to
this City and other districts.
The Agency currently has five project areas and a low income housing
program* The Talbert-Beach project includes approximately 50 acres and its
anticipated land use is an industrial park. The Hain Pier project includes
approximately 300 acres within the downtown area adjacent to the pier
and beach. The anticipated land uses includes commercial, office and
See accountants' report.
s
M BEDEVELOMENT AGERCY OF THE
CITY OF HUNTINGTON BEACH
HOTLS TO FINANCIAL S'TATOLM
(Continued)
June 30, 19"
4. OW MIZATTiON AMD TAX INCRMNT FINANCIW- I (CONTIMED)s
residential mixed use projects And a variety of public facilities. The ;
Oskviev project, comprising 68 acres, includes tha Charter Centre Office i
building, a commercial and theatre complex and rehabilitation of existing
residential properties. The Yorktown-Lake project includes 30 acres of
single-family Lousing and public facilities. The Huntingtou CCAL:er project
provides parking and traffic circulation improvements.
r' S. CgAing IN tA=-TBRK DEBTS
• Met
Balance Additions Balance
July 1� . 1487 (ReoaLweSts) June 30, 1988
Dts to the City of Huntington
Beach And Public Financing
Authoritys
From sale of land to the
Agency by the City's Park
Acquisition and Development
Fund for $1,917,570 plus
interest &L 10% per an nem ; 2,807,551 ; (698,224) ; 2,1099327
From sale of land to the
Agency by the City's General
4'und for $4050536, plus
interest. at 10% per manust 593,745 59,375 633,120
From sale of land by the City
General Fund for 01,2289381
plus interest at 10% per
AUMM 1,226,361 122,838 1,351,219
Cask advances from the City's
General Fund plus accrued
interest at. 10% per sums 9,443,419 4,596,142 14,044,561
Cash advances from the
Q City's Other Grants Fund 1,064,483 - 1,064,483
Cash advances from the City's
Water Fund plus accrued
Interest at 10% per anus 144,900 1,114,490 1,259,390
Unpaid developers fees payable
to various City funds, to be
subsidized by the Agency
plus accrued interest at
10% per annum 835,298 88,527 923,825
a
See accountants' report.
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RIDiY6lAPl RYT AGENCY Cr TAg
CITY OF HURTINCTON BEACH
NOTES TO FIN.%NCIAL STATEMENTS
(Continued)
r
June 30, 1988
5, CHANGES IN LONG-TRIM DEBT (COMTINYMD)s
not
Balance Additions Balance
Jul 1, 1987 (� ) June_ 30, 1988
Crab advances from thx Public
li Finanring Authority in June
1956 totalling $149569,123
plus accrued interest of
$367,615 computed at �^
varying rALes $ - $ 15,2369733 $ 15,236,133
Cash advances from the Drainage
Fund totaling $250,000 plus
Interest of $25,000 computed
at I0x per annus ?75�D00 275,AO0
Total Aurount Due to the r'
City of Huntington beach
and Public Financing
Authority 16,122,777 209794,886 36,917,663
Amount due under "Owner
Participation Agreement"
(see Mate 7) 1,4089047 - 1,406,047 r+
Cat«ificates of Participation 4,600,000 - 4,600,000
Total Long-Tess Debt 22,130,824 ; 20,794,866 42,925.710
A. Since payment by the Agency to the City and Public Housing Authority on
the various transactions will be made from tax increment revenues in C
future rears, the debt is classified as long-term.
B. In 1994 the Agency sold 44,600,000 of Certificates of Participation at a
discount of $126,500 to finance the construction of the Eaereld Cove
seaior citizens housing project. The certificates bear interest at 9.5%
per anuum, which is payable semi-annually. Principal is payablr at
! maturity on May 1, 1994.
I
The land upon which the project was built was sold to the Agency by the
City. The City is leasing back the project and is operating it as an
enterprise. Lease payments, of $40,250, equal to interest and insurance
are payable monthly until the final payment, equal to principal of C
$4,600,000, is due May 1, 1994. The holders of the certificates have a
proportionate interest in the lease payments to be made by the City.
The certificates are secured by the land and Lhe buildings constructed,
an assignment of rents, and an irrevocable letter of credit issued by a
bank. A diseovit of $126,500 on the sale of the certificates is being
siortired through maturity. The unamortized discount at June 30, 1955 v
is $76,777.
See accountants' report.
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09 R1'VgVLsAPMZWr AGZVCY OF THE
CITY OF HUMTINGTON AZACM
NOTES TO nXiMCIAL STAT!?[BM
(Continued)
Joao 30, 19"
5. CHAMGES IN IAMC-TERN DENT (COMTIXWD)s
A The assets of the Emerald Cove Housing project are recorded by the City
and not the Agency, as the Agency is only involved in "pass-tbrougb"
ffaancing, except for the cash with fiscal agent of $682#506 which
ra;resents amounts reserved to pay the debt.
C. Below is a schedule of debt service requirements to maturity on the
Certificates of Participation$
Year
Ending
June 30, Pry 1 Interest Total
1986 ; - ; ; -
198S - 437,000 437,000
19" - 437,000 437,000
1991 - 437,000 437400
1992 437,000 437,000
1993 - 437,000 437,000
a 1994 4.600,000 400,583 5,0002533
Totals 4160OLOOO 21565,583 # 7,185,5S3
6. 1+OAH8-n-LMU REVENUE BOM t
0 The Agency bas issued through the City of Auntington Bescb Lofts-to-Lenders
Reveaae Ronde of 116,0000000 for the purpose of providing the issuer with
funds to make a deposit with Nome Federal Savings and Loan Association, San
Diego, California. The proceeds of the deposit have been to-sod by the Leader
to sake a mortgage loss to the developer at the Huntington Breakers
Apartment Project. These Bonds are not an obligation of the Agency or City,
0 and are payable solely from the deposit and certain other funds, all pledged
under the indenture. Accordingly, the bonds are not reflected lu the
accompanyiug financial statemats.
7. OVM PARTICIPATION ACREIOMNTt
G The Agency and City have entered into an agreement with the owner-developer
of the .barter Centre Project in the Oakview Redevelopment Project Area,
whereby the Agency purchased capital improvements from the owner in the
emount of $1,408,047. Under this agreement, the City has deferred its
receipt of normal building permit, plan check and similar fees which would
be payable from the Charter Centre construction. The Agency has agreed to
:> be responsible to make payment of these fees to the City, constituting an
See accountants' report.
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UDZVI.Lr PPM�OT AGZ116CCY 0? THZ
CITY O pM►NGTON BFAC9
NOTLS TO UNCIAL STAl.!WrS
(Continued)
r
June 30, 1988
7, O6i1 ZR PARTICIPATION AGIEDU NT (C)IITINW-D)s
Agency debt. (See Note 5). The developer Will repay this sdvaree of fees ..
to the Agency over five years including interest at ill.. The Agency, in
turn, is obligated to pay the developer from tax increment revenues the
lesser of 65% of the tax increment revenuer attributable to the Charter
Centre for the first 10 years after the .issuance of a Certificate of
Occupancy, or the purchase prig of $436,930 :xd the cost of isiprovesysnt•
plus interest At 111, per annun, r"
The Agency has the right to offset the deferred development feet described
•bawe against the amounts due to Noss Development Corporaiton for the public
improvements and right of way. Oa July 1, 1957 the Agency paid $125,000 to
nstallment a •ent. The amount
lbls Development Corporation as the first i P yI-�
represented interest on tte $1,406,047 cost of public improvements and right
of way.
on July 6, 1988. subsequent to yearend, the City and Nola Development
Corporatioa entered into agreement which discharged the prior financial
commitments of both the City and the Agency (see Note 10).
g, COMTIN{�>MCY:
Commencing with fiscal year 1990^91, and each year thereafter, the
Redevelopment Agency will pay the Orange County Superint"dent of Schools
one-fourth of the tax increment revenues received by the Huutingtoa Center
MWevelopmeut project Area. `~
9. RESERVZSI
Under generally accepted accounting principles, a Muicipal entity may set
Grp "rese"es" of fund equity to segregate fund balances which ass got
appropriable for expenditure in future periods, or which are legally set
aside for a specific future use.
Reserved for Debt Service
This reserve sets aside fund balance to east debt service for long-term debt
(See ]tote 5).
Reserved for Low Insure 60u010
This reserve represents 20% of tax :Ovtnuc increment received to be set
aside to finance low income housing, as per California, State Health and
Safety Code Section 33334.2.
See accountants' report.
V
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REDEMOPMENr AGENCY OF Tins
CITY OF OtMTIWTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
04 June 309 1980
9. RESERVES (OWTIMMD)s
Reserved for Capital projects
These funds are reserved for future capital improvements of the Agency.
Reserved for Land Held for Resale
,y T'be reserve represents laird bald b7 the Agency that is legally committed for
resale, and will not be converted into cash or ocher liquid assets soon
anough after year *ad to be considered "available" to neat current
expenditures.
10. WBSWMWr Wwr8s
On Julr fi, 1988, the Redevelopment Agency and !loth Develo- poratton
awed on terms that satisfied the Owner Participarlo4 Agr:._weut which
originated in 1963. The terms of the agreement are described in Note 7. The
asreed upon payment for the construction of right-of-t- - and public
improvements was ;1,200,000 which mass paid on July 79 1986. am agreed upon
aswmt of deferred development fees due to Clio Ctty was $300,000. Kola
advanced the Agency $100,000 on July 7, 1988 for its first installment on
the deferred development fees. The bslance of 4200,000 will be paid in
three installments of $81,G43 beginning Jane 30, 1939 at 11% interest. Both
the Agency *" Nola agreed that this would satisfy all financial terms of
the Ow Participation Agreeirrmt,
t7
See sccountante" report.
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REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING HALANCE SHEET
ALL DEBT SERVICE PODS
-e 30, 1948
Talbert -
Beach r,
Pro ect
ASSETS
Cash and investments ; 268,706
Cash with fiscal agent 682,80
Interest receivable 7,492
Taxes receivable 9,712
TOTAL ASSETS 968 7i8
! LIABILITIES AND FUND BALANCES �
i
i LIABILITIES -
r
FUND BALANCM
Reservsd for debt service 968,716 r,
TOTAL LIABILITIES AND FUND BALANCES 966 7I8
I
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See: accountants' report.
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Main - 4orktown - Huntington
Pier Oskyiew Lake Center
_Project Protect Pr2ject Project Totals
# $600388 # 543,352 120,901 # 726,285 # 29527,634
- - "2,806
4,515 2,989 777 3,617 19,390
18,745 8.977 62,961 100,395
883 648 546 341 116 55 792 863 ; 3,330,225
I0
#
0 983,648 546,341 138,655 7922 J63 3,330,223
aa3 648 ; 546.341 8 138,655 $ 792,863 #,3.330,2:.S
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{'.. +ow
RZD'E'VZL0nMRr AGENCY OF THE r
CITY OF HUNTINGTON BEACH
COMBINING STATDMNT OF REVENUES, EXPFMITURL'S AWD
CHANGES IN FUND RALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1988 `
Talbert -
Beseb
Project f
REVINUSs
rro"rty tares 133,60e
Tro■ use of wnt7 sad proparty 17,607
Leave paywants and related fames 403,000
7ntereat Income 641558
TWAL REVENUES 698,773
EXrMITURU s
Project inprovemats 135,763
Interest and letter of credit fees 4839000
Xepaynaat o sdvance.; from City 100,000
TOrAL MUFMITURES 718,763
EXCESS OV REVENUE OVxt (UNDER) EXPEUDITURES (19,99G)
T!'7MD NAi.L WEB - JM-Y 1, 1"7 988,70# �
?WD BALAMCES - JUN 309 1988 968,718
C
r
i
See secouutants' report.
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"ALL - Yorktown - Huntington
Pier Oakview Lake Center
Project Protect Pro ect Pr_ oieet Totals
369,681 4 280,000 790,009 19373,300
55,146 42,002 3,160 44,508 162,423
- - - - 483,OW
_
424,829, 322,002 3.160 04,517 2.283.281
- - - - 135,763
n - 125,000 - - 608,000
_, 574,500 674,,500
� - 125,000 000 � - 574,500 1 L4�63
424,829 197,002 3,160 260,017 865,018
d 458,819 349,339 y 135,495 532,846 2,465,207
863 640 LIL6j 341, $ 138S655 8 792,863 3 330 225
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RED6VEIA1 Mirr AGENCY or ra
CITT OF HUNT'INGTON BEACH
COMBINING BALAACL SHEET
ALi• CAPITAL PROJECT FUNDS
June 30, 1988
Talbert -
Beach r
Project
ASSETS
Cash and investments 1,249,165
Taxes receivable -
Interest receivable 40069
Land held for rssalR -
TOTAL ASSETS 1,253,234
LIABILITIES AND FUND BALANCES
LIABILITIEO:
Accounts parable $ 17,559
Accrued payroll 829
Note payable r
TOTAL LIABILITIES 18,388
rUWD BALANCLSt
Reserved for low-income housing -
Reserved for capital projects 10234,846
Reserved for land held for resale
TOTAL FUND BALANCED 1,234,846
TOTAL LIABILITIES AND FUND BALANCES 1,12233 234
See accountsints' rcpar t.
lot
P►
Main - Yorktown - Huntington LOW
Pfer Oakviev Lake Center IncMe
Project Froject Project Project Housing Total
4,767,097 2,989,675 91,091 $ 5,773,199 $ 30705,934 $ 10,5792161
- - - - 23,621 23,6.21
22,755 15,356 856 23,973 15,563 82,574
2.156,793 395,1.85 - 2,302,133 - 4. 5 .111
$ 6,946,645 $ 3,400,218 I91,947 $ 8,099,305 f 3 74b 118 0 23,539,467
r1
$ 60,125 $ - $ - $ - $ 420 $ 78•1Q4
8,164 2,460 422 4,2,85 561 16,841
$17.717 - 317,717
886,026 2,460 422 4,385 981 9122662
- - - - 3,747,137 3,747,137
3,9039826 3,002,573 91,525 5*792,787 - l4o025,557
2,156,793 393-183 - 2,302,133 - 4,854,111
6L0602619 3,397,758 91,,525 61094,920 3,747,137 22,6262805
f 6.946.645 $_3,400,218 j 91,947 $ 8,099,305 3,745,,118 23,539,467
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I
RtLEVEIA"M T AGENCY OF THE
CITY OF NUKTINGTON SEWN
COMBINING STATEMENT OF REVENUES* 901ENDiTURZ5 AND
CHANGES IN FUND BALANCES - ALL (APITAL PROJECT FUNDS
For the year ended June 30, 1983
Talbert -
Beach
Project r
REYENUlf,B:
Tax Increment revenue ;
Prow use of money and property _l2�279
TOTAL NZV PLIES 12.279
l�PIJIDIT(J1tES r
Rousing and cowrunity development 155,6b5
Capital wstlay -
Repayment of advances ---1,i690,J"
TOTAL EUWMITUSES 1,8461456 r
IMC355 OP REVENUES ova (UNDER) un"ITURP.S (1�834,177)
OTHER FINANCING SOURCES:
Advances from City of AuntinSton Beach 137,103
AeNTances from Public FLusucin5 Authority 973,583
Cain an sale of land , 726,,864
TOTAL OT3ER FZXANCING SOURCES 1,837,232
EXCESS OF XWENVES AND OMA SOURCE
OVER EXPENDITURES 3,375
FUND BAIA= - JULY 1, 1957 1,231,471
FWM EALAPZ JUKE 30, 1955 ; 1,234J146
� r
See'accountants' report.
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Main - Yorktovu - Huntiu$tan Lov
A Pier Oskvlew Lake Center Income
Project— P_co;ect y Project Project Nour",$,,, Total
3930325 # 3939325
291,456 $9,519 12,483 70.703 46,742 523,182,
2911,456 89,519 12,463 70,703 440,067 916,507
1,"3,252 675,258 85,391 391,665 329462 2,963,836
1,116,532 - 1,676 - 1,118,208
- - 1,690,788
..�...
2,1i 7a4 675,256 85,391 393.451 32,462 5,792,$32
2,4631328 (585.739) (7 2,906) (3_22,,7.75) 407,605 (4,8760325)
.-, 4,281,782 938,027 123,483 758,494 - 6,238,896
2,707,016 2,478,875 - 5,735,621 2,973,825 14,$69,123
- - - 726.864
6,958,798 3,416,"5 123,488 6,494,315 2,973,825 21,834,883
� 49520,470 2,631,166 500580 6,171,537 3,38i,4.30 16,958,558
,ter 1,540,149 566,592 40,945 1,923,333 365,707 53668,247
, 6.660,619 ; 3,397,758 91.525 L 8,094�920 3,747,137 # 22,626,$05
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UMYMOMffWr AGENCY OF ?HP
CITY or MurnIrCrou BLACK
ACC0UlvTANTS' REPORT 05 COMnIMCE WITH AUDIT (WIDELI.MI S
FOR CALIFOIXIA RgD9VEL0PHENT ACSWILS
r^
SeptesWr 9, 1988
Tn connection with our axaaination of the financial atatarente of the Huntington
Desch Redevelopment Agency as of and for the year ended .Tone 30, 1958, we hate
performed, to the extent a.tTlicable, the tasks contained in Section I through o
of the "Guideliaos for Compliance Audits of California Redevelopment Agenciesr
published by the State Controller.
Dosed on the above procedures, we are of the opinion that the Agency complied in
all material respects with criteria established in the State Controller's r,
guidelines referred to sbovc.
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