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HomeMy WebLinkAboutRedevelopment Agency Financial Statement - June 30 1982 - ArCITY OF HUNTINGTON BEACH State. or California HUNTINGTON BEACH REDEVELOPMENT -AGENCY FINANCIAL STATEMENTS June 30, 1982 VAULT �Py 41 aTy CLERK'S COPY 1 1 1 1 A:TH RY II. ARTHUR YOUNG & COMPANY SUITE 900 3200 PARK CENTER DRIVE P. O. BOX 2410 COSTA MESA, CALIFORNIA 92626 Honorable City Council City of Huntington Beach, California 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, 1982 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 connection with 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 finacial, ' compliance and program evaluation report to the State Department of Housing and Community Development. No ' such report the City of was submitted Huntington by the Redevelopment Agency of Beach for the year ended June 30, 1981. In connection with our examination, except for the matter discussed in the preceding paragraph, nothing came to our attention that caused us to believe that the Redevelopment Agency ' was not in compliance with the Community Redevelopment Law of California. However, it should be noted that our examination was not primarily directed at obtaining such knowledge. ' This report does not modify our report dated September 16, 1982 on the financial statements of the Redevelopment Agency of the City of Huntington Beach for the year ended June 30, 1982. 4& September 16, 1982 ETTI;TIRM ARTHUR YOUNG & COMPANY SUITE 900 3200 PARK CENTER DRIVE P. O. BOX 2410 Honorable City Council COSTA MESA, CALIFORNIA 92626 City of Huntington Beach, California: We have examined the accompanying balance sheet of the Redevelopment Agency of the City of Huntington Beach at June 30, 1982 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, accordingy, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the.statements mentioned above present fairly the financial position of the Redevelopment Agency of the City of Huntington Beach at June 30, 1982 and the results of 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 16, 1982 9 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Balance Sheet June 30, 1982 Redevelopment Long -Term Assets Projects Fund Debt Total (Memo Only) Cash and term deposits $177,071 $ -- $177,071 Due from other entities 2,259 -- 2,259 Amount to be provided for retirement of long-term debt -- 184,150 184,150 Total assets $179,330 $184,150 $363,480 Liabilities and Fund - Balance Accrued expenses $3,045 $ -- $ 3,045 Due to the City of Huntington Beach -- 184,150 184,150 Total liabilities 3,045 184,150 187,195 Fund balance: Reserve for encumbrances 168 -- 168 Undesignated 176,117 -- 176,117 Total fund balance 176,285 -- 176,285 Total liabilities and fund balance $179,330 $184,150 $363,480 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, 1982 Revenue - interest $ 29,746 Expenditures - administration and contract services 60,879 Excess of expenditures over revenues 31,133 Fund balance, July 1, 1981 207,418 Fund balance, June 30, 1982 $176,285 See accompanying notes to financial statements. REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Notes to Financial Statements June 30, 1982 (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. Although there is no maturity date on the long-term debt at June 30, 1982 the City does not expect to call the debt in the next fiscal year. The accounting policies followed by the Agency conform to generally accepted accounting principles. The following summarizes significant policies: Basis of Accounting The Redevelopment Projects Fund is a governmental fund type which is accounted for using the accrual basis of accounting. 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.