HomeMy WebLinkAboutMINUTES - 03051996 - C46 Contra
TO: REDEVELOPMENT AGENCY • � r Costa
FROM: Phil Batchelor County
J
Executive Director cu?�4
DATE : March 5, 1996
SUBJECT: Acceptance of 1994-95 Audit Report
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ACCEPT the June 30, 1995 Audited Financial Statements of KPMG Peak
Marwick.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Redevelopment Agency is required to have an annual audit of its
financial records . '
CONTINUED ON ATTACHMENT: YES SIGNATURE :
RECOMMENDATION OF EXECUTIVE DIRECTOR REC DATION AGENCY CO ITTEE
APPROVE OTHER
SIGNATURE (S) :
ACTION OF AGENCY ON March 5 , 1996 APPROVED AS RECOMMENDED x OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT 3 ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
646-4076 ATTESTED March 5 , 1996
cc: Community Development PHIL BATCHELOR,
CAO AGENCY SECRETARY
Auditor-Controller
County Counsel
. BY40� � , DEPUTY
DS:1h
donVanreprt.bos
CONTRA COSTA COUNTY
REDEVELOPMENT AGENCY
(A Component Unit of the County of Contra Costa)
Combined Financial Statements
and Supplemental Schedule
June 30, 1995
(With Independent Auditors' Reports Thereon)
Peat Marwick LLP
One Kaiser Plaza
Oakland, CA 94612
Independent Auditors' Report
To the Directors of the Contra Costa
County Redevelopment Agency:
We have audited the accompanying combined balance sheet of the Contra Costa County
Redevelopment Agency (the Agency),a component unit of the County of Contra Costa,as of June 30,
1995 and the related combined statement of revenues,expenditures and changes in fund balance for
the year then ended. These combined financial statements are the responsibility of the Agency's
management. Our responsibility is to express an opinion on these combined financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the combined
financial statements are free of material misstatement. An audit includes examining,on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion,the combined financial statements referred to above present fairly, in all material
respects,the financial position of the Agency as of June 30, 1995 and the results of its operations for
the year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an,opinion on the combined financial statements
taken as a whole. The combining financial statements and supplemental schedule are presented for
purposes of.additional analysis and are not a required part of the combined financial statements of the
Agency. Such information has been subjected to the auditing procedures applied in the audit of the
combined financial statements and, in our opinion, is fairly presented in all material respects in
relation to the combined financial statements taken as a whole.
10
November 3, 1995
HOME1
Member Firm of
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combined Balance Sheet
June 30, 1995
Governmental Fund Types General
Long-Term Totals
Obligations (Memo-
Capital Special Debt Account randum
Assets and Other Debits Projects Revenue Service Q1 9-U-2 Only)
Cash and investments $ 10,179,396 234,542 - - 10,413,938
Cash held by County Treasurer 4,785,165 975,002 997,398 - 6,757,565
Restricted cash 8,950,414 - - - 8,950,414
Accrued investment income 93,340 6,546 216,904 - 316,790
Due from Contra Costa County 199,976 275,490 - - 475,466
Prepaid expenses and deposits - 209,100 - - 209,100
Investments-land held for sale - 2,189,460 - - 2,189,460
Amount to be provided for
retirement of long-term debt - - - 31,279,824 31,279,824
Amount available in debt service fund 357,176 357,176
Total assets and other
debits $ 24,208,291 3,890,140 1,214,302 31,637,000 60,949,733
Liabilities and Fund Balance
Liabilities:
Accounts payable and
accrued liabilities 26,735 280,880 - - 307,615
Due to Contra Costa County 310,180 74,707 53 - 384,940
Accrued interest - - 857,073 - 857,073
Advances from Contra
Costa County - 2,177,000 - 1,122,000 3,299,000
Note payable - - - 1,200,000 1,200,000
Bonds payable - - - 29,315,000 29,315.000
Total liabilities 336.915 2.532.587 857,126 31,637.000 35,363,628
Fund balance:
Reserved for:
Land held for sale - 2,189,460 - - 2,189,460
Encumbrances 143,034 947,363 - - 1,090,397
Prepaid expenses and deposits - 209,100 - - 209,100
Debt service - - 357,176 - 357,176
Restricted cash 8,950,414 - - - 8,950,414
Unreserved:
Designated 14,777,928 887,373 - - 15,665,301
Undesignated(deficit) - (2.875,743) - - (2.875,743)
Total fund balance 23,871.376 1,357,553 357,176 - 25,586.105
$ 24,208,291 3,890,140 1,214,302 31,637,000 60,949,733
See accompanying notes to combined financial statements.
2
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combined Statement of Revenues,Expenditures
and Changes in Fund Balance
Year ended June 30, 1995
Totals
(Memo-
Capital Special Debt randum
J!Wjects Bever Service Only)
Revenues:
Property tax increment $ 2,407,951 1,019,869 1,543,100 4,970,920
Aid from other governmental agencies - 561,746 - 561,746
Use of money and property 989,111 75,463 572,241 1,636,815
Other revenue 53.048 1.000 54.048
Total revenues 3.450.110 1.658.078 2.115.341 7.223.529
Expenditures:
Purchase of property 185,000 368,541 - 553,541
Project improvements 1,594,647 1,338,471 - 2,933,118
Relocation and acquisition 46,685 131,549 - 178,234
Planning,survey and design 98,830 - - 98,830
Professional services 99,954 14,500 - 114,454
Administration 526,516 1,406 511 528,433
Fiscal agreement passthroughs 466,912 - - 466,912
Educational revenue augmentation fund 135,894 - - 135,894
Office furniture and equipment 11,592 - - 11,592
Operation and management of property 45,614 - - 45,614
Fee refund 81,400 - - 81,400
Debt service:
Interest on bonds and note - - 2,170,508 2,170,508
Decline in value of land held for sale 2.102.278 2.102.278
Total expenditures 3.293.044 3.956.745 2.171.019 9.420.808
Excess(deficiency)of revenues
over(under)expenditures 157.066 S, .292 8.667) (55.678) X2.197.279)
Other financing(uses)sources:
Operating transfers(out)in (184,844) (101,767) 286,611 -
Repayment of advances (300.000) - - (,300.000)
Total other financing(uses)sources (484,844) (101,767) 286,611 (300,000)
(Deficiency)excess of revenues and
other financing sources(under)
over expenditures and other
financing uses (327,778) (2,400,434) 230,933 (2,497,279)
Fund balance at beginning of year 24.199.154 3.757.987 126.243 28.083.384
Fund balance at end of year $ 23,871,376 1,357,553 357,176 25,586,105
See accompanying notes to combined financial statements.
3
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Notes to Combined Financial Statements
June 30, 1995
(1) Activities of the Contra Costa County Redevelopment Agency
The Contra Costa County Redevelopment Agency(the Agency) was created on December 6,
1983, for the purpose of redeveloping certain areas of Contra Costa County(the County),
designated as project areas. Currently, the members of the County Board of Supervisors serve
as the Agency directors.
The principal sources of funding for the Agency's activities are:
• Property tax revenue attributable to increases in assessed valuations in the project areas.
• Proceeds from issuance of debt.
• Advances and loans from the County.
• Development fees for services provided to developers in the project areas.
The Agency has ongoing projects in Pleasant Hill, Bay Point(formerly West Pittsburg),North
Richmond, Oakley and Rodeo.
The accompanying combined financial statements are included as a blended component unit of
the County's Comprehensive Annual Financial Report.
(2) Summary of Significant Accounting Policies
The significant accounting policies of the Agency used in preparation of the accompanying
combined financial statements are as follows:
(a) Basis of Presentation—Fund Accounting
The accounts of the Agency are organized into funds and an account group,each of which
is considered to be a separate accounting entity. The operations of each fund are accounted
for within a separate set of self-balancing accounts that comprise its assets, liabilities,
reserves, fund balance, revenues and expenditures. The following funds and account group
are used by the Agency:
Capital Projects Funds are used to account for financial resources designated for the
acquisition or construction of land and capital facilities or significant repairs or
improvements thereto.
Special Revenue Funds are used to account for the financial resources designated for
the improvement of targeted low to moderate income housing areas.
(Continued)
4
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Notes to Combined Financial Statements
(2) Summary of Significant Accounting Policies, Continued
Debt Service Fund is used to account for the accumulation of resources for,and the
payment of, general long-term debt principal, interest and related costs.
General Long-Term Obligations Account Group accounts for the Agency's long-term
obligations and are expected to.be financed from future tax revenues anticipated to be
realized by the Capital Projects Funds.
(b) Basis of Accounting
The Agency follows the modified accrual basis of accounting whereby revenue is recorded
when cash is received, except for revenue susceptible to accrual(that is,measurable and
available to finance the Agency's operations), and expenditures,other than interest on
long-term obligations,are recorded as the liabilities are incurred,if measurable. Interest on
long-term obligations is generally recognized when paid. However,where resources have
been provided during the current year for payment of interest due early in the following
year, the expenditure and related liability are accrued.
(c) Project Expenditures
Project expenditures, including acquisition of real property, site clearance and project
improvements, are charged to expenditures when incurred.
(d) , Property Tax Increment
California Redevelopment Law provides a means for financing and refinancing
redevelopment projects based upon the allocation of taxes collected within a project. The
assessed valuation of a project prior to adoption of the redevelopment plan,or base roll, is
established and,except for any period during which the assessed valuation drops below the
base roll, the taxing authorities thereafter receive the taxes produced by the levy of the
current tax rate upon the base roll. Property taxes collected upon an increase in assessed
valuation over the base roll are called tax increments. Each year the redevelopment project
receives this incremental amount. The Agency has elected to pass through a portion of its
annual tax increment to various special districts under agreements with those districts. The
annual tax increment may be pledged by a redevelopment agency for the repayment of
indebtedness incurred in financing or refinancing the project. Incremental property taxes
are recognized as revenue when claimed and available from local taxing authorities.
(Continued)
5
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Notes to Combined Financial Statements
(2) Summary of Significant Accounting Policies,Continued
(e) Encumbrances
Encumbrance accounting, under which purchase orders,contracts and other commitments
for the expenditures of monies are recorded in order to reserve that portion of the applicable
appropriation, is employed by the Agency. Encumbrances outstanding at year-end are
reported as a reservation of fund balance since they do not constitute expenditures or
liabilities.
(f) Budgetary Data
The Agency operates on a project basis. Annual budgetary data is not presented as it would
not provide a meaningful comparison to actual revenues and expenditures.
(g) Unreserved—Designated Fund Balance
The Agency designates portions of unreserved fund balance for all project areas except for
Pleasant Hill BART and North Richmond in the Special Revenue Fund because these
project areas have an overall fund deficit.
(h) Totals(Memorandum Only)Column on Combined Balance Sheet
The"Totals"column on the combined financial statements is presented only to facilitate
financial analysis. Data in this column does not present financial position or results of
operations in conformity with generally accepted accounting principles nor is such data
comparable to a consolidation since interfund eliminations have not been made.
(3) Cash and Investments
The Agency's cash held by County Treasurer is pooled and invested by the County Treasurer for
the purpose of maximizing investment earnings. As permitted by the Government Code,
depositing entities may direct the County Treasurer to make specific investments separate from
the pool. Statutes authorize the County to invest in obligations of the U.S.Treasury,federal
agencies, municipalities,commercial paper rated A-1 by the Standard&Poor's Corporation or
P-1 by Moody's Commercial Paper Record, bankers' acceptances,repurchase agreements or
reverse repurchase agreements.
(Continued)
6
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Notes to Combined Financial Statements
(3) Cash and Investments, Continued
Governmental Accounting Standards Board Statement No. 3 requires that governmental entities
categorize their investments to give an indication of the credit risk assumed by the entity.
Investments not evidenced by securities that exist in either physical or book entry form are not
categorized.
Carrying Market
Category amount value
U.S. Government securities 1 $ 6,274,518 6,294,794
Money market pool — 4,139,420 4,139,420
$jO,413,938 10,434,214
The Agency's investment in securities is considered to be Category 1 which means they are
insured, or securities are held by the Agency or its agent-in the Agency's name. Investments are
stated at cost or amortized cost.
The Agency also has restricted cash related to bond proceeds of$8,950,414. Of these proceeds;
$6,780,000 is held in escrow(see note 7). The remaining$2,170,414 represents cash held in
trust. Restricted cash is invested in guaranteed investment contracts.
(4) Investments—Land Held for Sale
The Agency has land held for sale in the Pleasant Hill BART and Bay Point project areas. The
land is recorded at appraised value which is lower than cost. During the year ended June 30,
1995, land held for sale was decreased$2,102,278 as a result of a permanent decline in market
value.
(5) Relationship with Contra Costa County
The Agency and the County are closely related but separate legal entities. The Agency does not
have any employees and does not have facilities separate from the County. Therefore, a portion
of the Agency's expenditures represents services provided to the Agency by the County. In
addition, the County performs project improvements, provides administrative services for
projects,and provides operating transfers and advances. For the year ended June 30, 1995,the
Agency paid approximately $1,671,000 to the County for administrative services incurred by the
Agency.
(Continued)
7
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Notes to Combined Financial Statements
(6) Advances from Contra Costa County
Advances from the County recorded in the Special Revenue Fund represent$2,127,000 received
for the purchase of land held for sale and$50,000 received for specific project costs.
Repayment of the$2,127,000 is expected to be made with proceeds from the sale of such land.
Repayment of the $50,000 will be made when sufficient tax increment funds become available.
No interest is charged on these advances to the Agency.
Advances from the County recorded in the General Long=Term Obligation Account Group at
June 30, 1995 represent$1,122,000 received to finance operations and improvements not
associated with specific projects. This amount includes unpaid interest on those advances.
Expenditures for interest on this advance are recorded in the period in which the payments are
made. Repayment of the advance and interest will be made when sufficient tax increment funds
become available.'During the year ended June 30, 1995,the Agency paid$300,000 in principal
and no interest on the advance.
The pledge of tax increment funds to the County is subordinated to any such pledge of funds that
the Agency makes in connection with the sale of bonds, notes or similar Agency obligations.
(7) Note and Bonds Payable
On March 25, 1992, the Agency borrowed$1,200,000 from a commercial savings bank to
purchase land in the project areas. The note bears interest at 9%per annum and required two
years prepaid interest at the closing of the note. Subsequent interest payments are due annually.
The note is secured by real property and is due on February 1, 1997, with the possibility of
extending this date beyond 1997.
On May 15, 1992, the Agency issued$29,315,000 in Tax Allocation Revenue Bonds with an
average interest rate of 7.02%. The proceeds were used to fund on-going project expenditures
and to defease certain tax anticipation notes, which have since been retired. Principal and
interest is due annually beginning August 1, 1995 and matures August 1,2023.
(Continued)
8
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Notes to Combined Financial Statements
(7) Notes and Bonds Payable,Continued
Following is a schedule of debt requirements to maturity for the note and bonds payable
including a redemption of proceeds made subsequent to June 30, 1995 (note 10)and excluding
advances from Contra Costa County:
Fiscal year ending Note Bonds
June 30 payable payable Redemption Total
1996 $ — 310,000 (15,000) 295,000
1997 1,200,000 330,000 (20,000) 1,510,000
1998 — 350,000 (20,000) 330,000
1999 — 370,000 (20,000) 350,000
2000 — 390,000 (20,000) 370,000
Thereafter — 27,565,0006 6( , 85,000) 20,880,000
$ 1,200,000 29,315,000 67( 80,000) 23,735,000
The Agency has complied with all significant covenants of the bond indenture.
(8) Educational Revenue Augmentation Fund
As a result of the 1992 Califomia.State Budget Act, Senate Bill 844 was passed requiring the
Agency to participate in a shift of property tax revenues to schools and community colleges. In
accordance with this requirement, the Agency deposited$135,894 in the Educational Revenue
Augmentation Fund(ERAF) in April 1995.
(9) Commitments and Contingencies
(a) Public Liability
The Agency, as a component unit of the County, is included as part of the County's
self-insurance program for public liability. As such, the Agency is obligated to reimburse
the County for the unfavorable outcome of any claims paid on behalf of the Agency. At
June 30, 1995,there are no significant claims outstanding in the self-insurance program for
which the Agency is obligated.
(Continued)
9
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Notes to Combined Financial Statements
(9) Commitments and Contingencies, Continued
(b) Redevelopment Plan Requirements
Effective January 1, 1995,the State legislature passed Assembly Bill 1290(AB 1290).
This legislation imposes several new requirements on redevelopment agencies and permits
the establishment of new time limits for the issuance of debt,plan termination,and the
collection of tax increment. The Agency amended its redevelopment plan during the year
ended June 30, 1995 to be in accordance with these requirements.
As part of AB 1290, the Agency is required to report any "excess surplus"to the Federal
Department of Housing and Community Development. An excess surplus exists for a
fiscal year if the unencumbered balance at year-end in the Agency's Low and Moderate
Income Housing Fund exceeds the greater of$1 million or the aggregate amount of tax
increments deposited into this fund during the preceding four fiscal years. If any excess
surplus is not spent or encumbered within three years it must be transferred to the County's
housing authority. The Agency did not have any excess surplus housing funds for the fiscal
year ended June 30, 1995,based on calculations by the Agency's management.
(10) Subsequent Events
On July 17, 1995,the Agency borrowed$1,645,000 from the County of Contra Costa Public
Financing Authority, a joint powers authority organized and existing under the laws of the State
of California,to fund ongoing costs for the North Richmond project. Principal will be paid
annually beginning August 1, 1996 and maturing August 1,2025.
On August 1, 1995, the Agency redeemed$6,780,000 of the Tax Allocation Revenue Bonds
with proceeds held in escrow. The redemption was made because of a delay in a project, which
the proceeds would have funded.
10
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combining Balance Sheet
Capital Projects Funds
June 30, 1995
Pleasant Bay North
Assets Hill BART Point Richmond Oakley Rodeo Total
Cash and investments $ 6,591,014 741,820 627,362 2,219,200 — 10,179,396
Cash held by County
Treasurer 2,675,176 738,569 59,795 1,186,069 125,556 4,785,165
Restricted cash 8,399,964 209,981 93,491 246,978 — 8,950,414
Accrued investment income 74,570 4,367 7,083 6,406 914 93,340
Due from Contra Costa
County 53.620 29.029 52.918 44.106 20,303 199.976
Total assets $ 17,794,344 1,723,766 840,649 3,702,759 146,773 24,208,291
Liabilities and Fund Balance
Liabilities:
Accounts payable and
accrued liabilities 13,555 2,983 — 3,060 7,137 26,735
Due to Contra Costa
County 24.814 34.070 205.807 29.653 15.836 310.180
Total liabilities 38.369 37.053 205.807 32.713 22,973 336.915
Fund balance:
Reserved for:
Encumbrances 1,097 18,444 7,262 31,051 85,180 143,034
Restricted cash 8,399,964 209,981 93,491 246,978 — 8,950,414
Unreserved:
Designated 9.354.914 1.458.288 534.089 3.392.017 38.620 14.777.928
Total fund balance 17.755.975 1.686.713 634.842 3.670.046 123.800 23.871.376
$ 17,794,344 1,723,766 840,649 3,702,759 146,773 24,208,291
11
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Capital Projects Funds
Year ended June 30, 1995
Pleasant Bay North
Hill BART Point Richmond Oakley Rodeo Total
Revenues:
Property tax increment $ 633,224 539,864 159,440 770,539 304,884 2,407,951
Use of money and property 672,776 102,163 35,574 165,089 13,509 989,1.11
Other revenue 53.033 15 53.048
Total revenues 1.359.033 642.042 195.014 935.628 318.393 3.450.110
Expenditures:
Purchase of property - 185,000 - - - 185,000
Project improvements 212,153 756,142 259,985 90,409 275,958 1,594,647
Relocation and acquisition 17,896 27,939 850 - - 46,685
Planning,survey and design 13,795 14,173 3,137 45,976 21,749 98,830
Professional services 46,919 11,330 24,109 9,623 7,973 99,954
Administration 162,006 97,991 83,403 100,506 82,610 526,516
Fiscal agreement passthroughs 82,955 143,730 - 190,321 49,906 466,912
Educational revenue
augmentation fund 104,282 19,913 2,739 8,960 - 135,894
Office furniture and equipment 3,089 3,643 609 3,643 608 11,592
Operation and management
of property 45,510 104 - - - 45,614
Fee refund 81.400 81.400
Total expenditures 770.005 1.259.965 374.832 449.438 438.804 3.293.044
Excess(deficiency)of
revenues over(under)
expenditures 589.028 (617.9231 (179.8181 486.1901( 20.411) 157.066
Other financing uses:
Operating transfers out (184,844) - - - - (184,844)
Repayment of advances (300,000)
Total other financing uses (484,844) - - - - (484,844)
Excess(deficiency)of
revenues over(under)
expenditures and other
financing uses 104,184 (617,923) (179,818) 486,190 (120,411) (327,778)
Fund balance at beginning of
year 17.651.791 2.304.636 814.660 3.183.856 244,211 24.199.154
Fund balance at end of year $ 17,755,975 1,686,713 634,842 3,670,046 123,800 23,871,376
12
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combining Balance Sheet
Special Revenue Funds
June 30, 1995
Pleasant Bay North
Assets Hill BART Point Richmond Oakley Rodeo Total
Cash and investments $ - 154,843 36,488 43,211 - 234,542
Cash held by County
Treasurer 920 318,158 - 416,051 239,873 975,002
Accrued investment income 86 2,139 240 2,813 1,268 6,546
Due from Contra Costa
County 140 5,247 258,063 8,820 3,220 275,490
Prepaid expenses and deposits - - 209,100 - - 209,100
Investments-land held
for sale 2,000.000 189.460 - - - 2,189,460
Total assets $ 2,001,146 669,847 503,891 470,895 244,361 3,890,140
Liabilities and Fund Balance
Liabilities:
Accounts payable and
accrued liabilities - - 255,385 25,495 - 280,880
Due to Contra Costa
County 1 137 74,294 203 72 74,707
Advances from Contra
Costa County 2,127.000 - 50.000 - - 2,177,000
Total liabilities 2,127,001 137 379,679 25.698 72 2,532,587
Fund balance:
Reserved for:
Land held for sale 2,000,000 189,460 - - - 2,189,460
Encumbrances 665,000 236,905 - 45,458 - 947,363
Prepaid expenses
and deposits - - 209,100 - - 209,100
Unreserved:
Designated - 243,345 - 399,739 244,289 887,373
Undesignated (2,790,855) - (84,888) - - (2,875,743)
Total fund balance (125,855) 669,710 124,212 445.197 244,289 1357,553
$ 2,001,146 669,847 503,891 470,895 244,361 3,890,140
13
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Special Revenue Funds
Year ended June 30, 1995
Pleasant Bay North
Hill BART Point Richmond Oakley Rodeo Total
Revenues:
Property tax increment $ 473,317 173,883 57,114 239,334 76,221 1,019,869
Aid from other governmental
agencies - - 561,746 - - 561,746
Use of money and property 501 27,543 9,076 28,318 10,025 75,463
Other revenue - - 1.000 - - 1.000
Total revenues 473,818 201,426 628.936 267,652 86,246 1.658.078
Expenditures:
Purchase of property - - 368,541 - - 368,541
Project improvements 473,000 405,825 10,981 448,665 - 1,338,471
Relocation and acquisition - 5,741 125,808 - - 131,549
Professional services - - 14,500 - - 14,500
Administration l 470 120 578 237 1,406
Decline in value of land held
for sale 2.102.278 - - 2.102,278
Total expenditures 2.575.279 412.036 519.950 449.243 237 3:956.745
(Deficiency)excess of
revenues(under)over
expenditures (2,101.461) LZ!Qfi 1 108.986 (181,591 86.009 (2.298,667)
Other financing uses:
Operating transfers out - (38.917) (17,254) (45.596) - (101.767)
(Deficiency)excess of
revenues(under)over
expenditures and other
financing uses (2,101,461) (249,527) 91,732 (227,187) 86,009 (2,400,434)
Fund balance at beginning of
year 1.975.606 919.237 32.480 672.384 158.280 3,757.987
Fund balance(deficit)at end of
year $ 1( 25,855) 669,710 124,212 445,197 244,289 1,357,553
14
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combining Balance Sheet
Debt Service Funds
June 30, 1995
Pleasant Bay North
Assets Hill BART Eaiu Richmond Oakley Total
Cash held by County Treasurer $ 651,315 131,675 58,681 155,727 997,398
Accrued investment income 202.687 5.311 2.483 6,423 216.904
Total assets $ 854,002 136,986 61,164 162,150 1,214,302
Liabilities and Fund Balance
Liabilities:
Due to Contra Costa County 34 7 3 9 53
Accrued interest 664,436 73.538 .32,683 86.416 857.073
Total liabilities 664,470 73,545 32,686 86,425 857,126
Fund balance:
Reserved for debt service 189.532 63.441 28,478 75.725 357,176
$ 854,002 136,986 61,164 162,150 1,214,302
15
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Debt Service Funds
Year ended June 30, 1995
Pleasant Bay North
Hill BART Point Richmond Oakley Total
Revenues:
Property tax increment $ 1,136,032 155,669 69,016 182,383 1,543,100
Use of money and property 526,776 16.681 7,769 21.01575 2,241
Total revenues 1.662.808 172.350 76.785 203,398 2.115.341
Expenditures:
Administration 182 118 88 123 511
Debt service—interest on bonds
and note 1,708,430 176.391 78,401 207.286 2,170,508
Total expenditures 1 7. 08.61271 6.509 78.489 207,409 72.1 1,019
Deficiency of expenditures
under revenues (45,804) (4,159) (1,704) (4,011) (55,678)
Other financing sources:
Operating transfers in 184,844 38.917 17,254 45.596 286,611
Excess of revenues and other
financing sources over
expenditures 139,040 34,758 15,550 41,585 230,933
Fund balance at beginning of year 50.492 28.683 12.928 34,140 126,243
Fund balance at end of year $ 189,532 63,441 28,478 75,725 357,176
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CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Statement of Changes in General Long-Term Obligations Account Group
Year ended June 30, 1995
Balance Balance
July 1, June 30,
1224 Additions Deductions 1225
Pleasant Hili BART:
1992 Tax Allocation Bonds $22,673,935 — — 22,673,935
Advance from Contra Costa County 1,377,151 44,849 300,000 1,122,000
Note payable 1,200,000 — — 1.200,000
25,251,086 44,849 300,000 24,995,935
Bay Point:
1992 Tax Allocation Bonds 2,535,188 — — 2,535,188
North Richmond:
1992 Tax Allocation Bonds 1,126,750 — — 1,126,750
Oakley:
1992 Tax Allocation Bonds 2.979,127 — 2,979,127
Total Agency long-term debt $ 31,892,151 44,849 300,000 31,637,000
17
MPM
Peat Marwick LLP
One Kaiser Plaza
Oakland, CA 94612
Independent Auditors' Report on Compliance of
California Redevelopment Agencies
To the Directors of the Contra Costa County
Redevelopment Agency:
We have audited the combined financial statements of the Contra Costa County Redevelopment
Agency (a component unit of the County of Contra Costa)(the Agency)as of and for the year ended
June 30, 1995,and have issued our report thereon dated November 3, 1995. We conducted our audit
in accordance with generally.accepted auditing standards and Government Auditing Standards issued
by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the combined financial statements are free of
material misstatement.
Compliance with laws and regulations applicable to the Agency is the responsibility of the Agency's
management. As part of obtaining reasonable assurance about whether the combined financial
statements are free of material misstatement, we performed tests of the Agency's compliance with
provisions of laws and regulations contained in the Guidelines for Compliance Audits of California
Redevelopment Agencies issued by the State Controller's Office,Division of Local Government
Fiscal Affairs.
The results of our tests indicate that, with respect to the items tested,the Agency complied, in all
material respects, with the provisions referred to in the preceding paragraph. With respect to items
not tested, nothing came to our attention that caused us to believe that the Agency had not complied,
in all material respects,with those provisions.
This report is intended for the information of the Agency and the State Controller's Office. However,
this report is a matter of public record and its distribution is not'limited.
/.e-+�-C // 1�
November 3, 1995
18
Memher Firm of
Schedule
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
(a component unit of the County of Contra Costa)
Supplemental Schedule
Tax Increment Shift to Educational Augmentation Revenue Fund
Year ended June 30, 1995
Total tax increment to be shifted to the Educational
Revenue Augmentation Fund(ERAF) per State
Department of Finance letter dated October 1, 1994 $ 135,894
Funding sources:
Agency tax increment 135,894
Total tax increment shift to ERAF $ 135,894
19