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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 16 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