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Home My WebLink About1983/01/05 - Agenda Packet - (2)AGE21DA January 5, 1983 1. _ALL TO ORDER A. Roll Call: Dahl , Bugaet , Frost S3hloncer _, NJkel B. Approval of Minuteel None were submitted. 2. STAFF REPORTS A. UPDATE ON NORTCAGE BOND PRO3RAM Staff will overview the atatua of the Ibrtgage Bond program. Specifically, the arrangerent being made with Sparticipating developers in the program. Staff report by Tim Beadle, Senior PLinner. B. R®LVEIDIMIT JDENCY ANNUAL REMRT FOR FISCAL TEAR Cdlf.fornla Stata law raquirea that wlthln six months following end of fiscal year, the Agency ohall raoe.ve er. annual report and forward copies of the report to the County Auditcr- %COntr011er'o Office and the ;slifornla State Controller'a Offloe. Staff report by Tim Beadle, Senior Planner. i Recommandationl It is recommended that the Agency rdoelve the Annual. Report and direct staff to forward a copy of the Report to the San Bernardino County Auditor- Controller'a Office and the California Otato Controller's pfrioe. a 3. ADJOURNMENT TCC 7 POST OFFICE BOX Jo? . RA4CIIOCUCA 310 ,NGA.CALIFOIWG9173o • (T14)0116183L RA.NCIiO CUCAMONGA Redevelopment Agency Joe D. Haul, - I , Chute, J. BwgMd 11 J"O. C. Frou RhYeid M. Ubl rhilllp D. Belbu.er AGE21DA January 5, 1983 1. _ALL TO ORDER A. Roll Call: Dahl , Bugaet , Frost S3hloncer _, NJkel B. Approval of Minuteel None were submitted. 2. STAFF REPORTS A. UPDATE ON NORTCAGE BOND PRO3RAM Staff will overview the atatua of the Ibrtgage Bond program. Specifically, the arrangerent being made with Sparticipating developers in the program. Staff report by Tim Beadle, Senior PLinner. B. R®LVEIDIMIT JDENCY ANNUAL REMRT FOR FISCAL TEAR Cdlf.fornla Stata law raquirea that wlthln six months following end of fiscal year, the Agency ohall raoe.ve er. annual report and forward copies of the report to the County Auditcr- %COntr011er'o Office and the ;slifornla State Controller'a Offloe. Staff report by Tim Beadle, Senior Planner. i Recommandationl It is recommended that the Agency rdoelve the Annual. Report and direct staff to forward a copy of the Report to the San Bernardino County Auditor- Controller'a Office and the California Otato Controller's pfrioe. a 3. ADJOURNMENT TCC 7 POST OFFICE BOX Jo? . RA4CIIOCUCA 310 ,NGA.CALIFOIWG9173o • (T14)0116183L 0 DATE: TO: PROM: BY: SUBJECT: f:!TY OF RANCHO CVC1040 :A STAFF REPORT January 5, 1983 Members of the Redevelopment Agency Jack Lam, AICP, Community Development Ilirertor Tim J. Beedle, Senior Planner ANNUAL REPO FT An Annual Report by the Redevelopment Agency Is •eauired to be conniated and forwarded to the County Auditor /Controller's office and California State Controller's off Ice pursuant to Health & Safe;y Coda Section 33080. As s:t forth in the State taw the report shall contain the following: o A war; prngram for the coming year; o Agem goals, a An examination of previous year's activities; and e A description of activities affecting housing and its independent financial audit for the Previous year. This material has been included In the attached Annual Report. Because the Redevelopment Agency has been In axistence only for a few month•., the activities of this year tend to be more of an administrative nature The Agency's progress towards meeting its long term goals and its activities towards project implementation will be given much more attention with future Annual Reports. The Agency should review the Report and forward it to the County Auditor'; and State controller's office in compliance witi Government Code Section 33030. RECO';4ENDAliON. It is recommended that the Radevelopment Agency direct T e xi- a i-ecut'ive Oirector to forward a copy of the Annual Report from the Rancho Cucamonoa Redevelopment Agency to the County Audito- /Ccntroller's office and to the State Controller's office. Respectfully submitted, 1 Jack Lan At - Community Development Director Enclosure rt: PY` % d�i1C3 1. 5�7 i i � zz }}, 0 I) ANNUAL REPORT RANCHO CUCAMONGA REDEVELOPMENT AGEN ^v FISCAL YEAR 1981 -82 TABLE OF CONTENTS I. Introduction 11. Activities of Previous Year 1981 -82 III. Work Program for Coming Year 1982 -83 IV Agency Activities Affecting Housing V. Financial Audit Fiscal Year 198.-82 C2 1. 1111T10DUrTIOH Tnis Annual Report is intended to satisfy the requirements of the California L, and Safety Code, Section 33080, as it pertains to the activities of the Agen through the fiscdl year 1931 -82. This report recognizes only the first few moatns of the Agency's extstenr which reflect more on the administrative , aspects of orrsnizing and rstablis i Redevelopment Agency program. This report will consider the following s: 1. Discuss the Agency's activities to date. 2. Outline the future Agency work program ire +ding specific goals and tasks. 3. A;ency activities related to housing. 4. The Agency's financial audit of the f'scal year 1901 -82 in accordance with California Health and Safety Code, Section 33080.1. II. ACTIVITIES OF PREVIOUS FISCAL YEAR 1981 -82 In its brief history, the Agency has been active in setting up tad necessary programs to address the needs of the redevelopment project area. TI-e following is a summary of the accomplishments of the Redevelopment Agency. Establish Project Are* and Red_ _� Plan ✓� T. actor ante w t Egg a orn w Lommun byiedevelopment !••v and Health and Safety Code Section 33080, the Ci y of RanchL Cucamonga adopted a redevelopment plan for areas wtf in the city limits as set forth in the California Community Redevelopment Law. These areas are subject to major physical deterents to development due in particular to the existence of inadequate flood control improvements as well as lack of ether public facilities, and utilities which cannot be remedied b,, private or government action without the use of Redevelopment Law. Implementation Plan The Redevelopment Agency adopted an Implementation Plan which identifies projects and implementing policies necessary for Elimination of blighted conditions in the redevelopment project area. The Agency work program provides the Agency with overall strategy and implementation mechanisms available for project completion and recommends specific implementation measures for particular projects in the redevelopment area. Additionally, the work program provides projects which assist the City In meeting its affordable housing needs These Agency projects will be discussed in ereater detail within th -s report under the section regarding the wor% program for the Fiscal Year 1962 -83 ' �• 13 2 M. GOALS MC WORK PROGM FOR FISCAL YEAR 1S82_83 The Agency adopted five general goals for alleviating bl ght In the redevelopment area. These goals include: 1. Protect anu promote the sound develolment and redevelopmect of blight areas as defined in Section 33030 throush 330U of the Health and Safety Lode. 2. Assure 'hat prviects in the Agency areas provide assistance in alleviating physical end economic barriers to development it the redevelopment area. 3. Assure that projects within the Agency area are in conformance „tth the City's General Plan guals. 4. Assure that projects ;n the Agency area provide for balanced and orderly development. S. Provide for assurance of adequate tax increment to help finance improvements in the project area. Next year's projects will include activities to begin assistance in proper flood control measures, activities to begin assistance in access and circulation nrcblems In the redevelopment area, improvements to public facilities in the redevelopment area for go'ernnient operation, and development of an affordable housing program. The following is a summary of the projects ant' goals of their implementation througl.out the fiscal year 1982 -83. Flood Control 'rotection: inch of the redevelopment area is subject to su itantial flooding. Development within the project area is contingent upon the construction of regional flood control channels in tae Day and Etiwanda Creek areas. The City has for some time been involved with the cities of Ontario, rontana, Riverside, and San Bernardino County rleod Control District to develop a plan and implementation program for completion of much needed flood control facilities. Iniplementatlon of this plan in the Agency project area will be partially funded with redevelopment financing mechanisms. Vehicular Access and Circulation. The Redevelopment Plan ldtntifles the potential constraints Of dove opnent due to inadequate vehicular access and circulation systems in the Agency project area. The first phtse of circulation improvements is the construction of a freeway inte ^change at Foothill Boulevard and Interstate 15. This freeway interchange dill provide for increased capacity in order to accommodate projected traffi,: volumes along Foothill Boulevard. Private development alone is unable to accomplish tie. significant task of completing the infrastructure design, riqht -of -way acquisition, and improvement construction costs. 2 /l The City will make a formal application to CALIRANS for the interchange project. This application involves preparation of prelimary plans for design construction and right -of -way acquisition. Ouring this year, the Redevelopment Agency will fund the preparation of the plans necessary far suomittal to CALTRANS in order to begin the work for project improvements. Subsequently, these plans will be submitted to CALTRANS in order to begin the two to three year review process necessary for their approval on any sxpansian to a freeway interchange. Following this, the Agency will be able to complete detailed plans and prepare for improvements to the freeway interchange within five years. Other Public I�rovveements: Within the Redevelopment protect area, other mipediments torte uture development exists. In order to assist in the alleviation of these conditions certain improvements will be necessary such as drainage systems, road widening, curbs and gutters. Within fiscal year 1982- 83, improvements will be undertaken in some subareas of the Redevelopment project area. IV. AGENCY'S ACTIVITIES AFFECTING HOUSING The Redevelopment Agency, in conformance with Californid Redevelopment Low, will set aside 20% of its tax increment to assist in affordable housing In the City of Rancho Cucamonga. This fund will be targeted to spec flcally assist projects mhicn assure the provision for a range of affordable housinr, to meet the housing needs of Rancho Cucamonga. The Agency is pursuing several strategies in order i. •sslst Li providing for development of housing opportunities within the rede alopment area. During fiscal year 1982 -83 the Agency will prepare a Housing Mortgage Bond under the SB 99 provisions to provide for low interest mortgage money for affordable housing in the redevelopment project area The Mortgage bond is being developed for the possibility of sale during the spring of 1983 The Agency, through the development of other programs as discussed in this Section including flood control protection, and access and circulation Improvement measures, will be able to assist in alleviating •onditiene which are detrimental to the development of housing opportunities in tine redevelopment project area. Further, these programs, when fully implemented will provide an incentive for lower housing costs and greater nousing opportunity FISCAL AUDIT FIS'61 YEAR 1981 -82 In accordance with California Health and Safety Code, Section 3301C.8 (a), the Redevelopment Agency commissioned the firm rf Lance, Sall, and Lungiard, certified public accountants, to complete do examination of tin.ncial statemei.ts of the Rancho Cucamonga Redevelopment Agency for the year ee Cinj June 30, 1982 Their fiscal ds:dit was conducted and submitted to the Redevelopment Agency on August 3, 1982. Attached is their completed audit 0 3 5 LANCE, SOLL a LUNt.MAnU j CCPTIIILO PUBLIC ACCOUWAN's n110L TC ..Cc GUITC too *MIMIC. .OV..0 ICILIwONL 1. 111_..Pr, C Solt I32I9 CAB+ PC,,. .TR[Ll 18. It OC.•O)tf I, to I4N0w.w0 JB S f OPwNOON N IIpMOVO WNItTICR CAt1IOR NIA 00002 C`y' Y July 20, 1982 �, C�lVED Y .r A,Ig 319gp 1 ra •' Governing Board �,• Rancho Cucamonga Redatalopment Agcnc Rancho Cocas mga, California f Ccntleren: We have examined the financial atatemen.s of the Rancho Cucararh-1 Redevslopment Agency for the year ended June 30, 1982 and have Issued Orr te- port thereon under a ac:parato cover. As this was the first audit cond'tcted on the Agency, wit weal•1 like to tAko this opportunity to daseue the flow of Agency Iran N...cl•no ani teas which came to our attention luring .he course of the audit i� �1 Flow of AEency Transactions { During thl nudit we eat up a general ledger foT the Agcnc^ with all f required funds present. We are presenting the tollowing discussion to aid the Agency In understanding the workingo of the respective funds Funds Utilized a, The Agency has one project area which maintains a Tax Increment and I a Redevelopment Fund A description of one" of those funds follows: la•c fntroment Fund_ - Thia fund accounts for all tax incrament •• -- rr1••r•1 by the proltct arm It receives tna tax inero- run, and, an tax increment fululs can only bu used for repayment a ., NtreeP u uronNU \BO Lr. 01 e[n unto •�B UC Acc uaNUNrN •NLMILJN IN \ +11 ITC 01 C[fl +l lir0 PVOtIC .0 ^GNP r. Yr3 Fj �' Whft• LANCE. SOLL O LUNCHARD eu n•m euu ue neeounrn era Governing Board Rancho Cucamonga Redevelopment 1,3ency Pare 2 0 of indentednats (loans, notes, bonds, etc ), this fund will pay or retire suca indebtedness Tlus, in this fund revenue will consist of t+,.t collections And interest and expenditures will be for debt repayment. Redevelopment Fund - This fund acuounts for redevelopment expandl- turns of t'te project area, The proceeds of the Indebtedness (loans from the City or Imr.au) will be deposited in this fund and will serve an the operating canh utilized by this fund for the pn•jact area Account Grouts Account groups record transactions for the Aganty as a whole; And . therefore, Choi will not be present for on h project area. Account Groups which are utilized currently by the Agency arm. a$ follows General Long -Term Debt Droupa of Accounts - This account gre re -otda long -t:rm Snaobtedness of the Agency (loafs, bonds, etc die :ore than one year rafter the end of the year) The proceed@ f•om this indebtedness as previously noted is depcsited in Lhe Redevelopment Fund of tie project area to which It relates and servcn as operating revtnuo for the area's redevnlopment expanses Is rapayments are ratio in the Tax Increment or vedevelopnent Funds run the Indebtedness, the balances of Vila group of accounts is educed As has beta noted, tax Increment funds can only be used to revav indobtedness Till legal requitement ne- r•astrates a certain flow of trans- actions v,LUfn the Agency This flow Is as follows: + rrcatlon of rnJebtedneas - indebtedness In the form of loins, tom• I -on the City and /or devclr.pors, moot be created. The 11ab111ty for the loans will be recorded In the Long -Tern Debt Croup of n r LANCE, SOLL 8 LUNGHARQ cca•Into .uaac •ecovs.Arna 1 ® Governing Board Rancho Cucamonga Redevelopment Agency page 7 ..`1 Accounts, while the proceeds will be deposited in -he Red- .velop- ment Fund and will provide operating funds for redo•elopment put - poses These loans should be legally approved by the Aa: -cy Governing Board and Council (if =do from the City) and ray require interest. Repayment of Indebtedness - Loans are normall) :cpald from the Tax Increment Fund as tax Increment money becomes available; however, Redevelopment funds any be used but to do so Is repaying Indebted - nesa which provijed unrestricted funds with unrestricted :unds Thus, no conversion of tax increment is possible. In sumoary, what is happening to the Agency is (by receiving and re- paying loans) converting restricted tax increment funds Into unrestricted loan prococAb Other mittare which should be recognized in the flow of Agency trans- actions are as follows: Project Area - Each ?ioject area mutt be accoutered for sepa- ratal . This also means that tax increment and /or loan proceeds can not Le spent _rom one project area on anothar project area without specific legal action Recording of Trnnsictions - All transactions of the Agency must be recorded in accordance with the State Controller's mandated Chart of Acrounta. We have pr -vlded the Agency with a copv of thin Chart of Accounts and tha financial audit report for the y ar ended June 70, 1982 d1onC with the .igency's records have been prepared in accordance with this C1wrt of Accounts V� LANCE. SOLL b LUNCHARD crer.r•m eusue+eeomn,ra�r Covernirg [bard yaacho Cacmmq��' Itedevelopxnt A {mcf page G Audit Ccceots During our year -end contact vfl`S ebe Agerey. hear tax co mar aceea- t1on 1fii•.h me would 11kP co present bere der the Covaning dcard's inforation nadlor serf++ As of the date of ore aadir, the Agetcy did not have any insurance polic -es in Its same_ fn order to provide spec ffie Coverage to the Agency, we suggest tivc the agency be waxed as as addiciaaal insured on the City of Rancho Cucnranga's insurance poLlcies. During nor contact me perforce a coep1.1 ^ acdit of the Agency it a") rian to ehe fi=anclal amdit. iforb of tbrse aunts are required under Section 33010.1 of the pcarth anA Sat:ry Code. Tbia section of tke code states the fat Iwo fag: 'Eve--, redevelopZenr agency syull oresear A rr rr to its Legia larlir body virbia six a the of the end of the ageacy's fiscal year. me report si 1 . .taro tll of the iollot img: ;a) An(yfevendent !rnaocfal sod".t report for is prevlaus fiscal year -A dit report° s+eaas an exaslnatian of, ant opLaien on, the it- •ccial stara- of Zbe ohicb present the reaolra of the operatlno♦ and fLcarial positsaa of the agency. Such radii rinLi L= :....:..a.oi ,.. --- . :.rmre vltim generally aecgrreC awaiting stand- ard-, and rbe sales pfveraf =g a+dic reports promulgate/ by tte Scare yoard of Accountancy. The audio report oh-12 also include an apiaim% of the r{exy's ecctpll:iace vlth Lass. reevfsrloas and amid, istatfve regolres = gaverL•sy accivittes of :Se agent9.- (b) -A work Arog:sa for the ecmd. —, yea:. itzlcds=z ,_.$), ' fo- T I LANCE. SOU. & LUNGStn'RC erar".ea aar.e+.wwrura Caveminx eozrd Rancho coranoom gedevelo,eent Agency rage S (c) "An ezaalaation of the previous year's achtevemento and a Comparison of the acblevrmrts with the goals of the previous year's work program." (d) "Recommendations for needed legislation to carry on properly a program of housing and eoismlry development in California." (e) 'A sescriptior. of the agency's activities affectimS housing and dlr9lacenmt. As mted previously, we fuve prepared the financial and compliance audits re- quired above; however, the Agem.-y wt-11 have to prepare thr rmalader of the rcGsircd Information L'e have discussed this re.Jalremtat with the Agency's Psecutive Director and Treasurer slung with the requlrromt that once this report is approved by the Coverming 3n3rd it be traamitted to the State of California. De}artaeat of housing sad Cacmunity neetlopranot. During the flscai year 1951 -82, the Agency Corned the Rancho Rede,elop- raal Project Area axe established a frozen lase year of fiscal your 198*.-82. As the bane year is 193142, t!'a axass that the Agnnr, will have to file a "SLate- meat of 3z!ebted,e form with Sam germar4xmv County prior to October 1, 1982 W capture any aralisbfe car it rmset. Sur have lnlorued the Agency staff of this requirement and suggested tlw7 contact the County and ibtain an estl=te of tar imerement available f u ptrpnseu of stracturin, addltfvnal indebtedness (loans fran the City) if needed 10 enver available lncreatmt. This in important in ctac mben the annum of -ndebtedness shown on the statement is Jess than col- lections of ireresent rode w the County, tar iacresexit in the amount of fidebt- e",ess slum is given to the Aycaty and the differcace reallocated to other taring cxtitles and tins Lear L7 the Abeacy. r/L� Overall, we Lzar foun=t tfi operations of the Agency to be conducted In A a msc sarisfacrtry rc!ner and we hope the informtloa above will aid the Agency Y �L • LANCE. SOLL 9 LUNCHAR.D e[.nitro ryleare .ccouxux.0 Governing Hoard Rancho Cucar.vngn Redevelopoant Agency Page 6 in administering its transactions All of the above items have been discussed with the Executive Director and /or Treasurer of the Agency, Should questions arise with regard to the at,ove or Agency operat!ons in general, we will be aval♦ able for discussion. • LANCE 5OLL P LUNGHARD anrn'm �nL¢ �CCOU.I.eTl RANCHO CUCAMONGA REDEVELOPIENI AGEtiCY AUDIT RUPORT JUNE 00, 1982 w' i Y y. j �f x. �3® ,t i ..z .l LANCE SOLL O LUNC:HARD ccs, Ir«o .uouc •ccou .... rs RANCHO ^UCAMONGA REDEVELOPMENT AGE \,;Y • ESTABLISHED MAY 20, 1981 ., • GOVERNINC BOARD v Jon D. Mikels C'ngirr.an Charles J. Duquet II James C Frost Phillip D Schlosser i Richard M. Dahl OTHER OFFICIALS jLauren H Wasserman Executive Director/ Secretary h A Harry Eupey Treasurer `i John Brown Legal Counsel Y r ri '}0' ;A 1'• r i� w h 2 t `r v gin. LANCr SOLL a LUNG1iARD CCNTIIICC IUD \IC ♦CCOUNTANT! ®j, RANCHO CUCAY.ONGA REDEVELOPMENT AGENCY TABLE OF CONTENTS Page Number All -0L'S J :d;Jt - Financial Audit 1 Compliance Audit 2 EXHIBIT A - Combined Fund Balance Sheet, June 30, 1982 4 EXHIBIT B - Combined Statement of Revenues, Expenditures rid Changes in UndesignUted Fund Balance - Govcrnvl ntal Fund Type, for the Fiscal Year Ended June 30, 1982 5 NOTES TO F1NAi'CIAL STATEME';aS I i �1 M U ROOCP/ C tANCf R¢N.RO a sou rPtP+ �Y NO W.. +R PRAM O.4 W OV'fPOW! LANCE 50LL 8 LUNGHAR.D CtPTI /l'] PVOLIC ACCOUNTANT$ last usT R... 61..01 WN1T :. C."FonNIA 90402 Governing Board Rancho Cucamonga Redevelopment Agency Rancho Cucamonga, California Flnanc�. Audit Report 'C{L "••O4C u •a1 eeP eta We have examined the _=shed financial a= stements of the Rancho Cucamonga Redevelopoent Agency _2:= the year ended Jac 30, 1982 listed !n thc' foregoing table of contents. 0-_- examination was ma +_a in accordance with gen- erally accepted auditing standa-:u and Included auc tests of the accounting records and such other auditing -acedurtc as we corsidered necessary in the clrcuostances. 0 In our opinion, the a!- ^enrioned financ El statements present fa!rly the financial position o! -e Rancho Cucamon;;s Radevelor: lent Agency at Junc 30, 1982 and the res•alts -� its operations f =r thf year then ended In ccnturmity with generally accep_- ar..unting prinei -les as well as accounting systens prescribed ly the 5face ^rroller's office ind state regulations gov- erin8 special districts Jul: 20, 1982 CAt1IOR Mlw LOGIC Cfp,l/IfV IY LtIG /CCC �41.N }e .-MC.. IN3}IIYIC ! ".11^0 RY \lIC ..CC i ) 0 0 RO¢N fa[M1C L/.NCf wo r 1C LL IRfOI LVMOMwRD JR fRwMDOMM fURRDWf LANCE. 50LL 8 LUNCHA14LD CCRTIIICV IV9LIC ACCOVIITANT3 aural wo rN,rncR {ouA)[ WNI"ICR. CALIIOn NIA YOeOr Governing Board Rancho Cucamonga Redevelopment Agency Rancho Cucamonga, California Compliance Audit Report ICLCwwOVC 1]In u{ un We have examined the financial statements of the Rancho Cucamonga Redeval -paent Agency for the year ended June 10, 1982 and have issued our report thereon dated July 20, 1982. Our examination was made in accordance with generally accepted auditing standards and Included such tests of the ac- counting records and such other auditing procedures as we conridered necessary In the circumstances. As ;art of mlr review we have completed a compliance ev:amination as required under Sectfor 11080.1 of the Health and Safety Code of the State of California Our compliance exaeinatlon was wile in accordance with the State of California, State Controller Division Df Locai Oaverment PSeu11 Affairs "Guidelines for Compliance Audits of California Rellevelopmont Agencies" and Included such other tests and procedures as we considered necessary in the lcircumstances. ' In oar opinion, the Rancho Cucamonga Redvvelopment Agewy has com- 1 filled with laws, regulations and adminietrative requirements, as co >tained In the "Guidelines for Compliance Audits of California Redevelopment Age Toles', i of the State of California, governing its activities for the 'local year end - ing June 10, 1982. Under section 73040.1, the Agency must prepare a report to its Leg Lslative body and the Department of Housing and Community UevotnprcnL of the State within six months of [he end of the fiscal year Because the re- port is not due until December .11, 1982, the Agency has not yet propNfae.: .9..... Gulowwu {oc.CTv or cCRbryCO IV[wC wccouru NTf A✓CNIGN IN[TIruTC or CCRTIIICO Iuf LIC <cco..ANTf Il, a LANCE. 501.1. a L1i11GHARD q:! tw nom rvo.¢ rc :nv..uen Governing Hoard Ranc'ro Cucamonga R.%ncha Cucamonga Redevelopment Agency Compliance Report '- Page 2 (1) a work program for fiscal year 1982 -83. (1) an u%zairutian. of ffsesl pens 1981•h3 achievements and eomparlsen with goals; and (3) recommendaelous far nee,ed legislation as required by Section 330P0.1 of the Health snd Cafety Code as of thr date of our audit. Howeoe:•, :bs Agency Las Wormed as• chat the required information will. be prepared and filed in tISQ to Comply with: Lae Health and Safety Code. During fiscal year 1981 -87, the Agency established the Racc'•o Re&-=1- opment Project Area. While Schedule I of the "Cwfdellnes far Campliace Audits of C, lifornla Redevelopnent Agencies" of eha SraCa of Califarnix is applicable to this area, it has not been Prepared as no tax frurritzmt faads were received by this area as of June 30, 1982, July 20, 1982 I.1 I..il 1-7 ;'' 0 0 E LASdCE. SOLI 8 LUNCIHARI3 u•r,raro rvsuc •tcoun �•rf RANCHO CUCANONGA REDEVEWPHENT ACEIIrV C01IMINE0 M..L) EAL.NCE SHEET 0uNE 30, 1982 A S S E T S Crib in bank Anount u be provided for repsym t of loans Total LIAB'MMES AND FI112D EQUITY Liabilities Inns pa7able to City of Eancbo Cu=vnga (Note 3) Fund Egutry Fund 3ala�e undesigoated (Exhibit D) Total Governmental Acnourt Fund Type Csouo Capital Projects General Redevelopment Long••Te m Fund Debt S 51,761 $ 51"761 $ 51.761 $ 51.761 See Nutoc to Finnnc ial Statements - 4 - IC $ 12_0.000 $ IZOq4 Cahlblt A Total (Hceorandum Onl v) $ 51,,'61 120.000 $ 71.761 $ 120,009 $ 120,000 51.761 S �ZI,.D Q9 S 171 "7Ft , Ex..), it it LANCE, SOLL 6 LUNGHARD crannta .00ue .eeot years RANCHO CUCAMONGA REDEVELOPMENT AGENCY COMBINED STATEMENT 07 REVENUES, EYPENDITURES AND CHANGES IN UNDESIGNATED n. " 3ALANCE GOVERAOD.7ITAL FUND TYPE ` FOR 771E FISCAL YEAR ENDED JUNE 30, 1082 Revenues Interest earnings Loan proceeds Total Revenue Expenditures Administration Legal services Planning, survey and design Professional services Total EY.p_ndit.res rxcess of Revenue Over (Under) Expendi- tures Undesigna Cad Fund Balance Beginning of Year - July 1, 1981 FYCeae of Revenue Over (Under) Expendl- tures End of Year - June 30, 19P7 (Exhibit A) Budget Actual $ 477 1^"0.000 120.477 $ 9,300 $ 3,190 23,826 41,700 110,700 $ 120,000 $ 68.716 $(120.0 ) $ 51.761 -0- $ 51.761 $ X61,761 !;cc voter to FLunelal Statements - 5 - I Variance - Favorahle q nfavoraLla) $ 477 ) ^0.000 $ IZ_ 0.477 $ 6,110 (23,$26) (41,700) 11_ 0.700 9 ,,284 r ;j �s� LANCE SOLL 8 LUNCHARD, C[Rt,I1CD Iyp4C �CCAYMtI.Nty RA::010 CUCA`tONGA NIIJEOL717Y!ICr' Air!^':CTi NOTES TO, PI!]AYGTLkr• S.26"- E.W NNE 30'. I1j v Noce 1 The Agency was earahl iahed. Nay M, 191St,. N oeF .fins. =, Jlfl..,. t:ie Rancho Redevelopmcnr• Pmject Arcv vaG tits onW prb'Jj = arvvan fm1i+C by the Agency A description of the Dada ¢atatmte% oral tlis lira- of accounting is as follevs: Description of :Sind. Acreuntin7f' Svnram5• Oovernmenta-L accounting, systems: artt erganim -d7 =rdj opzgs on a fund basis. A' funb is- defined. ate an+ LW"peeidkm ealat=V and accounting entity vitlt w seYf'hiT>.arlhl„^ sear o76 taccu rras recording cash and ether Biracial' rnsoureaa,, regvtliea uWtS all related 1 - biLiclas ana residirX agairl'e. of •is '1^Trtms+,. alts' changes themin, which am segrrZarerc Cat dire pt pmW oB aatc.Y Lag on specific activities or'XwAiing; ewrra%m o8jiccriluas. im accordance with special re']ulat7ons;. [z,srdctlunC,. otr lU=r: bony. Types of Funds Thu follo-aing type ->' fund is utLlizad: by dte' ,tigpncy:• Governmental Fun; Capital Prc+ etc Find - ra accoinr fer fim cull rasou=ez ti be used for t1+e a, quisition or rnnsmamon urr a:rjbr caplral facilities Acconuc.'roups P+a .Sg[ncy utilizes the fo Llowing acewinr gratpor: Genma1 lonr -1— Urbt Crnen of Acrnunt' - IC ] lonpp -e. tt lndebr+inesa of the Agency (Toane.. hands,. ocor, ,• due, mnrzr than +r+ :car of r.•r Ow end of cha cuC...c+t ycar.)l Lu 5 - v� :LANCE. 5OLL 8 LUNCHARD CCNTIII(a NiYL ACCOV MTA Nt) Rancho Cucamonga Redevelopeeit Agency t7oteo to Financial Statements (Cwntinued) . Uote 1: (Geary. - -aed) ~ rerrcdzd in this group of accounts. Tire proceeds of this Snd_Snadness are recorded in the Capital Project Fund and serves as operating revenue for redevelopment expenses Basis of Accounting Covezmental fund revenues and expenditures are recognized rn the modified accrual bas s. Revenues are recognized in the accounting period in which they become, available .,d objective- ly censurable. Expenditures are reeoy .zed In the acct. =ntin pericd in which they a incurred, if objectively eeasurab.- r ,ept for umatured 1ntercut on general long -tern debt, which are recognized when, due. Note 2: Other .accounting Policies "Neeorandm Only" caption os combined statements meann that to!.al.s are presented for overview Information purposes only awl that they do not fairly present financial position or results of operations for the Agency as a whole in conformity with generally accepted accounting principles. ';ate 7: During tiscal year 7981 -82, the City of Rancho Cucamonga loamm the Agency 5:2,000. The authorizationo covering these loans did not sPeeiiy interest: therefore, none ban been reflected in the a companylug financial statements. An of June 30, 1982, no reaavments had been =de on the principal above. :7oce 4 As of the date or this report, the Agency does nor have any in- surance co, ".agc specifically libted in its name. The Agency and City are presently considering making the Agency an additional named insured on the C!ty of Rancho Cuearmnga's insurance politics. u - 7 -