HomeMy WebLinkAboutRDA Agenda Packet 121107�Eao, CITY OF ATASCADERO
COMMUNITY REDEVELOPMENT AGENCY
AGENDA
Tuesday, December 11, 2007
6:30 P.M.
City Hall
Council Chambers
6907 EI Camino Real
Atascadero, California
REGULAR SESSION: 6:30 P.M.
ROLL CALL: Chairperson O'Malley
Vice Chairperson Beraud
Board Member Brennler
Board Member Clay
Board Member Luna
APPROVAL OF AGENDA: Roll Call
COMMUNITY FORUM: (This portion of the meeting is reserved for persons wanting to
address the Board on any matter not on this agenda and over which the Board has
jurisdiction. Speakers are limited to five minutes. Please state your name and address
for the record before making your presentation. The Board may take action to direct the
staff to place a matter of business on a future agenda. A maximum of 30 minutes will
be allowed for Community Forum, unless changed by the Board.)
BOARD ANNOUNCEMENTS AND REPORTS: (On their own initiative, the Board
Members may make a brief announcement or a brief report on their own activities.
Board Members may ask a question for clarification, make a referral to staff or take
action to have staff place a matter of business on a future agenda. The Board may take
.� action on items listed on the Agenda.)
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BOARD REORGANIZATION:
1. Board Appointment of Chairperson — The Board Secretary will accept
nominations from the Board Members.
2. Board Appointment of Vice -Chairperson — The new Chairperson will accept
nominations from the Board Members.
A. PUBLIC HEARINGS:
1. Fiscal Year 2006-2007 Audit
• Fiscallmpact: None.
• Recommendation: Agency Board review and accept the financial audit for
the period ended June 30, 2007. [Executive Director]
B. ADJOURNMENT:
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ITEM NUMBER: RA A-1
DATE: 12/11/07
Community Redevelopment Agency of
Atascadero
Staff Report - Executive Director
Fiscal Year 2006-2007 Audit
RECOMMENDATION:
Agency Board review and accept the financial audit for the period ended June 30, 2007.
REPORT -IN -BRIEF:
The audit firm of Glenn, Burdette, Phillips and Bryson performed a full audit of the
Redevelopment Agency financial statements and found that the Agency presented fairly
and accurately the Agency's financial position, and further that the reporting was in
conformity with generally accepted accounting standards.
DISCUSSION:
The Redevelopment Agency has four funds: the Redevelopment Agency (General)
Fund, the Low/Moderate Income Housing Redevelopment Fund, the 2005
Redevelopment Bond Project Fund, and the 2005 Redevelopment Bond Debt Service
Fund. The following discussion will give an overview of the financial status of each fund.
Redevelopment Agency (General) Fund
The Redevelopment Agency Fund revenues exceeded expenditures by $2.1 million for
fiscal year 2006-2007. Because of the continuing improvements in the Redevelopment
Area, property tax increment has been increasing at an impressive rate. Property taxes
exhibited an increase of 26% over fiscal year 2005-2006. Additionally, expenditure
savings developed because budgeted projects such as the Acquisition of
Property/Easements ($1,150,000) and the expansion of the Historic Cityhall Parking Lot
Project ($190,000) were not completed in the current year. These funds were put into
the fund balance and programmed as part of the 2007-2009 budget.
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Low/Moderate Income Housing Redevelopment Fund
Revenues also exceeded expenditures in the Low/Moderate Income Housing Fund,
increasing that fund's balance by $409,000. The Agency's ending fund balance was
almost $2.2 million, $70,000 of which was reserved for Habitat for Humanity Traffic Way
Project, and the rest of which was reserved for Low/Moderate Income Housing.
2005 Redevelopment Bond Project Fund
Expenditures for this Project Fund were less than expected for the year. The Lewis
Avenue Bridge, the New Youth Center, the Downtown Streetscape Improvements -
Phase II, and the Maiden Statue Restoration Project are among projects that were in
progress but not completed during the fiscal year. Expenditures for other projects such
as the Downtown Lighting Project, the Creek Master Plan, the Creek Improvement
Project, and the Parking Improvement Projects were not incurred during the year. All of
these projects were evaluated as part of the 2007-2009 budget process and
programmed accordingly.
2005 Redevelopment Bond Debt Service Fund
Debt service payments on the 2005 Redevelopment Bonds of $574,042 were paid from
capital reserves. These are interest only payments. Payments on the principle will
commence in September 2009. The fund balance is over $1.2 million, all of which is
reserved for debt service.
FISCAL IMPACT:
None.
ATTACHMENT:
1. Fiscal Year 2006-2007 Audited Financial Statement
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