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Staff Report 2.D 01/04/2010
C1TY OF PETALUMA, CALIFORNIA s January 4 201 B ~~~~~ ~~~ , Agenda Tit1e:.Reso'lution Approving the Submittal of the 2009 State 1VIeeting Date: January 4, 20:1.0 Controller's Office (SCO) Redevelopment Financial Report. 1Vleetin -Time: 6:0O.~,P1VI Category: ^ Presentation ^Appointments ®Consent ^ Public Hearing ^ Unfinished Business ^ New Business Department: Director: Contact Person: Phone Number: PCDC John Brown Sandra Sato/Sue 778-4563 Castellucci Total Cost of Proposal or Proiect: Name, of Fund: PCDC Staff Time and $'10;000 for Auditors PCDC (Housing and Non-Housing) Account Number: Amount.Budgeted: $10,000 5110 and 5400 Current Fund Balance: Approximately $16 Mil Recommendation: It is recommended that the City Council 'take the following action: Adopt a Resolution Approving the"Submittal of the 2009 State Controller's Office (S'CO) Redevelopment Financial Report. l . ^ First reading of Ordinance approved unanimously, or with unanimous vote to allow posting prior to second reading 2. ^ Firstreading of Ordinance approved without,unanimous vote: Ordinance has been published/postedprfor to second reading; see Attachment 3. ^ Other action re wiring s eeial notice: Notice has been :given, see Attachment Summary Statement: California redevelopment agencies are required fo submit an annual financial and compliance audit. report to `the State Controller's Office within six months after the end of their fiscal year. For the Petaluma Community Development Commission (PCDC) and most redevelopment agencies; the deadline to file that report is becember 31, 2009. Not filing in a timely and accurate manner can result in violations under California Redevelopment Law. ~ The following documents are required. for submittal: ® State Controller's Financial Report a HCD Housing Report ® Blight Report ® Agency's Outstanding Loans ® Agency Owned Properties ® Bureau of Census Survey Form ® Statement of Indebtedness a Independent. Audit These documents were submitted to the State Controller's Office prior to the December 31, .2009 deadline. Attachments to Agenda .Packet Item: Exhibit 1. Resolution Exhibit 2. HCD Housing Report Exhibit 3. Blight Report Exhibit 4. Bureau of Census Survey Form Exhibit 5. Statement of Indebtedness .Exhibit 6. Agency's Outstanding Loans Exhibit 7. Agency Owned Properties Exhibit 8. Audit Report and Full SCO Report R viewed.. b Fina a Director: Reviewed by City Attorney: A rove `b Cit. 1Vlana er: ` (~~~~~ ~ ~ ~ Da e: ' Date: Date: Z-~~ Rev. # 3 Da e`Last'Revised: 12/29/09 File:. State Controller Re ort 2009 C ti CI'T~ ®F PETAI.IJIVIA, CALIF®1tNIA JANUARY 4, 2010 AGENDA REPORT FOR Discussion and Adoption of a Resolution .Approving the SubBnittal of the 2009 State Controller's ®ffice (SC®) Redevelopment Financial Report 1. RECOMMENDATION: Adopt a Resolution Approving the 2009 State Controller's Office (SCO) Redevelopment Financial Report. 2. 16ACKGROUND: The California Community Redevelopment Law (CRL) contains a number of Health and Safety Code Sections detailing procedures to which redevelopment agencies must adhere. CRL Section 33080.1 outlines the required contents of the report that must be presented to PCDC and, subsequently, to the SCO by December 31. Following are the reports which are required: ® State Controller's Financial Report Cover Page .(report. is done online) ® HCD Housing Report ® Blight Report ® Bureau of Census Survey Form ® Statement of Indebtedness ® Independent Audit. These documents were submitted to the State Controller's Office prior to the December 31, 2009 deadline. 3. DISCUSSION' The PCDC Annual Report, inclusive of the above-listed requirements, must be filed by December 3.1, 200.9. The penalties for failing to do so are strict, including not being able to spend any ;money; adopt/amend redevelopment plans, sell bonds, enter into any other kind of debt, and potential fines. 4. FINANCIAL IMPACTS: The fiscal impacts of not filing the SCO Report in a timely manner could be onerous (see discussion above). The cost of filing will amount to approximately $10,000 including internal and outside consulting staff, and is provided for in the 2009/10 PCDC budget. 2 EXHIIBIT 1 RESOLUTION NO. Resolution :off the Petaluma City Council Approving the Submittal of the 2009 State C®ntroller's ~ffffice (SC®) Recleveloprnent 1~'inancial Report. WHEREAS, California Community Redevelopment Law requires that an annual report be presented to the legislative body within six months of the end of the fiscal year; and WIFIEREAS, that-report must contain certain financial and housing information for the fiscal year ending June 30, 2009; and W>EIEREAS, this. Annual Report is a compilation of those individual financial statements and reports on the PCDC housing programs; and WHEREAS, .the Annual .Report was distributed to the City Council on December 29, 2009 for review in preparation for the City Council's January 4, 2010 meeting; and WHEREAS the required financial and housing reports were submitted prior to the December 31,.2009 deadline; and WHEREAS, Section 33080.2 of Redevelopment Law states the "the legislative body shall review the report and take any action which it deemed appropriate;" N.OW, THERIEFORE BE IT RESO>LVEI) by the City Council of the. City of Petaluma that the FY 20.08-2009 State Controller:'s Report. has been received by the City Council in accordance with the Community Redevelopment Law and submission of the report to the State Controller is approved. 1340539.1 3 RDA Reporting, System -Agency Ir ~tnation L~ti ~ bid ~~ ~,.•-~..;~.y California Department.,of Housing and Community Development ~-~ ~~' Redevelopment Agency .Reporting Sysfem {~ d !"' 1.~~.,,_,-- Agency Information You are Here: Select Year >'Schedule Menu > Agency Information Previous Page • Admin AgencyPETALUMA Fiscal Year :2008/2009 Prepared by: Sue Castellucci o Select Year o FAQ o User Info • Status • Print • Logout Please use this form to provide current information about PETALUMA Address: l1 English Street Petaluma Community Development Commission City: : Petaluma County: `SONOMA State: ' CA Zip: 94952 Telephone: (707)778-4563 Extension:; 0 Fax: (707)778-4.586 E-Mail: scastellucci@ci.petaluma.ca.us Description: ~ ~;e,~; ~.: Update Redevelopment Agency Reporting System -Agency Information California Department of Housing and Community Development Page 1 of 1 • o <H, ~, F~~ ~~~ ~ d .~.,.. 4 ~~, • ~~ / y . ttnc•//cc~zr7 hrd !`A (Tll~l/R Tl ~ ~arl,t 0 r'c~r~n~rTr Fig ~nr~ Ca{ifornia Redevelopment Agencies-Fiscal Year 2008/2009 Project Area Contributions to Low and Moderate Income Housing. Funds Sch A Project Area Summary Report PETALUMA Project Area 109% of Tax Increment 20% Set Aside Requirement Tax Increment Allocated Amount Exem ted Deferral R Tax Incr. Deposited to Percent of Tax Repayment. Other Tofa.l Deposited to p epayment Hsng Fund Incr Dep Deferrals Income Housin g PCDC MERGED PROJECT AREA $16;489,263 $3,297,853 $3,297;916 $0 $0 $3,297,916 20.00% $0 $135,455 $3,433,371 Agency Totals: $16;489,263 ~ $3,297;853 $3,297,9'16. $0 $0 $3;297,91.6 ° 20,00 /° $0 $135,455 $3,433,371 Note:. Print this report in Landscape Orientation (Use the Print Icon just above, then Properties then Landscape) Page 1 of 1 12/17109 csr Califon pia Redevelopment Agencies=- Fiscal Year 20081~.;~9 Sch„A/B Project Area Program Information` 'PETALUMA rojecf Area: PCDC MERGED PROJECT AREA FUTURE UNIT CONSTRUCTION---- ------------------- --------------------------------------=------------------------- Estimated Execution Completion Contract Name Date Date Very Low Low Moderate Total BHDC-Logan Place 03/01/08 06/30/11. 65 0 0 65 Vintage Chateau;ll 08701/08 D6/30/11 48 19 0 67 Page 1 of 1 12/17/09 ~D California Redevelopment Agencies -Fiscal Year 2008/2009 Status. of Low and,Moderate Income Housing Funds Sch C Agency Financial Summary PETALUMA Adjusted Beginning Project Area Agency Othe Net Other Total Balance Receipts . r. Revenue Total .Resources Housing Housing Encum- Expenses Available Fund Assets Fund Assets brances $5,495,722 $3,433,371 -$2,387,875 $5,475,961 $'1,065,257 $21,757,445 $22,822;702 $0 :penses Housing Other Planning and Subsidies Total Rehabilitation Administration Costs 08!2009 $500,000 $4,308,328 $348;765 $318;868 $5,475,96 *The Unencumbered Balance is equal to Net Resources Available minus Encumbrances Note: Print this report in Landscape Orientation (Use the Print Icon just above, then Properties then Landscape) * Unen- Unen- Unen- cumbered cumbered cumbered Balance Designated Not Dsgntd $1,065,257 $0 $1;065,257 Page 1 of 1 12!17!09 Calm. .~ia.Redeyelopment Agencies-• Fiscal'-Year 20~ .009 • Status of Low and Moderate Income Housing Funds Sch. C Agency Financial and Program Detail PETALUMA Beginning Balance Adjustment to Beginning Balance ' Adjusted Beginning Balance Total Tax Increment From PA(s) $3,297,916 Total Receipts from PA(s) Other Revenues not'reported on Schedule A Sum of Beginning Balance and Revenues $5,495,722 $0 $5,495,722 $3,433,371 -$2,387,875 $6,541,218 Expenditure Item Housing Rehabilitation I Other Subitem Subtotal of Housing Rehabilitation Subtotal of Other Planning and Administration Costs Administration Costs Other Professional Services Subtotal of Planning and Administration Costs ~ Subsidies from the LMIHF Other Amount Remark $500,000 $500,000 $4,308,328 AD 17 reimbursement- 28,877; increase in notes rec. - 4,139,451; bad debt expense - 140,000. $4,308,328 $198,190 $109,580 Son. Co. collection fee-45,280; iritragovernmental fees - 64,300 $40, 995 $348,765 $318,868 p[ogrdm costs - subsidies to non- profits for various programs Page 1 of 3 12/17/09 O Cali•~.., nia Redevelopment Agencies -Fiscal Year 20t, .._009 Status of Low and Moderate Income Housing Funds Sch C Agency Financial and Program Detail PETALUMA Expenditure Item Subitem Amount Remark Subsidies from the LMIHF Subtotal of"Subsidies from the LMIHF $318,868 Total Expenditures $5,475,961 Net Resources•Available $1,065,257 Indebtedness For Setasides Deferred $0 Other Housing Fund Assets Category Amount Remark (Other ~ $21,757,445 Notes receivable 24,257445 less int:erfund loan 2,500,000 Total Other Housing Fund Assets $21,752,445 Total Fund Equity $22,822,702 2004/2005 $2556414 2005/2006 $2741129 sum of 4 Previous Years' Prior Year Ending Excess Surplus for 2006/2007 $3035021 Tax Increment for 2008/2009 Unencumbered Balance 2008/2009 2007/2008 $3277878 $11610442 $5,495,722 $0 Sum of Cur"rent and 3 Previous Years' Tax lncremertts $12,351,944 Adjusted Balance $1,065,257 Excess Surplus for next;year $0 Net Resources~Availabte $1,065,257 Unencumbered Designated $0 Unencumbered Undesignated $1,065,257 Total Encumbrances $0 Unencumbered Balance $1,065,257 Unencumbered Balance Adjusted for Debt Proceeds $0 Unencumbered Balance Adjusted for Land Sales $0 Excess Surplus Expenditure Plan No Excess Surplus Plan Adoption Date Page 2 of 3 12/,.17/09 -I ,,alifornia Redevelopment-Agencies -Fiscal Ye.- :00812009 Sch D General;Project Information PETALUMi0. 'roject Area Name: PCDC MERGED PROJEC9' AREA ;Project Name: Casa Grande Senior Apartments Address: 400 Casa Grande Road Petaluma 94954 Owner Name: PEP Housing 'ECIAL NEEDS UNITS -------- Category. Sub Category Count Special Need Unit Special Needs 57 Special Need Unit Elderly 57 dIT INVENTORY -------------- ------_----------- -------------- -------------------------- ------------------- Very:Low Low Moderate Above Mod .Became. Total ' Ineligible Other Provided with LMIHF Unit New Construction i Agency Rental Elderly 57 0 0 0 0 57 Unit Total 57 0 0 0 0 57 OJECT FUNDING SOURCE ---- --------------------------------- -------------------------- ------------------ Funding Source Amount Redevelopment Funds $1,423;000 Federal Funds $10,045;40b Private Funds $7;606;003 Page 1 of 2 12/17/09 1~ - ~x~,~~b,~~-~ REPORT . Annual Blight Progress Report FY 2008-2009 Prepared for: Petaluma Community Development Commission December 2009 ®, ~- ,I CONSULTING INC. 221 Main Street Suite 420 San Francisco CA 94105 415.618.0700 fax 4.15.618.0707 www.seifel.com epar~men~al Description The Petaluma Communtybeveloprnent Commission (PCDC) was activated on December 1;.1975; and exercises all the powers authorized under the Constitution and the laws of'the:State'of California, including the California Community Redevelopment Law (CRL, Health' and-Safety Code; commencing with Section 3300,0). The seven members of the City Council serve as the governingbody of the.Comrnission..The City`Ivlanager acts as the Commission's Executive Director;`with assstance;from the Housing Administrator and Coordinator: The City Attorney acts as PCDC`Counseh. The City's Interim Finance Director serves as PCDC'Treasuref and the City Clerk serves as PCDC Secretary:. The PCDC is charged with the goal,of elmriatirig blight within the redevelopment-project areas through the:process of'redevelopment. The PCDC exereses~all authorized governmental functions in carrying out projects and has he authorty,to, acquire, develop, administer, and;sell or lease: property in accordance with.the CRL. This authority :includes the right of eminent domain, under certain conditions,, and the r-fight to issue bonds; notes and other evidences of indebtedness-and expend' their'proceeds. The PCDC currently adtninsters programs: and projects in two funds: one ~" combined:fund for;.the Central Business District and Petaluma Community Development Project Areas and the other for the Low and Moderate Income Housing Fund. The pepartrnent of Public Works .impl'ements capital improvement projects, of the PCDC. _ ~~ ~p~~t organization This progress report has; been prepared' pursuant to the requirements of the CRL (Health & Safety Code Section 33080.1(d)) wth:respect to the PCDC's progress; actions and' expenditures in alleviating blight. Accomplishments are described and' grouped by project.area; the Central;Busiriess District,(CBD) and Petaluma Community Development (PCD), 12 ACC®mpfishme~ts Central Business District Project Area D Street Bridge. Trunnion Repair This project involved the replacement of the D Street Bridge's trunnion pins, rehabilitating the bridge deck and repainting the bridge. This work improved the safety, sustainability and aesthetic of the bridge. Overall, the PCDC contributed approximately $292,000 to complete this project. The work was completed under budget and in less-than-expected time. .Petaluma Railroad Depot Renovation and Leasing The Petaluma Railroad. Depot is owned by SMART and leased to the City for a period of 25 years starting in 2003. As a condition of the lease, ,the City renovated the historic buildings to prevent further deterioration and to prepare them for sub-leasing for public or.quasi-public uses. Upon completion of the renovations, the City entered into lease agreements for the main building with the Petaluma Visitors Center and for the freight building with the Petaluma Arts Council. In total, Petaluma contributed over $4 million to complete this project. Washington and 6th Street Pavement Rehabilitation This project will.fix pavement on Washington Street from Howard Street to the Washington Street Bridge, and on 6th Street, -from D Street to J Street. Work is underway and is expected to be complete by the end of 2009. The PCDC contributed $9.8'7,000 to this project since FY 2007/08. Fire Sprinkler Program In 2004, the City mandated that sprinklers be installed in most downtown basements by 2010 and in the main buildings by 2016. This program offers financial assisfance to the affected downtown property owners. Initially the City offered subsidies of $5,000 each for above-ground sprinklers and basement sprinklers. Later, grarits of $1 per square foot were offered in addition to no- interest loans of $4 per square foot to be paid back over l0 years. The Petaluma City Council, acting as PCDC Board members, approved the change believing it to be more equitable to owners of both large and small buildings and a better incentive for getting the sprinklers installed. In FY 2008/09, the PCDC allocated approximately $22,000 for this program. x ~3 Petaluma Downtown Association The Petaluma Downtown Association (PDA) is a network of businesses, property owners and individuals.'The PDA acts.as a liaison between downtown businesses and the City ofPetaluma to achieve their joint goal of maintaining the historic downtown as an active and dynamic retail center. Some of the PDA's economic development and downtown revitalization efforts are supported by the PCDC. The PDA.also promotes the downtown's economic vitality by providing advertisements for PDA merchants and organizing major annual events, such as the Butter and Eggs Parade, which draws over 2,500 people each year. In FY 2008/09, ,the PDA received approximately $59,000 from the PCDC. Theatre District Through Development and Owner Participation Agreements, the City designed and funded_the construction of the Theatre District infrastructure improvements. Streets included in.the area are: B; C a"nd D Streets, between Petaluma Blvd and the River; Petaluma Blvd and Second between B and D Streets; First Street between tlie.River and F Street. The work included riew and rehabilitated water, wastewater and storm drain systems, undergrounding of all PG&E, SBC and Comcastutilities, new streets, a new signal at•First and D Streets, sidewalks, lighting,, street furniture, and landscaping. The project is expected to substantially benefit the Central Business District Redevelopment Project Area by eliminating. blight, increasing property tax increment and property values, and enhancing the economic vitality ofthe area by attracting new businesses, providing jobs, and creating a vibrant use of.the downtown core. The PCDC contributed approximately $3.6 million to complete the project. Petaluma Community Development Project Area Old Redwood Highway Interchange This project will upgrade the Old Redwood Highway 101 interchange to meet current standards and future traffic requirements. The proposed interchange includes ramp widening and reconfiguration, traffic operations system improvements, an over-crossing structure widening to six lanes including bicycle .lanes, and enhanced signalization improvements at the intersections. Public Works anticipates constructing it independently from the Central B portion of the proposed future widening on US 101 (which runs up from Old Redwood Highway in Petaluma to Rohnert Park Expressway in Rohnert Park). Together, the projects will provide both safety and congestion relief enhancements. i~ The project has a $10 million Measure M funds allocation, with City/local funds paying for the remaining approximately $18.5 million of costs, including PCDC's total contribution of $3.0 million, of which approximately $2.0 million was allocated in FY 2008/09. Construction is anticipated to start in 2011 and be completed in 2013. East Washington Interchange This project improves or will improve the East Washington Street interchange with Highway 101 by adding anew northbound on-ramp and realigning the existing southbound on-ramp. The project.is currently being designed by a City consultant and will be constructed by CalTrans using a variety of State, Measure M and local funds. Work is expected to be complete in 2012. The PCDC contributed $32;000 to the project in FY 2008/09. Rainier Cross-Town Connector/Interchange This project will provide a new interchange on LTS 101 that will connect the west side of Petaluma to the east side. In conjunction.with new road improvements, it will provide an additional roadway connection between McDowell Boulevard North and Petaluma Boulevard North and open up underutilized portions of the PCD Project.Area for reuse. Public Works envisions this project as independent of other freeway projects and will design it to accommodate the proposed widening on US 101. The Project Study Report and supplemental studies are currently being prepared and. reviewed by Caltrans. Completion of the project is expected in 2015. In FY 2008/09, PCDC contributed $2,000;000 to the project. Caulfield Extension from Lakeville Street to the Petaluma River When completed, this project will extend Caulfield Lane from Lakeville Street across the railroad and the Petaluma River to Petaluma Boulevard South. The extension will include a new at-grade raih-oad crossing and a new river crossing, which will create a southern cross-town connector and access to future development sites. The first phase of the project was completed in Fall 2009. The remainder of the project°began construction in late-2009 and will be-completed by Spring 2010. The project received $700,000 from PCDC in FY 2008/09. Petaluma Boulevard North Bike Lanes Project This'project created Class II bike lanes in both directions on Petaluma Boulevard North, from Sliasta.Avenue to the Petaluma River Trail. The project included paving, street striping and storm drainage relocation to accommodate the bike 15 lanes. Between FY 2007/08 and FY 2008/09, the project received $47,595 from PCDC. The project was completed in FY 2008/09. River Trail Design for Top of Bank This project implements the Petaluma River Access and Enhancement Plan from Lynch Creek to Washington Street, primarily developing pedestrianLbike paths along the river. The expanded trail will link the dead end at Lakeville Street with a new pedestrian bridge over the Petaluma River at North Copeland Street. Plans for the river trail are complete. Construction will begin upon completion of a floodwall being built by the Army Corp of Engineers. In FY 2008/09, PCDC contributed approximately $1.8 million toward the project. $2.0 million from the SCTA Measure M fund will reimburse PCDC for the total amount contributed throughout the project. Brownfields IJ.S Environmental Protection Agency (EPA) Program This program is directed at property owners in Petaluma who have had trouble expanding or redeveloping their land due to underground pollution. The program is backed'by $400,000 in one round of assessment grants, $400,000 in a second round of assessment grants, and a $1;000,000 clean-up revolving loan fund grant from the Environmental Protection Agency. By removing contamination and pollution, the owner can sell or redevelop the property, thereby increasing its resale value and property tax revenue to the City. The first round of assessment work was very successful. The remaining assessment and clean up work is in process. In FY 2008/09, PCDC contributed approximately $40,000 towards the project. Additional PCDC Repot aid Data Departmental Staffing Departmental staffmg for FY 2008/09 may be found in the City of Petaluma FY 2008/09 Adopted Budget. FY 2008/09 Financial Summary Section 33080.1(b) of the CLR requires a fiscal statement for the previous fiscal year. Please contact Sandra Sato, Interim Finance Director, for more details. .~ ! ~.v .Supplement to the Annual Report of Community Redevelopment Agencies Redevelo ment A enc ID Number: 3 ~{ Apo Name of Redevelo ment.A~enc e:{ajv a.. ,~ o ~ v ~o/hrri•v5 i~j Mark the appropriate box below to indicate the ending date of your agency's fiscal year. Report .data for that period only. September 2008 r December 2008 ~ June 2009 Return this form to the California State Controller's Office. If you have any questions regarding this form please contact: U.S. Bureau. of the Census, Shannon Doyle, 1-800-242-4523 A. Personnel Expenditures Report your government's total expenditures for salaries and wages during the year, including amounts paid on force account construction projects. Z00 $ a f B: Mortgage Revenue Bond Interest Payments Report your government's total amount of interest paid on mortgage revenue bonds during the year. U20 $ U.S Bureau of the Census -Revised 6/2008 {, . ~. STATEMENT OF INDEBTEDNESS -.CONS®LIDATED ~ Cwer Page FILED: FOR TIDE 2009--20.1;0 TAX YEAR .~.. Name of Redevelopment Agency Petaluma Community Develohmerit~ Commission, Name of Project Area Merged Project Area . __ Current Palances Carried Foz-ward From: Total PrincipallIn'terest ' Line Outstandiu~ Debt Due During, Tax Year ._ ~ Fiscal Period -Totals- (From FonnA, Page 1, Totals) - (• 1) $ 1,77,643,3.75.00' - - $ 14;605,43 fi "''" Post Fiscal Period -Totals (FromForniB Totals] (_2) $ 6,118;99,O.Q0 ;$ 5,074,284,00 Grand _ __ _ Totals ~ - - _ (3) $ 1.83,762,=565.00' _ $ 19;679,722:00 Available Revenues From Calculation of Available.Revenues Luie 7 `4 ~ ) $ 20;384,078:00 Ne't Re urement (5) $ 163;378,4$7:00 Cgnsolidate on this form all of the data contained on Form A and B (iucluding,sti~pplemental pages). :Form A is to include'all' indebtedness entered into as of June 30 of the Fiscal Year Form B may' be filed at the~option of _the:agency; end is,.to includ'e,indebtedness entered. into post June 30 of the. Fiscal Year, pursuant fo Healtil anc3Safety Code Section 33675(c)(2): This °is optional for .each agency and is nova requirement for filing the Statement of indebtedness. The Reconciliation Statement is to include:indebtedness from Form A only. Cert.ificatioii of Cliief );'uiancial Officer: . Pursu.zntto Section ~.i6775 (b) of the Health and Szfety Code, I hereby certify that the above is a tl-ue and accurate Stafeniznt ~ of Isidebtedness for the above n~nneel agency. Rev 9/fi/2000 l - =I ~ FILET) FOR THF` ~J09-201.0 T~~ Y]EAI~ ..... ,. Narne of Redevelopnrerlt Agency POtAlllnla COm7riu111~ D0V810pp1eYlt COri1m15510ri Nanie of Project Area Merged Project Area.. For Indebtedness Entered into as of June' 30, 2009 (B) RDA.projects and pro~•arns (C) RDA projects alid pro~ra.ms (D) RDA projects and programs ' (E) OPA reiniinu'sernent a.grezment. a.trto:ina.ll .r? PZge 1 of 2:Pages; (G)' HSC 3368L5 LMI set aside. (H) i~eiuiburszment overhead to Cityper written a~•eement . (I) Rzso. 92-50 conurutinerit to property owners ~_ (J) 01-02 adopted budget load program Purpose of Indebtedness: (A) RDA projects and pro~ams ~ (F) tax increment pass-tlu•ougb to other agencies . ,~ ~Li. i~ vn l ns,. ~~vy-L•, ,t 1 xl~ Y LL~t'C Page ? of 2 P1ges .:. .,_ - Name ofRedevelopnxent Agency - ~ Petaluma Community Development ~~mm>ss>!on Natne:of'Project Area Meged Project Area - ~ • ~ . :'For Indebtedness Entered into ~s of-June 30, 2009 Orlglnal Data Current , Debt Identification _,, _ _ ' Date Principal Term Interest Rate Total Interest Iota Outstanding Debt Prlncipallnterest Due During Tax Year 0 `(A) RDA program-AD 17 ~ 1990 ~ 1,135,732.00 2u,yrs ~ 585',502.00 59,283.0.0 59,283,00 - 0 (B) RDA rot;t-asn-DTA _ - ~ annual 55,000.00 SS,UOO.OQ 0 (C) conunit-de of costs atuuial ?0,000.00 20,000.00 0 (I).) conuixit-times rinkl;ei~ subs annual 50,000.00 50;000.00 0 (E) commit-Brownfiel'ds ` annual 50,000:00 50;000.00 0 -~;,.~, cogent-101E Washington . amnial _ - 100,000.00 100,000.00 (G) ' ($) (I) ;(J) (K) (L). - o to This P ae ~' 34 2 ~ 8 0 ~ U ~4 $ 28~. 0 0 rucpose: of inne~tedness: ,. {f1j Reso: 90-04 conunihnent to property owners . ,, Budget conunihnent to Downfo~~rt Assoc. (C) Budget eonuvingent to RR Dgpot , (D,) 06-07 adoptedbudbet'loatt/subsidy'prggram (E) Couunit costs associated~with Bro~~elds grant - (F) Budget conunitment support to 101 E Wasliiixd ou work N c I (G) (~) m (~ (h) ~) ~a'~;.a ,a..u~'. u~.u ,LJ.JL 11JL1V1J 4J AJ Ul\1J.:1 FILED FOR THE 2005, i10 TA~~ YEAR To be used only if'the agency wishes to includz;indebfedness entered into after Jwte 3U Name of Redevelopment Agency P0ta1lIIITc~ C'OII1mUilltg' DeVeiOllmCllt COmm1sS10I1 Name~of Project Are1 Merged Project Area For Indehtediless Entered into post Jurie~3.0, 2009. as of September 30, X009 norm. is (Ohfonalj Original Data Gu_ rrent~ " Interest Total Total 'Principalllnterest-. Debt Identification Date Principal. Term Rate Interest Outstanding Debt Due During Tax. Year E1L4F 8/2Z/2009 6,118,990.00 5/1D/?011 Fi.J l R 99n nn S.n7~1 ?R~1 nn pC~~ 4 i i ! T T L 0 A S •-, r T FISC Y S AL lvAR I ND ~1'E E DN S S ~' , Purpose of Indebtedness: i (A) Education Revenue Au:~mentation Fund ($5,074,284 in 09-]O, and $1,044,706 in 10-11) (B) (C) (D) (E) (r) 6-118 0 00 '$ 99 . ..... 5 07 4 ....... $ 428 . (U) (H) (I) (J) (h) CL) N :. . .._ .-cC:ON:CLLIATION STATEiUIENT - _ t~A~l:CE'S' I~ IRIDEBTEDNESS . ~, Name of Agency Petalumz Community ]Development Commission Name of Project-Area Merged Project Area Tax Year 200-201;0 Reconciliation Dates: From July 1, 2008 To June 30. 2009 Page 1 :of ,2; ;Pages _.. _ q B C p E F Debt lde ntificatio_ns Outstanding Debf Adjustments Amounts'Paid Against R i i SOI, page and liner Brief All Beginning Increases Decreases Indebtedness from: ema n ng - la B Prior Yr Pg 1 Current Yr P.g, 1. bescriptlon _. Indebtedness (Attach Explanation) _ (Attach Explanation) -Tax Increment , Other Funds ~ a nce (A+6=C-D=E) " Line B Line A 200aA.TAB ~. 2;434;935.00 $ 404,140.00 2,03;0,795.00 Pg 1 Pg 1 Line G Line B _ 2003A TAB _ _ 41,5,72,165.00 1,497,655.00 40,074,5 0 1 Pg 1 Line D Line C 2005A TAB ~ 29,985,657.00 894,201:00 29;091,456.00 Pg 1 Pg 1 Line E Line D 2007 TAB 66,921;840;00 . 1,598,311.06 65,323,529.00 Pg 1 Pg 1 Line ,. F, Line E DDA-AD 19 471,111.00 ' 119,78.1.00 351,330.0.0 Rg 1 Pg 1 . :Line G une F ass tlu-ou i a .cements 4,800,000.00 5,609,736.00 5,153,736.00 5,256,0'00.00 Pg 1 Pg 1 Line. H Line G 20%szt aside LMI 35,268,024.00 2,159,904.00 3,297;836:00. 34;;130;072.00' Pg 2 Pg 1 L-ne__ A Line H reunburse a~-reemenf Ci 904,750:00 969;700.00 897,830.00 97,6,600.00 TOTAL -THIS PAGE $ .1.82,358;482.00 $ 8,739,340.:00 1~,86~:,530.00 ~^ ~ ~. $ 177,~~4;_9_ 00 TOTALS: FORWARD $ 93Q,2,15.00 $ 177;1.85.00 $ 382,745:00 $- 31:5,3.72:00 $ - $ 402,2b J GRAND TOTALS $ 183,288,697,.00 $ 8,916,525.00 $ 382,745.00 $ 14,178,902.00. '$ - $ 177;643;575.00 NOTE: Column A must equal the previous year Statement of lndebfedness Outstanding Debt. Column F must equal this year's SOI Outstanding Debt column. Use the page.-and Ii,ne'n.u.m. ber that the indebtedness is listed on in each year as appropriate, and a brief description. Ignore any indebtedness fully repaid in the previous year, as it had a zero ending balance. All new indebtedness entered into since the previous S01 is to be listed ;below the previous indebtedness: Enter "new" in the "Prior Yr" page and line column for each new indebtedness. Rev. 5/2/94 ~'. N .ECON.~'ILIATION STATEiVI~N,T = ~MAN'CES IN IN®E~TED'NESS Page 2 of 2 Pages Name of Agency Petaluma Community Development Commission Name of Pcojec.t Area Merged`Project Area . - Tax Year 2009-2010 Reconciliation Dates: From July 1, 2008 To June 3U, 2009 A B C p E F Debt Ide ntification: Outstanding Debt Adju§t ments Amounts Paid A ainst Re ini SOI g ma ng , page and line: Brief All Beginning Increases Decreases Indebtednes f s, rom: Balance Prior yr Current Y.,r. Description Indebtedness (Attach Explanation) (Attach Explanation) Tax Increment Other Funds (A+B-C=Q-E) Pg 2 Pg 2 - Line B tine A RDA ro~'am-1J12IV1 30,000.00. 5,000.00 0.00 25;000.00 P. g 2 . Pg .. 2 . Line C une B _ RDA ro am-storefi~ontloaii 75,000.00 ~ 21,;829;00 3,171.00 50,C )U' 2 pg 2 ~~~ie D Line C RDA rogranl-AD 17 1.1,9,215.00 59,932.00 59,283.00 P;g ~2 Pg 2 Line E Line D RDA rotrrani-DTA 50;000.00 61,755.00 56,755:00 SS,000.OU Pg 2 Pg 2 -~ 'Line H Line E conuiiit-de ~ot.c;osts 50,000.00 T4;94.4,00 15,056.00 ?0,000:00 Pg 3 P-g 2 Line D Line F conunit-fires iinkler sub • 75,000.00 24,980:00 20.00 SO,000.00 'Pg 3 Pg 2 Line E Line G conuuit-Brownfields ~ 233,500.00 175,992.00 7,508.00 50,000.00 Pg new 'Pg 2 .Line new Line H conuilit-IOIE VJashul o>l 0.00 100;000.00 0:0'0 100,000.00 'Pg new Pg 2 line new Line I' trustee fees 15,40.00 15;430:00 ~ 0.0.0 Pg. ~ pg 2 .. Line A Line J 2000A TAB 157;500.00 157,500.00 ,0 , 2 ' pg 2 Line G dine K conmlit-landsca. e ini rov 140,000.00. 140,000.00' 0.00 0.00 Pg Pg 2 Line Line L 707AL - 7H{5 PAGE $ 930;215.00 $ 177;185,0.0 $ 382,745.00 $ 315;372.00 $ - 409,ZS3',00 N07E: Column A must equal the previous year Statement of Indebtedness Outstanding Debt.. Column F must equal this year's 501 Outstanding Debt Column. N W C/~L ~r~~~"I~N OF AVAIL.A~L.~ RE _r~a,JES. AGENCY NAME Petaluma ~Olrnl'Ti1:8llity '~eve~®p~vae~at C~tTlItT9~S5io97 PROJECT AREA iV9erged Pe'oj~~$ Ares TAX YEAR 2009-204D RECONCIL IATION DATES:: JULY 1; 2b08 TO JUNE 3q, 2009. 1: Beginning Balance, Available Revenues $ .18,724;543.00 (See Instructions)' Tax Increment'Received - Grosse: CBD $ 2,242,482.00 2. Tax Increment Received' -Gross PCD $ 14,347,258.00 less sec 33676 ~ $ (751,745.00) All Tax IncremenfiRevenues, to including any Tax Increment passed through to other local taxing agencies 3. All other Available Revenues Received ~ $ 442.00 (See Instructions) . 4. Revenues from any other source, included in Column E of•the Reconciliation Statement, but not included in (1 - 3) above $ _ 5.. 'Sum of Lines 1 through'4 ~ $ 34,562,980.00 6. Total,amounts paid against indebfedness in previous :year. (D'+ E on Reconciliation Statement) - $ 14,178,9Q2.00. 7. Available Revenues, End ofYear (5 - 6) $ 20,384,078.00 FQRIBUARD THIS AMOUNT TO~STAI"EIViENT' ®F INDEBTEDNESS ~~~~$ T'ax Increment Revenues: The only^amount{s) to be excluded as, Tax Increment Revenue are any amounts passed through to, other local taxing __ agencies• pursuant to.Health and Safety Code•Sec#iom 33676. Tax Increment .-Revenue set-asides in ghe`Lmw, and;. • - . - - - _. Moderate Income:.'iousing Fund will, be washed in~ahe above calculation, and- therefor omitted from Available . ,Revenues at~year,end. • Item 4: above: ~ . This,represents,any payments from'any source other than Tax :Increment OR available revenues. For instance, an agency funds. a project with a,bond issue. The previous SOI 'included.a Disposition Development Agreement. {DDA) which was fiullysatisfied wi#li these bond proceeds„ The: DDA would be shown on the Reconciliation Statement asfully repaid underttie''otf3er'' column (Gof E;), butwvith-funds that were neither Tax Increment, nor"Available Revenues" • as defined. The .amounts used, to =satisfy- this DDA would be included on line 4 above.in order to accurately `determine ending "Available Revenues". . 'v (512/94) s~ y~ econci~~at~®n ~tat~l~~~nt ~= Des"~r~p>~i®~ ®~ A:~-~yusltr~~e~ts Agzncy: ~e~alu~a C®~unity Level®~~eut ~©na~assdon P--ojzct Azea: 16!gerged Pro,pec~.Area date: June 30, 2009 'Reconciliation Sheet Description ofAdj,ustrteent aQ e at~d line lPg I Increase i ' Annou.att n;project area s pass thiouQh based upon computation of required payment Line F from tax increment. Pg 1 Increase in project area's set, aside requirement for Low and' Moderate Income $ x,609,736.00 Line G , Housing funds. Amount c_ om uteri based on total debt outstanding k'g 1 .. $ 2,159,904:00 Line H New commitment of,budgeted funds Pg . $ 969,700.00 ` L~1e A Decrease to outstandintr indebtedness/budQet commitment, at: ear eud $ 11'g 2 . 6,000.00) I;ine lP,g B ~ Decrease to outstanding indebtednessLbudget conunitiiienf at ear end. . $ 2.1,829.00). Line D New conttnitment of budgeted fluids P'g 2 . $ 61',7».:00 Line. E Decrease to outstanding indebtedness budget conmltnlent at ear eud Pg 2 : $ (I#,944.00) sine pg F ? 'Decrease to outstandingiudebte_dness/budget commitment at ear end.. (?x,980.00) Fine G ' Decrease to outstanding indebtedness/budget cotutnitment at ear end Pg, ~ . $ {17;992.00) + Line H New coiittnitment of budaefed ftzrtds ~?g; 2 . $ 100,000.00 Line Pg I ` 2 Administrative.fees .aid"to Trustee in connection wvith allocationof tag increment. • $ 1~,4~0.00 Line K Decrease to outstanding°iitdebfedness/budget conunittuerit at• ear end ' Pg . $ {140;000 .00) Fine Pg Line 1Pg L181~: ' 1Pg • ,, lGine )<'g Line ' It'g Fine __. - ,_ Pg 1Gine lag Line )E'g . Tine ~b'~. L,iaie Grand Total $ 3,33,780.00 ~~ ~e~alu>~a C®>~;l~l.~>r~fy ~ev~~®prne~t ~®lt~>r;l~ss®~ ~'o#es t® Basae Fhaaaac~~l' Statements; Cbri~i>rxiaed F®r the yeah ended Jane-30,.2009 ,;3'. 1V®TES 1ZEClEIVAB>LE. At june30, 2009, the Agency had the following loans receivable: " Housing Loans FTPIB Program $ x,887,875 Old IIm Partners 1,305;961 Rrnuidwallc Village Partners 933;400 Boulevard (B.uckelew) Project 480,200. Downtown River Associate LP 3,E~i2,83Ei Edith StreetApartmei~ts,Inc 889,964 Lieb Senior Apartments Inc" 810;241 Pazklane Apartrr~nts Cca-p 164,6 575 Vallejo Street Association 851,184 579. Vallej o Street Associatirnl 990,000 CasaGrande 1;656,655 Wocxl Sorrel 1,119,211 Petalwsia Blvd Senor Apartments . 1,432,000 .Logan Place 2,182,399 Salishan Apartmei~s Inc 388,380 Vuttage Chateau 2,99,824 Total Housing Loar-s 24,254,733 Storefront Loan Program 261-,704 Total $ 24,51Ei,~I37 The. Petaluma Community Development Commission entered into various loan agreements with not=for- ,profit. agencies to finance the construction of low and moderate income housing. The terms range. from S to b0 years, and the interest rates range from 0% to b%. Payment is deferred until a variety of events oecu, such as sale or transfer of property, failure to adhere to low and moderate income how ing provisions of~the pronussory note, to the extent of:residual receipts, or at the maturity date of the note. ' The Redevelopment" Agency offers 'low interest loans to property owners with` building located. in ;the Central Business District (Do~Nrtowri) as an incentive to make improvements to the exterior storefronts; 4. ~E)~'~gZiZED REVENUE Deferred reveil~ae in the Governmental Funds Financial Statements as of jure 30, 2009 was reported as follows: Interest receivall_e onNotes Receivable $ 2,539,796 Accounts receivable 7,631 Total deferred revenue $ 2,547,427 These, arnauints are recognized. as revenues in the Government-Wide Financial Statements. y-t.~ 25 e~c's ~~ Properties (There are no Agency Owned P~opea~ties) 2~ '~~~L ~.J 1'i/~ ~ dJ l~~l l CI~'~C ®F PE'I'AI~J1~A, CALd~O~ZI~TIA AC FTC~L ST'A`TE EN'D'S end Ie,~et A~~t®rs° : e®rts ~®IZ 'I'IIE FISCAL, YEAR ENDED JI.TE 30, 2009 Pe`talum'a Community Development Commission .Basil Financial 'Statements F,or the year ended June 30, 2009 Table of Contents Financial Section Page Independent Auditors' Report ..................:............................................................................................................:1 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Assets ................................................:.........:...........................................:.........................6 Statement of Activities and Changes in Net Assets ....................................................:.....:......................:7 Fund. Financial Statements: Governmental Funds: Balance Sheet ..........................................................:...:.............:.:...::.............................:...:...:..:.....:.......12 Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Assets .............................:...........:....:..::::.:..............:........................... - ...13 Statement of Revenues, Expenditures and Changes in Fund Balances ........................................14 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities and Changes in Net Assets .....................................................:..................................................:.....15 Notes to Basic Financial Statements ..................................:.........:.:................:.......:......:....................:.:.........:17 Required Supplementary Information: Budgetary Informa ion ..::.......:..:.....:...:.......:.:........................:.........•--.......,.........:...........•--...........:..................36' Budgetary Comparison Schedu e . Redevelopment Special Revenue Fund ................................:.................................:.................:...............37 Supplementary Information: Sched'~ule of_Re~enues, Expenditures and Changes in Fund Balances -Budget and Actual: Redevelopment .Debt Service Fund ..................................................:................................... .:........:::...40 Redevelopment Capital Project Fund .......................................................................................................41 Compliance Section Report on Infernal' ControLover Financial Reporting and on Compliance and Other Matters lased on,an'Audit of Financial Statements Performed in Accordance with GovernmeritAuditing Standards :.:....................:.........................................................43 2q Caponcc '& Larson Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Commissioners of the Petalurrla Community Development Commission Petaluma, California We have audited the accompanying financial statements of the governmental. activities ;and each major fund,. of the Petaluma,. Community Development Commission (Commission), a component unit, of the City of Petaluma, California. (City); as of and for'the year ended June 30, 2009, which :collectively comprise of the Commissions basic financial statement as listed in the, foregoing table of contents. These: financial statements are ;the responsibility of the Commission's management. Our responsibility is to express ~ an opinion on these financial statements based on our audit. We' conducted our audit in accordance with generally accepted auditing standards in the United States and the standards. applicable. to financial audits: contained in Governmental Accounting Standards, issued by the Comptroller General,o'f the Lli-iited States. Those standards require that we plan and' perform the audit to obtain reasonable assurance aboilf whether the basic financial statements .are free. of material .:misstatement. An auditincludes examining,'on a test basis,' evidence supporting 'the amounts and disclosures 'in the basic. 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. Subsequent to the financial- statements date of June 30, 20Q9 and: the year' then ended, the State of California {State}. has proposed taking Redevelopment, Agency funds from local governments. These amounts are..very significant to the;local governments and may affect their ongoing operations. Certain lawsuits are in process to stop 5ucl'State actions. For more: detailed information, see Note 11 aftached in the Notes to Basic Financial Statements: In .our opinion, the 'basic financial statements referred 'to: above :present fairly, in, all. material. "respects; the=respective fnarlcial,position of the governmental., activities and each,major'fund' of . ,.. - the Commis"sion'as of June. 30, `2009, •and the respective changes•in financial position, tllereof'for ~~ the year. then ended in conformity with generally accepted accounting principles in_ the United States. In accordance with Government Auditing Standards, we .have also; issued our report dated December 21, 2009 on our consideration of Commission's. internal co_ ntrol over financial reporting and on our tests :of its compliance with. certain provisions of laws, regulation, contracts and. grant: ~The purpose`of_that„report into describe the scope of our:testing of internal control over fina""racial reporting and compliance and the results of that testing.,and not to. provide an opinion, on the innternaI control;. over financial reporting or on compliance: That report;, is an. integral part of an audit; performed in accordance with Governmental Auditing Standards and should'be' read in conjunction with this report in considering the results of our audit. ' Tol1,Free Ph:,(877~ 862 2200 Toll Free Fax: (866) 436-0927 Oakland Orange'Countr SaQameato~ Sae. iNego 180;GeandAve.,Sui[a 1365 9'Corporaee:Puk,Siri[e100 777`Campus~.Gommons:Rtl:;Suite200 4858Mercury,Suie 106 Oakland, California 94612 ~ - .Irvine; Calfornia~92606 Sacramento; California 95825 San.Ihego; California 921P1 30 To the Commissioners of the Petaluma'Coinmunity, Deueloprnent Commission Petaluma, California- The accompanying Required Supplementary Information, such as Budgetary Information, and Budgetary Comparison Schedule, is not a required part of'the basic financial statements but is supplementary .information required by the Governmental. Accounting Standards Board. 4Ve have applied certain limited procedures, which consisted principally of inquiries of management regarding. the methods of measurement and presentation of the Required Supplementary Information. However, we did not audit the. information and express no opiriion.on the'Required Supplementary Information. The Commission. has not, presented the Management's Discussion and Analysis which the. Governmental Accounting Standards Board has determined is ,necessary to supplement,. although not required to be part. of, the basic financial statements. Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the .Commission's basic financial statements. The accompanying Supplementary Information is presented for purpose of additional analysis and is not a required part of the basic financial statements. The Supplementary Information has been subjected to the auditing procedures applied in the audit of the basic financial statements and in our opinion, is fairly stated in a1T material respects in relation to tine basic financial statements taken as a whole. ' CAS ~- ~~°~`" San Diego, California December 21, 2009 z ~1 BASIC FINANCIAL STATEMENTS 32 This page intentionally left blank. 33 GOVERNMENT-6VIDE FINANCIAL STATEMENTS 5 3y. :Petaluma Community Development Commission Statement of .Net Assets June 30, 2009 ASSETS Current assets: Cash.and investments Restricted cash and investments with fiscal agents, Accounts receivable Intergovemmentalreceivables Total current assets Noncurrent assets: ' Noncurrent receivables Notes receivable Deferred charges, net Capital.assets: Nondepreciable Capital assets, net Total noncurrent assets Total assets LIABILTTIES Current liabi]ities: Accounts payable Wages payable Interest payable Due to the City of Petaluma Refundable.deposits Compensated absences-due within one year Long-terin debt-due within one year Total`current liabilities Noncurrent iabilities: Compensated absences- due in more thanone year Long-term debt -,due in more than oneyear 'Total=noncurrert liabilities Total liabilities NET ASSETS Invested in capital assets,-netof related debt Restricted for: Debt. service Capital projects Special projects Total. restricted Unrestricted .(deficit) Total net assets:(deficit) See accompanying Notes to Basic Financial Statements. 6 Governmental Activities $ 2,335,227 26,802,188 11,072 107,071 29,255,558 2,539,796 24,516,437 1,376,246 13;213;899 13,213,899 41,646,378 70,901;936 645,202 .30,678 556,115 2;628,750 61,000 14,644 1,293,305 5,229;694 130,300 71,]44;909 '71,275,209 76,504,903 9,039,518 2,629 807,913 22,825,804 23,636;346 (38;278,831) $ (5,602,967) 35 Petaluma Community .Development Commission. Statement of Actviites and-Changes in Net:t~ssets For the year ended June 30 2009 Net (Expense) Revenue and Changes in Program Revenues Net Assets .Opera4ing Capital Charges for Grants and Grants and Governmental Functions/Prog;ams Expenses; Services Contributions Contributions Total Activities Primary government: Goverrimei-tal activities: Community development $ 37,301,583 $ 27,986 $ 2;338,197 $ 72,104 $ 2,438,287 $ (34,863,296) Interest on long-term debt 3,468,662; - - - - (3,468,662) Total governmental activities $ 40;770;245 $ 27,986 $ .2,338,197 $ ~ 32,104 $ 2,438;287 (38,331,958) General Revenues and Transfers: Taz increment' 17,241,026 Jrivestment earnings 1,572,259 Transfers'fo the,City of Petaluma. (583,281) Totalsgeneral revenues and transfers 18,230,004 Changein net assets (20,101>954) ' Net;assets`- beginning of yeaz 14,498,987 Net assets,- end ofyeaz $ (5,602,967) See accompanying Notes to $asic Financial Statements. 7 3 This:pkge intentondlly leffbldnk. 8 3l FUND FINANCIAL STATEMENTS Governmental Fund .Financial Statements 3 This page intentionally left'blank. 10 3q GOVERNMENTAL FUND FINANCIAL STATEMENTS I1 u~ Petaluma Community Development Commission Balance Sheet Govemmenfal Funds ' June 30, 2009 ASSETS Cash and investments Restricted cash and investments Receivables: Accounts receivable, net Intergovemmentalreceivables Interfund receivable Notes receivable Noncurrent receivables Total assets LIABILTTIES AND FUND BALANCES Liabilities: Accounts payable Wages payable Interfund payable Deferred revenue Refundable deposits Due to City of Petaluma Total liabilities Fund Balances: Reserved: Encumbrances Notes receivable Debt service '. Capital projects Unreserved, undesignated reported in: Special revenue-fund Debt service fund Total fund balances Total liabilities and fend balances See accompanying Notes to Basic Financial Statements. Major Funds Total Redevelopment Redevelopment Redevelopment Governmental Special Revenue Debt Service CapitaLProject Funds 1,599,858 $ - $ 735,369 $ 2,335,227 - 2,629 26,799,559 26,802,188 10,854 - 218 11,072 21,414 - 85,657 107,071 - - 32,169 32,169 24,254,616 - 261,821 24,516,437 2,539,796 - - 2,539,796 28,426,538 $ 2;629 $ 27,914,793 $ 56,343,960 $ 492,913 $ 8,025 2,539,796 60,000 2,500,000 5,600;734 - $ 152,289 $ 645,202. - 22,653 30,678 32,169 - 32,169 - - 2,539,796 - 1,000 61,000 - 128,750 2,628,750 32,169 304,692 5,937,595 295,848 - 1,574,615 1,870,463 24,254,616 - 261,821 24,516,437 - 2,629 - 2,629 - - 25,773,665 25,773,665 (1,724,660) - - (1,724,660) - (32;169) - (32,169) 22,825,804 (29,540) 27,610,101 50,406,365 28,426,538 $ 2,629 $ 27,914,793 $ 56,343,960 12 ~~ Petaluma Community Development Commission Reconciliation of the Governmental Funds. Balance Sheet to the Government-Wide Statement of Net Assets June 30,-2009 Total Fund Balances -Total Governmental Funds $ 50,406,365 Amounts reported, for governmental,activities in the Statement of Net Assets were,different because: Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the Governmental Funds Balance Sheet. 13,213,899 Revenues which were deferred on the. Governmental Funds Balance Sheet because they were not currently available were reported as revenue in the Statement; of Activities and Changes in Net Assets and accordingly increase the:net assets on the Government-Wide Statement of Net Assets. 2,539,796 Deferred charges, such as bond issuance costs, were an. expenditure in the governmental funds but .were capitalized and amortized over the life of the bonds in the Government-Wide Financial Statements. 1,376,246 Interest payable on long-term debt did not require current financial, resources. Therefore, interest payable was-not reported as a liability on the Governmental Funds Balance Sheet. (556,115) Long-term liabilities consisting of bonds and notes payable, were not due. and payable in the current period. Therefore, they were'snot reported in the Governmental Funds Balance Sheet. Compensated absences =due within one year (14,644) Compensated absences -due in,more than one year (130;300) Long-term debt -due within one year (1,293,305) Long-term debt -due in more, than one year (71,144,909) Net Assets (Deficit) of Governmental Activities $ ,(5,602,967) See accompanying Notes to Basic Financial Statements. 13 ~~ Petaluma Community Development Commission ' Statement of'Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the year ended June 30, 2009 Major Funds Total Redevelopment Redevelopment Redevelopment Governmental Special Revenue Debt Services Capita] Project Funds REVENUES: Taxes $ 3,297,916 $ - $ 13,943,110 $ 17,241,026 Use of money and property ~ . 115,100 442 995,092 1,110,634 Iritergovemmental 2,338,197 - 72,104 2,410,301 Charges for services 27,895 - 91 27,986 Total-revenues 5,779,108 442 15,010,397 20,789,947 EXPENDITURES: Current: Community development 1,543,701 57,681 9,864,953 11,46b,335 Capital outlay - - 43;595 43;595 Debt service: ' Principa] - 1,312,000 - 1;312,000 Interest and fiscal charges -~ 3,359,588 - 3,359,588 Total expenditures 1,543,701 4,729,269 9,908,548 16,181,518 REVENUES OVER (UNDER) EXPENDITURES 4,235,407 (4,728;827)' 5,101,849 4;608,429 OTHER FINt\NCTNG SOURCES (USES): ' Transfers in from the City of Petaluma - - 48$;836 488,836 Transfers out to the City of Petaluma. (491,065) - (581,052) (1,072,117) Transfers in - 4,692,100 3,842,925 8,535,025 Transfers out ~ (1,640,884) - (6,894,141) (8,535,025) Total other financing sources (uses) (2,131,949) 4;692,100 (3,143,432) (583,281) Net change in farad balances 2,103,458 (36,727) 1,958,417 4,025,148 FUND BALANCES: Beginning of year 20,722,346 7,187 25,651,684 46,381,217 End of year $ 22,825,804 $. .(29,540) $ 27,610,101 $ 50,406,365 See accompanying Notes to Basic Financial Statements. 14 ~~ Petaluma. Community Development Commission ~ - Reconciliation of the Governmental Funds Statement of .Revenues, Expenditures, and Changes in Fund- Balances to the Government Wide Statement of Activities and Changes in Net Assets For.. the year ended June 30, 2009 Net-Change in Fund Balances - Total Governmental Funds $ 4,025,148 Amounts reported for governmental activities in the Statement of Activities and Changes in Net Assets were different because: Governmental funds reported capital outlay<as expenditures- However, in the Government-Wide Statement of Activities and Changes in Net Assets, the cost of those assets was allocated over their estimated useful lives as depreciation expense. 2,600,952 The net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, and donations) was to decrease net assets. (28,368,005) Revenues which were deferred on the Governmental Funds Balance Sheet because they were not currently available in prior years were reported a5 revenue as they became available. In the Statement of Activities and Changes in Net Assets these amounts had been recorded in prior years, as a result they were not subject to revenue recognition in the current year. 461,625 Compensated absences were reported in the Government-Wide Statement of Activities and Changes in Net Assets, but they did not require the use of current financial resources. Therefore, compensated absences were not reported as expenditures in Governmental Funds. (24,600) Bond premium and discount were recognized as expenditures on the Governmental Funds Financial Statements. However, in the Government-Wide Statement of Activities and:Changes in Net Assets, the bond premium and discount were capitalized and amortized over the life of the bonds. This amount represents the current year amortization. (61,695) Amortization expenses on bond issuance costs was reported in e Government-Wide S_ tatement of Activities and Changes in Net Assets, but they did not require the use of current financial resources. Therefore, amortization expenses on bond issuance cost was not reported as an expenditure in governmental funds. (56,991) Repayment of bond principal was an expenditure in Governmental Funds, but the repayment reduced long- term liabilities in the Government-Wide Statement of Net Assets. Long-term debt repayments 1,312,000 lnteresf expense on long-term debt was reported in the Government-Wide Statement of Activities and Changes. in Net Assets, but they did not require the use of current financial resources. Therefore, interest expense was not reported as expenditures in Governmental Funds. The amount represents the change in accrued interest from prior year. 9,612 Change in Net Assets of Governmental Activities $ (20,101,954) See`accompanying Notes to Basic Financial Statements. 15 N~ This page intentionally left blank. 16 ~ S Petaluma .Community Development Commission Notes to Basic Financial. Stafemenfs .For the yeaz ended June 30, 2009 L 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The basic financial statements of the Petaluma Community Development 'Commission, of the City. of Petaluma, California '(Commission) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental agencies. The Govemment~l Accounting Standards Board (GASB) is the accepted standard setting body for establishing.. governmental accounting and financial reporting principles. The more significant of-the Commission's accounting policies are described below. A. Reporting Entity The Commission, a component unit of the City of Petaluma, California (City), is a community redevelopment agency formed in September 1976; pursuant to the provisions of Part 1 of Division 24 (commencing with Section 33000) of the California Health and Safety Code. Pursuant to this law, the Commission is vested with the responsibility of carrying out a duly adopted redevelopment°plan. The Commission defined the Central. Business District Project Area, encompassing approximately 225 acres, on September 27, 1976, amended in April. 2001. The Petaluma ..Community Development Project Area was defined as encompassing approximately 2,740 acres on July 18, 1994 and 2001. The Commission's primary source of .revenue, other than loans, advances from the City, and bond proceeds, is an allocation of a portion of current property taxes. Property taxes allocated to the Commission from other agencies are computed in the following manner: a. The assessed valuation of all property within the project area is determined on the date of adoption of the redevelopment plan, and identified as the base year valuation. b. Property taxes based on the incremental increase in assessed values above the base year valuation are allocated to the Commission. Property taxes based on the base year assessed valuation are allocated to the City, county and other districts. The Commission has no power to levy and collect taxes. On October 18; 2006, an ordinance approving and adopting. an amendment to the redevelopment.. plan, fiscally merging the Central Business District Project Area with the Petaluma, Community Development ' Project.Area, was approved by 'the City Council/PCDC Governing Board. The amendment'provides for the fiscal merger of the project areas in order to pool. tax increment revenue and establish a unified bonded indebtedness limit for -the two project areas, while retaining. the separate identity of each project area for other purposes.. The amendment increases the outstanding bonded indebtedness limit to the sum of $250,000;000, but does not alter the limitation on the amount of tax increment revenue that. may be allocated to PCDC over the life of the redevelopment plan. B. Basis. of Accounting and 1Gleasurement Focus The accounts of the Commission are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. 17 ~~ Petaluma Community Development Commission Notes to Basic Financial Statements, Continued For the year ended June 30, 2009 L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus, Continued Government -Wide Financial Statements The Commission's government=wide financial statements :include a Statement of Net Assets and a Statement of Activities and Changes in Net Assets. These statements present summaries of governmental activities for the Commission. These financial statements are presented on an "economic resources" measurement focus and the accrual basis of accounting. Accordingly;. all of the Commission's assets and liabilities, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying Statement of Net Assets. The Statement of Activities and Changes in Net Assets are presented using the accrual basis of accounting, whereby revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. The Commission's program revenues consisted of: • Charges for services Operating grants and contributions e Capital grants and contributions Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund activities, payables and receivables. All internal balances in the Statement of Net Assets have been eliminated. The following interfund activities have been. eliminated: e Transfers in/out e Interfund receivable/payable Governmental Fund FinanciaLStatements Governmental fund financial statements include a Balance Sheet and a Statement of Revenues; Expenditures and Changes in Fund Balances for all major governmental funds. An accompanying schedule is presented to reconcile- and explain the differences in net assets as presented in these statements to the net assets presented in the government-wide financial statements. The Commission has presented all funds as major funds. All governmental funds are accounted :for on a spending or, "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. 'The Statement. of Revenues, Expenditures and Changes in Fund Balances presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. 18 ~~ Pefaluma Community Development Commission Notes to Basic. Financial Statements, Continued For the year ended June 30, 2009 1. 'SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus,, Continued Governmental Fund Financial Statements, Continued Revenues are recorded when received in cash, except for revenues subject to accrual (revenue received, within 60 days following year-end) are recognized when due. The primary revenue sources, which have been treated as susceptible to ,accrual by the Commission .are property tax. Expenditures are recorded in the accounting period in which the related fund liability is incurred. Deferred revenues arise when, potential revenues do not meet .both. the ."measurable" and "available' criteria for recognition in the current period. Deferred revenues also arise when the government receives resources before it has a legal claim to them; as when grant monies are received prior to incurring qualifying expenditures. In subsequent periods, when,.both, revenue recognition criteria are met or when the government has a legal claim to the resources, fhe deferred revenue is removed and revenue is recognized. The Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements is provided to explain the differences created by the integrated approach of GASB Statement No. 34. C.. Cash and Investments The ..Agency pools cash resources .from. all funds. in order to facilitate the management of cash. The balance in the pooled cash account is available to meet current operating requirements. Cash in excess of current requirements is invested: in various interest=bearing accounts and other investments with varying terms. Cash equivalents are considered amounts in demand. deposits and short-term investments with a maturity date within three monfhs of the date acquired'by the Commission. and are presented as "Cash and Investments" in the accompanyingbasic financial statements. In accordance with GASB Stateinent,No..40; Deposit and Investment~Diselosures (an amendment of GASB IVo. 3), the Commission adheres to certain disclosure requirements; if applicable for Deposits and Investment Risks; ahese requirements are specified, for the following areas: ® Interest Rate Risk ® Credit Risk Overall ^ Custodial Credit Risk ^ Concentrations of Credit Risk ^ Foreign Currency Risk In addition, other disclosures are specified including use of certain methods to present deposits and investments, highly sensitive investments, credit quality at year-end. and other disclosures 19 °V .Petaluma. Community Development Commission Notes to Basic Financial Statements, Continued For'theyear. ended June.30, 2009 . 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued C. Cash and Investments, Continued In accordance with GASB Statement No. 31, highly liquid money market investments with maturities of one year or less are .stated at amortized cost. All other investments are stated at fair value: Market. value is used as fair value for those securities for which market quotations are readily available. Interest earned on investment is allocated to all funds on the basis of monthly cash and investment balances. The Commission participates in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF), which has invested a portion of the pool funds in Structured Notes and Asset-backed Securities. LAIF's investments are subject to. credit risk with the full faith and credit of the State of California collateralizing these investments. In -addition, these Structured Notes and Asset-backed Securities are subject to market risk as to change in interest rates. D. Restricted Cash and Investments with Fiscal Agents Certain restricted cash and. investments are held by fiscal agents for the redemption of bonded debt and for acquisition and construction of captal.projects. E. Interfund Transactions Activity between funds thatare representative of lending%borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from.. funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the noncurrent portion of interfund loans). Advances between funds, reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that 'they are not available for appropriation and are not expendable available financial resources. F. Capital Assets The Commission transfers its capital assets to the City as projects are completed since the.: City is required to maintain all assets. The Commission retains its construction in process: until the projects are completed. At that .time; the assets will be contributed to the City... The PCDC cannot use tax increment for maintance, thus, the City is required to maintain all Agency assets. Consequeritly, all completed capita] assets are recorded as'City assets. G. Interest Payable In the government-wide financial. statements, interest payable on long-term debt is recognized as the liability is incurred for governmental activities. However in the governmental funds financial statements, interest expenditures on long-term debt. are recognized when. payment is due. 20 ~~ Petaluma Community Development Commission Notes to Basic Financial Statements, Continued For the year ended June 30, 2009 1. SUMMAKY OF SIGNIFICANT ACCOUNTING POLICIES, Continued H. Deferred Revenue In the Fund Financial Statements, deferred revenue is recorded when transactions have not yet met the revenue recognition criteria based on the. modified accrual basis of accounting. The Commission records deferred revenue for transactions for which funds are not available to meet current financial obligations. Typical transactions .for which deferred revenue is recorded are interest on notes receivable . and loans receivable financed with federal funds. L Compensated Absences The Commission has compensated absences of regular vacation and sick leave which are accounted for in accordance with generally' accepted accounting principles (GAAP). Employees may accumulate earned vacation time. Management employees are limited to the amount, which may be earned, in a three year period. All other employees are limited to the amount, which may be earned, in a two year period. A liability is calculated for all of the cost of compensated absences based on benefits earned by employees in the current period, for which there is a probability of payment at termination. The salary and related payroll costs are those in effect as of June 30, 2009. Compensated absences are recorded as current and non-current liabilities only on the government-wide financial statements. j. Long-Term Debt Government-Wide Financial Statements Long-term debt and other long-term obligations are reported as liabilities in the appropriate activities. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are:reported net of the applicable bond premium or discount. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt. Fund Financial Statements The governmental fund financial statements do not present long-term debt but are shown in the Reconciliation of the. Governmental•Funds .Balance Sheet to the Government-Wide Statement of Net Assets. Bond premiums. and discounts, as well as issuance costs, are recognized during the current period. Bond proceeds are reported as other financing sources net of the applicable premium or discount. Issuance costs, whether or not .withheld from the actual net proceeds received; are reported as debt service expenditures. 21 . ~'J Pe'#aluma Community Development Commission Notes to Basic Financial'Statements, Continued For the year ended June 30, 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING. POLICIES, Continued IC Net Assets and Fund Equity In the government-wide'financial statements, net assets are classified in the following categories: Invested in Capital Assets, net of Related Debt -This amount consists of capita] assets net of accumulated depreciation and reduced by outstanding debt that attributed to the acquisition, construction, or improvement of the assets. .Restricted -This amount is restricted by external creditors, grantors, contribu#ors, laws or regulations of other governments. Unrestricted -This amount is all net assets that do not meet the definition of "invested in capital assets, net of related debt" or "restricted net assets." When an expense is incurred for purposes for which both restricted and unrestricted net assets are available, the Commission's policy is to apply restricted net assets first. In the fund financial statements, governmental funds report reservations of fund balances for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations of fund balance represent tentative management plans that are subject to change. L. Use of Estimates The preparation of the basic financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. In addition, estimates affect the reported amount of expenses. Actual results could differ from these estimates and assumptions. M. Property Tax Under California law, property taxes are assessed and collected by Sonoma County (County) up to 1'% of assessed value, plus other increases approved by the. voters. The property taxes go into a pool, and are then allocated to cities and. agencies based on complex formulas: The County assesses, bills, and collects property taxes as follows: Lien Date January 1 Levy Date July 1 Due Date Secured: November 1 and February 1 Unsecured: July 1 Collection Date Secured: December 10 and Apri110 Unsecured: August 31 ~~ ,Petaluma Community Development Commission Notes to: Basic: Financial Statements, Continued For the year ended June: 30, 2009 1. 'SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued M. Property Tax,, Continued Property taxes. evied -are recorded as revenue when received, in the fiscal year of levy, under the Teeter Plan. The Teeter Plan authorizes the.Auditor/Controller of .the.. County to allocate 100% of the secured property taxes billed,. but not yet paid. ' N. New Pronouncements In fiscal.. year 2008-2009, the Commission adopted the following: Governmental Accounting Standards.. Boaxd Statements: - GASB Statement No.~49, Accounting and Financial Reporting for P-ollution Remediation Obligations - GASB Statement No. 52, Land.and Other Real Estafe Held-ds Investments by Endowment - GASB Statement No. °55,. 1'he. Hierarchy of Genercilly Accepted. Accounting Pnnciptes for State and Local Governments - GASB Statement No. 56;. Codification of Accounting and Financial'Reportng Guidance Contained in AICPA Sta#ements on Auditing Standards GAS$ Statement No. 49 addresses' accounting and financial reporting standards for pollution (including contamination) remediation obligations, which are obligations fo address the current or potential detrimental effects of existing pollution by participating in pollu,tiori remediation activities such as site assessments and cleanups. GASB Statement No. 52 improves the quality of financial reporting by requiring endowments to report their land and' other real estate investments at fair value, creating consistency in reporting among similar entities that exist to`invest=resources for the. purpose of generating, income. GASB Statement. No. 55;incorporates, the hierarchy of generally accepted accounting principles. (GAAF) -for state and local governments into ;the GASB's authoritative' literature. It is~intended' to make ;it. easier for preparers. of state and local ,government. financial statements. to identify and apply the. "GA, AP ;hierarchy," which consists of sources of accounting principles used in the preparation. of .financial statements. 'so that they are presented in conformity with GAAL' and the framework. for selecting those: principles. GASB Statement No. 56 incorporates accounting and financial .reporting .guidance previously only contained in the American Institute of Certified Public Accountants (AICPA) auditing literature into the GASB's accounting and financial reporting literature for state- and. local :governments. Statement No. 56 guidance addresses three issues from the AICPA's literature,-related party transactions, going concern considerations, and subsequent events. 23 52 Petaluma Community Development Commission Notes to Basic Financial Statements, Continued For the year =ended June 30, 2009 2. CASH AND INVESTMENTS Cash and investments at June 30, 2009 consisted of the following: Cash and investments pooled with the City $ 2,335,227 Restricted cash and investments 26,802,188 Total cash and investments $ 29,137,415 The Commission pools its cash and investments with the City in order to achieve a higher return on investment. Certain restricted funds, which are held and invested by independent outside custodians through contractual agreements; are not pooled. These restricted•funds include cash with fiscal agents. The investments made by the Commission are limited to those allowable under State statutes and include the following types of investments: - Local. Agency Investment Fund (LAIF) - California Assessment ManageinentProgram (CAMP) - ~ Certificates of deposits, placed with commercial banks and/or savings and loans - Negotiable Certificates of Deposits . - Bankers Acceptances - Securities of the U,S. Government or its Agencies - Repurchase Agreements - Commercial Paper - Money Market - Mutual Funds - Guaranteed Investment Contracts See the City's Basic Financial Statements for disclosures related to cash and investments and the related interest rate risk, credit rate risk,. custodial risk and .concentration risk. 24 ~3 , , Petaluma Community Development Commission Notes fo Basic Financial Statements, Continued For the.;year ended June 30, 2009 3. NOTES RECEIVABLE At June 30, 2009, the Agency had the #ollowing notes receivable: Housing Loans FTHB Program $ 4,887,875 Old Elm Partners 1,305,961 Roundwalk Village Partners 933,400 Boulevard (Buckelew) Project 480,200 Downtown Ricer Assodate LP 3,662,836 Edith StreetApartmerns, Inc. 889,964 Lieb Senior Apa rtments lnc. 810,241 Parklane Apartments Corp 164,603 575 VaIlejo Street Assoda lion 851,184 579 VaIlejoStreet Assodation 990;000 Casa Grande 1,656,655 Wood Sorrel, 1',119,211 Petaluma Blvd Senior Apartments 1,432,000 LogamPlace. 2,182;399 Salishan Apartmerns Inc. 388,380 Vintage Chateau 2,499,824 Total Housing Loans 24,254,733 StorefronYLoan'Pyogram •261;704 Total $ 24,516;437 The Commission entered into various loan agreements with not-for-profit agencies to finance the construction of low and moderate income ;housing. The terms range from 8 to 60 years, and. the interest rates range from 0% fo 6%. Payment is deferred until a variety of events occur, such as sale or transfer of property, failure to adhere to low and moderate income housing. provisions of the prornissory note, to the extent of residual receipts; or at the,ma'turity date of the note. The Commission offers low interest loans';to property owners with building located in the Cental Business District (Downtown) as an incentive to make improvements to the exterior storefronts. ~ , 4. DEFERRED REVENUE Deferred revenue in the Governmental Funds Financial Statements as of June 30, 2009 was reported as follows: • Interest receivable. on Notes Receivable $ 2539.,796 Total deferred revenue $ 2,539;796 These amounts are recognized as revenues in the Government-Wide Financial Statements. 25 ' ~~ .Petaluma Community Development. Commission Notes to -Basic Financial Statements, Continued For the year ended. June 30, 2009 5. INTERFLTIVD ACTIVITIES A. Interfund Receivable/Payable As of June 30,.2009, balances were as follows: Interfund Payable. Redevelopment'Debt Service Total Interfund Receivable Redevelopment Capital Project Total $ 32;169 $ 32,169 $ 32,169 $ 32,169 These balances resulted from loans to cover negative cash balances as of June 30, 2009. B. Transfers Irr/Out Transfers in/out for the year ended June 30, 2009 were as follows: a O v Redevelopment Special Revenue Redevelopment Capital Project Total Tansfersln Redevelopment Redevelopment Debt Service Capital Project Total $ - $ 1,640;884 $ ' 1,640;884 4,692,100 2,202,041 6,894,141 $ 4,692,100 $ 3,842,925 $ 8,535,025 Transfers between funds were to provide funding for capital projects, debt service, and general' and specific operation expenditures. 6. CAPITAL.ASSETS. Changes in capital assets during the year ended June 30, 2009 were as follows: Balance Balance July 1, 2008 Additions Deletions June 30, 2009 Non-depreciable: Construction in progress $ 38,980,952 $ 2,600,952 $ (28,368,005) $ 13,213,899 Tota] non-depreciable 38;980;952 2;600,95.2 (28;368,005) 13,213,899 Total $ 38,980,952 $ 2,600,952 $'(28,368,005) $ 13,213,899 26 ~~ I'e`taluma Community Development Commission Notes #o Basic Financial Statements; Continued Eor the year ended June 30, 2009 7: LONG-TERM DEBT Changes in long-term, debt for the year ended June 30, 2009 were as follows: Classification 2000A Tax AllocationBonds 2001A Tax Allocation Bonds 2003A Tax Allocation Bond§ LTnamortized Discount 2003A TAB 2005A Tax Allocation Bonds Deferred amount refunding 2005A TAB Unamortized Premium 2005A TAB 2007 Tax Allocatin Bonds • Unamortized.Premium2007TAB .Auto Plaza DDA - AD 19 . Total 2000A Tax Allocation Bonds Amounts Amounts Balance, Balance Due Within Due in More. July 1, 2008" Additions Deletions June 30, 2009 One-Year than One Year $ 150;000 $. - $ (150;000) $ - $ - $ - 2105;000 - (315,000) 1,790,000 330,000 1,460,000 22;770,000 - (445;000), 22,325000 460,000 21,,865,000 (11,847) - 474: (11,373) (474) (10,899) '18;060,000 - (105,000) 17;955,000 260;000 17,695;000 (1,098,609) - 49,937 (1,048,672) (49,937) (998;735) 144,138 - (6;478) 137,660 6,478 131,182 31;710;000 - (205,000) 31;505,000 205000 31;300,000 (546;163) - 17,762. (528,401) (17,762) (510;639) 406,000 - (92,000) 314;000 100,000 214,000 $ 73;688,519 $ - $ (1,250;305) $ 72,438,214' $ 1',293;305 $ 71,144,909 On June 15, 2000, the Fetalurna Community 'Development Commission issued Tax Allocation Bonds, Series 2000A in the amount of $18,000,000. The proceeds of the bonds weYe to finance the flood control project; ,and to fund new and continuing improvement projects in the .Petaluma Community Development Project . Area. This debt was partially refunded with he 2005A TAB.. On Nlay 1; 2008,. the defeased bonds outstanding in the amount of $1'6,700;000 were called for partial.. redemption in accordance with the terms of the indenture. The 2000A Tax Allocation Bonds has been.paid in full as of"June 30, 2009. ZOOlA• Tax Ad location Bonds On June. 4, 2001, the Commission .issued: Refunding Tax Allocation Bonds, Series 2001A in the amount of $4;025,000. The. proceeds of the bonds were used to refund the 1992 Tax Allocation Bonds. and to fund the ' development of the;au.to plaza located in the Petaluma Community DevelopmentProject.A"rea. 'The Bonds. mature annually each May I :from 2002 to 2014, in amounts ranging from $250,000 to $390,000 and bear interest at°rates ranging from 3:50.% to 4.50%. Interest is payable semiannually on May 1 and November 1. The Bonds maturing on or after May 1; 2010,. are subject to optional redemption prior to maturity, in whole or in part, either in inverse order of mattrity or by lot within any one maturity date, on any date on or after "May 1, 2009, at a price equal to the principal amount, plus accrued .interest on the redemption date. 27 Petaluma Community Development Commission 1V'otes to Ba`sic' Financial Statements, Continued `For the year ended:.. June 30 2Q09 7. LONG-TERIVI DEBT; Continued 2001A Tax Allocation Bonds Continued . At June 30, 2009, the bond had. a reserve requirement of $1,549;Q12. The Commission entered into an. agreement with MBIA and purchased the debt service reserve surety bond to fulfill the requirement. The bonds are payable from and secured by tax revenues. Tlie outstanding balance of the bonds was $1,790,000 as of June 30, 2009. The Commission has pledged a .portion :of future property tax increment revenue to repay the 2001A Tax Allocation Bonds. Total principal and iriferest remaining on the bond is $2,030,795 payable through 2014. The. annual debt service requiremenfs for the 2001 A Tax Allocation Bonds outstanding at June 30, 2009 was as follows: For the Year- Ending June 30, 2010 2011 2012 2013 2014 Total Principal ~ Interest $ 330,000 340,000 355,000 375,000 390,000 1,,790;000 Total $ 406,540 403,340 404,315 409,050 407,550 $ 2, Q30,795 2003A Tax Allocation Bonds $ 76,540 63, 340 44,315 , 34, 050 :17,550 $ 240,795 On October 28, 2003, the Commission issued Tax Allocation Bonds, Series 2003A in ~ the amount of $23,630,000. The proceeds of the bonds will be used to finance redevelopment projects within the Petaluma Community Development Project Area.. The Bonds mature annually each May 1 from 2007 to 2033, in amounts ranging from $430,000 to $8;21'5,000 and bear interest afi rates ranging from 2.25% to '5:Q0%. "Interest is; payable semiannually on :May 1 and November 1. The Bond's maturing on or after May 1, 2014,, are subject to .optional redemption prior to maturity, in whole or in part, either in inverse order of maturity or by lot within any one maturity date, on any date on or after May 1, 20.1'3, at a price equal to the principal amount, plus accrued interest on the redemption date. At June 30, 2009, the 'bond had a reserve requirement of $1,469,737. The Commission entered into an agreement with MBIA_.and purchased the debt service reserve surety bond to fulfill the requirement. The bonds are payable 'from :an'd secured by tax revenues. The outstanding balance of the. bonds was $22,325,000 as of June 30,'2009. The Commission has pledged a portion of future property tax increment revenue to repay the 2003A Tax Allocation Bonds. Total principal and interest remaining on the bond is $40,074;514 payable through 2033. 2s 5 `l I'etaluma_ Community Development-Commission Notes to Basic Financal> Statements, Continued For the, year ended June 30, 2009 7. LONG-TERM DEBT, Continued 2003A Tax Allocation Bonds, Continued The annual debt service requirements outstanding at June 30,2009 were.as follows: For the Year , .Ending Jurie 30, PringpaT 2010 $ 460,000 2011 4;75,000 2012 4 95;000 2013 5 05,0 00 2014 5.20,000 2015-2019 2,785,000 2020-2024 3;465,000 2025-2029 4,390,000 2030-2033 9;230,000 Total $ 22;325,000 Amortization of Interest Total Bond Discount $ 1,040;418 ' $ 1,500,418 $ 474 1;026,043 1,501,043 474 1, 010, Ol l 1;505, 011 474 992,686 1,497,686 474 • 974,380 1;494,380 474 4,551,600 7,336,600 2,370 3,884,076 7,349,076 2,3.70- 2,974,307 7;364,307 2,370 1,295,993 T0;525;993 1,893 $• 17,749,514 $ 40;074;514 $ 11,373 The bonds were issued at a discount of'$14,217 which is being amortized over the 30 years-life of the bonds resulting in an annual amortization of $474.- 2005A Tax Allocation Bonds On September 21, 2005, the Commission issued Refunding Tax Allocation Bonds; Series 2005A Tax Allocation Bonds in the amount of $18,355;000. The proceeds of the bonds will be used to refund the 20QOA Tax Allocation Bonds and finance the issuance of the 2005A Refunding Tax Allocation Bonds. The Bonds .mature annually each May 1 from 2006 to 2030, in amounts ranging from $90,000 to $1,420,000. and bear interest at rates ranging from 5.Q0% to'5:75%. Interest is payable semiannually on May 1 and November 1. The B'ond's :maturing, on or before M'ay 1; 2016, are subject.'to optional redemption prior tomaturity.; in whole or 'in part, either in ,inverse order of mattrity or in inverse".order of maturity and by lot within ,ariy. :one maturity date, on any date on or -after May 1; 201'5, at a price equal to the principal amount, plus ,accrued interesYon the redemption date. At June 30; 2009; .the bond had a reserve requirement of $3,018,750. The Commission entered -into .an agreement with MBIA: and purchased the debt service reserve surety bond to fulfill the requirement. The bonds .are payable from solely .from secured. tax revenues. The outstanding balance. of the bonds was $17,955,000 as of June 30, 2009. The Commission has. pledged a portion of future property tax increment revenue to repay the 2005A Tax Allocation Bonds. Total principal and interest remaining on the bond is $29,091,458, payable through 2030. 29 ~ v Petaluma. Community Development. Commission Notes to Basic Financial Statements, Continued For the year ended June 30, 2009 7. LONG-TERM DEBT, Continued 2005A Tax Allocation Bonds, Continued The annual debt service requirements outstanding at June 30, 2009 were as follows: For the Year Ending June 30, 2010 2011 2012 2013 2014 2015-2019 2020-2024 2025-2029 2030 Total Amortization of Amortization of Prinopal . Interest Total Deferral Amount Bond Premium $ 260,000 270,000 275,000 285,000 3 00,0 00 4,045,000 4,940A 00 6,160,0 00 1,420,000 $ 17,955,000 $ 786,051 $ 1,046,051 $ 49,937 $ 6,478 778, 251 1, 048, 251 49,937 6,4 78 769,814 1,044,814 49,937 6,478 760,739 1,045,739 49,937 6,478 751,120 1, 051,120 49,937 6,4 78 3,408,763 7,453,763 249,685 32,390 2,511,032 7,451,032 249,685 32,390 1,299,688 7,459,688 249,685 32,390 71,000 .1,491,000 49,932 8,100 $ 11,136,458 $ 29,091,458 $ 1,048,672 $ 137,660 The bonds were issued at a premium of $1.61,953 which is being amortized over the 25 years life of the bonds resulting in an annual amortization of $6,478. In connection with the issuance of the bonds, the City recorded a deferral on refunding of debt which is reported as part of long-term debt: This deferral was in connection with interest payments made to the escrow agent for future payments of interest. The total amount deferred was $1,248,420 which will be amortized over the 25 years life of the bonds resulting in an annual amortization of $49,937. 2007 TaxATlocaton Bonds On Apri11D, 2007, the. Commission issued .Subordinate Tax Allocation. Bonds, Series 2007 in the amount of $31,825;000. The proceed's of the bonds will be used to refund the 2000B Tax Allocation Bonds and provide. $30,000,000 in project funds. The Bonds mature annually each May 1 from 2008~to 2039, in amounts ranging from $115,000 fo $4,355,000 .and bear interest at rates ranging from 4.00% to 4.5%. Interest is payable semiannually on May 1 and November 1. The.. Bonds maturing on or before May 1, 2016, are subject to optional redemption prior to maturity, in whole or in part, either in inverse order of maturity or in inverse.. order of maturity and by lot within any one maturity date, on any date on or after May 1, 2015, at a price equal to the principal amount, plus accrued interest on the redemption date. , At June 30, 2009, the bond had a reserve requirement of $2,671,548. The Commission entered into an agreement with M_BIA and 'purchased the debt service. reserve. surety bond to fulfill the requirement. The bonds are payable. solely ,from secured tax revenues. The outstanding balance of the bonds was $31,505,000 as of June 30, 2009. 30 J ~q Petaluma Community Development Commission Notes to Basic'Fnancal Statements, Continued For fihe year ended june 30, 2009 '7. )iONGTElZ1VI DEBT, Continued. 200TTaxA'llocation Bonds; Continued The .Commission has pledged a portion of 'future property tax iric"rement revenue to repay the 2007 Tax A.lIocation Bonds. Total principal and interest remaining on the bond is $65,323;540 payable through 2039. The annual debt service requirements outstanding at June 30, 2009 were. as follows: For the Year Ending June 30, 2010 ,2011 2012 2013 2014 2015-2019 2020-2024 2025-2029. 2030=2034 2035 2039 Total Principal $ ~ 2 05,0 00 .220,000 ,230,0 00 240,000 .250,0,00 1,3.80,0 00 1,670;000 2,030,000 5;3 00;0 00 19;980;000 31;505;000 Amortization of ]nterest Total Bond Discount $ 1,385,111 $ 1,590,111 $ 17,762. 1, 376, 911 1; 596; 911 17,762 1,367,01:1' '1,597,011 17,762 1,357;812 1; 597; 812 17,762 1;348,212. 1;598,212 17,762 6,585;260 7,965,260 88,810 6,285,190 7,955;190 88,810 5,904,860 7,934,860 88,8]'0 5,436,688 10,736,688 88,810 2,771,484' 22;751,484 84,351 $ 33,818,540 $ 65,323;540 $ 528,401 The bonds were issued at a discount of',$568;396~wliich is being amortized over the 32-year life of the bonds .resulting in an annual amortization of $17,762. The, deferred loss on refunding of $2,364 was immaterial, and thus not recorded. Auto Plaza,DDA= AD 19 The, GQmmission has an,obligation under the- Auto Center Disposition and Development -Agreement,dated" 1992'to~:refund 50%.of ~assessments'paid by property owners inrelation to the Assessment District 19 Bonds. On February .3, T992, :the Assessment District 19 Bonds were 'issued in the. amount of $1,080;000. The proceeds of the bonds were to finance public improvements at the .Auto Plaza. The Bonds mature annually each September 2 from 1.997 fo 2010, in amounts ranging from $45,000 to $103,000 and; bear interest at rates ranging from-:5:60% to 7:75%. Interest is payable semiannually on. March 2 and September 2. The bonds are payable• from. and secured by assessment paid by the property owners. The outstanding balance was $314,000 as of June 30, 2009. 31 ~~ Petaluma Community Development Commission Notes to :Basic Financial. Statements, Continued For the year ended June 30, 2009 9. LONG-TERM DEBT, Continued Auto. Plaza DDt1- AD 19, Continued Thee. annual debt service requirements on these bonds outstanding at J,izne 30; 2009 were as follows: For the Year Fn ding June 30, Principal. Interest 2010 2011 2012 $ 100;000 $ '20,-'435 Total 120,435 103,000 12,594 115,594 111,000 4, 301 115,301 Total Non-Agency Obligation Debt $ 314,000 $ 37,330 $ 351,330 Oakmont project -the Redevelopment Agency issued $4,750,000. in Multifamily Housing Revenue Bonds, with a variable rate of interest, not`to exceed" 12%, with the: variable.rafe to be determined by the marketing .,agent. The bonds. will mature April 1,...2026. Current balance is $3,550;000. The proceeds from. the bonds were ,used to make a loan to. Oakmont Retirement Investors; LLC' for the purpose of financing, the acquisition and construction of a 76-unit assisted Giving care/'mufti-family rental facility known as Oakmont at Petaluma. In August 1997; the Commission consented to a sale of the project from Oakmont Retirement Investors; LLC to 'Windchime of Walnut Creek Investors, LP, a California 'limited partnership. The bonds `are special obligation of the Commission, .payable solely;from the recital revenue and other assets pledged or assigned to `payment-'of the bonds by Wridchime of Walnut Creek,. L;P. These bonds are not recorded as liabilities on the City's financial statements: On September 15, 2003, the Commission, issued Mufti-family Housing Revenue Bonds and Taxable Multi- family Housing Revenue Bonds in the amount of $6,197;000. Current,balance is $5,891,000: The proceeds of the bonds will be. used. to finance' the'. construction and equipping. of an, 81` unit, multifamily;'rental 'housing„ development in°the City of Petaluma, knownasthe ".Downtown River Apartments". The-bonds are special obligation ,of°the Commisson:payable solely from the rental revenue and other as"sets pledged or assigned to payment of the bonds by the obligator. Non-Agenct~efeased Debt In prior years,, the Commission has defeased bond issues by creating; separate; irrevocable trust funds.. New debt was issued; and the proceeds were used to purchase US:government.seeurities, which were placed in the -trust ftirids. The:-investments,. and fixed earnings from the investments, are expected to be sufficient to fully service the defeased debt, until the debt is called or matures. For financial reporting purposes; the.debf is considered. defeased. Consequently, the trusts' assets and liabilities are not included in the Commission financial statements. At June 30, 2009, the outstanding-balance of the defeased debt were entirely paid off. 32 1 Petaluma Community Development` Commission Notes fo Bash°~Financial. Statements, Continued "For the year ended June 30, 2009 7. LONG-TERM DEBT; Continued Pledged Revenues The Commission has pledged tax revenues to the repayment of the Com~mssiori s debts through the final maturity of the Bonds, or early retirement of the Bonds, whichever comes first. Tax revenues consist of tax increment revenues allocated to the Commission s project areas pursuant to Section 33670 of the Redevelopment Law excluding that-portion :qf such tax increment revenues required to be paid under Tax-Sharing Agreements `unless the payment of uch .amounts has been subordinated to payment of debt services on the Bonds. Tax increment received in 2008-2009 was $17,241;026 and total debt service of all Tax Allocation Bonds paid was $4,551,807. The Bonds required 26%° of net revenues. In future years, annual ,principal. and,. interest payments on the Tax Allocation Bonds are expected to require 37% of tax increment revenues. The total principal and interest remaining to be: paid on the Bonds is $1'36,520,307. 8. 'COMPENSATED ABSENCES The Commission accrues a liability for. the vested and unpaid compensated absences (accrued vacation, sick leave, compensatory time and administrative leave). The balance at Jurie 30, 2009 was $144,944. Balance Balance Due in Due inMore July 1, 2008 Additions Deletions Juie30; 2009 One Year Than One Year Governmental activities, $ 120,344 $ Y35,875 $ (111,275) $ 144.;944 $ 14,644 $ .130,300 Total $ 120,344 $ 135,875 $ (111;275): $ 1'44',944 $ 14,644 $ 130;300 9. COMMITMENT AND CONTINGfiNCIES A. Lawsuits The Commission is presently involved in certain matters of litigation that have arisen in the normal. course of conducting Commission business. Commission ,management believes;,- based upon.: consultation w_ith'the Commission Attorney, that these cases; in the aggregate„are not expect'ed' to result in a material adverse :financial impact on the Commission, Additionally, Commission management believes. that the C'ommission's insurance programs .are sufficient to cover any potential. losses should an unfavorable outcome materialize. B Commitments The Connissiori s year-end commitments for professional services commitments were $1,870,463 as of June 30; 2809. In 1990, the Commission. contributed to the North McDowell Boulevard Improvement project to finance roadway improvements; which was also funded'.. by Assessment District 17. The Commission pays a right-of-way acquisition credit to. the property owners who own residential property and also a credit to commercial property owners to maintain the low and moderate income housing use of the property. The credits totaled $26,575 for the fiscal year ended June 30; 2009.. 33 ~~~ Petaluma Community Development Commission Notes to Basic Financial Sfatements, Continued For the year ended June 30, 2009 9. CONYMITMENT AND CONTINGENCIES, Continued B. Commitments, Continued Pass-through Agreements The Petaluma Community Development Project Area is a party topass-through agreements relating to property .tax allocations with Sonoma. County, Sonoma County Library, Cinnabar School District, Waugh School District;. Petaluma City School .District, Sonoma County Junior College District and Old Abode School Distric#. The County acid Library agreements .allow the County to receive annual property tax revenue based upon increases in assessed valuation under state. law not to exceed 2% and the. County arid Library will each .receive 96% of the property tax revenue that the agencies would have received based upon the fiscal year :1993-1994 assessed valuation. The School Districts have elected under Health and Safety Code Section 33676 to receive 100% of any taxes imposed by the District and the annual ,property .tax revenue based on'increases in assessed valuation allowed under state law not to exceed 2%. During the fiscal. year;, the Petaluma Community Development Project Area received $4,775,485 in tax increment revenue, which was passed-through to the .County, the. Library and the School Districts mentioned above. This amount was recorded as both tax, increment revenue and general government expenditure. The Central Business District. Project Area was amended iri 2001. The tax increment related to the increased project area is subject-to a statutory pass-through ,amount of 25%. During the current fiscal year, the Central Business District Project Area received. $348,911 in tax increment passed-through to various other 'local governmental agencies; with the highest pass=through amount ,going to Sonoma County, School ;Districts and the City of'Petaluma. This amount was recorded as tax increment revenue and as a general'government expenditire. 10. OTHER REQUIRED DISCLOSURES The ,unrestricted deficit of ,($38,278,831) is expecfed as the Commission s investment in assets is_ primarily in City owned property,'and other than property held for resale, it does not hold property in its own name.. In ,fact, the Commission, under State Law, needs to show indebtedness in order to be eligible to receive tax increment. Future°taz inerementrevenue will be used to pay the deficit. 11. SUBSEQUENT EVENTS S ate Financial.itnd Budget S)TOrt~il Subsequent to the financial statements date of June 30, 2009, the State of California (State) enacted legislation authorizing atwo-year takeaway of Redevelopment. Agency'funds. The estimated impact on the Community Development Commission is $5,079,099 in 2009-2010 and $1,039,891 in 2010-2011. This takeaway action is being litigated by the California Redevelopment Association and other parties with hope that it will be considered unconstitutional. as was last year's State proposed. takeaway. 34 fs REQUIRED SUPPLEMENTARY I'IVFORNIATION 35 ~ ~ Petaluma Community Development Commission Required Supplementary Information For fhe-year ended June 30,;2009 1.. BUDGETS AN,D BUDGETARY ACCOUNTING. An annual budget is .adopted by the Commissioners prior to the first day of the fiscal year. The budget process includes a detailed review of proposed budgetaby the Executive, Director, and a final review by the Finance Director. The recommended budget is then transmitted. to the.. Commissioners for their review before the required date of adoption. Once ,transmitted to the Commissioners, the proposed budget is made available for public inspection.. A ,public hearing.. is. held to give the public. the opportunity to comment. upon the proposed budget..Notice of such pubhr hearing is given in a newspaper of general circulation. The adoption of the budget is accomplished by the approval of a Budget.. Resolution. The legal level of budgetary control is 'at the department' level. Any budget modification,. which would result in an appropriation increase, .requires Commissioners' approval. The Finance Director and City Manager are jointly authorized to transfer appropriations within a departmental budget. Reported budget figures are as originally adopted or subsequently amended .and include prior year encumbrances. Such budget amendments during the year, including those related to supplemental appropriations, did not:cause these reported budget amounts to be significantly different than the originally adopted budget amounts. All- appropriations, which are not obligated., encumbered, or expended at the end of the fiscal year lapse and become a part of the unreserved. fund balance which may be appropriated for the next fiscal year. • An annual budget for the year ended .June :30, 2009 was adopted and .approved by the Commissioners. for 'the special revenue, debt service and capital projects .funds. These. budgets are prepared on the modified accrual basis of accounting: The, 'budgets of the capital projects funds are primarily ,long-term budgets, which emplia"size major programs and capital. outlay plans extending over a number of years. However the budget for the capital projects funds is approved by the Commissioners annually. Budget amounts are reported. as originally adopted and as further amended by the Commissioners. 36 ~C, 1'efaluma Community Deueloprnent Commission Requited Supplementary Information, Continued. For the year ended June' 30; 2009 Budgetan~ Comparison Schedule;.Redevelopment Special Revenue Fund Fund balance, July 1 Resources (inflows}: Taxes -Use of money and property Intergovernmental Charges for current services • Total resources ' Amountavailable for appropriation Charges_to appropriations (outflows}: • Departmental Community development Transfers to City of Petaluma- Transfers to other funds Total charges to appropriations ;Fund balance at June 30; Variance with. Final Budget. Budgeted Amounts Actual Positive Oiginal Finale Amounts (Negative) $ 20,722;346 $ 20,722,346 $ 20,722;346 $ - 3,300,000 3,300,000 3,297,916 (2,084) • 75,000 .75,000 11'5,100 40;100 ,2,446,000 '2;446;000 2,338,197 (107,803) - - 27,895 27,895 6,321,000 6,321;000. 5,779,108 (541,892) 27,043,346 27;043;346 26,501,454 (541;892) • 3;060,600 3,235;600 1,543,701 1,691,899 656,000 656;000 491,065 164,935 2;290,000 2;290,000 1,640,884 649;116 6,006,600 6;181;600 3,675,650 2;505,950 $ 21,036;746 $ 20;861,746• $ 22,825,804 $ .1,964,058 37 , ~ This.page intentionally' left blank. 38 ~~ SJPPlEMENTARY INFORMATION 39 ~ 8 Petaluma Community Development. Commission Schedules of Revenues,:Expenditures and Changes in Fund Balances -Budget and Actual Redevelopment. Debt Service Fund For the year ended June'30,2009 ', . Variance with Final Budget Budgeted Amou nts Actual Positive Original Final Amounts (Negative) ' Fund balance, July 1 $ 7,187 $ 7,187 $ 7,187 $ - Resources (inflows): Use of money and property - - 442 442 Transfers from other funds 4,692,100 4,762,100 4,692;100 (70,000) Total resources 4,692,100 4,762,100 4,692,542 (69,558) Amount available for appropriation 4,699,287 4',769,287 4,699,729 (69,558) Charges to appropriations (outflows): Departmental Community development 20,500 90,500 57,681 32,819 ,Debt service: ' Principal 1,312,000 1,107,000 1,312,000 (205,000) Interest 3,359,600 3,564;600 3,359;588 205;012 ' Transfer to other funds - - - - Total charges to appropriations - 4,692,100 4,762,100 4,729,269 32,831 Fund balance at )une 30, ~ $~ 7,187 $ 7,187 $ .(29,540) $ (36,727) 40 . ~~ ' I'etaluma..Communty I3evelopment Commission .Schedules of .Revenues, -Expenditures and Changes in Fund. Balances -Budget and Actual Redevelopment Capital Project For the year ended June 30,.2009 Fund balance, July 1 Resources (inflows): 'Taxes Use~af money and property .Intergovernmental Changes for services Transfers from other funds Transfers from the City of Petaluma Total resources Amount available for appropriation Charges to appropriations (outflows): Departmental: Community development Capital outlay Transfers to other funds. Transfers to the City of Petaluma Total chazges to appropriations Fund balance at June 30, Variance with Final Budget Budgeted Amounts Actual ~ Positive Original Final Amounts (Negative) $ 25;653,684 $ 25;651,684 $ '25;651',684 $ - 14,500,000 500,000 4,790,000 330;000 20,120,000 45;771;684 14,500;000. 13,943;110 (556,890) -500;000 995,092 495,092 - 72,104 72,104 - 91 91 4;492;020 3,842,925 (649,095) .330,000 488,836 158;836 19;822;020 19,342,158 (479,862) 45;493;704 44,993,842 (479;862) 7,591,750 7;591,750. ~ 9,864,953 (2,273;203) 5,769,250 5,831,270- 43,595 5,787;675 7;192,100 6;964;120 6,894;1'41 69,979 5;493,000 179;000 581,052 (402,052) 26,046,1Oq 20;566140 17,383,741 3,182;399 $ 19;725;584 $ 24;902;564 $ 27,610,101 $ 2,702,537 41 ~~ This page intentionally left blank 42 1~ c~Z Caporicci & I;arson ' Certifted'PublicAccountants REPORTION INTERNAL,CONTROL;OVER FINANCIAL REPORTING AND ON COMP,LIANCE'AND OTHER MATTERS BASED ON.AN AUDIT OF FINANCIAL STATEIVIENTS PERFORMED iN ACCORDANCE'`WITH . GOVERNMENT ALIDITING,:STANDARDS To the Commissioners of the Petaluma, Community Development Commission Petaluma, California We have audited the basic financial statements of the Petaluma Community Development Commission (Commission), a compgnent unit of the. City of .Petaluma, California (City), as of -.and for the year ;ended June '30; 2009;. and have issued. our report thereon dated December 21, `2009. We conducted our audit in accordance with generally accepted auditing standards in the United-States and the standards applicable to financial. audits contained in Government Auditing ' Stdndards, issued by'the Comptroller General of the United States. . Internal.Control~over Financial Reporting In planning and. performing our audit,. we considered the Commission's internal control over financial reporting as a :basis;'for designing our audit procedures for the purpose of expressing our opinion on the #inancal statements, but not for the purpose of expressing an opinion on the effectiveness of the Commission's `internal control over financial reporting., Accordingly, we do ;not express an opinion on alie effectiveness of the Commission's. internal control over financial reporting: ' A control'deficienc~ exists when the design or operation of a control does not. allow management or :employees; in he normal course of performing their assigned functions, to prevent or detect misstatements on a timely ba"sis: A significan# deficiency is a .control; deficiency, or combination of control deficiencies, that adversely .affects the entity"s ability t'o initiate, authorize; record, .process, or report ,financial data reliably in accordance with ,generally accepted accounting; principles such that -there is more ;than-.a;`remote. likelihood that`a misstatement of tine entity``s financial statements that ~is~ more than; inconsequential will not be prevented or detected. by the entity's internal control. A material weakness is a significant deficiency, or combination..of significant- :deficiencies, that. results in more than a remote likelihood that a material. misstatement of the financial statements will riot be'~~prevented or detected by the entity's internal. control: ,Our consideration: of internal confrgl over financial reporting was for he aimited purpose described. in the first paragraph and would not necessarily identify all deficiencies, in internal. control. that might lie significant deficiencies or material weaknesses.. We did not.identify any deficiencies in internal. over financial reporting control that we consider to be material weaknesses;~as defined above. Toll:Free Ph: (87~, 862-2200 Toll-Free Fax: (866).436-0927 Oaktana Orange County Sacramento San,INego 180 GrandAve.,Suire1365 9CorporatePadc,Suire100 777•CampusCominons',Rd.,Suite200 4858'Mencury;Suite106 Oakland;Califomia 94612 Irvine, California 92606 Sacramento„California 95825 San Diego; California 92111 v To the Commissioners of the Petaluma Community Development Commission Petaluma; California Page 2 Compliance and Other Matters As part of obtainr-g reasonable assurance about whether the Commission s financial statements are free of material misstatement, we performed tests of its. compliance with certain provisions of laws, regulations; contracts, and ,grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. Such provisions included those provisions of laws identified in the Guidelines for Compliance Audits of California Redevelopment Agencies, issued. by the State Controller and as interpreted in the Suggested Auditing Procedures for Accomplishing Compliance Audits of California Redevelopment Agencies, issued by 'the Governmental •Accountng and Auditing Committee of the California Society of Certified Public Accountants.. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The result of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. This report is intended solely for the" information and use of management, the Commission Board, other within the entity, and the State Controller and.. is not intended to be and should not be used by anyone other than these specified parties. However, this report is a matter of public record and its distribution 'is not limited. San Diego, California December2l, 2009 44 . ~3- F~~D~~JI~I_~P~11E~lT' .A-~~~lC1~S ~lt~~;.P~lC~~4L.. TF~o~~~~~Tl~J~J~ I~~PC~F~T ~flti'E~ PAGE P~e~aiti~>~a +Gcara'lrn~uni~y ®~ve~c~prarier~t C~or~rraissic~r~ Fiscal Year: 200 ID Number: ~39$49G5©DO Su~m(tted by , `,~ .,1 ~..~ r` J ,< ^~'~~!';~lJf,t ~j."~c'~~.:.,.._ IntFrim F:i~ance & ~,ccountin~3 P4an<.t~_c•r Signature Tifle Tataera Haas Name (Please Printj 1~.2S.~Gt;~9 Date ('er Lleaith and Sa(t.ty CodF-aedion 3?GSG, this report is dole-within six months after the end o(the fiscal year. The repot is to inGh:de IvrG ('2! copies G. the age:ncy's component unit audited financial staiemen[s. and the report on the Status and Use of the LGw and Moderate hicnme HGUSiny F"und (FK;C? rep~xli. To ntea the iilbty requiramznls, al portions must ba raceived by the l;aG(Grnia Stale CGnhntler's CFt;ce. To (ile elr•~rfronically: To file a paper report: 1. Cornpfets alt (orn;s _a necessary I. C;anpiet? :yil (owns as n~r.255ai~i. 2. Transmit the cGrnpleied buil~rit fi u~my a File 2. 'Lien this corer page, and rail cornpieta report ie either adr7ress Traisfer Protocol rF-r=t program or via disiteite. bebw: with 2 audits and the HCD r;;pert. 3..~ign tr•,is cover page and :nail u -~itl ~e! aif•an;:~s bei•~vr wish 2 audits and fha HCD i..==, ort. rr-(?Grt will not I?e ccn;rrier~d ~Ird until :,=raiai c.` tl':is, signed CGVer p7g~!. ILlaiiiny t~ddrass: State Cr~ntroiler's Office CIVISICIn ofi~;cLountin`~ anti ~?pf,rting I_oc~I,G,~rJerra7eiit Fi~~portinu Ser.,tien P. ~. 6ox.g4?,n.~,C. _ S,~c;~a'rr~lcr~to, C;~; ~I~250 Express i~!lailing adclrESS: State Cont(•ell~~'s Office pivisian of ~ccoctntin~, and P.eporting t_oc~al Gov~rnnient Reporting Section ?~t~1 C Street. Suite ~Ol~ Se.Lrc~(YlF'rlt{;, i~r~ ~JfJ1~ ~4 :~rrp~l~~ara"errt tt~ tl~t~ r~rragA~a1 I{4por-t d)9~~Corr~n~urri~j ~:ecie~°i~[uj~rrierrt A;ertciis ~ZeiltYl'I1l()ille.nt ~\~.;t.nc}' 1'D f~furriber•: _1 "`~=~`?6~UUU `~__ --- - --- `Janr~ ~-t 12adt~c.lot-rncnt i~!;El]l}'---- Prt~l ;u. ~_~_~.i~a~iL~.~ L~,_~,.?L~~rn ~ : ~~jrm~is~ici= (\-1ar the aphrt~priate box helu~a• tc~ nadrea(z,che enihn~~ daft uT yc:nrr a~encv'~ ii>c~~l ye~ir. li~pi~rl d~ita iur that per-iud i~rily. - - - 1- ~eht~mt?er 2UU& r Decrzif~ei- ?Ot)4 ~ lunc_O11') I~can•n this tbrm,to the +C:alifoi-t~i~t ;'Mate C'oretrot{er's t)ftice.. I I-y~7u have any quesliims re~rardiu, this Iisr~n nlcasc coniart: - . (r::S. l;urecrrr r)f'llre' Cert,cus, ,S`1!rrlura!r hn~J<, !-,yU(1-2~t'-~ ~:' :~. "1'crsoicriel Exlicnrliturts I~c~?~~rt ~~our ;,;o~`ll'IlfilLllC'~ tC)Ii31 e:~pendiiurt~ lur s.~l.irir.> and wa4~cs durirr<~ t;3e ~~car, incl~.idin~ amc>unt E?aid ~~n forte accc~unl r"i>nStrt:Cli~?n prz>jeets. - t3. Rlor•t~a~,c.Revenue 13a3r~cl tntkrest t'ia,yrrretrts I•.~r~rcrl ~ r i.ir ,,i,vcrnment•s t~.tal ;nnoun: c:cl inir..•est ~±aicl car} Ill~~i't;~ r_e ir.enrrc h~n~ds durirr!; the. ~: c:~! . __. ' ti ..-- - - 15 Pet~iuma'Communrty f7evelopment"Comr~nfssrdn ~ _ . ,. :.,.:: .::.-:•.. _:: .. , .;; :... Recievelopment~Ag~ncies Financraf Transactions Repar-( General Information _.._.. _. ... .. .;....: .: ... .. M1•F_IT,ae.o Of ?t:r; C3i~f.i,ll~~tt B;ny ........:. .... ..... .__ ...... .... _ Agency nifl Cl~tl3 -.. ...,. ...._...._.__.._.____._ _... ... ...,....:..__, .._......_ ..,.. ..._...... ....._.... _ . ......._. Middle Last Name Middle First Name Phone Lr,ict N<'nne Fir3f Name Initial Initial hair~,erscr~ inr;~ni~ Pamela ::Executive Director 'Brown __ ._ ~ Joan ~ -..-.. . _i (701 r /'8-4345 ~lyrriL3r r.i = _ r:anv -Fiscal OHicor _ - ato _ .. ~. ---- Sandra _- _...... • (/07) i7& s23 __ . ~... _ iSe~ri,t3ry . ; Coo ar ,- ~? ................ Claire - ' {i07) 778-4361 ; ivtentUer ~~~ ? wd ° _. ; , s ort Prepared By IndepehdenYAUtlI[or ~'~`.i~l.`.i Farr t,~iti' , I Flrm frame _. _ Capo7icci and Larson, CPA ' h:1vrnl:er fJ~ I ...... ..., h.~ik2 __. ... -- _. '. ; Last ..---.. _ 5timac ':...._ _.. Pun _...._.... ~~iV ntii i; i' KHbU 1 jQaV ~ - ..__ __........_ .. _ ........ .....__. - - - :First Josep't n=n Paornf~er , ..._. _.. __ Middle Initial __. a' ......... ,... -.._.._w_ _ ......._ _ Street 930 NirrthSlreet, 151h Or, P ~ i180 Grind SL, $urte t3 S5 rnt i; nllieY _ _.. ; ; City ,.. ..- .Sacramento UakJand - -- f.?.,iliiiiJ Ailrl ,~.;, .__.. .__..., ..._.__. . _._.... .___._ i . • ; State C4 q Zip Code .: 95814- ~ _............_......._. .94612- I ' i ~Tr3et i t .~ ~. F~C.ti J I .. .. ,.. _ . , , .,t Phorie r f~o0) 979-lfivo _ ___ .. ........ ,(877) 32''200 .. , ST'r'G4[ City F'c?eit.ini8 Slate _ -- --......._ ............... i+A ?i~ 54953- I s _... f'itone iQii i7~:-4362 ; Is AddressChangott? , _ rape 'I i 2; 28i •'_1709 J 6 .... , ._ ,. .. , ... ,...- r . .., . _.. Peta•l:urr7a Carnmunity Development Commission ~• ~ Red~velopmen`t Agencies Financial Transactions Re~?ort - xiudit Information FiSr:;il 1'aar 2009' _.._ ................ If com Ilinrn o ini - t ~ • ,'':as!h? ~<- - ;~ , - - p •~ ,~ p on Includes excetti,ns. .purl f iej.'tten fron ,~Udl;eiJ f-inencial Gale. Yas ;and _~;f! 'r Cni Su::n~i! ', r- ~ ~ ~ __._..... slate titre araas of Holt-compliance,. and ~,.V of Iltersudit. d?scril;e tha agency's efforts tc correct. - ~ I ~ Unqualified' lltiti~a!c F: ra r; Cial i~~L•~i! Ci"i;rL0f1 .............-...... ........._..................... ..._...---........- .......-- I* Fnroncial .._it is nct yet Complett:d,'a'Jiiat is tire- - ..... ___.......- t:{;:~c C'.&C! i.::intf)!?fi _~n i=ai0? If n-a- l~ir.9i! Cl;',n cn :~::_. ~:i!it~r :.liar lhtnli:;iifed. sate ~.~=rt;; il:::.=i:;.u;cn G~.en `-._. . ,..: V`r:?s a ';: ,~ .anc.a i1::dii Perfortttc.7 in A;;c6idanr.F'.t;'i1h _-._..... y~.,, k-L?tgh 8r,:a safety l: 4- c,. -~ - . rC•. ~rction ss : U.t anti ltt? Siale C:tc[rclle•'~ Gu¢ieiinPd 'or t~..,mpliarn;e A~:,ciil~, anti Ji `f nu ti:,ibr,ii a C , y ni !n,_. Xtu+9il? !nn.icsr~ •:'::::;n;Iiii Inca i;:idi ;:>vuncn iJnyualifled f ~oi:r;tii ~nc:e :~uriit i5 not y=t Co~npl?t?d, V;r'tel is tit? - Audii infr,nrrali~n rage 1 72/2Ft/2009 J J t~etaiurria Cor~irixunity C3eveloprnent CotntT~tssion ;._, ,. .. _ FZectev~tapm~nt~Ac~encies Fil~tancr~t:l"ransactlors Report- ' . Project Area Report Fi.~=:r-~; ~r~~r 2009 Projact Area Nal~~e PGDC merged project area _ 1=r;~i~d Ar?:a ~=apori Fcr„ ,rdeci trr..r~; Prior Year ^• Ye§ Ent9r Cade for Type of Project Hrea Rel}yrl -. _......._.....P. R'= Standard Project F.rea Report A =Administrative Fund L =Low„nd Mederale In;,ome:Hausing-Fund M~= Mortgage Revenue Sen d-Program O = Ofher t~9iscellanenus Funds~or Prcgrarns $ = ProposedrtSurveyj Project Area Uoes tho Plan Include Tax InrremenP-Provisions? Nod GaIE Pr~,jcr..t P.~ea wa_Estabfshed (M:1?-DD-YY) 9/1ftl20U6i ~1cst Recent Gate Project Area was Amended --..._ ......... ........_.....................-,...... i Gid thi^, ~A~ir,ndment Add New Territory' i . A~ostRac2ni Gale Frujrr:.t!,;ea was holerged Yes v~~:•I this Project Area he Carried Forward to Next Year? Estahlished Time Lirnit F?i.payment ci Lidebtednesa i `r'ea:' (~n1s~r . 20471 . . [ffectiveoece ~~' Pion (1'e~ ~' C?uivj .. ... ............ 2C4? P•:'eVJlilClcbi'_'ilfi8~j; iJf_I'.%;)'Y') _. 'l(r21i . ........ j l?e'Ot-°Pf Ule Ct ArF,~i... i. Fi~G'i; f.. --- i c ,-';9f,~ ; Percznlage of r anif Varant at the InceFair}n of the PrrjPC; Area -- !-{F':;;I,h ca i;::i312j~L?OC{2 ~~gr71:)f;~,1i;,i ~C!.1 (tk ~. !ol Pcrcentag~:: of !.and Davalorad at the Incai~iicn of the Projact Arc.)2 ~F.'ci,'fl1 n'I)(7. ~31E(!i %Ode SBChUI) 3321J.1 (S;i.'l°o) Gbjectives of tt:e Project Are: as Set Forth in the Project Area Plan jt=nti', the .4p,~iroprrr/s C:ode(sl in ~Egrlence es Sl-~gwli) R = Rcs;;7eii;ial t = Ir.ddstrial C = i;oniriarcial P =Public U = Olhar P3go 1' 12;Zf31`1009 J Ph.JF,::.c: ~riY.•"Idc a Br~ef;Gescfi t~Ofl.Of iir ?.r;hw(i+c5 tGl' ;I'pl5 ?ri,j@Gt~.-.t0~ pr rinn :he Ftieh!~rli^G rear I` Acii~dity RepciY .i rist:al Yea! ;2Q09 I'~oi'_c!. ~ to rdzlrr,2 F r~~iEtli 'l~.t C.S;_t: $C:i ~'r iU~~!i?II ir.rremant.Assesscd V,jiustirn .:: i~ai ASSrs'-cd `:'II~G'lllrr-I ~'+S'~r:i5r, i3 V`^Ili~l:Gfl l~al%I wage 1 ;PCL~C mcrgeci prujecl aiea i ......................:................................................... !DJ,JB3.~7$ ; ,r 1.4OS.CE2.v51 ~ ,905,C2~.320 12/28/20D9 J .. ,,. _. _~. .. . ,' ." Petaluma Gonir-7ur~lty C}evelnprri"ont'Commission ;. , , - .Retlev~IrspmentAgencres Financial Yransactions Report" Pass=Throilgil /School District Assistance Fiscal. Year 2009 ....... ..._ ........................................................................ ~ro;e~~t Area ~~llle PCDC merged p roject area j ' Tax lncrenrent Pa ss TiiroucJh Detail Other Payrnerts ,~ai-:cun!:. Pad Ta 'r3:•:IIIL H F S Ccrdc H &.S Codr H E S Cod4 Total H & S Code H & S Code ~n:;r:r.ir: ~;irsu;;!a l'0 5ection 33401 Secticn 33u76 Section 33607 Section 33415 Suction 33445.5 i;~c!r:i:' '' 4,011.1'r9 27G,GJ2 --- 113.403 ~ 5•x.401,27,4 i._:.-:__._._:------ ---........._: _ _ ... _ _~ - - - - 1- -------... -•r.;r.•I;r~.!ilc:'<. -.< 7+J __; 1i3.9i2 5~9G.712 ~ ~ .;:~~':;uni,y Co!I =.;;a Dlsr!i:ais 52.s13 20,084 $%2.401 . - - _.. ^. Total Paid ;o TarinO i :(;a,0; t. X79 'y751,?.; 5354."s91 55,147.;t1fi '~~ SO r- S:) Actc•i;cira vzt :rreurt tafigency _..._ .... ......... _. .. _ .~-..... ..._._._ __' ,4,12.093.719 _ i;•:,:'s Tax in~;r-:~;:~n: ~ , ~ i 1.%.?41,02G :'sss-TI~rOUtrf; r ;~r:!li7t~l [)~i.!r;:.t -si.=,tsnra Page 1 1 212 812 0 0 9 Q Fisca{ Year Pr~~iec(~.r2e A! n!s Ti::;iiv::3'.IGr'. !_iGni! !'ir.i;t R=drug eson::!; Lo,~ art:i h~'cdera?< inc~zn'~e Hi~ttFat'tg Fund J iil;+r i 6iai w:it Tar. Incrrrttcnt P,u^,uircrnents :>u~;to:<:r, :, ~t_i:.=:,n,~n; o' h,ilaUi?:ii~~~;;s - Proje•~t::r=a jP~gvmCrged ~roJ~ct area ~, .. ., r„ .. i 136.520,2tJ01 __.. __. 7.85n.203' ...5."l6ti,~0U I_ ... _ 34.130.07! _$183. i67, 56$ " ,...___ 2o,38a;078 51E3,378,:87 I~i'1 jP, 12/28!2009 ' f~etal~rrtia Corrimunrfy C3e~e'lopme •. _ ... ~ . _ - ... nt Commissibri , ~. <,: ~ .; (~ecieveloprnent Agencies Financial 1'ransactioris .,~eporf Agency Lonc~•Term De1x Fi~c.al `r'ear :2~Q9 _ -..... . Pr`a;~•~t Ar(~o ra~tra_....._..._ ;PCCy~'_rne:ryzd ui-ote~t ~_rFa Fctwt;rd 1:;-:11: f'riC•I ': _81 ., i Dili! - `,'fib . i~~'ir;ci{4.::i !'~,r^lrrt:"u.Irl',oci~~d '~ r,f r,rp;a:,.. L51i; P;!ail!ri;y 1.•FiUi nrgL;nirn; YBcr h.~aturii'y iY,c cr:C:E y Y:=,3~ Prlncipai :*,mourit Jnmahued Bzglnning of Fiscal Yaar Fi.1iUSir7lct~! fVlzl.ie; 4IUI'InC ~•H~ll' r.i7iUCtlnr^.! t:•:Old';8 t; r1n Inii;re5r :=',d~.le'd l9 r rf!tc!pttl Pri u;ir~~;1 =.maun! !s~•,:e-I Dtrinct =isr:al Year Princi;.fi;a :}.nlorult fvirtitn>,d Dilrino FIsC2. Y ar !=rinci, al /lnlot:r:r 1.~feaseri D~_rring Fi;cei Yaar Frfilclp<I timvcri'It tlrrnatureui End of Fiscal Year Princi!?~,I .~rrnl:n! Iii C!<-,faitlt h;ter2st Ire C;°farut 1'es C7in@f 6ortcf Ty;~rs A!lowey: Tar, kl! lc~ 11on corna•s. Revelute 3onds. Cal;ificares of Participation: Tax P,flccation Notes: Fiharicing Authority Bonds; CitylCounty Qzbt; US;Staia: Loan;: L;~rr~.::: Goliga!Inns: tda:zs: Leferred Pass-TTurugils: Gef2rreU (;onlpznsaiion: Other P gc 1 12~2;/~OU9 (~' Ftn\ro~<:i;a fr:;m ?rirx `(car j'i'r 04 ~~--.,:}d Type ;Tnx Allocation BGnde Yeor,' of Aeill}Ori'a(i0n - _...__...._......'000' _~~ frin~il.;al.=.n:vcrr! ~.lif~oii>•~d ... t&.000,000,. ' 'lnr.i;t:;! "•-;noun; Issued 18.UUtJAUU ! '~.ui':o~.'T n~ I;sue Redevelopment krtivities afur'1'v ^:a;; E~r:ainr:i^r~'v":Ar 20u(? . .•:,34°.'r i,r :. <~.;~. E::;fi: ;~J (g ~~ i 20301 }~•rinCipel ,+.IliC,ill}i l)Itl}}atilr8d FSeginniny Gf Fiscal Year S 150.000 t'~CIJi.IS':ll:~l7t I'•;t aiic JUI'I!ig ~T e:!r A.'{jll5!I}ic!1! 4j YJ)i81'~a t;On ' ..............._...._..____...-._.__.__._..._...__......_...._............._........ I II1!f-.!'iI ac%C!t'~~ (u !'fin Cip31 Prir:•::i;tal filncuarll 15ue;i D:Irirrc; Fiscal Year i~rincinaal :u.rnoun4 tsS:;:h.iri:d During Cisce3l Yeaf 150.000' ...._ .. Pr:nr..i;}~I ',nieuni Gefsase~; Uurir~rt Fiscal ,'a=r Frinrii?:S! Arnr,unt Unmaiured End Gf Fiscal Year ~~ 'WO Prncia~l Aniuunt In ;:;otalli( ~ I ~ E3Gnd Tyi?j3 hll i:W~3d: i Ta;< A.tlocatit~n Eor:;is, F,avenue FsGrrds: Certificates Ot Pahiclp~tinn; Tax Allocation Notes; Financing Authority Bonds; CitylCouniy Debi; US:State: 1_r.ars i_eas2 :;Lllc a;ii;ns• P;Ores; Defected Fans=FitrOUgi}s: Deferred Compensation: Cllher In;crr.: Ir. Geisl;ii Page 2 1'/2E/2QU9 Fi~cai Yea. F'i'D;eCi fit'?3 P~ati18 'Petalut7~a Coinrnuriity C1euelopment Catninissian . Redsvslo -mart Ac sncies ~'in~tycial Transactions Rsport ~ ~ ; Ayoncy Lony-Term Debt PGpC,rnt'r~2ti,aa.rc~ject area_.._. __ rn;la:d i:c•in ~~icr Year !Yes , &:,r:d-Type: ;Tax lalloct+tion'Bonds Yc f Oi ~'.Uin:?li.%.itip;l - 2001 :1,'I;'rcl;)^I >;,n~x.irir •~uihor fzed ~.oz~oa ->;~!~,'?j.~l An,OUi)i I:;su~'~ o,n~s.ooo i P~Cii7}(r>~.e ci ie,s:.?a Ufeasae 1992 1'ar. Allocation Gond P,q.- ;;iiiy Clair: E[ginrls:y fear 2002; -- - P,4,,it:riy: r,,le'Endhig Year Ir.-z= - .. ~ .~...._--2014 FrlriClpal Anurlnlt tln~ntured Beyinniny of Fiscal Year S2,105,000~ !'.({jU ifrl Eall t`•'t~3dd: [)ll:'Irh: ~1`6Sf ~ ~ . 1••.tiu.ls?rn:;nt E:•:n!anaticr,. !illnfcSt.'iUdG~~ 10 t~linr;ll)Fll -._._._.. ~...~._-~.__..,) Principe! am,~r-ini !sstteci Gorinil Fisctrl Year i i J'!I~ICi^8! F+.1IIOi_Il,l P.'1311!i N~.I~4;1'!n'1 F!4ai 1'r}ar ~9}S.Q00 j . ?rli~rG!j?2. ,"t!~iUli;l; [-i5ir'. Eci: L~aiiliil ~i°~2! ~`cai I Prl?fcEpal Ai„our,i Unmat:rreu cl,il of Plscal Yea-r ~ ~1.7UO:000 :iiiGil:21 ~'.i?iOtiil?In L~~ iall!t !fli QfcSi ~n I ~c `B tilE ~ ~~ wend Types .41lowed: T:.x ~~.iiecati;,;i Bcr:ds R2venu2 BOndS. i~ert;6Galrs of ?arnripatwri; Ta~c Alloca tion Notes, Financiny Authorty Bonds, ~dy/Cuw,ty C1eGl, l;S;gtale. L.r»n<.; i_~ase Okdlyai;ons. fdoU:'S, Dr,fer:rc5 F'a;5-Thmughs. Defan-ed ~onipens ation: Wither s Page 3 12!28!2009 ... •.. Petafurna Commtlnl bevelo ment Coy Radevrrla~ment Agencies Fina,nclal Transactlons'F~eport ' Agency Long-Trrm Debt Fis~aal'Y~~rr ~ro;ect Area Na;~i~ nr:aa~d tioa; F^cr `ie.ar 2009 PGDC_mer ed r rofect ~rea_ Enr:d T:vo~ Prin,:ij;,=,I .~:mr::_!nl !l!::!huri~e:i Frinci{rJ P.mr:iulr I;;:!2d Purr.•^:'e of ~.si!e !vS2!ui!ly C.c..e Beyinr:!rnr Year Frinci{ti;tA:mcunt Unmaturad Fsegihn!ng of Fisca! Year r.•.-ijusrm2nt Y:i:!rlo; G!!ri!ig Y'ra! lnle!uSI .-.dr•'eC! IU f'ri!iia!'~I Pri!x.i!~al ~mcu!!!. 1ss~.i~d Durirg FiSCaI 1'et;r f'rinci{;al P.n:aunt Niatuictl wring Fiscal Year >-'rin::ipal ~ntr:!!!a ~ef~ased D~ui,ie Fiscal Y'eat Frlnci~af Arn.,unY Unma!ureii End of Fiscal Year Prn:iiji8l P.mnurd in Diaz;utt !n!eresl In {!ciar~l! 4x5.000 __ . S22 e25 OQOr Fond Tyl~eS A!Inwed: Tax .~.Iloca!ion BCifili°.; ficVcn!!B Eends: iartificai2s of Par!ic:patinn; Tax A!!ocati~in Notes: Financing Authority Bonds Ciiy/County Debt; US:Staia; Lr,ar,s: Le~;e t:~i.;licifl!inn;: Pdnies: Di:ferrcc! Pass-Throuyhs; Deferred CompE~nsation: Other Page a 1212G!200J `~ V -cn:~rd fit,;,, P#iar Year "rs Bor~i;Ty,,e TaxAlloca#ion"C~onds _.. .__ : `(E r Cf P.:.C!>.iirlZ9tini~ .. __ ........... ....._.. .--............ r 200J ~rir!ci;;alAniq!~nl,?~e;;!:i,rizep 18,355.000' ,..._ ._ ~ri::::ii;:il ='.n~:;unl I>~!ad -_- -18.iC•S.OOII P~.rpose of issau Rsi!~nd 2000A Tax Allnca#ion Bo!td `l'i:J b.n;'•/ Ci 31? G. _..ti!15:,ing 1"gal 2000' . _::: ;,, ,:~. - •,.~1,, ~! . - ,,... j 230; F'rinr;:jtal l;.meunt t.l:imaturetl F,cgfnniny or F!scal Yaar 518.G66,OOci s:Gtisirlnr,l M1an~'e-.U;:rnr.) Y5"]r i . !nlriril9l i;:_i;.71 to P•rir••_:i,:~.i ' - .., P;irn~,,.ii A.n!~,~.!;,! Is;.r:ed :Urrtj -!seal ,~:,r _. . Principal P.:now,t A;laturi:d During F al `r"esr 105.000 pri!~_;~+,I il!~lcunt Gcfa~;sed Ju!rtl Fi>cal Ye;1r ....._. ........ --- Principal An,ol!ra t;niizatured Entt of FIsc31 Ye,,r __ _. a'17.055:UOQ Pr.;::_tu~l r",ni(;ur!l I!1 lJ~ar.u!I ' Ins=re; i in Cat,;!,!Il ....... ~ 3cnd TypHa ~.Ilowe:i: - ~ j Tax !'~.iioca!ion °onas: R.ev^.nu: bonds: C:e! Iiflcatas of Participation; T ax Allocation Notes: Financing Authority Bonds: Cily/Coon#y Uebt; US;State; !.vans: ~CBtii: Gtlig~iir_.n. Noses: De!erred Pass-fhrouahs; Ceferred compensation; Clher .--•en::y I_u::r;-Ter!,i Drhi• Pa~~ 5 12!281_009 00 P+rfalur~7a Cammunitjl i~evelopmer~t Commissfion c,C:fJ:S::'CI tfG171 :'.fiC:r YV~iI pond Ty;;c--, 'r~:3~ Jt%~UtttorZaii U!t i'1'L.,f.il'.9i i:nlVUlll::%1llt.'lOr1%.!_'!) ~'urnose o` Issue F.1~durty Catr; L~;a~ir,7u7g '(ear t:4ahlriy Dais Erding Y3cf Prfnc~par>Ctnount linmaturrd Beg•.nning of F13cal Year .~;diusureri A:1ada G•uru7a Year Gidj::: a7ent G:+;;Iana;ivn Inieresi f.dd?d to Pnnciaal Princip<;1 fi!i,(Y:,ni. ISSt)@ri Givu!_I FisC:al Year iru'i,:ii:a r^".nt:1Un; iv";.iD;n;:n UUf!;raj !=i;i.di YROr ~~;lil'~I{:+,fa r`JT.'",i.lilt Di.f:39cCi L'+Ur;ilq FieC31 Y~~i?r ?r'(i7~lpa! Art7i+i:nt Unn7at::rec cnct n( Fiscal Yaar Prui~if,al rvr~ourl'. L. 0'>tauii I!aeresl Ir De(autt ~l`es Tax ~ilocatian Bonds - _ . . . . . . _ . . . . . . . . . . . . . . . . i i %f15 f1C1i+ .534..505.000. Bond Type,^, Allowaci; -' .:x P.IioslL;n E nris, Revent!e Bonds: t"enifc.a:as cf Par*iripation, Tax lillucation Noses, Financing .4u?ho!ity Bonds; Ciry/t;otmty,D~.ht; US:State; Laa+7 '. Luse UL•iigaiio!:+>: P}oias: Detarred Fass-Throughs: Dei4rrr:rl Comte:-~s;tion: GthNr r.genc~; Lor:g-T~ntt Da!;r Pager 12128120Gg ...I .., .._ , F'etalu'irraCofnr~i-n~ifypeve{op(r~ent C'ammi~~sron; -'; _ _ _ . .,~ Re~eveloptnenk Agencies Financial';Trarisactions Report Non-Agency Long-Term Debt Fiscal `r`ear ;'?009,,,,__... F',rC+jeit Area Name PCDC merged project area ,~o'v:Prd ~fc,~n F'rlor'v=t, __..........._.._.__..._ ...T Yes ennd 'rv,,_ ............... . :h~loagade Revenue Ecnds ''r~ai ;`` Au;r,arrzr,t::,n 1996; rri~i:,n,=! ~.rr:_,.,,-:, i;r;m;~ri~-c! 4,z50,G0G rrr!•,;ial ~.:r._:,r;i L;s~:eci 4.7~0.G00 r;~e ?' Iss,~_r P: i iLcan In p~=;velcpei of Gahrnonl ai m . - ~ i?e1alU llla P:iaturiry Gate b ;Jinni;:g Y'aa+' _ p~`gi ~ ~ ' ,w.~turity U~:?~ ~n,iin;J rear ,_... ~Ot~ ?rlr,cinal Amount Unmahired Baginniny of Fiscal Year ~ a.6E':ci,00G =:Jj~. City'+le:ili fvt t~rar fliirir uj Yf''r I_. ...._.I. ~_.... ,- Pri;:<;~r: t p.n?+~iin; ~ssu?it Uunny rrscal Yea; PririCit-:=.C>ir;,ntu9f 8,latturr.! GurincJ Fiscal Yuan 10O,OOU Prirn;i;,a! .Antciud D'afr~tszd fhtrirg Fi.=.cat Year i r~rincipal Amount Unmatured;Erd of FSca!• Year _.._.. .. S3 550.OG0 ~rir~ciF+al A,mou;tt in Gefatti! __ _! ;r!reru: r in DufCn.rlf (vtor;;aaa R:::vanc~a: Industrial D:avelcpmenl: Commercial Rever,,ie E3cnd; Certificate of Pe.rticipaticn ~ ~dnr=-:;gen,cytnn~-":>rni C=_!';t ~ Face 1 12/2312600 a0 ._ ... F'et~lima,Carnrrfunity DeyeioE~ment Commis'sron ; t~edeVeto,prnent~A~gencies Financial:Trans~ctions"~teport;~ __ __ _..._......... Non-Agency Long-Tenn Debt Fisca! Year ;zU~9__,,,.. _ _._.._ Project Area tV;me PCOC tttee~ed project are2 For~'a.=.rrJ +rc,ir F'fr'r YS~SY T ~.. ~S ~ ':r :j Bond Typo D,~ortgage Revenue Bonds 're,r cfi-A!!!henz~t~o,? _ 2o03i f'nnC:?0! .A!i?6u;?! Au!hpri- ri 12,8b0.000 ~rinri ;..=.I ?n?ount Is::ued ~ 12,fi00.000 r urpu~e ~~( I;su? ;Dcwnti,~~m P.ivar Apt LMI housing unit rv'a!:irily I:;!l;: Beirnung '{ea ~ 2005 i . - .._ - ---- . i•.1aii:r:;}• ~~•3!E t:n::ing ~2ar . I 2635 ?rirlcipal Arrroura Un!r.atured Beginnir;g of Fiscal Year ~ 5.9A5,000 D.i:ilulc~:'.' AAni!2 L_%;!i iI?C) ~T t; c' ................... _.................... _............................. _.. %'!tiP~i~~EA ~.It!:.i;;l?t ~ ;~.!Ir+ i :..!!(i!?:~ t ici:?! Y':ef Pr'r~c1;~[:I <~.n-:O~.:ni Fa'eicr8d ~~~u~i?:_i Fis:;:;l 1'F7~r rJ3.o00 P R)Clj!r_I P.i i?G!i!lt iJ~i?aSBC [7Ur7nC! F15C81 YeBi ~rinci!:al Amount Uii!nan!rad End a. Fiscal Year $5.891:00n Fill?gij'.AI P.n?v!?! '.n !~'2rJLiil ~ . Bond Typos A1lo•.ved: f'r', i7i!iit:~c F:cV2!?'J°_: IndU St(lill Duveanpmanf: Ccmm2rcial Revenue Bond, enificate of Participation rdon-P.gancy Lcrr:;-'fe:i~? Ge!~t Paae 2 12/2fi!2009 LowlModtirato Special Capital Eroject Detzt.5ervCC Incor»e Nousirlg RtvenuelOtfler T~t~I Funds° Furids Finids Funds - Taxlnr.remait _ ~.s•s 1;yu9110~ 3.29791G!. .._.- - - --- - S17241.0'_0 - jinG?!rCL9 ~;!! ,<;,~rnrin;:mect.i _ . `:;.aci21 Su~rl.nierial `u!'r•'snli.'-ut 5Q :~:i:P.$ a1•d. lase fax _..._ .. 30 T1Ei~r a t'I (-)CCUilaiiQ~ TFi+ ......... _ - _ _.... _ ~y41j_ Irtteres[ Irr~cros +95,%S2 __ _ 442 115.100 _. ~S1 110,834 ~.6;:,..1 rlcOma ' __.. _, ,..w_ .. ..: ~Y. $0 .. I ~. .... _ _. . .. (--~--$0:. _._... _ - , .... ..._ .,.. ei{~ I , , Anr<. _ . ,_ __- _-_ - -- ~ 80 ~r~nt. tr~;~,~•~;i_.la.,-`} .~ ~ ?1vi _,. . _. _.- _ ~:3~$'L9Z ...:: ~-`° '32410.30;f . - .__,..; u,<,r~ ..! . i ~.:.: <~.~,~. r~=~ _. - _ ~- gip, ~`atP,t•~ p,'.vr<n.i :-i pit'" ._ _. ~7 fl95 ... _. S27,S~G. Tala~ R.even:ree . ~ 51E u10..357 ~ _„ _ ,,4N_' ~;i.77S1.1CtH ~- ,i0 _ - :520.7A~,347 ~~~2l~rr;:~ni ~~! Incams snd e':<p=r:;Jiiures - Heveriues Paga 1 12/23r2009 .A ,. ;; -. 'Retalui~~a Cdnlmunlty; 0evelgprnerit,vorrirnlssioiS ,.. .. Redeve)~~it~etit AgEi}ties, F,inar-cial Transa~tlons Report ~taternent of Income and Expenditures - Expenditures Fiscal Year ~OOy ...., .._ - Praject Are~i t•!'tlit~~ ,PCDC ine_rped_prcject area CapitTl Proji;ci Ue1a Service LcwlModerata Sp©cial Fonda Funds Income Houslncd RevenliiaOther Total /•::;i::::.;l,tai::r:Cne.t::. 57,G8t 1,543.?01 ~ _ _ S1.G01..382'. h'i JIc:55~. i:I~3i :.F1\n Cfi': 1 ~~ Piaru a .i `-~:::rvay' art! Ge-iy!: i.. ,-0 Res! Es(aie ('ulcha5c:5 SO .. ........ Ol~c;r;ilGn :`Acquired f'fpperry - _.._. _ - ,,0/ .. _.: r',<'lir;:1L'Gf' hiiStS v0 ;1,1~,~,., . ~ _.~.,_ i,_ l.I C111 rAYllr..l r° ... _.. __ ~~ ~IiF (..Ic ~!c111C:r- :n;',1; ~ .. i v~Y~, = rG~?C{ In ~i?rr,,YN n'pl"il i ~~:i;ll•,;1rUC.;IGn COS'.S J.°C4,,I;i.}.~ .. .- ~ - ~ SJ~.Grj4 (!h~ ~. l.:iSt:vSSl ~'CStS ..._ I ~-y .S~.S. _.~~ _-_ I_~-'~ s ors ~?L,pcs!t!cn c~f !_ar~U H~h7 for ~ ~SO x:25.918 .. :',ldt:ali:§n! JI inCGln(' ;If:[i i=.ifiQl':ditlli'8S - L:<(Je11UItC:I::Q f=eye 'I 12l28l2Ci09 y . "F~etaluii7a Comi~nunity. Develo'[jrilent,Cori~riission' :: .__ r~~dev~fo~~irient Agencies; ~mancal Transactions ~teport Statement of int:etne and Expenditures -Expenditures r=iScal Year 2009 '#~rvjFet Area Nartie CDC: merged project area_.__._.______ Capital Project Dabt Sarvice LowlModerate Special Funds Funds Income Housing RevenuetOther Total De;cL•;;; ui `,i.;ii~M :rr Li~:+7 i-irlit ie!-F.esale $0 F:ana~iiaa@on Grar,•.~ -- -.... _ _ $D i,nen~;t ~.nerr,:e' ...59.586 53.359.566 .~.@:i ~. ,:, i'• :•-tl~.i ; tio:a 43 S~rS _ ... _. .._. ...~~3.595 ::l!Ja... n=5 f" i Oav ar'Cl FrirdE~at lir I':Gr)i'i ifi ri:::;?.li?ii ~~ 4'V _,i.i..r _,.ac.. j~i~ 9'3 Ir1CICK::;Hj P:S3- .,fl Tliro or F'eyrnc~;il(s) Dailt Nrlit:: ij)al P3y11tG•ntS: Ta:a..=!b:~etior Po!tds <+rn.I .v:+lr•; _--! "n-000 _. _ ~ 51 °20,000 i?.?y:ifr:!9 r1:a:75. wZf[l ~aj.'S 0' ~ ~- ~G -.,,,:c uon. Fir•ant!nq nul!toiih,~ `n i;ES t;:iry;<:ounty r:.avance, ar:a Loans __......._........_.,...-.~ _. ..... _ . _._ ~ ~~ .,0 _.... _..._. e ::-.ll Liilc~ L~::ig Tt:Yt;i ~%rbi 92.600 $9?..OOD Tc•[al.Expend!lrlrc+s 59.E+06,5a6 $4.7L9.G69 r S1.543.701 r 50• $1b.i61,tii$ Ex.;ess rp~ticu:n+:yr) F:evanuas over ?.1Ui,64h r'--iS~,.7~8,627} 54.235,407 ~`'~'-~ 50 $•4,666.429 (undar) Ex;son:titi:rt:s :,i,;:e'^.iartii a. Ir;;o!r2 artii Expenilituree. - Expandiiures Paya 2 12/28/2009 N Petaluma Community Deve{npmenf~Commission;= .. .; Redev:eli!rpfnent Agencies Financial Transacfions Report State;7tei}t of income and Expenditures - Qther Financing Sources FiSC~i' `1'e~r 20t~9 i'rojeci Area tJ~iirle PCDC niercied ~rolect area. _ Ealritai Project Debt Service LawlModerate S{zecial. Frrncls runds Intorna Housing Reveitt:eldthar Total Pry - ~.ds r.+ L:-~~1g-Tarm Crbt ---- ; T _ ....:. ~ ~0 Pre:e~ci, a. Ran,riiing Bonds __. ~ ^_ _ _.__ ~- Y0 Pa n ra (a Re`ur+ded d~~nd Escrow: Ageril - -- SG tC;ly=.rf~:e5 irnr-~ L t~~~curay _._. ...... ~- .. .. .. _ ~`,... i~lE C'f ~IXci1 ,-~: ScfS ----- ~ _. vG ,. P.9irr`wl!~inrvuc -n'•~• c ~;) you ,. ,s (Ue.~::) i...... ; -y2 Z16 _ t91 Oa5 _ (583.281') Garr=.nn;; Tra+r:(ca In , II41 5' i ~.G,L 'S GO _. __....._$8 i3~.G'15 T8x G~:;re.nan; Tr..r...... 5 In yG f~'~:.-r•~,t a; Tr a<.fars rout 6'.89 1d 1 1.61 6,984 _. ..._ .. 58 535,0?5 ~.<1 t ~',f;tt: its ~I SII:>tr':. Jf}t SG....... (; :: r,e _.., .- ^os(=rai2 !nccrr;~~ N~msiro Fun U) Total•Otlft=rFifia!ICi;lgSutirc3s(Usea) i,~s,'143432j 53,oJ2,1'GO (52.131.94x) ~ SU (S5S3,Zoii ".,~n-,cn rt (ncon~e anJ EX(iEnilttitr~s ~ Qtf~er ~'uisnchlil Sou:ce~ Page 1 12i28/200£~ f?etaluma~Gamri7unity"bevetopment Gortiiriission _~'~ __ . Red~velopinent Agencie3 F.ina+ic+al.Transact't.ans Report Statement ofi Income and Exp2ndltures • Other Financing Sources r-icaz Ye r zoo9 - r~rojecf.~,rea ~da+Tle PCDC merged praject__r~_[.e..a.... ' Capital Project Debt Service Lowll:loderate Special Funds Funds Income Housing RevanuolOthor Total __.-.-_ r:xgr,.ge (?ztSCiancyi of Revenues and ~ ~1.G58,a1.1 i33i~~/~`~'J S?'03:45,4 ~G S4 C?5.1d8 (,i(Piur X171:: i1:;i11 rJ $i:U ri. b:l i:Ver - ~ ~ ~~ E:xp~?nrU;i;rc:c<.~tirl Uihi:r Financii::J Us:r:s Ert: iy. Ci=:;irJru:r, r :^aiia^. W25.5;+1.68v ~-;,'7,131 S20.722.3CE _ 5G ~SaG:"x51,217 ~'r:ctr P2ri:,u F.cijusim<ni; ~~ ~C - i?a~,iUu~il Eq:r'ty i~'iri;fe~a ~ $rl~ ~c;_iy. End of i~~.riod 52'.o'IO.1C1' ~ (~2rJ.5~'0) ~22.825,gOd ~ SGT 55u.40G,3i,5 :[a1~r:~,~r1i ,.f Iro-,,n:c .-:na ~rp~nditures - ~~i:'Sr Financing Sources Page 2 12128i?QC9 _.~ _ -Petaf~ma Commu~~~ty f3er~lapment Commission R'edeu~lapr~risnt bgencies Financial 1"ransactPons Report '. • Baiahce Shoot -Assets and Other Debits LowlModer2ta Special Fiw<.! Yaar 2009 `capital ProJec[s Deht Service Income Flousinc3 RevanuelOther General Lonf1- General Fixed , Panels Funds Funds Funds Torrn Debt Assets Total Assets auc! Gtrier Debits f;,i611 ar;t In;ia _:l !_~SIS!i ~_a_i~ ,r.:r, ;'...cal <'.geri I.;x •.ncr~rr~ •its r?r. ewC,:;la Ac.t~:;r:.11.. ~ ..;r-ei~.'atae r\~~f .,tq;,l Il(rl cSl 'i ~'~@ib'9',,:I t' Li: ;1t1.- rat .e;:i'J3n! .-ivt?Ifni i5 ~:RGr7.ye hiP Le_ISe: F~vrleni~ R.~~cCi'a;ahla ~;~,ly 'I:~r1 i. =l'~ ai F'rnwr,j•' rail i-1 I :lc ii i, ITS t):.'~„ .: "•1'~~ I ~..,, frr:~.lirn- F{uil5ing t uai DU%' trgnl Sp::ci=a 79.5.369 1 54)9.858 _,_ ;: 52.335.227 2n.i~9.559 2,E2~ ~ '' ;~ -~, w: _ ; .. .".- ' i ;: ~' S3u.802.133 .~5,f;,r - 21.414 __.. --- - .__ 5107.071 '1~. .., .. . -. - ._ 10.3 3 _ _. _ - '._~ 511.072 ___... 2,539,796 - ,, 52.53rJ9u . -.: °b1 S21 ...~ _....._ _...v........__ :._..._ 24,254.616 ...._... ....._.._._.. .n24.516.437 ...._. ....... .__ ...... ..... .. .. ....._._~_~_... .. .... SU . _~ •r0 5Q _ .__._.._ .. -- ..... ......_ ._ .. _.-..._ . .. -_........ _ . ....... ......._.. _.-... .~ - , l __-_-.__...____.-...._ ...I .. _.: Yy''.~ ' .. ~. 50 .;_,.::I _ SO 8..,!:~;;ce S!ieei • F•S~~eis';:[?d u[IiF~ De!)its Fage 1 12!2812009 9 (~ _. . ' _ ~'efaluma. Cu~7rt~u1`iity Development''Coi7rmisslo~~ ..<::. , _„ ; _.. .. ; . , . .. _. . ~. t~edevebprnent Agencies Financia'f Transactfons~Repor# • Balance Sheet -Assets and Othor Debits LowlModerate Special `isct~f Yaar 2~~if9 Ca!iftaf Projacfs DeUI Servlee Income Housintd RevenuElnther General Long• General Fixod Funds Funds Funds Funds Term Debt Assets Tota! .. -^ _ ,.. s , . - -- ~qui!:rn?nt H.n-~ount Avaiia!?le tr, C;eSt :arvic~ Fu~lu 7mourt !i, nc Frovidzd fcl afcil? iff ~G:,T'-T`lf,t i.%eDI Tota! dsscr> and Otht-r ~: 17::f ;_~f'Hi; l: i~~. :if~!~: :(i flile 5/ -_.. _~ .._ .~ j --.._._. _ .. .. ._ -- - - ---- -._.... _..._. - _--- - ----- _ _ u0 ~ - ~ _. _ __-___....... ,_____ -~ _ ,.. _ ._- u. ~. .. _ ._ ___ _- _. ___ ~~0 ........ ,,. - f r3~889 000 :- .373.889.000:: :r:z.7.9ta?9s ~- 59.626 S2842G:538 ~- SU 373.88rJ,000 ~ 50 ,; 313ti.232.9t~0 ~:isn~.~ i;2_1 . %;55c'i°. ;ni Cgiter De!)its Page 2 12/2812009 6 - ,~ ~ .. _ , .... - .. ~'etaluma Community L7eveloj~ment Carrii~~ission _ _ . - _. -... ... ' , _ _ ;f~~iievalapment A"%~encies Financial Transaac'tions°Re~art - _ ,. ~ ~, .. E3alance Sheet - LiabHities and Other Credits Low/Moderate Special !!=lscal Yci?r 2t}i9 Galtiial Projects Daly Service Income Housing RevenuelOther General Lony• Genorai Fixatl Ftutiis Funds Funds Funds Tenn Uet>t Assots Taal i_ial?ilitri~r; ptnd Ot17r:r Credits r ;,:::;,,unis F;yahle .. ~. .. ' ' 1.:...:,., 4a_.G13 i• ., . ~~Sb45.2G; 7,x .~.rrf;,i,,=±. ,I J7.aas ~ayab!a ~ _ ... - - --~ - ~ _~`?~ _ !..,?iii Favabie _ ._ ., i _ _ ~$U ... .... _ill,~rl_i.,!;:!itirs --- _ 1 ----`-- t~~.a03 37. f9' S.107821~ .-. W5..~1...3J3, C,r~i~ to ?_ x,.!;.91 l'rD a.;;i3 Fund __ ._ ___. i ~ SG.y Git~ :o Ga:?t saiv: r FiinU .. .. ;; 50 - Gu~~'OLOe~;fc1:):1~rata r.,. _.,_.. !_ ~ 50 _.. .._ P'e'danu2r4t~tar F:.it:f5 'r'uz All ,~alaa ^n,;; PayalAe;~ ._ .: 73.575,OOQ' ,,,:;. .• y73,575,UG0 Le , R ui c ~;iificafes o` -. i. _...---......_.-..-- - - SU . c,~,u.~i,.,n~,: F,yao!e.. , ~i~:encing,:,,!iharity Ci~rris - P.ii C''ill c'i. ! 6 iy-Ta~t:1 C+Bi)t ':; :I Tota! L iabilltfes etnd Other 30-i:r2 ~u532•.'IG9 ~5 cGO,?34 C r2dit5 F;:~lar~ca Shr-:et - Li;;t;illUFS aiur~~titar Credi(s Page 1 3~•;.000 ~ ss,a.ocr, _-_ S7d,889 OOC ' $73;828,5.;6 12l28/20G9 _9 J Petaiurrla Coinmiiati:y Development Coinmisston .:. _ .. ,... . ,. -p 9 y ;Transactions Report ~ - , Red"ev~lo rnentA enctes ~uiancial ,,. .,~ ,- _ : ' .. Balance Sheat -Liabilities and tither Credits ' LowJMoclerato Special fist<;I Yaar ;;py Capital Projacts Dr. ht Sarvicv Incomo Housing RevenuelOthsr General Long- General Fixad Funds ~ Funds Fundy Funds Term Debt Assets Total Ediiities I.iVc.SilliB lT •ili T~rnrl':;i FiXO•j' .. ~..... ,. .. ., ~ ~ . : -„ . ._._-...._.... . : : " ::~ : ._.._ _ .Sr_.. t ...I ~ ^155.-:5 .... ... ... .. _... ._ . ..._. .... . . _.. .. _ ,.. .._ ._. ... FT;nd L.8ia1'.c2 RF=_ervod 27.6.0 iU1 '2,020 _- '4,55C,46S ___: ,, 352,163,194 riillii ~,i.',nGS ____~ 30 •.,IIL CSr!i VI'•CI-~"+.Ii1ar iG;(I i=~anu u t "2 - 32.169 -'1,724,f60! (~u1,756.u2g).. ~Jntu;;._IV:(J-.Li(IG*.'SIG n:i tEi1 Tat:;; Er,ui?ics 3Z7,b"i0.101 (S2J,5~pl 522.825.304 50 `.~: ~ ; ~~ SU 850,-tOS,3G5 Tot l LiaGilities. Ulh6t' C:rP,iU13, ettll E<ittltlnC " ~~27.;,, ~:;~ s2.s?s g,a2~,s3fl ~sn s73:~a9.coo sa rs,:~o:•>+2.shn F::t!:tt°.r,.= St~F;' - L.i;;itiliiies and Gttt~r Credii§ r^ac~a 2 1212$/2009 P~etalania Comn~unity~Qevelopment Commission- -~." ~,°. .- i~ed2veiapment Ag~neies Financial Transactions Report $tafement of Inr..o+ne and Expenditures- 5u+nmary, Combined Transfers In/Out Fisca! Year 2009 Oparating Iran=fan In I 58,535.025 lax liscrenient 7r¢,nsfers In St7 G{;eratin~ Transfers Out __ _ $8.5;15,025._. p-.-~--- Tax ii;rr~ntettt Transfers Out 1 ~'0 raterf,enl :-:i !nr. ;rue ,:;~:! ~;:perriilt±rea • Summary. Page 1 12i?.$12009 :;;,mbii~eil Tra~isle+:; In;Gut Petaluma Community Developrr-ent Commission ' Reefevefopment Agencies Financial Transactions Report Statement of Income and Expenditures 12ev~nur;s • Ccnsoiitiatetl L-cv.~;hhgderate SiSecial C~plial Project Dpht Sowica h~con;o Housing Rov©nuelOther funds: Funds Funds Funiis ~ Total T,;±x Itirrement i>roa ~ 13 Q3. 110 ~• S(1 ~ s:?.97:916 ~- jG ~ $a;r a1 .G'[S ~ - ci,~-:-I Suphiemant,l SttiSv4tttipn ,. ~.0~ ~-- 30 ~ SG _~ SC~ QU r'rut7Nity A:<~:~s;:mar,ts _.._.. ~~ ,~ St? ~ ._ _ 50', :~ `G ~ - - -SO 5alc. ~nri Use Tas: ~~~3u ~ - $G r $0 ~~Sr) ~`D Trarysl6tu O,;cupancy Tax ~~ 1'. .~ r ~.. J ... QO... SC uG o0 sC Y lntar~,:et i+!ccvne _. ~~I u r---~-"_~ 5995,09v X442 55-115-,1.0-0 ~0 51,110,E;54 1 ` F,onti; lttcoii7o _. ~J _. SO,_;,,_ Lease Lunnzr, ~. 5.)~~®C)~'r~SG e~ S0 Sale of ~.e~i E;t;te ~. __. ~- "" -sG ~-`~.0 ;~~ w0 ~ 50 ~~SO ~,;:ht ;n. Lanei t-laict for rlssaie ~! SO SO' ~- vG ~~ SG ~. 0~ a, ,e!'3E f runs ~` 50 5G ~.rdnts born utherl~dencle,e _ .. - . _ _. _~ yi.. 7U~: ~.SG ,' S2..s36,997 ~ ~0 . ~ $2 410 301 8vnt1 Atltni:iistrative Fev ~,~ -: I ~'='~. „0 r SG ~~$0 .~ $0' Gth~r Revnnt;~3 _..... 591 ''~~~ SU :;2r ts95 50 5~'r;,36ca ~~ Teial Rev~:ntr~:s r15,01G:Ur!7 ~ 544` ~+55'.7?g.10R -SG _520,769.947 a~"Il;i~: 5... (OIiS0iii13t2u Page 1 12126/2009 ~. U Petaluma Community Development Cornmission~ Redevelopment Agencies Financial Transactions Report Statement of Incorne and Expenditures Expentlittrrt~s -Consolidated "riscal Year 20Q9 Lowil'doderdte Special Capltai Projects Delit Servlco Income Housing Revenuo/Othor Funds .Fund; Funds Funds- Total fldministration Costs i S0 '~ 5,57,Ci81 ;! $1:543.701 ( 50 '~ 51,G01,3c32 Proies~icnabC2rvices ~ W0 ~ SU !r$0 ~~~$0 ~ SO - F13ni;132g. Survey, ritiU rJOSign ~- 50 ~~ Su `~~ ~0 ~ 50 '~~ FO Rea: State Furr.hasr..=.. ~ 50 ~ ~Q I $~ ~ 50 ~~gp . • _ _ _ Acgnr>itinn [zpanss ~- '$U ~ °U i~~50 50 ~ 50 nln=,r»[i+:on of A:~quire(; Frc+iaerty ~~ 30 ~- °0 50 :f.0 I 50 _.._. kcla.aticn Ccsts ~ SO 50`' SO ~ 5U 5,0 Ralocaron pay+n:~nts ~~~J ~ 50 ,~-50 s0 i~rSO~ __ Siva Claarance Costs tiU SG ~0 50 ;0 Frcect Irnpraverr:erit./ Gonstrurtion 5c~.8t';4.4~U ~ ,,,, .~~-y SG. ~ w0 ~ SrJ.&6,953 Cvs#s . ri~sh,srr: colas ~- ;;o (_'~..' ~J" 5C ~= ~n~!(_.,.` ,so - Loss on Disposi*.ion of Land rlold fur ~ '=U ~ „G $i~ ~_ 'gip ~^L~ kes=13 V ~:cF.cntiituras - Conseiidated P2ye t 7 2128;2009 t Pet"alt.lrtta Community Development Gommission Re~levelctpment Agencies Financial Transactions Report Statemer}t of Lncome and Expenditares Expenditures - ~oltsolidated reseal Year 2u05 Capital Frajacts Oebt Service tow/P1laderate S}ieciaf Tatal Funds Fwids Inco!ne Housing kevenuolOfher ' Funds Funds • .A t3 ,C D E . Da,,lihv in VnItIU'of Lanes Hzlu fer _ .-: > ..._ ~, .,0 ' ~~ S'~0 ~~ SU ~r 50 ~ 5p ' F;ysUia . , I'attaltilit~iian Cr;sis ~ ~J ~ Ste ~~ SO j"-`~5~ ~ ~0 1 ' c ~lt~ tiil!iatian Grzr is _ 50` ~U `-3C1 ~~. S0 i!ttor;::.i Exl>relse ~~ 50 '=. 913.359:588 ~ $0 50 53,359,588 r'ixedlsset~~cZlin,:iUou; 543,59.; ~~- SO ~- b0 50 $43,,9, ~ub~idies to Low and.TRodarata SO ~~ ,10 5v ~-9;-0 ~ 50 ' ir,rr.me.Ftousing Fund DobtisStFa+tce Costs ~ 5U 50 ~ _ 50 ~~ $0 _ ~Q • -. Cthcr Ex(!enditurzs including Fars ~~ SO ~~~u 50-~ SO ~ 5t) _ . , Tnr,xl~3i? Fayrrent(si. G,ebtt~i•incipal F~yn7:~n?~: - Tax 1:!ioc ..irn Rontl;; affil Fiot2s E,tl ~ 51 22'1 OOU ~~ U ~~ $0 51.210AOU' ' :f?ciiHn.IH B:ilt Ct$':i rid ~~~ v~ .. ._. ~~..~~ 5l) ~~~~~. ~ LSD 'v d,1'fi(IC~;tt*.S Uf t'~ditiG l);BtiGFI : ~ .. C1tyt:Scunty.fidvancas and Lnan_c ° SU ~ I LIS., Stiai+ mtd Gtiter Lr_.ng-:':'arm Deb __.... . ~~ t ~~ 5r! I '` _ ~~~~ ~-- .,J2.J00 0 SO S92,17G0 iotelExper.di?u~•~s ~ SC+.,~fl,~4L ~4.ifl2i-9 ~ 51.5.13,7D1 ~- 30 51ti,181,5t?, ?. %C:55 (l.k f :l:rtC:yi RiD VGii is [;S ~ '.Sb..lU1:1~4J (~4,%/?Y?,tiL i'j S4, ,. ~ _4. ~(1F5, 4..J - -. ~JVGr;UFU!ar) Lxrtenditury3 i=x;:Y.ni.lil;u'~ g . Ccr;li^;9[cd ~ Payr. n , d 12r'~dl20Ug Petaluma Community Development Commission Redevelopmef~tt Agencies Financial Transactions Report Statement afilncome and Expenditures Other Financing SotirCes (Uses) - Consolidated ~iS:C:; I~'„Bar ?~~7 Low/MOClerate' Special Capital Projoc[s Debt Service Ihcofrte Housing rtavenuelOther funds Funds Funds Funds Total Precee~ia of Lax:-1`cin'~ t7cbt ~- SO ~± fi0 ~~ $0 ~~ SO ~- y0 ?rz,ceeri~. rf F?Rfunriiny;Sonds ~r 5'0 ~ SO ~ >0~. c0~`~ sip Payh-,eltt to r~e:hr;;;ivd eiend Escrow l:ye+.t S~ SO r r0 ~ 50 ~- 5G .>d'.~ance:=: ir~:~m Clty?Gourty Sala of r=ixac! As>;ots P+liscallanaous Fi!~al~cinq Sources (Uses) Operafiny 1'r.ul5fdrs In Tax Ir;r,,yrtlrnt Transfers In ~I Hratir~g Trap=_~crs Gut l ax.lr!c~e;n2r+.t Tran.=.fcrs Qirl 7o U~ie' 1.01'1 arrl Mnilyr5i~7 incor,rre r-fr~t,girtty ~nnrli Total Ott:ar Finalicir.y Scurces (,Usas) .. ;11H;' i-II ~2i l1 ;'i; i•~ SOU(Cc5 it.~SeSj - 1,vn561~C121~i1 3C 0 SO SO 5O ~~~`r S0. _~~ .50._.,r"_ SO ~_ SO ~0 ,,,,,-I _ (S:i7.21ti) ~~ S•0 (S491.,(iG5} 50 _ (5533,2E1} ~" ~ {.e.s2 325 1~~~a;uJ2.1~~s (".` ~~ ~r ~a ~ ,5ss,oz - - :~ - ,„ _.. 56.854141 ~~ 511 51.G40,ti84 ~~ $0 ~~ 535.0?5 _ ._. __.. SU ~ ~0 .. _ . .... , 5U r _._- ._ . i (53.143.432}. ~ S4.G92.1()0 ~ ($2,1 ~1,949j .1 SO ~ ($583,281) Paye 1 '1 212 812 0 0 9 G ' t~' Petaluma Community aevelopmeiit C:orrirnission Redevelopment Agencies irinancial Transactions Report Statement of IncOrng and Expe~idltures Other Financing Sources (Uses) -Consolidated Capital ProJocts Debt Service Low/Moderato Special Total Funds Funds Income Houslncd Revenue/Other . . Funds Funds A B C D E ._ ._ _. r~ _... . Excess (tleficlency) of f2cven.ros and 51.95a a1 r tS,,r•''/j 52 103,45ti ~ 50 I $4,025.148 Cihar;=ir,ancing S~ui'ce; aver Ex;)end'stures and Other financln~ Uses ' Equity Brc}InnlnO ul period nr,r Y+;=r rld;ue;tincnls hasid;rnl Equity Transfers Citl)i:f Ick~r!'riri) ~Uliy, =,iiil i:f .'.'-fir rit+fi ~_+i!i%: I' I-If is nCln ~ jOIIrC?S (l!Sc=; - i:viif.01iif8;r'.il 525.~3.51.63a S7,'!ft7 520.722,:546- .~~ ~0 56.331..217 _ _ _ . ... _ i ... ... 50 ~~50 ~- SO ~SO ~~50 ~~ JO .nU ~~-$0 s0 . _50- s27,t0,t:r1 iS2f!.54t1} ~j72.S~J,bCi4 SG 550,4±78,365 12/28/2009 i O S