Loading...
HomeMy WebLinkAboutStaff Report 2.E 01/04/2010r ~ 4. r 1:~ 1 CITY OF PETALUMA, CALIFORNIA PETALUMA COMMUNITY DEVELOPMENT COMMISSION JC86~11~3'~ ~, 2® AGEl®TDA II..I, Agenda Title: Resolution Approving the Submittal of the 2009 State Meeting Date: January 4, 2010 Controller's-0ffice (SCO) Redevelopment Financial Report. 1Vleetin Time: 6:00 P1VI Category: ^ Presentation ^ Appointments ~ Consent ^ Public Hearing, ^ Unfinished Business ^ New Business Department: Iirector: 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'Commission take the following action: Adopt a Resolution Approving the Submittal of the 2009 State Controller's Office (SCO) Redevelopment Financial Report. 1. ^ Firs"t; reading of Ordinance approved unanimously,, or with unanimous vote to -allow posting prior to second reading 2. ^ First reading of Ordinance approved without unanimous vote: Ordinance has been published/posted prior to second .reading; see Attachment 3. ^ Other action re uiring s ecial notice: Notice has been iven, see Attachment Summary Statement: California redevelopment agencies are required to 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 December 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 ® HCD Housing Report ® Blight Report ® Agency's Outstanding Loans ® Agency Owned. Properties ® 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. Attachments to Agenda Packet Ltem: 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 12ev'ewed b Finance Director: I2eyiewed by City Attorney.:. A rove b 1Vlana er: Date: .~,~ .d I Date: Date: /Z Zf _-ci Rev. # 3 .Date Last Revised: 1'2/29/09 File: State Controller Report 2009 CITY OF PETALUMA~ CALIFORNIA PETAL><.TMA C®MMLINIT4' EVELOPMEN'I' C®MMISSI®N JANUARY 4, 2Ui~ AGENDA REPORT FOR Discussion and Ad®ption of a Resolution Approving the Salbinittal. of the 2009 State Controller's ®f~ice (SC®) Redeveloplnent Financial Report 1. RECOMMENDATION: Adopt a Resolution Approving the 2009 State Controller's Office (SCO) Redevelopment Financial Report. 2. BACKGROUND: 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 31, 2009. 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 EXHIBIT 1 ..RESOLUTION NO. Of the Petaluma- Community Development Commission Resolution Approving the Submittal of the 2.009 State Controller's ®fffce (SC®) Redevelopment Financial Report. WI~EREAS, 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 WI3EREAS, that report must contain certain financial and housing information for the fiscal year ending June 30, 2009; and W>FIEREAS, this Annual Report is a compilation of those individual financial statements and reports on the PCDC housing programs; -and WI=IEREAS, the Annual Report was distributed to the City Council on December 29, 2009 for review in preparation for the City Council's January 4, 20.10 meeting; and WHEREAS the required financial and housing reports were submitted prior to the December 31, 2009 deadline; and W>EIEREAS, Section 33080.2 of Redevelopment Law states the "the legislative body shall review the report and take any action which it deemed appropriate;" NOW, TH>E.RE;FORE B>C' I,`I' RESOLVED that the Petaluma Community Development Commission .approves the submittal of'the FT''2008-2009 State Controller's Report. 1340536.1 3 RDA Rep'ortn_ g System -Agency It~afion ~ ~n 1 ~i ~~ ~ Page l of 1. -, ., California Depai•tn~rit of Housing and Community Qeveiopmer~t :,, ,~ Redescelopmenf Agency Reparting System ~ `~~'.~~~ ,~} ~~ Agency Information You are'Here: Select Year > Schedule Menu > Agency Information Previous Page o Admin AgencycPETALUMA Fiscal Year :200812009 Prepared by: Sue Castellucci o Select Year ® FAQ Please use this form to provide current information about FETALUMA ® User Info o status Address 11 English Street- ® Print Petaluma,:Community Development Commission o .Logout City: !Petaluma County SONOMA State: : CA Zip: ....... ...........................__..._................:..... 94952 Telephone: 707)778-4563 ;Extension:' ~ Fax: ' (707)778-4586 E-Mail:: scastellucci@ci.petaluma.ca.us . Description: Update Rettevelopmen# Agency Reporting System -Agency lriforma#ion ~ ' California Department of Housing and Comrnunity Development "~ ttps://ssw2.hcd.ca.~ov/RDA/,editA~encvTnfn,sn , ~-T, zinnnn California 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 100% of Tax 20% Set Aside Tax Increment Amount Deferral Increment Requirement Allocated Exempted Repayment AREA MERGED PROJECT $16,489,263 $3;297,853 $3,297,916 $0 $0 Agency Totals: $16,489,263. $3,297,853 $3,297,916 $0 $0 Tax Incr. Percent Deposited to of Tax Repayment Other Hsng Fund Incr Dep Deferrals Income $3,297,916 20.00% $0 $13.5;455 $3,297,916 20.00% $0 $135,455' Total Deposited to Housing $3,433,371 $3,433,371 r ~ Note: Print this report in Landscape Orientation (Use the Print Icon just above, then Properties then Landscape) Page 1 of 1 12/17/09 ts~ Galifo~lTfa Redevelopment Agencies. - Fiscal`Year 20089 Scfi A/6 Project Area Program lnformatiiin PETALUIVIA Project Area: PCDC MERGED PROJECT AREA. FUTURE UNIT CONSTRUCTION---- ------------------- ------------------------------------ -------------------------- Estimated. Execution Completion Contract Name Date Date Very Low Low Moderate Total BMDC-Logan Place 03/01/08 06/30/11 65 0 0. 65 Vintage Chateau ll 08/01/08 06/30/11 48 19 0 67 Page 1 of 1 12/17/09 ~0 - California Redevelopm.entAgencies -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 Expenses Available Fund A sets Fund Assets bran es $5,495;722 $3,433;371 -$2,387,875 $5,475,961 $1,065,257 ' $21.,757,445 $22,822,702 $0 Housing Other Planning and 'Subsidies T Rehabilitation Administration Costs $500,000 $4,308,328 $348,765 $318:868 AS a~~ *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 Cal~ia;Redevelopment Agencies - Fiscal ~Year20~09 Status of Low and Moderate Income Housing;Funds S.ch C Agency Financial and Program Detail PETdLUMA. Beginriing~,Balance Adjustment to•Beginning Balance .Adjusted Beginriing Balance Total Tax Incr•ementiFrom PA(s) $3,297,916 TotafRe.ceipts 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 Suliitem Housing ,Rehabilitation Subtotal.of Housig Rehabilitation ~ Other Subtotal of. Other Planning and Administration Costs, Administration Costs Other Professional Services Subtotal of`,Planning:a_nd Admnistration'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,b00. $4,308,328 $198,190 $109;580 ,Son. Go. collection fee-4'5,280; ` infragovernmerital fees - 64;300 $40 995 $348,765 $31.8,868 program costs - subsidies to non- profits for various programs Page 1 of 3 42/17/09 O Cali~Fiia Redexelopment:Agencies-. Fiscal Year 2009_ Status of Low and Moderate Income Housing Funds Scfi C Agency'Financal arid;Program'Uetail PETALUMA. Expenditure Item Subitem Amount Remark Subsidies from the LMIMF Subtotal of Subsidies from the LMIHF $318,868 Total Expenditures $5,475,961 NetResources Available $1,065,257 Indebtedness For'Setasides .Deferred $0 OtFier Housing Fund Assets Category Amount Remark Other $21,757,445 Notes receivable 24,257445 less interfund loan 2,500,000 Total Other ;Housing Fund Assets $21.,757;445 'Total Fund Equity $22,822,702 2004/2005 $255641'4 2005/2006 $2744129 sum,of4 Previous.Years' Prior''Year Ending Excess Surplus for 2006/2007 $3035021 7ax;lncrement for 2008/2009 Unencumbered balance 2008/2009 2007/2008 $3277878 $1'1;610442 $5,495;722 $0. Sum of Gurrenf arid 3 Previous Years' Tax Increments $12;351,944 Adjusted Balance $1;065,257 Excess Surplus for next year $0 Net Resources,Qvailable $1,065,257 Unencumbered Designated $0 Unencumbered llndesignafed $1;065,257 Total Encumbrances $0 Unencumtered''Balance $1,065,257 Unencumbered Balance Adjusted for Debt Proceeds $0 Unencumbered~Balar9ce Adjusted for Land'Sales $0 Excess Surplus Expenditure Plan No Excess Surplus Plan Adoption Date Page 2 of 3 12/17/09 q California Redevelopment A'gerfcies -Fiscal Ye~08/2009 Sch D General Project'Information P,ETALUM4 Project Area Name: PGDC MERGED PROJECT 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 UNIT INVENTORY Very-Low Low Moderate Above Mod .Became Total Ineligible Other Provided with LMIHF Unit New Construction on-Agency Rental Elderly 57 0 0 0 0 57 Unit Total 57 0 0 0 0 57 PROJECT FUNDING SOURCE -------- ------------------------------------ --------------- Funding Source Amount Redevelopment Funds $1;423,000. Federal Funds $10,045,400 Private Funds $7,606,003 Page 1 of 2 12/17/09 ,~ - ~x REPORT Annual Blight Progress Report FY 2008-2009 Prepared for: Petaluma Community Development Commission December 2009 m .. CONSULTING INC. 221 Main Street Suite 420 San Francisco CA 94105 415.618.0700 faz 415.618.0707 www.seifel.com ~ ~ er~menad ;escriti~n The Petaluma Community Development 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 33000). The seven members of the City Council serve as the governing body of the Commission. The City 1Vlanager acts as the Commission's Executive Director, with assistance from the Housing Administrator and Coordinator. The City Attorney acts as PCDC Counsel. The City's ..Interim Finance Director serves as PCDC Treasurer and the City Clerk serves as PCDC Secretary. The: PCDC is charged with the goal of eliminating blight within the redevelopment project areas through the process of redevelopment. The PCDC exercises all. authorized governmental functions in carrying out projects and has the authority 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 right to issue bonds, notes and other evidences of indebtedness and expend their proceeds. The PCDC currently administers programs and projects. in two funds:. one combined fund for the Central Business pstriet and Petaluma Community Development Project Areas and the other'fot the Low and Moderate Income Housing Fund. The Department of Public Works implements capital improvement projects of the PCDC. ~~~t ran~ozain This. progress report has been prepared pursuant to the requirements of the CRL (Health & Safety Code Section 33080.1(d))' with respect to the PCDC's progress, actions and expenditures in alleviating'blglit; Accomplishments are described .and grouped by project area, the Central Business District (CBD) and Petaluma. Community Development (PCD). 12 ~colaShens Central Business Districf 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 periodof25 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 StreetBridge, and on 6th Street, fromD Street to J Street. Work is underway' and is' expected to be complete by the end of 2009. The PCDC contributed.$987,000 to this project since FY.2007708. Fire Sprinkler Program In 2004, the City'.mandated that sprinklers be installed. inmost downtown basements by, 201 O and in the main buildings by 201'.6. This program, offers financial. assistance to the affected,downtown property owners. Initially the City offered subsidies of$5,000 each for above-ground sprinklers and basement sprinklers. Later, grants, of $1 per square -foot were offered, in addition to no- interest loans of $4 per square foot to be paid back over 10 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. 13 w ~ ! Petaluma. Downtown Association The Petaluma Downtown Association (PDA) is a network of businesses, property owners and:individuals. The PDA acts as a-.liaisoA Between downtown businesses and the City of Petaluma to ach'ieve`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 anfl.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 ~iri the.area are: B, C and D Streets, between Petaluma Blvd and the River; Petaluma Blvd~and.Second between'B.and DStreets; First Street between the Ricer and,F'Street. The work included new and rehabilitated water, wastewater aril storm drain systems, undergrounding of all PGBiE, SBC and Comeast utilities;. new streets, a new signal at First and D Streets, sidewalks, lighting, st"reet furniture, and landscaping. The project is expected to substantially b_ en, efit the .Central Business District Redevelopment Project Area by eliminating blight; increasing property tax increment,andproperty values,. and enhancing the economic vitality of`the 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. Petaf~ma 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 includesxamp widening and reconfiguratiori,~traffic operations system, improvements, an over-crossing structure widenng`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 $edwood Highway in Petaluma to Rohnert Park Expressway in Rohnert Park). Together, the projects. will provide both safety and congestion relief enhancements. ly • • The project has a $,10 million IVleasure M funds. allocation, with City/local funds paying for the remaining approximately'$18.5miIlion of costs, including PCDC's total contribution of $3.0 million, of which :approximately $2.0 million was allocated.n FY 2008/09. Construction is anticipated to start in 2011 and be completed in 2013, East Washington Interchange This project improves or wi1T improve the East Washington Street interchange with.Highway 101 by adding a new 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 Ca1Tt•ans 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 2008709. Rainier Cross-Town Connector/Interchange This-project will provide a new interchange.on US 10.1. -that will connect the west side of Petaluma o 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 Ptbj'ect-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 projectis 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 ralroadcrossing and a new river crossing, which wi'11 create a southern cross-town connector and access to future development sites. The first.phase of'the project was completed in Fa112009. The remainder of the project began construction in late;-2009 and will be completed by Spring. 2010. 'The prgjectreceived $700;000 from,PCDC in FY2008709, Petaluma Boulevard. North Bike :Lanese Project This project. created Class II bike lanes in both directions on Petaluma Boulevard North, from:Shasta Avenue. to the Petaluma River Trail. The project included paving,.street striping and storm drainage relocation to accommodate the bike IS lanes.'Between FT' 2007/08 and FY 2008/09, t_he 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 pedestrian bike paths alorig~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 eontribufed 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 U.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~ $4'00;000 in one round`of assessment grants; $400,000 in a second round of assessment grants, and.a $1;000,OgO'clean-up revolving loan fund grant from the Environmental Protection Agency. By removing contamination and pollution, the owner can sell or redevelop the properly, 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. ii®na~ ~ ' 4 eons and to Departmental. Staffing Departmental staffing for'FY 2008/09 may be found in the City of Petaluma FY 2008/09 Adopted Budget. FY 2008/09' Financial Summary Section 33'080.1(b) of the CLR requires a fiscal statement for the previous fiscal .year: 'Please contact Sandra Sato, Interim Finance Director, for more details. `~D Supplement to the Annual 12eport of Community Recleveloprnent Agencies >E2edevelo went A~egc ID Number: ~ ~ C7O c~ Name-of Redevelo ment A:Qenc ,e{~w ~ v Y /yir~ X55 ~ v Mark the appropriate box below 'to indicate the ending date. ofyour 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 fhe Cer2sus, 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. Z0.0 $ ~ ~G ~. Mortgage Revenue Bond Inferest.Payments Report your government's total amount of interest paid'. on mortgage revenue bonds during the year.. U20 $ U.S.Buteau of the Census - Revised'6/2008 ~1 STATElVIEli?T ®F INDEBTEDNESS - C®NS~LIDATED FILED FAR THE 2009-2010 TAX YEAR Name of Redevelopment Agency Petaluma Community Development Commission Name of Project Area 1VIerged Pa•oject Area Cover Page. . balances Carried Fortivarcl From: Total Principalllnteresf Line Outstanding Debt Due During Tat Year Fiscal Period -Totals (From F'onn A, Page 1 Totals) (1) $ 177,643,575.00 $, 14,605,43 (Optional) Post Fiscal ]Period -Totals (From Form B Totals) (2) $ 6,118,990.00 $ 5,074,2$4.00 Grand . Totals (3 $ 1$x,762,565.00 $; 19,679,222.00 Available Revenues From Calcitlatiou of Available Revenues, Luie 7 4) ( $ 20,384,078.00 Net Re uirement. (5) $ 163,378,487.00 Consolidate on this form all ofthe data,contained on Form A and B (uchiding supplemental pages).. Form A is to include all indebtedness entered into as of June 30 of the Fiscal fear. Form B may be filed at the option of the agency, and is fo include indebtedness entered into ,post June 30 of the Fiscal Year, pursuant to Health and Safety Code Section 33675(c)(2). This is optional. for each agency and is not a requirement for filing the Statement of indebtedness. The Reconciliation Statement is to include indebted~iess from Form A only. Certification of Chief Fuiancial Officer: Pursuant to Section 336775 (b) of the Health and. Safety Code, I hereby certify that the above is a true and accurate Statement of Indebtedness for the above n~uned agency. ce. ~Di~ Rev 7/ti/200 l~'ILED I+,OR THE',.. ~J09-2010 'I'CY ~'Er~R Name. of Redevelopment Agency Petaluma Community Development Commission Name of Project Ar•etr Merged Project Area For Indebtedness Entered into as of.Jriire 30„2009 Original Data Interest Total Debtadentification Date Principal 'Term Rate Interest 0 2001A TAB 6/01 4,025,000.00 15 rs 6.0% 1,215,941.00 0 20~3A TAB.; 10/03 23,630,000.00 30 s 3-5% 23,625,456.00 0 .20,0>f1 TAB 10/05 18,35,5,000.00 25 yrs 3-5% 13,967,805.00 0 2007 TAB 4/07 31,825,000.00 32 vrs -4-5.5% 35.,691;296.00 0 DpA-AD 19 9/92 1.,275,000.00 1.5 yrs 7.13-8% 757,828.00 20% set aside LIvII ~ annua.l (1) RDA prog~ (.J) RDA pi•ogi Sub Total, This Page Totals Forward From All O.tler Grand 7/99 0 loan 7/01 _wailable Revenues From Calculation of Available Revenues Net Requirement Outstanding Debt 2,030,.7,95.00 40,074;510'.00 29,Q91,456.0.0 6'S,323',529.QO 351,3.30:00 5,256,000.00 34,130,072.00 976;600.00 25,000;00 1 ~34.;283:00~ Page 1 of 2 Pages Principal/Interest" ~' Due During Tax Year 406,5.40.OQ 1,500,41 ~,OQ 1;0~6;b51..00 1,59Q;1 0 '120,435.00 5,256,000.OQ 3,300,000.00 476,600.00 25;000. 5~;000 ~-,, ,>~~ $ 177,643,575.00 $ 14,605,43. 0 `' $ 8 0 . ' 20 384.07 .0 ( 57'2 4 7 1 5 .00 9 9 ~[ ..,.,..,...`~fs~i~...... $ .................... (F) taY increment pass-tlu•ou~h to other a.~encies (G) HSC 33.681.5 LMI set a:,ide (H) reimbursement overhead to City-per written agreement . (I) Reso. 92-50 conunitrnent to property owners (J) 01-02 adoptzd bucket loan progr•arn ._ ,. i'1'LL'1/ a~vl~ tns, Hwy-t• !t 1LH~1 Yl,tiK Pnge.Zof2Pages 1\?ame of,Rede~eloPlilelit Aneticy Petaluma community. ~7evelopment ~iimmission Hanle of`Project-Area NTei?ged,ProjectArea For Indebtedness Entered into as of June 30, 2009 Original Data Current Debt Identification Date Principal Term Interest Rate Total .Interest Tota Outstanding Debt Principal/Interest Due During Tax Year 0 . (~) RDApro~-<ull-AD 1,7 1'990 1,185,732.00 2v yrs. 585,502.00 59,283.00 59,23.00 0 (B) RDA rngl•anl-DTA ;alutual . 55,000.00 55,00.0. 00 0 . (C) cornllZit-de Ot COStS atlllll3l 20,000.00 20,00 0.00 0 . (Dj conunit-.fire s ~rinkler sub annual . 50;00.0.00. SO,OD0 .00 0 . (E) conlnlit-Brownfields atumal 50,000::00 50~00'U.0.0 p l~ j, CCllllllllt-] ~lE W£3Sh111~ 0I1 ffillittel 100;(J00.00 ) QD,000..00 (Gj (H) .. (I) (J) ' (h) (L) ' ota ::::::::::::::::::::::::::::::::::::::.:::::::::::::,:;:::;:;~:::.:::::::.::::::::;::::::::::::::::::::::::::::;:::::;:::::::::::::::::;:::::::::;:,:::::::::::::::.:.:.:.:.: This P,a ;e_ .. . ~~~ ~• ~~ ~ .... ......... .... .:.......;.:~ $ 334, _ 283 00 ~ 334,283..00 ' 1~ 41 i./.V JC, Vl'1'13UCVlGUll CJA: ~. (A) Reso. 90-0=i, cotlunihnent to property owners (G) Budget cotrunitmetlt to Downto~~ll Assoc. (g) (C) Budget eouullitlnent to RR Dzpot (~) (D) 06-07 adopted budget loall/siibsidy program (,n (E) Conunit costs .associated with Bro~~nlfields grant (h) (Fj Budget conunitment support to 10.1 B Washington work. (L,) N c l , 1 i I • -- i1.,LdJLdd:JL1VJJU4J Vl,~,~ roam L - I+'ILED ~+'~R ~'HE 2005. ,I4 aT'A~i TEAR ~ (optional) To be used.oiily if'the agzncy wishes to include indebtedness entered into after dune 3O Name of Redevelopment. Agency Petaluma Conrmututy DevelOpir-ent Commission j' Name of Project Area Merged Project Area For Indebtedness Etrtered into post June:30, 2009 as of September 30, 2009 Original Data Current Interest Total Total Principal/Interest Debt Identification Date Principal Term Rate Interest Outstanding. Debt Due During Tax-.Year '(.~) ERAF 8/27/2009 6,118,990.00 5/10/2011 6,118,990.00 5,0'71.284.0:0 T~ 5 ,^ S7' FI C S A Y I L ..AR NDE Bl"ED NES S 'u'rpose of Indebtedness: A) Education P~evenue Augmentation Fund ($i,p'74,2fi4 in 09-10, and $1,Q44,706 in 10-11) $) c) D) E) r> . N 6 1 0. 18 00 ~''~ $ 99 50 4 74 8 0 -- , (U) (H) (I) (J) (h) . CL) ... ~, Tax Year .-.cCONC'ILIATiON STATEIUIENT - ,~i,1AN'CES IN iN®E@TEDIVESS Name of Agency Petalum-a Community Development Commission Name of Project-Area Merged _Project Area 200J-201A Reconciliation Dates:: From July 1, 2008 To June 30, 2009 Page 9 of 2 Pages: • A B C p E F • Debt Ide ntification: Outstanding Debt Adjust ments Amounts Paid A ainst SOI, page and line; Brief All Beginning Increases Decreases g Indebted f Remaining. • ` ness, rom: Balance Prior Yr Pg 1 Cuci ent Yr Pg. 1 Description Indebtedness (Attach Explanation) .(Attach Explanation) Tax Increment Other Funds. (A+B C-D-E); Line B Line A 20Q1A TAB 2,43.4,935.00 $ 404,140:00 2,030,7-95.00 Pg 1 Pg 1 Line C Line i3 2003'A TAB 41,572,.1.65.00 1,497,655.00 40;074;5 0 1 Pg 1 dine D Pg 1 Line C Fg 1 200.5A TAB 29,985;657.0.0 ~ 894,201.00 29,091,46.0.0 Line_ E ' Line. D 2007 TAB 66,92.1;80.00 1,598.,31:1.00 65,323,529.00' Pg 1 Pg 1 .Line F Lirie E DDA-AD 19 471,.111.0.0 119,78,1.00 351',330.00 Pg 1 Pg 1 Line G Line F ass tluouah agreements 4,800;000.00 5,609,736.00 5,153,736..00 5,256,000.00 Pg 1 Pg 1 Line. H Line G 20°~o set aside LMI 35,268,024.00 2,159,904.00 3,297,856.00- 34,130,072 00 ~' Pg 2 Pg 1 Line A Line H reuuburse aarezment Ci 904,750.00 969,700.00 897,850.0.0 • '976,600.00 TOTAL -THIS PAGE _ $ 182,.i5;8,482.Q0. $ 8;739,40.00 $' 13,863,530.00 $ 177;234,2'92'.0.0 TOTALS FORWARD $ 930;215.00 $ 177,185.00 $ 382,745.00 $ 315,372.00. $ - $ 409,2 GRAND TOTALS $ .183,288,697.00 $ 8,9'16,525.00 $ 382,745.00 $ 14,178;902.00 $ - $ 177,643,575.00 NOTE: Column A must equal the previous year Statement of Indebtedness Outstanding Debt. Column F must equal this year's SOI Outstanding Debt column. Use the page and line number 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 SOI 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 T' .eEC(?NCILIATION ST~1';EME~1° e . ~F~A~GES IN III!®E~TEDNE~~ .Name of Agency Petaluma Community Development Commission Name: of Project Area Mergetl'Project.Area Tax Year 20.09-2010 Reconciliation Dates:. From July 1, 2008 To June 3U„ 20U9' Page 2 of ;2 '.Pages _. A B ~ p E F Debt Identification: Outstanding Debt Adjustments Amounts Paid Against Re ini SO1, page and line: Brief All Beginning Increases Decreases Indebtedness from: ma ng B la , a nce Prior Yr C.urrent Yr Description. - , , Indebtedness (Attach Explanation) (Attach Explanation) Tax Increment Other Funds (A~rB=C-D-E}: P9 2 Line B Pg '2 Line A RDA.. rogr~m-URM 3O,OOQ.00 5_,000.00 0.00 25,000.(10' ' Pg 2 . Line C Pg 2 Llne B RDA ro am-storefi•ontaoali 75,OOO:OD 21,829.00 3.,.171.00 50, 0 2 ~~~~e D Pg 2 Line C, ..RDA rogram-AD 1'7 119;215.00 59,932.00 59,28.00 Pg 2 L`irie E Pg 2 Line D ~ RDA ro~rau=DTA 5000`0.00. 61,755;00 56,755.00 SS;OOU.OU_; Pg 2 :,Line H Pg 2 Line E conunjt-depot costs. 50,000,00 ~ 14,944.00 15;056.00 20,000.00 Pg 3' Line D Pg 2 Line F conunit-fired ru~ldersub 75;000.00 24,980.00 20.00 SO,ODU.00"' Pg 3 Line E Pg 2 Line G commit-Brownfields 233,500,00 175,992.00 7,508.00 50,0.0.0.0.0 "' Pg new Line ,new 'Pg 2 -Line H coiiunit-101_E Washultrton 0.00 100;000.00 0..00 100;0"0.0.0.0 'Pg new Line new 'Pg 2 Line I trustee fees 15,43'0.00 15,40:00 0_j~0 Pg 1 ~Line A Pg 2. Line. J 2000A TAB- 157,500.00 _ 157,500.0.0 - 2 Line G Pg 2 Line K conmZit-landsca e im rov 140,000.00. 140,000.00' 0.00 0.00 Pg Line Pg 2 Line L TOTAL -.THIS PAGE $ .930,2.15.00 $ 177,1.83._00 $ 382,745.00 $ 315;372.Oq $ - .- 409;283;00 N07E: Column A must equal the previous year Statement.of Indebtedness Outstanding Debt. Column F must equal this year's SOI Outstanding Debt Column. N W CAL ~~AT~O~ OF A~A9LA~L~ RE~ ln~~ES AGENCY NAIviE Petaluma ~al~lTlt:Blllty Deve9®pl~ent Carf-rllESS@at7 PROJECT AREA ~e~g~d Pra~ect Area TAX YEAR 2009=2010 RECONCILIATION DATES: JULY 1, 2008 TO JllNE 30, 2009 1. Beginning Balance, Available. Revenues $ 18,724;543.00 (See Instructions) Tax Increment Received -Gross CBD $. 2,242,483.00 2. Tax Increment Received =Gross PCD $ 14,347,258.00 less sec 33676 $ (751,745.00) All Tax Increment Revenues,. #o including any Tax Increment passed through to other local taxing agencies 3. fAlf other Available Revenues Received $ 442.00 (See Instructions) 4. Revenues from any other source, included in Columri E of the Reconciliation Statement, but not included in (1 - 3).above $ _ 5. Sum of tines 1 ,through 4 $ 34,562,980.00 6. Total amounts paid against indebtedness in previous year. (D + E on Reconciliation Statement) $ 14,178,903.00 7. Available Revenues, End of Year(5 - 6) ~ $ 20,384,078.00 FORV!!AI?® THIS AllflOlll~T'T® STA~ERilEf~9T OF INDEBTEDNESS ~~~~ Tax Increment Revenues: The only amount{s) to be excluded as Tax Increment Revenue are any,amounts passed through #o other dotal faxing' a encies g puasuant to teaith and. Safety Code Section 33676. 'Tax dncrerrient Revenue, set-aside in thee: Ldw and _... _ lUloderate Income' , lousing Fund will... be washed in the above. calculation, and therefor omitted fr®ci~ Available Revenues a$ year end. ' Item 4. above: • This represents any payments from any source other than Tax Increment DR available revenues. For instance, an agency funds a project with a bond issue. The previous SOI included a Disposition Development Agreement {DDA) which.was fully satisfied with these'bond proceeds. The DDA would `be shown on the Recanciliation Statement as fully repaid under the "other" column..{Col E), -but with funds thatwere neither Tax Increment, nor "Available Revenues" as defie~ed. The' amounts used to satisfy this DDA would be included. on line 4 above in order to accurately determine ending "Available Revenues". :v (512194) 2.~ • Ric®a~'ci~~at~o~a ~~ate~~~nt - ~~s~r~p~g~n ~~.A~jus~~e~~ts Agency: ~~t~iuffiaa C®~a~ad~aa~y bevel®~~e~~t Co~ne~issa®~. P~'oject Area: I~ei-ged ]~';~'®jec~ 1-~i'ea Date: Jane 3®,• 2049 25 ~ ~h,;bj ~~-- ~t~.~~x~ C®>l~ll~x»t ~~1~ >lnell~t Co~~~a®~ Y ~ lei®~es' €~ ~astc Fna~aca~ StalFean~rt~s; C~anfDntle~i F~~ the yew encleci June ~0; 2009 3. IV®`I'~S ItECEIVA~LE At June 30, 2009, the Agency had the following loans receivable: Housing Leans FTHB Program $ 4,8137,875 Old IIm Partners 1,305,961 Rrnuiaivalk VillageParti~ers 933,400 Boulevard ($uckelew) Proj~t 480?00 Dotiviztowil River Associate LP 3,02,836 EciithStreet Apartments, Inc 889,9Er4 Lieu Senior Apartments Inc. 810;241 Parklane Apartrr~ents Corp 164,603 575 VaIlejoStreet Association 851,184 579"VaIlejoStreet Associatirnl 990,000 Casa Grande 1;656,655 Wood Sorrel 1,119,211 Petaltuna Blvd senior Apartments 1,432,000 Logan Place 2,182,399 Salishaii Al~artmei~ts lilc 388,380 Vuitage Chateau 2,499,824 TofaLH~~using LoarLS 24,254,733 storefront Loan Program . 261,704 Total $ 24;516,437 The Petaluma Community Development Comnussion 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% to 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 promissory note, to the extent. of residual. receipts, or at the maturity date 'of the note. 'The IZectevelo,pment.Agcncy offers low .interest .loans to property owners with building located. in the Cezzti-al Business Disfi ict (Do~~vntown} as an incentive to make improvements to the exterior storefronts. 4. ~E~~fd:~EI~.IdE`7E1til~JE Deferred revenue in the Governmental Funds Financial Statements as of June 30, 2009 was reported as follo~~.~ s: Interest receivalle on Notes Receiv~le $ 2,539,796 Acx:mta~ts;receivable 7,631 Total•d'eferredrevenue $ 2,547,427 2~ These amounts are recognized as revenues in the Government-t~jide Financial Statements. 25 (There are rao ~4gency ~vnetl P~oper°taes) 2~ P'I'L,~J A. COII~lILTI' DEVELOP ~I~T'I' CI~IIIS~II~ ~I'I'~C OF I~E'I'~I.LJ1ViA, CALIF®INIA ASIC II~~IAL 5'I'A'~'E'I'S and Ind~en~dent A.ud~tor~® IZe®r~s ~®I~ ~~ FISCAL ~~~ ~~~~~ Ju~~ ~o, zoo9 ,. IsTO~Ic rrA~,UMa 2; Petaluma Community Development Commission.. Basic Financial Statements For 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 die 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 ir- Net Assets .............................................................................................................:15 Notes to Basic Financial Statements ................................................................................................................17 Required Supplementary Information: Budgetary Information .................................... Budgetary Comparison Schedule Redevelopment Special Revenue Fund .. .............................................................................................36 ................::......:....................................................................37 Supplementary Information: Schedule of Revenues, Expenditures and Changes in.Fund Balances -Budget and Actual: Red'evelopment_DebtService Fund .................:....................:....................:............... .......:: .....::........:40 Redevelopment'Capital Project Fund ........................................................:...................................:..........41 Compliance Section Report on Internal Control over Financial. Reporting and on Compliance and Qther Matters based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards......:.....: ....................................................................43 ~2q Caporicci & Larson Certijted Public Accountants INDEPENDENT AUDITORS' REPORT To the Commissioners of the Petaluma 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 Commission's 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 Governrnentnl Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free of material misstatement. An audit includes 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 da#e of June 30, 2009' 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 such State actions. For more detailed information, see Note 11 attached 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 financial position of the governmental. activities and each. major fund of the Commission as of Julie 30, 2009, and the respective changes in financial position, thereof 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 control over financial reporting and on our tests of its compliance with certain provisions of laws, regulation, contracts and grant. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Governmental A~ud~iting Standards and should be read in conjunction with this report in considering the results of our audit. Toll Free Ph: (877) 862-2200 Toll Free Fax: (866) 436-0927 Oakland Orange:~Connty Sacramento San Diego 180 GrandAve., Suite 1365 9 Corporate Park, Suite 100 777 Campus Cottunons Rd., Suite 200 4858 Metttury, Suite 106 Oakland, California 94612 Irvine, California 92606 Sacramento, California95825 San Diego, California 921 I I 30 To the Commissioners of the Petaluma Community Development 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 suppYementary information required by the Governmental Accounting Standards Board. We 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 opinion 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 Commissions 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 all material respects in relation to the basic financial statements taken as a whole. San Diego, California December 21, 2009 2 31 BASIC FINANCIAL STATEMENTS 32 This page intentionally left blank: 33 GOVERNMENT-WIDE FINANCIAL STATEMENTS 3ti I'etaluyna 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 Intergovernmentalreceivables Total current assets Noncurrent assets: Noncun~ent receivables Notes receivable Deferred charges, net Capital assets: Nondepreciable Capital assets, net Total noncurrent assets Total assets LIABILTPIES Current liabilities: Accounts payable Wages payable ]nterest payable Due to the City of Petaluma. Refundable deposits Compensated.a~sences -due within one year Long-term debt -due within one year "Total current liabilities Noncurrent liabilities: Compensated absences --due in more than one year Long-term debt -due iii more than one year - Total:noncuTrent,liabilities Total liabilities NET ASSETS Invested in capital assets, net of related debt Restricted for: :Debt service Capital projects Special projects Tohl restricted Unrestricted (deficit) Total net assets (deficit) See accompanying Notes to Basic Financial Statements. Governmental Activities $ 2,335,227 26,802,188 11,072 107,071 29,255,558 .2,539,796 24,516,437 1,376,246 ] 3,213,899 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 77;]4'4,9.09 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) 6 35 ~I'etaluma Community Development Commission Statement of Activities-and Changes in Net Assets For the year ended June 30; 2009 Functions/Programs Primary government: Governmental activities: Community development Interest on long-term debt Total governmental activities Net (Expense) Revenue and Changes in Program Revenues Net Assets Operating Capital Charges for Grants and Grants and Governmental Expenses Services Contributions Contributions Total Activities $ 37,301;583 $ . 27,986 $ 2,338,197 $ 72,104 $ 2,438,287 $ (34,863,296) 3,468;662 - - - - (3,468,662) $ 40,770,245 $ 27,986 $ 2,338,197 $ 72,104 $ 2,438,287 (38,337,958) General Revenues and Transfers: Tax increment hwestmentearnings Transfers to the City of Petaluma Total general revenues and transfers Change in net assets Net assets -beginning of yeaz Net assets -end of year See accompanying Notes to Basic Financial Stateme~~ts. 17,241,026 ],572,259 (583,281) 18,230,004 (20,101,954) ~ A n/l4 047 $ {5,602,967) 7 3 This page intentionally left blank. 3~1 FUND FINANCIAL STATEMENTS Governmental Fund Financial Statements 38 This page intentionally left blank. 10 3q GOVERNMENTAL FUND FINANCIAL STATEMENTS 17 ~~ Petaluma Community Development Commission Balance Sheet Governmental Funds June 30, 2009 Major Funds "total Redevelopment Redevelopment Redevelopment Governmental Special Revenue Debt Service Capital Project Funds ASSETS Cash and investments $ 1,599,858 $ - $ 735,369 $ 2,335,227 Restricted cash and investments - 2,629 26,799,559 26,802,188 Receivables: Accounts receivable, net 10,854 - 218 11,072 Intergovernmental receivables 21,414 - 85,657 107,071 Interfurni receivable - - 32,169 32,169 Notes receivable 24,254,616 - 261,821 24,516,437 Noncurrent receivables 2,539,796 - - 2,539,796 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: IZeserved' Encumbrances Notes receivable Debt service Capital projects Unreserved, undesignated reported in: Special revenue fund Debt service fund Total fund balances Total liabilities and fund balances See accompanying Notes to Basic Financial Statements. $ 28,426,538 $ $ 492,913 $ 8,025 2,539,796 60,000 2,500,000 2,629 $ 27,914,793 $ 56,343,960 - $ 32,169 152,289 $ 22,653 ],000 ] 28,750 5,600,734 32,169 304,692 295,848 - 1,574,6]5 24,254,676 - 261,821 - 2,629 - - - 25,773,665 (1,724,660) - - - (32,]69) - 22,825,804 (29,540) 27,6]0,107 645,202 30,678 32,769 2,539,796 61,000 2,628,750 5,937,595 1,870,463 24;516,437 2,629 25,773,665 (1,724,660) (32,] 69) 50,406,365 $ 28,426,538 $ 2,629 $ 27,914,793 $ 56,343,960 12 yl 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 ar 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 ngtes payable, were not due and payable in the current period. Therefore, they were not reported v~ the Governmental Funds Balance Sheet. Compen"sated absences -due within one year (14,644) Compensated absences -due in more than one year (130,300) Long-term debt - duewithin one year (1,293,305) Long-term debt -due in more thin 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 Capital Project Funds REVENUES: 't'axes $ 3,297,976 $ - $ 13,943,110 $ 17,241,026 Use of money and property 175,100 442 995,092 1,110,634 Intergovernmental 2,338,]97 - 72,104 2,410,301 Charges for services 27,895 - 91 27,986 Total revenues 5,779,]08 442 15,010,397 20,789,947 EXPENDITURES: Current Community development 1,543,707 57,681 9,864,953 11,466,335 Capital outlay - - 43,595 43,595 Debt service: Principal - 7,312,000 - 1,312,000 Interest and fiscal charges - 3,359,588 - 3,359,588 Total expenditures 1,543,707 4,729,269 9,908,548 16,187,518 REVENUES OVER (UNDER) EXPENDITURES 4,235,407 (4,728,827) 5,10],849 4,608,429 OTHER FINANCING SOURCES (USES): Transfers in from the City of Petaluma - - 488,836 488,836 '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 (1,64Q884) - (6,894,141) (8,535,025) Total other financing sources (nses) (2,13],949) 4,692,700 (3,]43,432) (583,281) Net change in fund balances 2,103,458 (36;727) 1,958,417 4,025;148 FUND BALANCES: Beginning of year 20,722,346 7,] 87 25,651,684 46,381,217 land of year $ 22,825,804 $ (29,540) $ 27,610,107 $ 50,406,365 See accompanying Notes to Basic Financial Statements. 74 ~ 'J 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: Govemmental 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) Pevenues which were deferred on the Governmental Funds Balance Sheet because they were not currently available in prior years were reported as 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 }'ear. 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 Govemmental 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 the Government-Wide Statement of Activities and Changes in Net Assets, but they did not require the use of current financial resources. Therefore, amortization expenses oh 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 Interest 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 reportedi as expenditures in Governmental Funds.. The amount represents the change in accrued interest from prior }'ear. 9,612 Change in Net Assets of Governmental Activities $ (20,]01,954) See accompanying Notes to Basic Financial Statements. 15 ~~ This page intentionally left blank. 16 ~5 Petaluma Community Development Commission Notes to Basic Financial Statements For the year ended June 30, 2009 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 Governmental 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, fiscallymerging 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 Measurement 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 4 t~ Petaluma 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 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: o Charges for services o 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: o Transfers in/ou# o Interfund receivable/payable Governmental Fund Financial Statements 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 fi'nc~ncial 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. 78 ~1 Petaluma 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, the 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 months of the date acquired by the Commission and are presented as "Cash and Investments" in the accompanying basic financial statements. In accordance with GASB Statement No. 40, Deposit and Investment Disclosures (an r~niendmen;t of GASB No. 3), the Commission adheres to certain disclosure requirements, if applicable for Deposits and Investment Risks; these 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 inch~ding use. of certain methods to present deposits and investments, highly sensitive investments, credit quality at year-end and other disclosures 19 48 Petaluma Community Development Commission Notes to Basic Financial Statements, Continued For the year 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 restric#ed cash and investments are held by fiscal agents for the redemption of bonded debt and for acquisition and construction of capital projects. E. Interfund Transactions Activity between funds that are 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. al] 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. Consequently, all completed capital 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 45 Petaluma Community Development Commission Notes to Basic Financial Statements, Continued For the year ended June 30, 2009 1. SUMMARY 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. 2~ 5u Petaluma Community Development Commission Notes to Basic Financial Statements, Continued For the year ended June 30, 2009 ' 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued K 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 capital 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, contributors, 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 Eund 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 anti February 1 Unsecured: July 1 Collection Date Secured: December 10 and April 10 Unsecured: August 31 22 51 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 levied 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 Board Statements: GASB Statement No. 49, Accounting and Financial Reporting for Pollution Rernerfiation Obligations s GASB Statement No. 52, Lcrnd and Other Real Estate Held as Investments b~ Endowment GASB Statement No. 55, The Hierarc6r~ of Generally Accepted Accorn~ting Principles for State and Local Governments ~ GASB Statement No. 56, Codification of Accor.mting and Financial Reporting Guidance Contained in AICPA Statements on Auditing Standards GASB Statement No. 49 addresses accounting and financial reporting standards for pollution (including contamination) remediation obligations, which are obligations to address the current or potential detrimental effects of existing pollution by participating in pollution 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 (GAAP) 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 "GAAP hierarchy," which consists of sources of accounting principles used in the preparation of financial, statements so that they are presented in conformity with GAAP 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 Comm~u>nty I3eve1®pment Commission Notes to Basic Financial;Statements, Continued For the yeaz 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 Restriled ca sh a nd investments 26,802,188 Total cash and irnestmeirts $ 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 Management Program (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 53 Petaluma Community Development. Commission Notes to Basic Financial. Statements, Continued For the year ended June 30 2009 3. NOTES RECEIVABLE At June 30, 2009, the Agency had the following notes receivable: Housing Loans F'I~I-IB Program $ 4,887,875 Old IIm Parh~ers 1,305,961 Roundwalk Village Partners 933,400 Boulevard (Buclelew) Project 480,200 Downtown River Associate LP 3,662,836 Edith Sreet Apartments, ]nc. 889,964 Lieb S®~ior Apartments Inc. 810,241 Parklane Apartments Corp 164,603 575 VaIlejo Street Associa lion 851,184 579 VaIlejo Street Association 990A00 Casa Graride 1,656,655 Wood Sorrel 1,119,211 Petaluma Blvd Senior Apartments 1,432,000 Logan Place 2,182,399 Salishan Apartments Inc. 388,380 Vintage Chateau 2,499,824 Total Housing Loans 24,254,733 Storefront Loan Program 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% to 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 promissory note, to the extent of'residual receipts, or at the maturity date of the note. ' 'The Commission offers. low interest loans to property owners with building located in the Central. 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 5! Petaluma Community Development Commission Notes to Basic Financial. Statements, Continued For the year ended June 30, 2009 5. INTERFUND ACTIVITIES A. Intexfund 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 $ 32,769 $ 32,169 These balances resulted from loans to cover negative cash balances as of June 30, 2009. B. Transfers In/Out Transfers in/out for the year ended June 30, 2009 were as follows: O v Redevelopment Special Revenue Redevelopment Capital Project I I Total Transfers In Redevelopment Redevelopment Debt Service Capital Project Total $ - $ 7,640,884 $ 1,640,884 4,692,100 2;202,04] 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. CAP,TI'AL 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 Total non-depreciable 38,980,952 2,600,952 (28,368,005) 13,213,899 Total $ 38,980,952 $ 2,600,952 $ (28,368,005) $ 13,213,899 r 26 55 Petaluma Community Development Commissi®n Notes to Basic Financial Statements, Continued For 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: 2000A Tax Allocation Bonds 2001 A Tax Allocation Bonds 2003A Tax Allocation Bonds UnamorHzed Discount 2003A TAB 2005A Tax Allocation Bonds Deferred amount mfunding 2005P, TAB Unamortized Prenuum 2005A TAB 2047 Tax Allocatin Bonds Unamortized Premium 2007 TAB Auto Plaza DDA - AD 19 Total 2000A Tax Allocation Bonds Balance July 1, 2008 Additions eletions Balance June 30, 2009 Classification Amounts Amounts Due Within Ilue in More One Year than One Year $ ]50;000 $ - $ (150,000) $ - $ - $ - 2,105,00~ - (315,000) 1,790,000 330,000 1,460,000 22,770,000 - (445,000) 22,325,000 460,000 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 (1,418,672) (49,937) (998,735) 744,]38 - (6,478) 137,660 6,478 131,]82 31.,710,000 - (205,000) 31,505,000 205,000 3],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 Petaluma Community Development Commission issued Tax Allocation Bonds; .:Series 2000A in the amount of $18;000;000. The proceeds of the bonds were 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 the 2005A TAB. On May 7., 2008, the defeased bonds outstanding in the amount of $16,700,b00 were.calIed 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. 2001A Tax allocation 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 auto plaza located in the Petaluma Community Development Project Area. The Bonds mature annually each May 1 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 Boneis 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 maturity 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 5b Petaluma Community Development Commission. Notes to Basic Financial Statements, Continued For the year ended'June 30, 2009 7. LONG-TERM DEBT, Continued 2001A Tax.Alloeation Bonds, Continued At June 30, 2009, the bond had a reserve requirement of $1,549,012. 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. The 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 interest remaining on the bond. is $2,030,795 payable through 2014. The annual debt service requirements for the 2001 A Tax Allocation Bonds outstanding at June 30, 2009 was as follows: For the Year Ending June 30, Principal Interest Total 2010 $ 330,000 $ 76,540 $ 406,540 2011 340,000 63,390 403,340 2012 355,000 49,315 ~i04,315 2013 375,000 34,050 409,050 2074 390,000 17,550 407,550 Total $ 1,790,000 $ 240,795 $ 2,030,795 2003A Tax Allocation Bonds 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 $8,215,000 and bear interest ~at rates ranging from _2.25% to 5:00%a. Interest.is payable semiannually on May 1 and November 1. The Bonds maturing on or after M`ay""'1,'2014; are subject to, opfior5al 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, 2013, 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 and 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. 28 , ~`. .Petaluma Community development Commissi®n Notes to Basic -Financial 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 Fnd ing Amortization of June 30, Principal Interest Total Bond Discount 2010 $ 460,000 $ 1,040,478 $ 1.,500,418 $ 474 2 011 4:75,0 00 1, 026, 043 1, 501, 043 474 2012 4 95,0 00 1, 010, 011 1, 505, 011 474 2013 505,000 992,686 1,497,686 474 2074 520,000 974,380 1,494,380 474 2015-2019 2,785,000 4,551,600 7,336,600 2 370 2020-2024 3,465;000 3,884,076 7,349,076 2,370 2025-2029 4,390,000 2,974,307 7,364,307 2,370 2 030-2033 9,230;000 1, 295, 993 10, 525, 993 1,893 Total $ 22,325,000 $ 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 2000A 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 5.00% to 5.75%. Interest is payable semiannually on May 1 and November 1. 'Tlie Bonds' rrtaturirig on or before May 1, 2016, are subject to optional redemption prior to maturity; 'iri __ 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 $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 58 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, Prind}?al Interest 2010 $ 260,000 $ 786,051 2011 270,000 778,251 2012 275,000 769,8]4 2013 285,000 760,739 2014 300,000 751,120 ,2015-2019 4,045;000 3,408,763 2020-2024 4,940,000 2,517,032. 2025-2029 6,160,000 1,299,688 2030 1,420,000 7],000 Total $ 17,955,000 $ 11,136,458 Amortization of Amortization of Total Deferral Amount Bond Premium $ 7,046,051 1,048,251 1,044,814 1,045,739 1,051,120 7,453,763 7,451,032 7,459,688 1,491,000 $ 29,09],458 $ 49,937 49,937 49,937 49,937 49,937 249,685 249,685 249,685 49,932 $ 6,4 78 6,4 78 6,4 78 6,4 78 6,4 78 32,3 90 32 3 90 32,3 90 8,100 $ 1,048,672 $ 137,660 The bonds were issued at a premium of $161,953 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 Tax Allocation Bonds On April 10; 2007, the Commission issued Subordinate Tax Allocation Bonds, Series 2007'in_'the amount, bf $31.;825,0.OQ; The proceeds 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 to $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 hid a reserve requirement of $2,671,548. The Commission entered into an agreement with MBIA 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. so 5 <q Petaluma Community Development. Commission= Notes to Basic Financial,'Statements, Continued For the year ended June 30, 2009 7. LONG-TERM DEBT; Continued .2007 Tax Allocation Bonds, Continued The Commission has pledged a portion of future property tax increment revenue to repay the 2007 Tax Allocation Bonds. Total principal and interest remaining on the bond is $65,323,540 payable throlzgh 2039. The annual debt service requirements outstanding at June 30; 2009 were as follows: For die Year Ending Amortization of June 30, Principal Interest Total Bond Discount 2010 $ 205,000 $ 1,385,7"11 $ 7,590,117 $ 17,762 2011 220,000 7,376,977 1,596,911 17,762 2 012 2 30,0 00 1, 367,07 7 1, 597, 011 17,762 2013 240,000 ],357,812 1,597,812 17,762 2 014 250,0 00 1, 348, 212 1, 598,212 17,762 2015-2079 1,380,000 6,585,260 7,965,260 88,810 2020-2024 1,670,000 6,285,190 7,955;190 88,870 2025-2029 2;030,000 5,904,860 7,934,860 88,810 2030-2034 5,300,000 5,436,688 70,736,688 88,810 2035-2039 ]9;9.80;000 2,771,484 22,751,484 84 351 Total $ 31,505;000 $ 33,818,540 $ 65,323,540 $ 528,401 The bonds were issued at a discount.of $568,396 which 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 Commission has an obligation under the Auto Center Disposition and Development Agreement, d'ated' '1'992 to refund 50.°I° of assessments paid by property owners in relation to the Assessment District 19 .Bonds. On February 3, 1992, 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 1997 to 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 C®mmunifry Development Com><nission .Notes to Basic Financial. Statements, Continued For the year ended June 30, 2009 7. LONG-TERM DEBT, Continued .Auto Plaza DDA- AD 19, Continued The annual debt service requirements on these bonds outstanding at June 30, 2009 were as follows: For the Year Ending June 30, Principal Interest Total 2010 $ 100,000 $ 20,435 $ 120,435 2011 103,000 12,594 115,594 .2012 111,000 4, 301 115,301 Total $ 314,000 $ 37,330 $ 351,330 Non-Agency Obligation Debt 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 .rate. to be determined by the marketing agent The bonds will mature Apri1.1, 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-uni# assisted living care/rnulti=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 obligatiorr,of the Commission, payable solely from the rental revenue and other assets pledged or assigned to payment of the bonds by Windchime of Walnut Creek, LP. These bonds are not recorded as liabilities on the City's financial statements. On September 15, 2003, the Commission issued Multi-family Housing Revenue Bonds and Taxable Mufti= 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, known as the "Downtown River Apartments". The bonds: are special: gbligafion of the Commission payable solely from the rental revenue and other assets pledged or ,assigned to payment of -the bonds by the obligator. Non-Agency Defeased 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 securities, which were placed in the trust funds. 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 debt is consic~lered 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 ~' Petaluma Community I~e~elopment Commission Notes#o Basic Financal'Statements, Continued For the year ended June`3Q;2009 7. LONG-TERM DEBT, Continued Pledged Revenues The Commission has pledged tax revenues to the repayment of the Commission'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 of such tax increment revenues required to be paid under Tax-Sharing Agreements unless the payment of such amounts has been subordinated to payment of debt services on fhe 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°I° of tax increment revenues. The total principal and interest remaining to be paid on the Bonds is $136,520,307. 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 June 30, 2009 was $]44,944. Balance Balance Due in Due in_More July 1, 2008 Additions Deletions June 30, 2009 One Year Than One Year Governmental activities $ 120,344 $ 135,875 $ (111,275) $ 144,944 $ 14,644 $ 130,300 Total $ 120,344 $ 135,875 $ (111,275) $ 144,944 $ 14,644 $ 130,300 9. COMMITMENT AND CONTINGENCIES A. Lawsuits The .Commission is presently involved in certain matters of litigation that have arisen in the normal course of conelucfing Commission business: Commission management .believes, based upon consultation with the Commission Attorney, that these cases, in the aggregate, are not,expected'to:result in, a material adverse. financial impact on the Commission.. Additionally, Commission management believes that the Commission's insurance programs are sufficient to cover any potential losses should an unfavorable outcome materialize. B. Commitments The Commission's year-end commitments for professional services commitments were $1,870,463 as of June 30, 2009. 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 tot Petaluma Community I~evelopmenf' Commission Notes to Basic Financial Statements, Continued For the year ended June'30, 2009 9. COIVIMITMENT AND CONTINGENCIES, Continued B. Commitments, Continued Pass-throu 1g2Agreements The Petaluma Community Development Project Area is a party to pass-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 District. The County and 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 and Library will each .receive 96% of the property tax revenue that the agencies would have received based upon the fiscal year 1993-1,994 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 in 2001. The tax increment related to the increased project area is subject to a statutory pass-through amount of 25°I°. During the current fiscal year, the Central Business District Project Area received $348,91'1 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 expenditure. 10. OTHER REQUIRED DISCLOSURES The unrestricted deficit of ($38,278,831) is expected 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 tax increment revenue will be used to pay the deficit. 11. SUBSEQUENT EVENTS State Financial and Budget Shortfall Subsequent to the financial statements date of June 30, 2009, the State of California (State) enacted IegislaHon authorizing atwo-year takeaway of Redevelopment. Agency funds. The estimated impact on the Community Development Commission is $5,079,099 in 200,9-2010 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. 39 l9'~ REQUIRED SUPPLEMENTARY INFORMATION s5 ~~ I'efaluma Commune Development Commission ~- Required Supplementary Information For the year ended June 30, 2009 1. BUDGETS AND 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 budget by 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 public 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 wi#hin 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 emphasize 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 l~5 Petaluma Community Development Commission Required Supplementary Information, Continued For the. year ended June 30,.2009 Bud~etarf~ Comparison Scl2edule, Redevelopment Special Revenue Fund Variance with.. FinaLBudget. Budgeted Amo unts Actual Positive Qriginal Final Amounts (Negative) Fund balance, July 1 $ 20,722,346 $ 20,722,346 $ 20,722,346 $ - Resources (inflows): Taxes 3,300,000 3,300,000 3,297,916 (2;084) Use of money and property 75,000 75;000 115,1.00 40,100 Intergovernmental 2,446,000 2,446,000 2,338,197 (107,803) Charges for current services - - 27,895 27,895 Total resources 6,321,000 6,321,000 5,779,108 (541,892) Amount available for appropriation 27,043,346 27;043,346 26,501,454 (541,892) Charges to appropriations (outflows): Departmental: Community development 3,060,600 3;235,600 1,543,701 1,691,899 Transfers to City of Petaluma 656,000 656,000 491,065 164,935 Transfers to other funds 2,290,000 2,290,000 1,640,884 649,116 Total charges to appropriations 6,006,600 6,181,600 3,675,650 .2505,950 Fund balance at June 30, $ 21,036,746 $ 20,861,746 $ 22,825,804 $ 1,964;058 37 ~, This page intentionally left blank. 38 ~ ,~ SUPPLEMENTARY INFORMATION 39 ~" 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 Fund balance, July 1 Resources (inflows): Use of money and property Transfers from other funds Total resources Amount available for appropriation Charges to appropriations (outflows): Departmental: Community development Debt service: Principal Interest Transfer to other funds Total charges to appropriations Fund balance at June 30, Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) $ 7,187 $ 7,187 $ 7,187 $ - - - 442 442 4,692,100 4,762,100 4,692,100 (70,000) 4,692,100 4,762;100 4,692,542 (69,558) 4,699,287 4,769,287 4,699,729 (69,558) 20,500 90;500 57,681 32,819 1,312,000 1,107,000 1,312,000 (205,000) 3,359,600 3,564,600 3,359,588 205,012 4,692,100 4,762,100 4,729,269 32,831 $ 7,187 $ 7,187 $ (29,540) $ (36,727) 40 (q' ,1; Petaluma Community Development Commission ., Schedules of Revenues, Expenditures and Changes in Eund Balances -Budget and Actual Redevelop~enf Capital Project For the year ended June 30, 2009 Fund balance, July 7 Resources (inflows): Taxes Use of money and property Intergovernmental Charges 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 charges to appropriations Fund balance at June 30, Budgeted Amounts Original Fugal $ 25,651,684 $ 25,651,684 $ 14,500,000 14,500,000 13,943,110 (556;890) 500,000 500,000 995,092 495,092 - - 72,104 72,104 - - 91 91 4,790,000 4,492,020 3,842,925 (649,095) 330,000 330;000 488,836 158,836 20,120;000 19;822;020 19,342,158 (479,862) 45;771,684 45,473;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 b,964,120 6,894,141 69,979 5,493,000 179,000 581,052 (402,052) 26,046,100 20;566,140 17,383,741 3,182,399 $ 19,725,584 $ 24,907,564 Variance with FinaLBudget Actual Positive Amounts (Negative) 25,651,684 $ - $ 27,610,101 $ 2,702;537 4] ~ ~~~~ This page intentionally left blank. 42 ~`7 CSI. Caporicci & Larson Certified Public Accountants. REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WTTH GOVERNMENT AUDTITNG 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 component 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 Standards, 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 financial 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 ari opinion on the effectiveness of the Commission's internal control over financial. reporting. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to 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 the entity's financial statements that 'is more than inconsequential will not be prevented or detected by the entity's internal control. A runterial 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 not be prevented or detected by the entity's internal control. Our consideration of internal control over financial reporting was for the limited purpose described in the first. paragraph and would not necessarily identify all deficiencies in internal control that might be 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: (877) 862-2200 Oakland Orange County 1 SO Grand Ave., Suite 1365 9 Corporate Park, Suite 100 Oakland, California 94612 Irvine, California 92606 Toll Free Fax: (866) 43C>-0927 Sacraments San Diego 777 Campus Cottunons Rd., Suite 200 4858 Mercury, Suite 106 Sacramento, California 95825 San Diego, Califorttia 9211 l 1`` To the Commissioners of the Petaluma Community Development Commission Petaluma, California Page 2 Compliance.and Other Matters As part of obtaining 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 materiel 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 AccornpHsl~iing Compliance Audits of California Redevelopment Agencies, issued by the Governmental Accounting 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 December 21, 2009 44 ~~3- ~~®~~r~~~~~~~~r ~-~~~ce~s ~~~~~c~~~. z~.~~~~~-r~~~a~ ~~~o~r P~ta1~~~1na Cor~'Ir•r~u;nity ®~velopr~~r>It Cor~rnissiori Fi~ea( Year: 2009 Su~mlttcd by r ~ 11 '`-'~f Signature 'I'.ame~ra H~zas Nat~ne (Rlease Printj ID Numk~er: 'i3984965©t30 1i1L<~Y':L1T1 ~'LT1cIT1r;C-_' c~~• ja.CC;01111~]-T'i~~ T''Ii~il<t:.'i:.'C Title Date Pei ~ Ir:aith an+~ Safery {;ode s+::ciion 3:?4n ,this report is rtue, within six mo^Ihs a#er the end.or the. fiscal yzar. Tho report is t;, inclt:de hvo (21 cofi•ies of itie age'17f.Y'S COrI?t)OI'iEnl unit audiierJ tinaocial sintemenis. ,an;1 the report on the Statns and Use or the Low <tnd Moderate Incnnte Fiousin~a Fund (FICr) report i. To one-a tl'ae iiiing req~.airenr2nls, at< prrtinns must he raceivt:d try the California 41;iLe Gonh~ller's Ctfce. To Fle ela~ctronically: t, Coanplels alt torsi;s as raecess_uy. 2. i;~nsmil the cam{ilBte<t out{',ul fi;> usini; a File Tratisttr Protocol (r=rY1 pru,~ran~, car •.°ia;tisu;rit~.. 3. sign dais ce'vcr page; and mail iu -~i,f~er <aifct~e:::5 br.;l;ix! with 2 audits :;na fhr-; I CCU r ;raft. :c-I?o!t tivill n+it be [;cn~,i~fered !lidd tinfil t?ci;i:li r.,; iltili. signcad cer%tr oa9,::. I~Ji%~lilric~. ~"\ddress: State C;r~ntrollr~r'; Qfrlce C~i~xi;~it~n ~~t ,=~,~~c~~untin~~ ana t~'~pc;rlin!~ I_t,c~l ~or!errt~~ert Reportir~U ;::>tJc:[icr~ P. O. I c>:~ ~~n ~c~SC, ~:~r~o; atl'?erttu, C1;; J~•1;_~Cl To fife a paper report.: I. C.on'~piet? :~'iI t~JrrnS as ncC2 ESFa~r. 2. Sign (his corer pa~a~•. and rnaii corrrpiete r~r^.grb to eilfaer ai10u355 t,e6w, wah 2 audits and the i i~:f~ report. Express tl.+lailir~c~ Address: Stf~te ~ ontrell~r'S Ofri~,e Division ofi Arcountin~ and P,eportir)g Local t~+o7f,rnn~terlt Rnp~ortin~ Section ;'301 ~' Street, Suiia 7t)C1 Sacrat-r~IFsrilo. (;~~ ~~816 ~4 ~~t},~~la~~~t~~~citt~t~- i~~~~~ r1.~~fa~a~.~i .l~srg~aa-~ ~:-~~ ~'or~~f~f~a~rAi€~,~ 3:etlevelc-~3st~efrt A~;tt~~i~~s 1Zc~kvi:l-rl-n-anf i~c.nc~' IU Itilrr--rl-er; ... 1 > , l9G `~~Of)~ _ _ _ ~ full; O't 1tt(lC~4at) -rrltlll t~;;f llll _..._ i---__ ., .._.. P t ~l :.~~r:~ ~'~_tti~~~~~ l D ..L:a~[~ i ~)r'ir;~i ~::'1 1 __.. _. -1ilr':: the ap!?rt~t?riate bi?x bclo~~ ti> irxiicale is-e es)iiln? ~.l~)tc l>i ~+t~ur 1±_;i:l)E'~''S fical ve,~r. (i;pori tl~lt~. ibr ti~at perit>d imly. • ~ ~eptemhe.r 2t1t?8 !' Dec~lnt~er ~tii)S ~ Junt. 'li(t) I~eurrt) this farm it~ the- t:aliForni;:i :Mate C'o-e~trolicr'si~ll~iice. 11~~'~->u hat e any gtleslic>n +'c<~.~u'dir) this iorrn please c<intact: . ~:'.;~~. ~~11T'BC711 p~ I j1E:' ~.'f'71,C11.$, ~~/7(1!117E)!1 ~ rl~;-~t', I'-~l'1,7(?- ~~?-~~ )_~ i :~.. 1'cr~c-ru;Iel h~tl~ctrElitur•c5 l~~e!>orf ~'ceur ~~~)ti'ern-nenC s tc,~fal_ e.~~~~en~liiln-c~ l;~r ;i~l ll ie ~~I~~J ~~l~.:cs ~lurir)~~. ulc ~'~?~xr. irlc~ludil~~~ afliflilfii paid on lurris account v~anstructii?n prtsjcts. i3_ iVl~:-r•t+~<t<,c Idcven-re l~<-):E1 fot:crest 1't,yurl~nfs _ _. .. (•'.i?~.?ri 1 ~J1.11' _`,I?VC'I'ril,lentr, tc;tal lnliitlllT 4?f IIIiC'?'CSt ~?,)Ilu E~n n1t~i'iS' 1,:,~: rCkctlllt illlr)l!~ illit il1t; i~iC ~•t, ~ .. -r ( w,. ~.: ,.,t Q 5 Petaluma Cotnmrnrty Development C,ar~ir~#ission-=<, ____: . , .:.,; ...,..: _....:-_ ... ...:-_ :, >, .... Rer;ievelorm~nt Ayer~fcies Financial Transactions Report ~ , vt'i1Br&i Information _. .. __. ... ._ _. .._.... AyvncyOfFiuials _,.... ..,...... ' I•.._3?:_.. S ,.t I1..; ~iC~ d.•7,,".:I GI: '1~/ MEQdIe !v'fidu:e Last Name rrr3t Name Phone i'i:t fvarre Firsf I+iarre Initial Initial Char,r:er.:n 1`c.r,i;!i ~an~a!a ! :Executive Giractor 'Brevet --.....__-.__.. --__,. -- f:jg:;:r•e~ i _ :. ~ ~ ria ; _ : ;Fts.czl :3fficr3r S=to 5~71~t._.... r:(;~'; 77~' . .~G3 x: _... :.:~:,:~x, __ ~ ~ _ L.r~ a ;Secrutaiy _ ~__ CorF~ar - - - ~'a. P. (i4 ~ I'i;-G361 ir._.,'.,8t _ ~~='~~ ~' ..... .... ........... _- . Report Prepared By - t Indepandertt Auiiltor i - _,.. _._ __ , ; .Firm tvame ~L.;~porEC.:i and Larsen, CYA _~ _ LSat 'Sfintac run E -- e Fiat ; ~oseprE r~:~n 1 .. I~tom4:cr ~ -- _.. _ - Middle tnitial F' i s ;Street 98G Ninui Streal.'i5tn Or, P ~ ,,180 Vl~s ,V 5t. Surte 1365 ~ a . '... City nc.r~rr,ento ~ __.._ _. ~ _ ~Ua4~.h:nd " ._ _._ . .. , .. __ ... ...........,,.,.,_. ... _._ .. .... r State ~+ _. . __ ... _...._. _. -. _ _ -~ _ . _ __ Zip COd9 i~hfj i,.- ...,.._.~',.' Ii;GE71 ~~_ '.. • -._,__ _.... _ Pitons t .... t.;o0),.75 fiiw8 d........R.,.._,......_°__.-.__.._ _..... - r. ... ; (877j3G2-d: .,J _.... _~.._____ _....... ....,.. _.._..__.~.. _-._._-_. ...._..: ' ail:. e'4 .. ! 4 S . C`'•y Pa +!:,;I`,~a State _ ..__ .......,... Ti ~ 4._ ..._...___.____........ ~::'t _.F ~355:;- i'li ~,:_ .: r J_.`L./!-K.'.. _ I=. i.<!drttse. Citaa;Joa. ,,.'.r';e.;C,. i. .-,sii'.5'iiat pac.a I ^+"JR q i.:,. _ 2Cu.. J S ,_... .:.: Petaluma Cart}riiur7it~ beveiopment Commission' n.,.' -, ., Red~vs#op+7~erit Agencies Financial Transactions Report ,. - _ .. -.. _ _ .._. ~ - ~iudit Infarlnatian ~- ...a.1.,ar __._...... ----. i:1;1 \~.,r.. ,:, ,:,~;, ~ ~, ,.. I! ramplianCe opinian inr_ludes exceFi!ions. • ~ ,, _. - , ,; r _t, ;::,, ..;.GR r ~,• „ci from rt ,,, r- -,i:i., I L.,l,~ ;a n,^^' ;..;p ,...: ~ {.::aa' Et i_.,,,nV ui !ham iHUait? ~ _ ....... ...................._..... - s8te ih9 ara_Gs of riciil-rampliance, au;rf ;fescrL-e tY~B age.ncy'; ef(cfi, tc cars: L t I ; o r - .__...... _ .r_ 1 ' _; i~ L r r 17f I~~,:C'f\ .. ..i I'll~U3rifiCti' li -alli;r.: FI _,_-.r li, :ii:,' !'lp!ctr, i.,, r~rl ~:.t I° illc ,~ n ,... r..,.. .~ ...._ __._.....- t>: ,..:...., .:yn:fr,,i :~il ~~... ii ii_' '' ": r"...:. ;_ ..._O ~ijiy:; `''_.'l ! 6'„il ii ii tl:'i.. C•[2 iE _.__..._....._...........__.._ _.......... _. ... _,.._.._.__.. .. , \.~;.: ,. .~ ., .'-•". ~:: iici:f.re l\', :c li; r;_i..~rii'.G ~t 13: :~;: ~..i , .. In ._.. __.__ - -. .. ~ ....-. i : :11i ~:'I~;'S _-ii:1511 n;%; 'G'i~ C~n711i'llni.~' /iUi$;, 1.tYi ~!lu f :J;.i N~ui'Iil!1 ~ ._ -;;y 0'r '. Pa,,. ::llvll~ i I ~ . , ~'{•i~s:i, u; C>uln.~r 111iquallfe.i a L_ n:,:i.ariai' ,fiLdtt !s !x:: yil Crmpl?iad, ~~rVira is ti~~_ _ nlii?!i i!i`fii"!!ir~i i~J!I r'~;~d 'I 1 ~r2 t3(2'v09 J J ~e,taiutt~a Goriinacinity CSevelopment Comrn~ssion;. ,, . ;,.. , Redevelopment Agencies Fil~anciat Transactions Report ~ - rsroject Area Rsp~~rt ~isr.aE `=e~~ ?00° Froje~- Area Nal~~a PCDC merged prajsct aria -._,._ _ =r:::.__ a ~iraf LCS~ on of t_,: ~'11?Ci !i .:' I: ~:JIJ r!I:'.q YQ?f. cr;li`r ::n,.. _...,-`y Cc,.~2 ~ecr,r; .. J~''L : 7~.... ~:1 i'er_an;a;:~< of `_and Develop;.=.':f at t11~-: inr..l=;l;inn of Ine Prc;ac•. Arr:?a rig~5!!It nli;",,;i ~7F.T;' GOi.+E SBCfu>rl .J,7J<U i (a;{.'<Jb) OI;J~~C;11'Vr'J iif Ina I"fOIC'G! AItG1 :d$ SEi ^QI'th In ti?E` Pf01E:~I AIC:a PI;?17 i jLRi c!' /114 -,'-'i%/lll9/'ci.'E C.Oi:°f 5,' i/7 ~@ry UNr7C,d ci3 ..;/tO n!R? -._ __ - r = R05ryNfdial . = Indu^tfi81 ~. _ ~;ultlnlrfGi~I - = Pi:hliG O = l:r1110i ~'vr;.-:.u it (i Q,f !'I'E _'f ~i C; Si l' -~ -_ ~ - ~~l~n g F..r,lel' C::;JI~ fn. Tyre •.-Jr Pfo!e•,t Area Repel; PI F` = S?arcard °ro;ec! hrea Re,^,or A = Acsrninistra[ive Ft:nci ~ =Lava nd f~4ederale Irlconle Hetlsng Fur:d h~ = iJlortgage Reveriua Fond Program O = pif:er tvliir,Fllar'ieGi!S F~!nds or P~ograrns 6 =Proposed r5ur+>ey} Pro;act Area uiJes the Plan Include Teix Inc;ernentPtavisions? Nod ....... , D~rtr: Pi;j;,:: f'.rea :x;as Es':ablisned j:`YrtiF-LID-YY') g/18i24t:6 iat~s± R,,ci;itt Gate Project Area v,'as P.nlended Crd tYli, A!r,'3nehttcnt 11dd Pdet: Tefri`:ory? iti4:a Rzcerrl G21te Fr uje;ct P.raa i~Jas NerGed - - --~ Vaal :r~is Project Are;l ue C:al;;~q Fonvsrd tc Next Yaar? _ Yes; Estab(ish~~l Time lirn(t f~l%jt%:'yllli; a: Gi I!1•~c'bicUllc"5(i I 1 r'oi C::'%j^, -__.........__.._-._-'JRii r ............._. - ' x'112 ~?IV?r12G:, r'inn (tf: e, Crl ,. !::'_'Si' IilCi?[iuu.i. _.: _~~E=r ;.ill') Li1G1; ..,_.. L'f (-'r,rje Cf J~,f:;'rl iti FiGfr. ~. ~ ;~In J': Perc=n'ac•, cl` ! 2nd Vo<,nnt'at ine Inception of the Prr:jg,;t Area ~I page 1 t 2/23(lUC);1 J i r'Cii'•lity R2GGi't ..._Fetaltrir~sa ~~rnn~uiiityDeVefoprvient Gon~missr,an ~ , °... RE~eS~elo~m~nt Agencies Financial Trarisactions f~eport Assessed Valuation Data "rs;;~:all`eGr 2Ct~~ ,.,a~ A556.5=tag `.!rdU~titnii F'L ~7i~ nlp?f CJ2Cl p(r5jeC1 FSfNB _...___. _............_..._`;x:;,96° 3%~ ' 1,,05.QG2.°51 1 ..~05,C'L8.329 r 3C~r, "~ 1?/28l2Q~J9 J ,, ~ise~l YELP JCOj?t:t rtr8u P~u1112 1-ot~l Paid :o Tazi!rJ Ac's e~~..a :rie? .';r-.cunt to :;gar:cy ~12C_o.'rtly ! 17,24^,026 ,;. - , ~~et~tun~~!Goi~7niut~ity~Uevelo~rr~ce5f Gt~mmi~sfori _ ,; .. _ ,_ ~etievelc~pirie.nt ~~enci~s.Financial Transactions R~y~ort - PavS=~ElYOi{Cj~l / SGI1c7C~ ~isTtlCt faSSi&tatlce 20G9 PC'JC merc~vd project area Tax Ui~rem~nt Fass Ti<rouCit Dataif Gthar F~ayrnents N c. S Cod.. H S. S Co~~r, H& S Cotlr: Tot<~I H A S Cade H& S Code Section 33401 3ecfion 33u'6 Section 33u07 Section 33445 Section 33445.5 ~ J1 !.17;) _1/J (J(~. 1 1'~-tIl"3 :~•+'..4U 1.2 /~+ ... E' , y`':. 40.,2E j «.7~+C 173.972 S59G.712 j r., ;?_.s'i3 2C,Ct~B 72,aC1 ~---- ~-_ ..--- 14 C2 $' 4.2C2 _ CY' ~ <.7a ~ tj75?,7~i:i ~ S3i;•3,:5'•i1 55,"1-17.;515 ~50~~ S:; i Fage 1 i Zi28l2C0g _ _.:,,. ~'~Yaizrn-~a Coi~~i~~ur~ity CSe~v~iopm~nt Co~~Siniss~on;. . _....._ __~. r~_~ ~'~d~!%~I~pitterif. Agencies ~inai~ciai Trari~r~ctions Report S:;~rmary er the Staie3tt~~ni ~?f lndebterness - Pro; yct Area .. .. ............:r. Enr::. ! ~:.,. T~~ai ti:a Tax iiicre~ni;;~;t Rc ,.eir~rnants ~+~DGin~rgE~ WioJe~.t a+e i a __ --- - za,saa.o S i 6~.37S.a$7 „~,.~... „, ?. (.g -,:'n.,-.i.~~~~Ci.~~ii~;;i;°.----Pro;r.~;Ar=z Plat 1 1?I2911~J{}9 ___ r,,:;.. <„-~ is r, .~f ^, .r;. . __ ._.-.-.......... a`-:i lei(} .,.. ,,=i~,',..:il:,: alt ii5l,i?I,i ~G ~.()(: (}~ p;:::.;~~ :-.. ,~_:~_:;. RNCis)vel.^.pn7eni Activities AL; 19 .. __ _ tCJ~ P:'inci,;_ ir.rrn):ir:r Uttm-atttre:t ^aeginning of r=isc2i Yaar ~ .i~OG.0~0 ,:. P. r!!iiS': i'.'i8'•i P-.'Aii4i -'ll;inr; `~r:%a' - ............._...._....._. '~. , _.,. .._ L_.._........_.... .._...__._.....__.-..._.__ - _ t~:t i;.`'c5i , ,_ ~..i!'C ;~': r:;!1 C1r ;11 i ' Pei n:;:~al .~.,-~: inn! L•, ,.... _.uirp fiscal Year ' PrCti;q?::i :''."7~Uf7t ICiQl i; is i;ii iii?I t:_, ISC 2•: ~i~82( ... ~J L.I)OU •: r , 'rig„i;'~.;I %':r,„c;:rr =~;,:~ase;? ~~_;rina Ficai `ie;.r ..____._...._ _ . F r'iiiC ludi Ai^C~;:f:i iiiiiii3ii; rF'. Ci ~t7d Oi ht3C8l Y~:zC `. ~.. !~ o14.0v0 i';inCi:::&I,avr.G~:n!. I:i Glfat.`.t C-`.Or7 rj Tyi)i±., ,O:ifpin!Er~: ,z i=.iio::~tivn =,one>. =.:.=nue Bonds. s~cfifcaes o! P~~ricipation: T ~ i~ilocation NotFS; F!:7ancif?g Authi.rity Bonds; Cityi:~Gll:1Ty Lebt; US;Stata; Loam;; L. .: uoli~al~:;n=' tdo2s', 0~3fi+n-:d r;ss-Th;cut,+ls: u2f2rre4f i:omp2nsatior`r QthBr P3~:. "I 12%2S/2cK!9 N ,_ _...... .: •I~ctattrma Carr-m~i"pity E~evelcap.. _ . _.. ,._ , .................... merit Camrnissian .,•, r ~;clev~la}~f~~ent~,geiicie~ ~inancialTr~!is~ctioi~s ~~~urt ,' Agency Lor,g-Terr.\ Debt , ~c~l ''~~~~ut' 'Our ~t~:~ect hrea "~ar-!~ PCD~ inerc~e_r.!_,~rc~~ect area _.... _... __ ~.7~ r . \ .i' t.'^ICi ~ '!ur '(car :. J i!' r F~{~ (lt /-. ,.I!S iL)I""1.'::11::)11 ,...._, !.Y .... Vii-: C!.~ c.'. ~'rinc;pal 4!Yii,i!r~t i;i~itutur:i FSeg!nnir,y cf Fisciil Y~i;tr r 4;15!1?,,~..!! r !ir~ka;jr:i rrinc.!;;vl %=nvUlir! Isl:l,8;i G!nin•,: Fis.c_=.I Y>-r -rin:;i;;aa ~.!;!o~.;r;t P,,S2'.;iud n...^r i•...ca! t ~,,.ir }=~a1Cip1.?! /,."Ci.!i'.t _'?`? 53 ~ LJl.l f;r ~!.} FI°. C•:~! ~~ =::i !'•rinci!;;~! F>a:~;::;nt U!:~!y~a:u~ad £r+.u c! ricCal TE<3•" ~ ~ __. 7. • ~TaXitpU!~rfiOflEiOr!iSS -- . __ _ ~~~~)Q~ t~,U00.000 t8,Un0.Q0!~ ,.. .__ _ Redevelorment Activ'"ies ! 20iiGi 203G~ S I ~ 0. iJ•~;j _.__. 1 !ip.UUO ..................._.l f, ~' Scr,d TYi'"~ Af'o'.:ed: Ta < <:.li,~.::e!!in,! oV:`iis, R<:dfr.i!e E•cr!ds: Garti6cates of Participation; 1'ax A!!acation !veh=s: Fire:ne:ing Autlwrity Eonds Gity%Ccurty Deb:; US: State; ,'. 1. r..=.rs: ~~as- .`G!ic:e;inr:; .•,,, :~. D2terr'ed Pats-ThrouUf•~~; Deferred Gom;:ensatiore Uthe! ..-?`=Y I_r~!r,!-Tenn C?c;:~; Parie 2 1'!2o/2C~G9 r ~. _ ... . F'etalury~a C~rnmunity Devel~tpment Corrnniss'san • _. Red+?:vefop[nent Agencies ~inanci~l Transactions Report Ayincy Lent'-Term Debt ~iscai Yec:; 205 -- ,: rr^~e~t,vr?3 ttiut7i8 pLD~ ~tt=?rgrri Etrnl~Ci,~tr~~ _ --- :ra_..., ,,min ' ~.~. . ~... `rear o.=.utit:}rza!~on f' ::!{it li `ii,-,'..-. Gzriint YFar. ir;;,ij;.;i P,:antt!tt C)stm.tt:rod Regiatn.;ng cf Fiscal Year %z.cj~.i:;,.ruilt:4J:-r DUrir':';.,.. In~ar2st.~_ided I•~ i'tur.:i;;ttl Frig-;,i`.:,=, ~.m_.un!. t=;t;a;; D~-irin:j ;r=isC21 `(5.?r 'litr r. ...ifl:; lit .. !L'i.,~.. .'it [~:..Iln~!,.. ~ i~.if ~.. ;il-: ~,~ '\i;l:-:i; i.' ~ i;tn;,5c% i, ..iiI:C1 {-i5~:21 Y~.., h'i'I!!~. ! -..ll.'J L!it[ r~~?i a t::; :11 =i:il i.tf ~iSL.'s{ ~!8df -~t?.. .-tVV -- - flax Allocati,~n Bonds 2GOi ~.U25,U0!? ;Oleos-=e 19'2 Tax. Allocation Bond i ?002. 2014 $2.iU5.OG'0 ~ _ 315.000 ', r _- ~i.~~o.c~:~ u.Cr}t.: TycuS .511 •~Wee' i . , . ~.:;t:i, Car:d Rr,~e x ^ °.nnas _ . i ';_at_ ; of ?~tnu y~;~ticr~; Taz •911oc:~t!o~~ h. ~;?s; "rinanciny Aufhoiity Bonds ~'iv'~•ounly C}ebl US.Sta;e L -ts, -=-~_ Ot~'G°ii_~n ~.~ .: D~der:.,a Faas-Thrnuiths, G=f-~~eci Ccn-:pensaNnn:Ofl;er Pi3gc 3 12; 2~r2009 t _ .... ,. >: , Pctal~rr-ne C~mmr.rnity f~avefopmen~ Com{~~isstan ~.: t, ., _ ~ ._; Reci~vela~m2r~t Agencies. Financial Transactlans Re~art Agency Long-7erm Debt Fis~~.~( ~'{~~,r i~2~09 'ro~:~:t hre~ ti<i~~ `~CDC_m~rgtcf tiroject ara~ Brr;:1 Tv, Fri.-~r.in:a :=.,.:ni'. i',::,tii~;i~h~. !-'rii~Cii: ~i; i~~.; i",;;till! 155Lleii .. Gf i,'.'.!e? F ri1,C~;iC,k ,'~.;r:cur,i Urn n~inrned Fscginninc o! Fiscal Year li CUs u5t :-.c;d;-c. to F'ri;,ci;~ I P:ir;r.il:~al nn~.curt: l~~u~~d Gt:rirv;; !=isi:ai Yesr F'rncipai L•n-: ;aril P!a'itrt.~i !)t.;rng l=isr_al'"ear iiiF'IDuI i'1'G!if?i ~_... ei S='d [iliiiii:' ~15Ccil Y~`&f F'ri,~c;p~i =,fnouri !Ji~f?i3Ciirwi{End of Fiscal Yc.~=r P-;nC'j;;it a.nr:~~!;a ill ;.;Q t;c uit tr:S T;:x ~Ilocaiion C+onds i Gor;d Ty;?eS .Gitovded: Tax !'.Ilc,:;auon ~,r~rltir.: F.ev=r:.!? Rnn:is: ~,ert!ficai2s of F2r",ici;;ation; -fax Allocatiiu~ Notes: ~inancuig F,utllr~iiry Ecl:ds:rilyiCour~ty pebC: US:Stae; Lc;;~ra: Lesse i ~k~lir;~:uons: t-,oies: U~rr;rred Pass-Throiluhs; Deferred Con~oensation: Other Page ~ 12i2;i/?pC9 (~ V - `.~ menfi Goinmissfon ; .- '':P,~taiuma Cr~t~~munt l~~v.elop Redevelo;~n~ent:Ag~ttici'es i=it~at~c~al,Transacti~I~s F~~port . Agency Long-Perm Ocbt _... ! ` ` -• a F; ct~ >'~it' trt) __. _ ~!'>./~ri:i .-`i r>=.a (`:~«'Ir PCDC Irer~Yt~~~zc_t._~rea Gr:'.9:'u ti..i'n F~"svr Yzai [.:~rl(i T,~:~.r. t'~inril;,,i r.me~.,+tt :.!:;Ir~aiurc.tl Bcghtr,irr_, ui Fie.eai Yaar .,: ~ lib t.tp:'::1 R"Fr:._ _?:intl ~ ..: .A::i li ii.liti~i-.i '_'~'1!i:)~13 i!On !rlf:rc:51 ; !<-'1 47 Grir..°.iii::i .,~ tii'i:v fi.n:_l~:'•i 15<<.cd ~ll.i(i -: ~;SC:HI'.':~4i ~ncp~t! P.::i•.rilr:i Iviril,.ir,:,-a p~ri:,.i riSi..a `r'ear ~:~;,, _ -rl::c: I nl;,c~.cif Ur°, ,sed =,~, -. F;,~al YC:a, L•riltoi;:al C, ri~ur t ~'Itr~':.iTiiTed CISCl of F'scal Ybblr Fri . ,;ftl . _ ,. .. ~! I!7 !4!c . :i1 ~~~, , Tax Allr,i:aGan L~ondS 200 15,35 x.000 ~...__.. 19;365.000 - ... _.._ -.........-'--- v..~._ IR~fund 20UOA Tax Ai!o~aiian ~r?:td '.-~,...._ 2006' 203Ct _ .............._..V .1... Sig.^SCLOUO t OS.UOii ,~,_ yt ! -- i 3ond Tyi?as G.!Ic4veci: T<,x t•.!aca!ion °orr:!5~ Fe.';^.!'we: Fonds: %:eitiflcafes cf Particifta?ion: Ta:~ Allocatlcn fJOles; Flnancln4 Au:horty Bends: Cily;Ccun,y Lh;_;1: US;Stae: ! :.-ns: L,~;,~;~_: l iiyaiio;t;: ~otzs: De!en4d F ass-'fP~ronghs: Cefr=~r«:~i tiompensa!!at; Cfher ~a~~ iz,~zar2oog _._ P~talui3~a G~~mmuni~ty I~evelopr~er~t Cominissi~~n _ _ _ , ,. . _ . R~c~~velo~airient A~~rtci~s Finane~al Transacfro~is Report...... - :,gcncy Lena-?'crh, Dcht :'?"~,t'C? Ar?~ "J~ i'rtr: i~'~~C !r7?~C,~P~ f`I~?,@Ct 1i'6~ . .n,.:.::i ir:-:!t': ~.iC.: 'ri~..;' ;YES ~onri :. - - ! i az Ailoc:aiion Bonds _... . Yri~Bi C. A!,1hC;;a'BiiJ[1 2Gi)% _...__ _ ~ -... !`,- U~lr ~i:.;l!Nir^?_ ,. 825:000 ii,~ i :... ; ,m la.~:: ;c ~~ 31.825.000 __~. -- ---_-_ ulpr~s_ -~ Is_.;e RDA projects -- n,t.. ;: , ,,. ,_ _ ;'.{:1r~ Year --- - ................._.........,,...._~.,.~,~,......._-___ ::t:~+ C...;:t f''.;?:1'!' 2008;.. nosy; P*in_?;;a; ~mou!, C;!t!n~turec; Seg':nniny of =3c;il Year X31.710,000 crus!r:~ni ~'t..d- Gur!-:a Year I rl l;ir~3i ~.:JG =+ i3 !'rr:Cipal I ru',:;i~~;aalAir~:., ti?anu,;:iiai:r~!tt;!-~_..:iY:au' 20:1,000 ................................................................ _.: . , i!,c.}>~! hir~0i.:!t! U!:;r:a!::ro-aii cl;d of Fi ca. Year S3".505.000 i _..._: ._.. ... cvrui ?y;rc~ Ailowe:i; - ".;:< P,!F~,:.,~ion 6onr's ~ av~:nue C?oncis: CcniFlc..;es of Pariri~,~tion: Tax Allccauc:ci No1~;s: F~itancina kuthcrity Bonds; Ciry/i;'ointty Ur~!~t: US:Shtw; ,~ ,' ~ ~ airs: Ge+arred Pass-Ti,m h~~s: ue`~rr~:rl Coma:>nsa!i:;n: Um;r ~~~:~ r i z,z:;~zuc~ J petalu~rta°ComrrrY-faity n~"uela}~i~lent Comi~7i~sion ; _.... .~.._.._ . __ ....: r. :~ _,. _ R~c#~v~iopii-ier~t ~~encies Financial Transactions ReE%orC Non-~yency Lol+g-Tenn Det~F F'r~ect ~,r~a Bart-:~ PCDC m;?rged prcjcct area -,....,... :_..., °Gor Y-~• -Yes `::;-,i !-y;;i, P~1or'yage Revenue Bi~ncS _ IJ~~' :~.._.~.:;!.=.n._..,:I.=;u!.~,, i.. __...___1,750,040 ~ iLcan In Orvelcpers of Damon; ,lf , :.:n-;e t. _.:.._.. ~ ?=~etalultla ___ _. iti.., ?J.. L,~ _-.~t~ `_r?~J 01;1 ie.r: _...... .:_GO~ ?rh;=ip;~l f•,moun: U?una.ured Baginning of Pico, t Year ~ :S1~t~6.00C F,...~s:~~r~ i,+.:~na~,u,n ~ . - _. ,,, :, i-;nl~,;irit P,ial~-:r :r; ~w'ir!y ~SCdI'r'Nar F , i, ....,~: . . __..... 100,GOG p.il.;..:,~..:.,•...,,.:n! D_(~;z,.•:1 D~:nl:i~ P.:.ca! `_ar _ ........_...........__....- Frkl~iir;i ~.rltount Lii:rl+afura;i ~i=.d of PiSCa? Yetrr S3.55G.0't4 i":n~IL~211 ~~.:1iCUil?. i!'. Jeic.Li'sl wig?I 1,, 4a +1V+=.._..., ii..•.~...r]: ~':.rla~~~M~>nt Comm+i:.;;i~l RAVe!iue !?cnd; C:e.. !f!tate of Part~cioafinn _21::-_ ~_:ni ~e ~: Fade 1 12/2c1200 ~('~ l~ __ ,.. -~ ~'ct<<l~rm~ Gt~.rrirr~t_rn~.y Deveir~~~r~~er~i Camt~ii~siot~ K~,ci ~~dei+~;~iilr:rlf f=,g~rties Firrarlcial 7r2n:~~ctior~s ~:~port Jon-Agency Long-T'ertn Debt rr5C4; r a~, ~!~~~~ ~'rc;jaiz ~t'etl i~~:,t~~e r'C~~ mtrr~P.t~ ~~ro~e t ar~e~ ! r- „d fri i ~Cl 'r '~%ir ~~"rte _ .... ._ -1 i .i il:~~' 7. ~..; ~:oz S-~eVOFiUc C~!lb5 F'rirr_;'t ! .A!Yl',U';' !;U!r -, ; =., 11, C1l;.OtJ1 r u;c~s ~! ISSU. '~Gca:ntv~'m P.ivGr Api Lt~1I Housing ura .. ~ ! ~~ r i I'.:{"ail ~ _'~~ 2u0J~ ~~ ¢ri!;ci;~,>.! Arn~~;uta lJnir~at:;~'ed El?ginni~,g of Pisci;i Yt12r~ S:~;AC,.'JtiO _. ~. _._ . ('rin::i,C31 fhi1C;~_!"t :~=i~5~?..°, C:~!inct Fi;G;.a! Yens _ ___ ''ri~:cE::at;~mn,;tf Unlttctt:;rr,ri Ersct of Ci,ral Ysar _c~.°.~I;OJ:) ~i ~.3rE .., ,,, L`+;i `Ca.., '~ :3vncf Tarp©s =;iio.vcd' i . , ; .-.,,,... J~. i ..._ ~[. I C~w.'.I;~hn~reri Cc`r~niercial Re~.enue Hcar.C, ;;eriif;cate of P~.rf;cipaison • .....-.- -..C\: 't.:_ir~ :-•~:„,.n peia Pece _. 12r'?o"0;'~t a0 . ,. rrrur~~fy C3~v~lo~~rrl~nt ~c~rnr'n~s~ios~ . ,,,, ~... ,v.,.,.... _ _ , ,. . `~e~1vv~~Ec~t;rrl~rtt fic~encies'Firiar7ciaf Trans~ction~ Rs~ac~rt -. _ ~Staferl errt of fnrr~n~e ant! Exj)entlitiFrGs -Revenues i=3si~ztl Y~~<:r 2utJ9 7r`.,=c^t ;K is=: c+. 1'v~a:'T:c ~C; LIC !11£rljNC~ (~PG'J(: Ct 1Yt; t1 LJ Wi(410 tlerate3 Sr).Ciai Gupitai Prs)tect ~eiit Service InednlC Hou~inca RavsnueiOtr;er Totai Pur•ds Funtss Funds Funds _....... i _... _ 9.% _. ,,1 .24i.0_b .. - ~ - ._ - lYrr .e f~ 'a.:~e„-nom ~ ,-,..... _ . ~. .. . _ ~ } . 0 _. _ _ . _ _- _ _._- ._. ,r1t,~.~:_t~t~.>c ja~r-yTax _ _ _... _ (''~ _ -.. ! ZIJ _ ~ __ _ . ._ --. -- ,... r.a fir,,; "rl r : ,c:.' - ~ ~ ~ ._ _ .., __-. r r _v _~ .. yam-- ,.~~ t~ II ~ =f,i i.. 'C.;, -' i ~: ,.,.. .._ ~ _ ~ -/ ++ ? 3~~ u~ ._ ............. ~ W.: 4 f 0.311 _.._- _....... ___.._..._ .y-_ __._-. __. ___ _ ,~ ., - - ~ ~_, lai- ." .: i ,i ir:c .:.::::: : . .. .::..r7.; -.tz;ura~ • fir ~nue5 Farfa 'I 12i2°2109 t. _ _ . ~-eialurl~~ Co1~~nunity D~:v~~lo~ment ~.orr,rnis~iot~ r'~~dryr~k,E~;rr~el~f Ac,~r,~,i~:s financial ~~ansactiorts Repar-~ ataterv~w~l~i of it;corne and ~xpenciitures - ~x~sr.ditures ~iS~~el `lir,r "~=~9 ---- ,~ru:}2i:i JZt'L':., ''• `;tilt}.', 1;i~1.~~ i11a.CG)2C~ ~TGjCsC2 ilY>?7 ____. _ _. . _ _ __ _ ~l~itti r=ri~j;c1 Le=1;i Service l.ew;~7a•derate St~ocial F.:ncis Funds Incan~e Housinc Re~•entie/Othor Ttfta! ~.^. _ ~., :, r ~ i ~ J...-... .r: ,.: _____. .r, ~- ~,~ ~ ~s:U ~•o r... _:. Lei _,..i , r C .C~a.Ci C: f .ji;n~',y y~ .-. i .. .~..: r v.:,. ~ _ :>.; .~~.~ 1 ~ ,. , - Nt ~ ;i S:,ii;i C[? l..'.•9~"_ .___ v fir, 1 ~ -____ ..... _ ~ .~ ~c•~n1 Q,ri;3 _.. __ ___ .......... ..._.. I ' ... ..... ...__. .,o„a ~~4.'.i- ~, _• i ~ .. .~? l4_Ifl? _. i; ~_ ~ ~; I'.~,.1i e;~ r. Uc11~, It L4I"_'., ra~~; r ...~. ~ _ _ l'e~~'ari;~ C;cr!':ir,ur~it~ C?L~e[opmen# ~om~nis~ioi? -'a~vRf~fi~nt~.!~t ~1gerici~s ~ir~a!~cial ~'rati~actior~~ R~~~~-t 3tat`~mznt c# Incetne ar,d Expenditures -Expenditures '-'rJj~u~t ~;r~:.~ Na3~~~ r~CDC !nercred ~rojec# aria ~a!~~ita? Fcoj~:ct Debt Sanrice LowIM'oderate Special Furacls Func!s I:~con3e Housing RsvenuelOther Tota! ___._. .. I ~ __ _ _. __. n... I ~,wC~ ISL.. d!':. C..1jt .• V ......___.__ - ........ .. __m.. _ ......_. ....._ _. ..... -,:1i~. ,.;.,cat', .r .,:.... ~ .. v.. _vtit #"'Yi f;. ii'; „' 3!;iii,3la?i.. _.. ...iicl- .,:n, 1=h-an~_;;:ra J~ulfr,~(L'; i14r,.- +.. .r,ay :, ,.,._ ,~~, a i Lug.,.. ~ ~0 - _._._ 7c .~I ur:;nri;l;l;:re:c ~ t',~_ ~,p7,,S4r; ~ii,7L9.269 51.543.701 ~ ~ $0 S iG.iB'.+18L:: ~X48S5 (;,'%i ,I~tt. ia':y;)Fi@Yct?U@5 OtBL :.~..~..-.~..W.. '~ l~J ..tit' ~~...r~-...~.....~ ~-r ~. :~k,/~tj ??~7i a 2°;~.'"07 .,_ ~ -. _ ~ °~ ~4.6G'• 4LJ } ~ ,, r; ~xj:Srtal.i:;c:r •.~.. .: f:l ~ ~ ;vrr.:: xi rndit.,:~~ -E~h:,rl~fia.:rss °3<33 2 121'2~/ZrC+5 N 1=1Lctl Year _. _ .. Wetaluma Community-Developrnenk Goril~ission _ FZ~dtveiopment Agencies Financial Transactions Report 8tateir;e!tt of lirccme and Expenditures - Uther Financing Sources 200 I•~'iC%j~'Ci rtrr' ~ric~ili2 -VY c':t iC ~E`l.•'Ci2G UJI• l'i J.': l~Ci C'I ;! Sa!e rf ~':,~d .mss-._ ,;t 1'o ., _,'. _trr-t_ ., ,..~ ifi.l 0! ,...,.. (USr.Sj C:n-'iai:rt;; iia.r,si~:s lit pCDC merged_Lro~ect area Capita! Project DeUt Service t_ow;Moderate Special Fwul~ Funds Income Housing f2evanuelOthcr Tota; ~u _._.... ~~) .,.... ......... .. ...... ... ..... _. ._ £Q JG _ -.. JG .,, .. 4c ttv 391 OG° (05;3,28i' t,8 f [ ~5 a u.i~,10G ~$ 535.025 SO ..... ~.~~-F 1 ~'.. .. _. .._ 1.1.1'!O $.~'~i ;~5$ 535;C!2.; ii: ,.. -- _',... ,....,.. ,-, .:,~ !r:,;rre ~ousirc Fii,~if} Tetai ~tlia'r `iii~4~1'~ittc SViiila;$ (USi_5} i3.'143.fi3" .,~,n92,t00 ~(52.13.1.94v' 5U ', (S5o3,201) Si:=i-rncn :;f Ii:SOine _,~, { ~P;i~'nii(ttii':,5 . C_'iih~r'rnZni.in;l SGU"~:,3 Fage t t 2r28; 2009 _ . _. ,. __...: ~~ ~e~;~l~_~tn~:~ G~3i~rr~LrnitvL~e~,~eic~f~ih~r~t Gdt~~~r~is~ir~ti .. _, .. _ <«~dz~f,~lopn~ef~t Ac~~i~ci~s ~inat~cial T-rar~sactioris F~ ;porgy ~ A . SYa±crrsent ~fi Incame v31ci ~xpznc?Etures - fltht.r Financing 5aurces i=i~C ( Y~3c ~L'J9 r r~,3Gct ~,r~a ~~ar~?~ PLDC ~~~crged .~raject arFa_. Ga~;ita( Protect Deht Service Low/t~,loderste S{~ecial Funds Funds Income Housing Rcvanucl4tlter Total _ ~. .._ ...~_.a.. ..Iii ~Ihi ~.rt.Ytiv~t,pi: ~: rlG~l(iE787:!? ~ ~.~^..n~~~.~ ~~~.~.r:, ~~~/) r...~)_.4~g ~~ v~ ~ ~ ~~~u ~~i .,. ~ ,: G. i - ,",4C 6.1 [rb'v ~~,~,r.T~'i `.2~ r22.3=:o j~~C .4t5.:i31,'~1'i p rl. A 'aai ~~rii - - - .C - _ ;b,,, w •.i .. 1'~•~. ~..i?:1 Vt f`~GI:V4 ~il~.r I V,l~.i i ~ ~C~~~ ti1i~ ~ ~Zi.Q LS.~~ij~ ` Sv '~ J:`.~.YL~•.. ~. ~. _._ 'iii _ ,. ~ i. _ ;, ..feu .~,:.. F.1-.a ~a~~in ..~I .,as o;~ ilr2:+•'2Ut1 S . _ , _. ":. ' Petaluma'Comn~ui~ity Development Commission ~+ i•i3c7u `/gar 2~]0°• r°,5SeS5 aHCE GU-:br uchit5 Fteciev~lapr~ientAgencies'-Fir~anciaC;l~ransactions Report ~ ., ,. ~alanee Shu:>t -Assets and Other dei3its LowiP:foderat3 Special Capita{ Projects Deht Service Income 1-lousinc3 P.evanuelOther General long- Genera! Fixed runes Funds r'urids Fonds Term Deht Assets To,a ~..c,nu~,c.~ . _, ....ci;lc: ...:01::,:4 i'ti,;i<_ilbj !~ lli ii - ~. _ - ~ :: is-,.3u_~ i ,t,~,, u ,~ . _ Y $2.335,227 _ _...__. ..___.---L.. ~_c _..._ - .....__.. .. _. -'---- -- -. -....~ -_ - ti.ii3af:c .'..._~. - i:, `.:.,: ai'.C~ llil-!2.~ 1r~il(5 Page 1 12/2L?i2~09. ,i,,. . ~'etalurtia`Cuntri`~ui~iity I3~Velo'prnent":Comrriissioii f~edevelopme-t~ Agencses,,~'inancia!-7rarsaciions Re~vrt 8al~nce Srieet -Assets aru! Other Dehits 6 lovriF.~ladr•rate Special -Ie.r.:,l ' asr _,;_„_, c;api`at Prcjccts Debt SF:'Vic1. !ncane Housing Revenue!(.7ther General among- Ganeraf Fixod Fu=~ ~s Funds Funds Funs Terns Dcbt Ass2is Tcta! :.~::~ _ I __ __ .. _ ~ ~o - ,I ~:. i... - ,.a. > : _ _ _ , _.__ _ ~.~. _. ,_. _ . -- --- trlr;i ir;~, ~'.'f~ ~~1~~~.f5y?r)".2"1tS --- -.. _ .__~_.m. ,_.. . _.. ._ '=. l': i; l:~~i nVCi sty n'v ill tii.i ( ..., _ ..tj _ .... .......... ...... L ......_ ~ .. ' ~ ~_. _ .. _ ' S1l ----_ __- ...r. ~ Li;. J ~rnc,,,,! :., !,r ~icd~:a ie' - _ . r.3.fiSU.000 ! +x"73 ~8!.0~0 . _. _ ... __. , Tcl., ... crs ai:<4 vtta-r :i•:'%.^~'••;.`ys ~ 52.6:'~r S2u.42u.~33~ ~>U~ , 573.8~9.4j~0 :a0~ 1i1 ~~u.232.S~iu i,)F. iii[5 _ .a• ter. ,.. ~.. ..., ,: ...'1. - hi;._.;;i:: ;it•. IstBr ... ;its P87c 2 12138/^009 4ct~lum~ Can~t~~urtity Dev~1a~7~~7~nt Calr~~7i;ssion ~, , YE:.r ~'Cai'a ".`•c:jtt.5i ~`; Cj%,^.t::r _ ... Fti ~: iicr _.. __. _iah~lii;;',. ,°ilicl ~+t;ifa' Cra Ic~31i7eri~,~~er~cies ~i~~ancialT'rai~~~a~tion~Ke~ac~~t E3atance Sheet -Liabilities and Other credits Low;?J~aderate Special ~c:Gt Service Inco~rre Notah:e~ Revanuea?Other Genera! L:~tt~- C~onrirrsi Fixati _ Fun"~s Funds Funds Terst:0eP3t AS9i?Ta 1',~tt: __ ,. r.~::~-:ru2r.~tn:;i ~..~ .. -._ _. _ , r.,.;,:91 ~. . cry ~ ay-? <; . i 73.5.75.000 _ .~ . S73 5~ 5 iii?(; __ ? : .., ~ ~. G; i . ;tC~~~9tt GI5 F' y a;: i~3, .-.5:~: -.., -.~.....,~a.y ~:, __ - ~_ _ _ ___ Tct<~f _i_ _ .~.~Ls ~. ,~i Oi'w~ ~-,, s 169 ~5 cv. ~ ~ '3 ,~~.: ~,'r~~ii5 . r~.f~ .•~ t;IL i ~ :.?'s!~P -.-o °_~~!~ ~., ti ?'>i"« :fl;~ 1='dC)8 i j?'^8:2:05 .9 J ,;.,,~ _ P~t~I~unid ~Cal~~r~L~nity C~~veE~prn~nt ~,omi~~is~ion~ _.._ ,. ,,.. _ ~ed~;veio~~mk~nt ~+gei~cies ~itl~r~cial Tr~~n~actior~s i~~p~rt ` r3~;3ance Sheet - Liatailitias and Otter Credits Lovr~ihlocler~ty Special .=s; ai Yaat ~~u3 Capital rrojects Dnht SBCVi^,:, Income i-lousing Rever)ue!Other General Lony- Cseneral FtXEfi . Funds Funcss Flinfl;: Finds TE~Yi)) DA!)k ASS2tS TOk~:I f i?IcS ~:-.~: .'il; ~. 'i It r.. C. ":i - Xa^ ... ..;._ __ _ ..... _......_. ..- __... ,.r'.. -.[!'~ L"_'?^~_' .E Y•:,~6 k.. C~, i.'lE ,fJ;?;1 :. ~j :jr~..rt ~4 ~ ~Fi~ ~ .. ~ 1f. ,104 --,:. ___ _....._ ~U~ ~ t_~=2 +2.1G Z 24 vi(11 r ~ 151,7_b.u~`3) IJ;'~!' ..°C'.- :~l~U _ _ _ _ 7 •~:..i.n: T.,k t~ r ~.. .~.... ~ `~? P ~ 1;7I ~~ /l"7~ 1Qi'} t•i a..r. ~ }> > ~Qd 52c. ;2_.~ ~ Cn Jt1 fppfm~-~--~ c IU .~J^ ±liJ' ` T. J ul Total i_'iaba;ra. t.);PI~3+ ;re;.it,, arfl _, - .. ._.. ., _.. .. _ c,, _~ _ ~ :r:.. ~52 ~~=J ~ 5,4_i~„~Sn q i ._ x,3.5"" `~0v ~ 5~ ;a"130 ,'~{l 95(i ~ ;i? .t e-a:: I~IU;IIi!: ~ ., ,. l: .. (la.~ditS r^ e 2 ..._ _-. . P.et~iun7a Ca~~n~~inity Development Camir>issic~n .., _.,.. _. . ,. . e... ,__ _ . ,:.. ~edeu~i~pment A~ensies Fin~n~ial Trat~sactir~t7s ~~~ort:. vt.;irmertt t}f isaco~r.e ancf CXi}eilClifl1~85 - ~l3iYltllBt'Y, Combined Tr2nsfers InlOut i5Gi.; YB3r YUJ'd ~.~8.53~,~_5 O{zera'iti~; Trar;far5 Ir ~---° T x!ir~reiS~enYTransfers I!? I ~i7 -- -,,- O;;eratV;s j "T"ransfers Otit 55. ~,,..:6z.. ........ .... J t .... Tax i~:cranie:?t Ti'an;.ter, O4t i ?nt ::, rrrn <:'-~ ! =rncr i{i!frss • S:;r;?r?a:~,'. ?bt;? 1 12;23'2009 ...iii?lil!5~~':{ IfiE?S'P. I'~li'.;ii!i{ .~. Futaiuri~a Cc~mmur~ity Development Commissi©r~ RcuevelormFnt Agencies Finatzcial Transactions ReS~ort St3tert:,ent ~f Ir,eome anti Ex~SencSitures liev~ti;ve:~ • C:,nS~liiiatt3 Fair.:: a: Y~aar• 206z~ Ler~,~,-:F.~~derate Sr~vcial Csp;ia! Froeci laeht S+~rvic. Irtconl€~ Housing Reverire/Other funds Funds Patois Funds Tots; __ :;^x su: ema~r; ~.ross _. 91'' ~_..._..__._ ~J ( [„ ~ ,;~.;.,ar .10 ~ 'so ~ ~.:a.^J' :~ ~ i ~ ~.,, a ..,,..._.~, .,upt~leti~~.7.~! ot.civ~.nt on ,. {`'''~^~~~~-----'~ ._., 5G ~~ o;) .(~ JQ_ ~.._. ;r: i ~~~ ~ru~;::r=y d•.~:r,at:mar's ~ 5C' .~~ S0 '~ "0 ~~ `0 ~m C7 :3 lei::, ::r I l'Sr3 T2x ~~..., ^'cl ~ SAC .~-Q~ r, Ti'8i18ir.I i CJCJ:;ul;su}Cj~ Tel: ~ ;C ~~ ;;C ~~~ _ JO ~ J~ ~•-~--'"-`-"""`--wC In?r,!-:,e.t I'rrWne ~_..;9u5 c~:a2 4 .a4? j 15.140 -~~ S ~ ~ iC,Gs4 f. :tii9i Irr ~-iii1C ~'7 C '1~ C(1 1 l ~`_I ~.. i~ of :,~.., 1 ..C t .J~) ` _~ `v11 ~ ~ ~_ rU ~. _ , .-.;:,~: ;u; Lar.~c; !~ar•.E -o= tt:=>,.e ~~,° i JQ _i °0 '~ ;G ~ Cl~ gyp= . u'ijJ ~... ',, ~~ ,.. ,yr w~. ~. r ,:.~, (_°.°" ;.'.' ,it --'~ 5~.3~8.~i5r ~ . _ 50 ~"Y` tc:~~; :; I; rj H~.I F.....,.ra;:V±; F-;,: ~> (~".„":.,; ... cu ;~_ ~~, ~_ ~ Se ~~,~.. ~U.. vih~r ~:r~ ..~..c~. _... ~" J7 i .I, ~~J ~',' r4~ ~_e:~0 '~.. ~2 9Q6 intaltye'ver~ts~s :I~.t_~1~;.__7 '~ ,i44;! 55,7?9.108 ~,~ CO SLC` r°9947 Page ~ 1`'r28i?GQa ~eta!un~!a Comn~!irnify D~velo~ment Comrrrission R~;uc;i.~4a~men~ ~ger~cfcs Finar~cia! Transactions 3~~por-t ~tnt~m~rt of Incbli3e arr~3 rx~~nciitures Expc,•f,rf ititri;S - CortsolldLted •~ i~;~i?'.ii'i5iriiti ~:i LU'trq r'r;iw~-slrnal Ser~:ces r'Sr I.i _ vU J. j', ii)ii!J85ijf1 nii-r:Ni~:n Ur r'.: ~!a r-~t! i'r,;:~rt~~ ~~~~ic'~~)icit ~,cst7 ?; C ec ~ .. =t!:roven:ert / Gar;siru :io!t c"r ~fc LaovrPJ!aderate 3;.ecittt ~apliaE Propects Debt Seivic:e Income Housing hevenuel©ther i=untis rurit!s Purds Fu)itls Tote) ! SD ~ $5'!id'! ;~ ~1,5~$,7Q1 ~. S,~ ;~ u160!,.382 { g t ~.. .~-~ _ J.V. :~ '....W:.,~~ nn yn ~~~;(; ~ SG ~- Ft} ~ "~(~ - -- y. dew cC; ~~ .., ~ 50 gp ; 59 ~+t,~ ~,Ss G:z::v:..i Cor;(:; ~ •~'i S~~ ~- ;,rJ~ ~'•.•._._ fir' ~...~ ~V'~ _~._S Cfi •.~.nrv„...vi Oi ~ ~i }~!t:"it Fi:r I . ~ ~~ a~~ ~~ ,bl r~'~._..~_ .D~ ~~'e'.~.. ,,t_alu P2~ye i 1 LI'!O 1•~' Petali.~it~a Community= ~eveio~ment Cr~r7in~IssiOn iiezi~vele=I~;r~~r7t Agencies Pit~aricial Tran~actior~s Report Statei~5~~7t of Income acid Expenditures Expenriiti?res • Cotrsoiidatet! ~iS _~ti?I ~?r .. iJ •JJ Ga;~ita! Prc~c:cts J+rbt ~ervcc Lo',vi~Aoderate S~)eeial Taal FYIi}(ji i=U1}(SS Income Nousir?g kaverue;Othar Funds Funds A B C Q E r.7 LI:I'2"` 11 V,ii i1 (• ()a ~ i i r`~ ~~'~ ~C .~T,~...~~ `,.,....;_ ~_.nd HelJ ft.r I c~u .:•0 1 ,,,u ~,f, <`LV t). 1=11P5 (+~ ~liYo•~3's"~d I'•If u..i c?r3 t@ Ir,~aort;e Fscusiexr "and G~i,t i5°:: l:ce cents -. ~ t ?c•r °c ~ •uEaures includh}g Pais r.rrru~ ;t i/a~~mantto) E~~ebi Nrincipai R}"•:t:sl}?s: :e t: l"f{tl!: ~}:n3 :Jai s]rtiC i~in ii•uii 5 ~~ SO Sd~~~ ~U Jr_ ~ ~ ., ~ ~~_ ~.,_ aG l S'+ I ~~' I $?.359,5~SO '~ SO ~ SO ~ 53,;:5.`88 _._W~, ..,..... ... .. .. ~~-~--• ~e ; i; ~ SG ,~ SC3 c!~. ,0 ~~. C~;v/r.cun'~ ,:d•.•r~}cas a'x+ t can<_: ~- S4 ~"_ _ $U ~-SC =.~ ~~ .G .!... , `:i: l:. <ir,t! ;i;r.ar E_n!i~'-'.2Tt?} L•$Ut ~ ~ i! ~~'~J=,OC'J ~- -_ .`•~ ~ ~IJ I SCt _ _.'._a l~i~~ sa"::~ l _ _..,. , ~..t;:,ao l ~. ~"-~•.~.-:? .. ~ 51.543.7G'I ~ G ~I~~.it~1 °~!8 ,. . , :--~,->.<. r._: (.:...t•' kcv,;~ir.ca ~`0 1 i j4~" «k.72i? r,~l' -. ~a '%,F q ~_ ~ _. ;n~ i ., i-:; :r~n:f;f;,~; r-.; C, _:15~'.:~'!3?'.'_~. PcGr,~ 1'/?t5r'~!:0`i N t'e#aiulna ~c~rnmuni#y Developrnen# Con~rnissic~n ~e+:ievei~plTSenfi Agencies Final~cial Transacfii~ns Rep©t~t ~taternel7t cf Income anti Expenditures oti}er Financincj Sources (Usasj - Cor~solEtiutad i'recseci; of ~enct•l ~: r. Grsbt ~_._....~ J y - ~ ~'/ ~ ~ ,5 r; ~'~ ~:___._......~ a'1 ... =~ - •.n~: J I :'.~ rsri:}c3 i}i ;:b ~uh;';~i+>. L=cnd ~SCi'CMd tic, i.iit i SJ '~..~ ~.) ~ ~ ~ ," ,.n ..^. ;.. _. _~~~ ~owlMr~dprate $liecia! Gapiai?roj:cts Dsilt Service ltisorne Housing RavenueiCCher fiuitd~ Funti;; Funds Fund; Total 5Q ~~w{} _ _ _. 'r`~is,sf'ar}eotfs rf= -_-~: c:uircus Usesi i.5'..' .'1 ~~ I ~~, ~ ~ } ~ .~n :...~}tl t i ~ .) (,.~t~l,.tli5j ~ 00 ~ iS~,.~.2:,.J S'1;:+els?i!'.u i r;::::~•ters In , :.$=~ %~6 i ~~`~,8 %?,tl~ii ~~~ :.0 ~ ..~ 4 .5„.".:OS~- _.. . .., _ .. _ , T.<X li~„(6+o-i :~;?t ~(8I1 _s2 i5 I~! ~ ...1 ~.~ 71~ ~I _ ..._~. .~+-:~~... • a:._: 3 I ~_. ..J.`i,CCS I<~x!.'c_Si .?.'in;}`C;F.::UL ~"'... ~U ~~Q.~.._. ''. ~ jC .... .... ~i., i'!i 'f~= i t;at+;r'r=i?tiancir.c Scurce> iL^e :- (`-;3.1~z a =~'~ ~4,~~~ , t ~^ c ~ ~a ~ Faye 1 ~~ _'i~c 1~:~1;;' G l.J~ r e~tait.tS~~a Comrn~jnity L}eveioprne-~~t Commissiott i~ecieve#crptttent Agencies ~inanciai Tr•ansacti~ns Report ~iat~r:t~nt of Snc~,rtte and ExStettditures CJther t=if7ar7c;f1 j ~~11t'C2$ (USeSj - LOttSiSliddt8d Capital Projects Debt Service Lovwthloderate 8pecia! 7ata4 Funds Furicls Income hiousinc~ Revenuel0tlier Funds. Fwzds ,, - ~ 6 C D - ~ E %+C~=t i~c{IL IC hI, ~.f ;J61'.GVR IF?: ln~~ ~ .. I.~:~.5 ti' ) `L , ~ /j...~ ,L ~v3.`FV G ~I~r`•~ v~ Ui J.iKV Omar -:rancin~ JVi;rCee. UvY-:' cx;~c.xi'siur2= ar~d Othrrr ril;,ancinc) Uses '. t,. FE: ii ili i1;11~ VI ~'~'(; (IU:~ t '.~~: ~: ii~l..^<} ~ Ji,'I a;] 'Ci.~ 72'..3~:J III ~^JQ ~ S C.~S1.'1/ Icr Pc.a ,.c1;1- Is ~~~ r ~ __ ti0 4~ _ 5G ~u._ t)., n, I~iry~ I r;; YlSfE rS '.° ~i ' ~ SU ~/ °.i . , .,,ic, `, , ~; Iw7~.,,4.1! ~ i=~ ~7c,i:RC~$ ... SG ~ i 1,.1_ ~~ ~ ~fl ~~ 1, ~I 1 - _.. ~ _... ~_ :,.rc=; is - i;,cii ..,ail ~ ~ L> < <,c~ 1 _l2L/20179 0