HomeMy WebLinkAboutStaff Report 3.C 03/05/2018DATE: March 5, 2018
TO: Petaluma Public Financing Authority Board of Directors through Chief Financial
Officer
FROM: Corey Garberolio, Acting Finance Director UY
Janine Tedrow, Senior Accountant
SUBJECT: Petaluma Public Financing Authority Status Report and Audited Financials for
Fiscal Year 2016-17.
RECOMMENDATION
It is recommended that the Governing Board of the Petaluma Public Financing Authority Accept
the Status Report and Audited Financials for Fiscal Year 2016-17.
BACKGROUND
The Petaluma Public Financing Authority (PPFA) was established in May 1996 as a Joint
Powers Authority between the City and Former Redevelopment Agency. The purpose of the
PPFA is to provide for financing Public Capital Improvements.
DISCUSSION
In March of 2016, the PPFA entered into a lease obligation with the City in the amount of
$4,531,000. The proceeds of the lease obligation were used to retire the 2003 Certificates
originally issued by the Petaluma Public Financing Corporation and the 2005 California
Department of Transportation Airport Loans. The lease obligation is payable by the City each
November from 2016 to 2025 and is included in the City's Annual Financial Report. The
outstanding balance as of June 30, 2017 was $4,143,000. Additional information was disclosed
in the notes to the financial statements. This report is contained in the City's Comprehensive
Annual Financial Report because PPFA is a blended component unit of the City, for financial
reporting purposes, and does not issue its own financial statements. All activity is accounted for
in the Airport Fund.
FINANCIAL IMPACTS
None
ATTACHMENT
Memo dated March 5, 2018 on the status of activity for FY 2016-17 from the Acting Finance
Director. -
1
ATTACHMENT 1
CITY OF PETALUMA, CALIFORNIA
Finance Depm7ntent, 11 English Street, Petals nta, CA 94952
(707) 778-4352 Fax (707) 778-4428 E-mail. finance@cipetalnnta.ca. its
DATE: March 5, 2018
TO: Governing Board of the Petaluma Public Financing Authority
FROM: Corey Garberolio, Acting Finance Director
SUBJECT: City of Petaluma Public Financing Authority Annual Report
The City of The Petaluma Public Financing Authority (PPFA) was established in May 1996 as a
Joint Powers Authority between the City and Former Redevelopment Agency. The purpose of
the PPFA is to provide for financing Public Capital Improvements.
The Joint Powers Agreement of the PPFA require an annual meeting and a report on fiscal year
activity. Below is a report on the fiscal year 2016-2017 activity to comply with the requirements
of the agreement. The City Council serves as the board for the Petaluma Public Financing
Authority and the annual meeting is scheduled for March 5, 2018 to accept this report.
In March of 2016, the PPFA entered into a lease obligation with the City in the amount of
$4,531,000. The proceeds of the lease obligation were used to retire the 2003 Certificates
originally issued by the Petaluma Public Financing Corporation and the 2005 California
Department of Transportation Airport Loans. The outstanding balance as of June 30, 2017 was
$4,143,000. All activity is accounted for in the Airport Fund.
The lease obligation is payable by the City each November from 2016 to 2025 and is included in
the City's Annual Financial Report. This City discloses the PPFA as a blended component unit in
its notes to the financial statements.
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