HomeMy WebLinkAboutStaff Report 2.C 01/09/2012 Agender'Itev v#2 .0
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1855
DATE: January 9, 2012 •
TO: Honorable Mayor and Members of the City Council through City Manager
Honorable Chair and Members of the Petaluma Community Development
Commission through Executive Director
FROM: Bonne Gaebler, Housing Administrator bov�y�e
SUBJECT: Discussion and Adoption of Resolutions Acknowledging the Submittal of the
2011 State Controller's Office (SCO) Redevelopment Financial Report.
RECOMMENDATION .
It is recommended that the City Council and the Petaluma Community Development
Commission adopt the attached Resolutions Acknowledging the Submittal of the 2011 State
Controller's Office (SCO) Redevelopment Financial Report.
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 submitted to the SCO by
December 31. Staff submitted all required documents (as listed below) prior to the December
31, 2011 deadline.
Following are the required reports which have been submitted:
• State Controller's Financial Report Cover Page
• FICD Housing Report
• Blight Report
• Bureau of Census Survey Form
• Statement of Indebtedness
• Independent Audit and Financial Transaction report
DISCUSSION
The PCDC Annual Report, inclusive of the above-listed requirements, must be filed by
December 31, 2011. The penalties for failing to do so are strict, including not being able to
::t::::::\v:
Finance D irector City Mai
spend any money, adopt/amend redevelopment plansysell bonds, enter into any other kind of
debt, and potential fines.
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 budgeted in Account#54141 in the PCDC budget.
ATTACHMENTS
I. Exhibit 1 (PCDC Resolution)
Exhibit 2 (City Council Resolution)
2. HCD Housing Report (Executive Summary)
3. Blight Report
4. Bureau of Census Survey Form
5. Statement of Indebtedness
6. Agency Outstanding Loans
7. Agency Owned Properties
Z Items listed below are large in volume and are not attached to this report, but may be viewed in the
City Clerk's office.
1. Audit Report (available after 12/19/11)
2. SCO Financial Transaction Report (available after 12/19/11)
2
•
EXHIBIT 1
RESOLUTION NO.
Of the Petaluma Community Development Commission
Resolution Acknowledging the Submittal of the 2011 State Controller's
Office (SCO) Redevelopment Financial Report.
WHEREAS, California Community Redevelopment Law requires that an annual report be
presented to the legislative body within six months of the end of the fiscal year; and
WHEREAS, that report must contain certain financial and housing information for the fiscal
year ending June 30, 2011; and
WHEREAS, this Annual Report is a compilation of those individual financial statements and
reports on the PCDC housing programs; and S
WHEREAS, the Annual Report was distributed,to the City Council on December 19, 2011 for
review in preparation for the City Council's January 9, 2012 meeting; and
WHEREAS the required financial and housing reports were submitted prior to the December 31,
2011 deadline; and
WHEREAS, Section 33080.2 of Redevelopment Law states the "the legislative body shall
review the report and take any action which it deemed appropriate;"
NOW, THEREFORE BE IT RESOLVED that the Petaluma Community Development v
Commission acknowledges the submittal of the FY 2010-2011 State Controller's Report.
1340536.1
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EXHIBIT;2
RESOLUTION NO.
Of the Petaluma City Council
Resolution Acknowledging the Submittal of the 2011 State Controller's Office
(SCO) Redevelopment Financial Report
WHEREAS, California Community Redevelopment Law requires that an annual report be
presented to the legislative body within six months of the end of the fiscal year; and
WHEREAS, that report must contain certain financial and housing,information for the fiscal
year ending June 30, 2011; and
WHEREAS, this.Annual Report is a compilation of those individual financial statements and
reports on the PCDC housing programs; and
WHEREAS, the Annual Report,was.distributed to the City Council on December 19, 2011 for
review in preparation for the City Council's January 9, 2012 meeting; and
WHEREAS the required financial and housing reports were submitted prior to the December 31,
2011 deadline; and
WHEREAS, Section 33080:2 of Redevelopment Law states the "the legislative body shall
review the report and take any action which it deemed appropriate;" 4
NOW, THEREFORE BE IT RESOLVED that the Petaluma City Council acknowledges the
submittal of the FY 2010-2011 State Controller's Report.
=4
ATTACHMENT #2
HCD HOUSING REPORT
EXECUTIVE SUMMARY
State redevelopment law (Health and Safety Code, Section 33090 et seq.) requires
redevelopment agencies to annually report to the Department of Housing and Community
Development (HCD) on the use of Low and Moderate Income-Housing Funds to increase,
improve, and preserve the supply of affordable housing. The department is statutorily mandated
to annually compile and publish statewide information on redevelopment agencies' housing
funds and activities.
The following FY 2010-2011 low-mod housing information has been submitted to the
Department in a timely fashion and utilizing the on-line reporting capability approved by HCD
since 2007. If a councilmember many member of the public wishes to see the entire report,
please feel to contact Bonne Gaebler(778-4484) or Sue Castellucci (778-4563).
PCDC 20(1/0 Set-Aside Low-Mod Housing Revenues:
Beginning Balance $3,614,438
2011 Allocation 3,171,909
Total resources $6,786,347
PCDC Projects and Programs Expenditures:
Property Acquisition $2,410,459
New Development 1,107,975
Rental Subsidies 324,814
Housing Program Subsidies 952,365
First-Time I-Iomebuyer Loans 663,000
Total Projects and Programs $5,458,613
PCDC Planning andAdministration Expenditures:
Salaries, audit, consulting, legal $435,886
Total Expenditures $5,894,499
Balance $891,848
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ATTACHMENT #3
BLIGHT REPORT
Petaluma Community Development Commission
As outlined in State law, redevelopment agencies are required to present an annual report that
outlines the progress it has made towards alleviating blight in the community. Petaluma's
redevelopment agency, the Petaluma Community Development Commission (PCDC) has
completed and continues to address substandard roadways, deteriorated and substandard
buildings and contaminated properties. PCDC also funds a program to address property
vacancies and deteriorated property values throughout the project areas.
PCDC was activated on December 1, 1975 and includes two project areas, the Central Business
District Project Area and the Petaluma Community Development Project Area. The two project
areas are financially merged but for the purposes of this report, expenditures and projects have
been separated by project area. Additionally, PCDC manages the commission's Affordable
Housing Fund which appropriates and-monitors the use of funds that are set aside for affordable
housing. Per State law, 20% of the commission's gross tax revenues are set aside for affordable
housing purposes.
Central Business District Project Area
Fire Sprinkler Program
This project set aside $25,000 to help downtown building owners install fire sprinklers. One
$2,652 grant was awarded to the owner of 153 Kentucky Street. An additional grant request for
$8,775 is currently pending review.
Petaluma Downtown Association
The Petaluma Downtown Associated (PDA) is a network of businesses, property owners and
individuals who work together to promote and support downtown businesses through advertising
and annual events. PCDC provided'the PDA $50,000 for operations in FY 10/11.
Storefront Improvement Loan,Program
This program provides low-interest loans to help downtown property owners upgrade their
storefronts. While $25,000 was budgeted for the program, no projects were funded in FY 10/11.
Petaluma Community Development Project Area
Old Redwood Highway Interchange
This project will upgrade the Old Redwood Highway 101 interchange to meet current standards
and future traffic requirements. The proposed interchange includes ramp widening and
6
reconfiguration, a six lane over-crossing structure with bicycle lanes and signal improvements
which will improve safety and relieve congestion. This project will be completed as part of a
larger, regional upgrade to Highway 101.
The $41.5 million dollar project is funded by $10 million of PCDC funds, $14.5 million from
Sonoma County Transit Authority Proposition M funds, $10 million from City Proposition M
funds and $7 million in other City funds. Construction of the interchange is scheduled to begin
in 2013 and to be complete in 2015.
East Washington Interchange
This project will 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 an engineering consultant and will be constructed by CalTrans using
State and local funds. The PCDC will have contributed $4.0 million towards the total $15 million
project.cost. The project is expected to be complete in 2013.
Rainier Cross-Town Connector/ Interchange
This project will provide a new interchange on US 101 and connect the west and east sides of
Petaluma. It will provide a cross town connection between North McDowell Boulevard and
Petaluma Boulevard North and open up underdeveloped portions of the PCD Project Area for
reuse. PCDC allocated $3,000,000 in FY 2010/11 to pay for road design and the environmental
review. The road will be designed to go under the freeway for now but will also be designed to
accommodate an interchange with the freeway when funds are available.
Caulfield Extension from Lakeville Street to the Petaluma River
This project will extend Caulfield Lane from Lakeville Street across the railroad and the
Petaluma River to Petaluma Boulevard South. The extension requires an at-grade railroad and
river crossing which will connect the east and west side of Petaluma and create future
development opportunities on land that is not currently accessible. PCDC provided $1.5 million
to complete the at-grade railroad crossing phase of the project.
Petaluma River Trail
The project will create pedestrian and bicycle access along the Petaluma River from Lynch
Creek to Washington Street. The expanded trail will link the trail's dead end near Lakeville
Street with a new pedestrian bridge over the Petaluma River at North Copeland Street.
This project will cost approximately $2,000,000 when it is complete, most of which will come
from Measure M funds. The PCDC has contributed $85,000 toward a portion of the project
cost. Construction of the trail is expected to begin in the summer of 2012.
US EPA Brownfields Grants.
This program provides funds to assess the soil conditions of property to determine if there is any
contamination or pollution. If contamination is found, Petaluma also administers a $1,000,000
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revolving loan fund to help clean up contaminated properties. The PCDC allocated
approximately $200,000 to match the EPA grant.
Auto Center Drive Extension
This project to extend Auto Center Drive to Petaluma.Boulevard was complete this year. This
extension eliminates a dead end' street and makes it easier for customers to access the auto
dealers. PCDC contributed approximately $1,200,000 towards the $1,400,000 total project cost.
The remaining funds came from Proposition 1B funds.
Payran Underground.Storage Tank
An underground storage tank,at 301 Payran Street from a former, Petaluma fire station caused
groundwater contamination which requires ongoing remediation. The Petaluma Community
Development Commission has paid for staff costs totaling $20,000 towards the remediation
work.
•
Both Project Areas
Economic Development Strategy and implementation
PCDC completed and adopted an Economic Development Strategy in November of 2010. The
Strategy identifies goals, objectives and strategies to develop a sustainable economy in Petaluma.
Petaluma SMART Rail Station Areas: TOD Master Plan
The Metropolitan Transit Commission (MTC) and the Sonoma-Marin Area Rail Transit
(SMART) funded a program to create plans for the areas surrounding the proposed SMART
stations in Petaluma. SMART and MTC provided $260,000 and PCDC provided $50,000 to
complete the planning process. A master plan and the necessary zoning amendments will be
completed for the areas surrounding both Corona and Downtown stations. The master plan will
be the basis for future development surrounding the two stations that supports Petaluma's
community vision and maximizes the potential for SMART'ridership.
ADA Self Evaluation and Transition Plan
The City of Petaluma completed an update to its Americans with Disabilities Act (ADA)
evaluation and transition plan. The update includes an evaluation of the programs, services and
activities offered by the City as well as a physical assessment of City facilities and right of vvays
throughout the Project Areas. The plan will help both Agencies develop barrier removal
solutions for persons with disabilities.
Unreinforced Masonry Program
PCDC allocated $25,000 to help property owners retrofit unreinforced masonry buildings. No
expenditures were incurred this fiscal year.
8
Affordable Housing Fund
PCDC provided funds for the following three affordable housing development projects during
fiscal year 2010-2011.
Vintage Chateau 11
This 67-unit affordable, senior housing development completed all land use approvals, secured
financing and began construction. PCDC funds were used to pay for land acquisition and City
Impact Fees for this project developed by USA Properties.
Logan Place
This 67-unit affordable family housing project has completed design and is partially funded.
PCDC funds paid for site acquisition and predevelopment expenses incurred during the design
and entitlement phase of the project. Burbank Housing has secured most of the project funding
will apply next year for the remaining tax credit and bond funds needed to complete the project.
Construction is expected to begin in spring of 2012.
Kellgren Senior Apartments
PCDC funds paid for predevelopment expenses to design this project developed by Petaluma
Ecumenical Properties (PEP 1-lousing). The project was approved by the City Council in
February 2011 and approved by the Planning Commission in April of 2011. HUD 202 funds
were requested and construction is expected to begin in early 2013.
Housing related programs (rent subsidy, rehabilitation, transitional housing, etc.) were also
funded from the Affordable Housing Fund.
9
ATTACHMENT #4
Supplement:to the Annual Report or Community Redevelopment Agencies
Redevelopment Agency ID Number. 139111 9 650 CO
Name of Redevelopment Agency: felvize , arinyt_ lnev°. Co re-f✓ry<S5+
Mark the appropriate box below to indicate the ending date of your agency's fiscal year.Report
data for that period only.
September 2010 r December 2010 June 2011
Return this farm to the California State Controller's Office. If you have any questions
regarding this loon please contact:
U.S.Bra-eau of the Census,Shannon Doyle, 1-800-242-4523
A.Personnel Expenditures
Report your government's total expenditures for salaries and wages during the year, including
amounts paid on force account construction projects_
z00 5 /ii,/Y7 1
0. Mortgage Revenue Bond-interest Payments
Report your government's total amount of interest paid on mortgage revenue bonds during the
yea
I U20 I`s o I
10
ATTACHMENT #5
STATEMENT OF INDEBTEDNESS-CONSOLIDATED Cover Page i
FILED-FOR THE 2011-2012 TAX YEAR
•
Name of Redevelopment Agency Petaluma Community Development Commission
Name of Project Area Merged ProjectArea.
Current
Balances Carried Forward From: Total Principal/Interest
Line Outstanding Debt Due During Tax Year
Fiscal Period-Totals (From Fonu A,'Fuze I Totals) ( 1)$ 183,606,309.00 $ 13,848.086.00
(Optional)
Past Fiscal Period-Totals (Front Form B Totals) _ (2)$ 81,088.888.00 $ 6.552,899 00
Grand
Totals (3)$ 264,695,197.00 $ 20,400,98500
ivadible Res en net
From Calculation of Available.Revenues,Line'7 _ (-4_)$ 19,019,413 00
Net
Requirement _ (.5)$ 245,683,784.00 C
Consolidate on this form all of the data contained on Form A and B(including sujapletuental'page-s). Form.A.is to include all indebtedness
entered.into as of June 30 of the Fiscal Year, Form B may be :Sled at the option of the agency,and is to include indebtedness entered
into post June 30 of the Fiscal Year,pursuant to Health nod Safety Code Section 33675(0(2). This is optional for each agency and is not a
requirement for filing the Statement of indebtedness. The Reconciliation Statement is to include indebtedness from Form A only.
Certification of Chief Financial Offnee 69._ r ��r`:U-^'+ /rG �-$' A4d i� v r''�"�e.K✓r r' )r-
Pursuant to Section3 6775(h)ufthe Health and Safety Code. N m2 T rte
i hereby certify that the above it a true and accurate Statement (/ ��
of Indebtedness for the above named agency. \ 2______-9-..3,O(-/j
,,((�� (t /J / .eerie are- - state
Rss 7/si2000 e.c2 d�f U p n (/Z`314, .�
11
STATEMENT OF INDEBTEDNESS-POST FISCAL YEAR INDEBTEDNESS ONLY Form B
FRED FOR THE 2011-2012 TAX YEAR (Opticnai)
To be used oily if the egmey ishes is Include indebtedness catered into aftellane J3
Name of Redevelopment Agency Petaluma Community•Development Commission
Name of Project.Area Merged Project Area
For Indebtedness Entered into post June 30,2011 as of September 30,2011 F
___
II Original Data Current
Interest Total Total Principal/Interest
ll Debt Identification Date Principal Term Rate Interest Outstanding Debt_ Due During Tax Year
(A) Remittance avments for AB !x 27 _ 7/1/2011 47.554,008.00 27 yrs 47,564.008.00 5,150,819.00
(13) Scan dev/sae development 7/1/2011 6,000,000.00 27 tee - 6,000,000.00 1,000,000.00
(c:) Administrative costs 7/112011' - .27;524,880.00 27 TS 27,524.880.00 402,080.00
1
(F)
(G)
(H)
!IN) IIIMII
I. 11111111
i
IL)
TOTALS
POST FISCAL YEAR INDEBTEDNESS [ ! ? S BI.CS8,883A0 S 6,581,899.",0
Purpose of Indebtedness:
(A)Valunmry ERAF payment per AR t e 27 (C)
(B) Sitedevelepntent commitment (11)
(C) Administrative cost eommimteeb - (I) -
(Di (J)
(F1 (K)—�_ —
1F) (L)
12
STATEMENT OF INDEBTEDNESS Form A
. . FILED FOR THE 2011-2012 TAX YEAR Page I oft Pages
Name of Redevelopment Agency Petaluma Community Development Commission
Name of Project Area Merged Project Area
For Indebtedness Entered into as of June 30,2011
Original Data
Interest Total Total Principal/InterestF)
Debt Identification Date Principal Term Rate Interest Outstanding Debt Due During Tax Year
0-
(Al 2001ATAB _ 6101 4,025,000.00 15 vrs 6.0% 1,215,941.00 1,220,915.00 404,315.00
0
(B) 2003A TAB 10/03 23.630.000.00 30yrs 3-5% 23.6255.456.00 37.073,049.00 1,505,011.00
0
(C) 2005A TAB 10105 18,355.000.00 25yrs 3-5% 13,967,805.00 26.997.154.00 1.044.814.00
0
(D) 2007 TAB 4/07 31,825,000.00 32 vrs 4-5.5% 36,691 296.00 62,136.507.00 1.597.011.00
(C) 2011 TAB 3/2011 11,369,000.00 13yrs 4.79% 4,233.093.00 15.535,534.00 1,194,575.00
0
(F) .pass through agreements 1989/2002 4,000,000.00 4.000,000.00
0
(C) ^--0%set aside LMl annual 35,740,790.00 3,200.000.00
0
• (II) reimburse agreement City annual 383,360-00 383,360,00
0
(I) RDA program-URM annual 60,000.00 60,000.00
0
(J) RDA program-storefront loan annual 25.000.00 25,0.00.00
Sub Total,
This Page $ 183.172,309.00 $ 13,414.086.00_
Totals Forward
From All Other Pages i:. ! I 434,000.00 $ 434,000.00
S
Grand
Totals $ 183,606.309.00 $ 13,848.086.00
Available Revemies
From Calculation of Available Revenues ? $ (19pI1,41300)
Net
Requirement �. $ 164,594.8960E e
Purpose of Indebtedness:
I A) RDA proiccis and programs IF)lax increment pass-through to other agencies
(B) RDA projects and programs (C)FISC 33681.5 1.641 set aside
(C).RDA projects and programs (H)reimbursement overhead to City per wrinen agreement
(0) RDA projects and programs (I)Reso.92-50 commitment to property owners
(C)RDA projects and programs (.1)01-02 adopted budget loan program
13
STATEMENT OF INDEBTEDNESS Form A
FILED FOR TILE 2011-2012 TAX- YEAR Page 2 of 2 Pages
Name of-Redevelopment Agency .Petaluma Community Development Commission
Name ofPrnject Area Merged Project Area
For Indebtedness Entered into a s of Jute 30,2011
Ori Current
: : otal 'r no pa .merest
I , Debt Identification Date Principal Tekm n Outstanding Debt Due During Tax Year.
I(A) RDA protean-MA annual � 50,000.00 50,000.00
0
(B) commit-firea dickies sub .annual 25,000.00 25.000.00
I1C0 c omit it-Brownfields annual 50,000.00 •
___ 80.000.00
0
I(D) coats fees an nut 24.000.00 24.000.00
0
i(El commit-rail stations _ mmual' : _ 25,000.00 25,000.00
0 ��'(F) son eats collection fee 210,000.00 210.000.00
p �_
!(C) commit actenUSC remediation 20.000.00 20900.00
I
(FI)
aWilielliimilli al I
i 111111W111=
- ' 434100000 .S 4 4.000.00_
Purpose of Indebtedness:
(.4) Budget commitment to Downtown Assoc (C)Bridget commitment support to UST remediation
(B).(16-07 adapted budget Mao/subsidy pro-'am - (it)
(C) C':anmit cosS associated with Ri twitiolds gyrnt (I)
(D)dnistee fee budget comnmitmentin con ectionwith allocation of tax increment G])
tF) Budget commitment snppon to rail.stations (K) _
(F) Budget commitment for Sonamta County collection fee (L)
14
RECONCILIATION STATEMENT - CHANGES IN INDEBTEDNESS Page 1 of 3 Pages
Name of Agency Petaluma Community,Development Commission
Name of Project Area Merged Project Area
Tax Year 2011-2012 Reconciliation pates:. From July.1,,2010 To June 30,2011
Debt identification: Outstanding Debt _ Adjustments Amounts Paid Against Remaining
I SOI,page and line: Brief All Beginning Increases Decreases Indebtedness,from: Balance
Prior Vr Current Yr Description Indebtedness. (Attach Explanation) (Attach Explanation) • Tax Increment Other Funds (A1B-C-D-E)
1 P 1 Pg 1 ._
Line A Line A 200!A.TAB 1,624,255.00 $ 403,340:00 1,220,915.00
Pg 1 Pg 1 -
Line B Line B 2003A TAB .38,574.092!00' 1,501,043:00 37,073,049.00
Pg 1 Pg 1
il Line C Line C '2005A TAB 28,041405.00. 1,048,251/00 26,997.154.00
Pg 1 Pg 1
Line D Line D 2007 TAB 63.733,418.00 1,596,911.00 62,136,507.00
Pg 1 Pg 1
Lino E Line E DDA-AD 19 .230,895.00 17,637.00 213,,258.00 0.00
Pg 1 Pg 1
Line F Line F pass through azreennents 5,168,000.00 2,836,688.00 4,004,688.00 4.000,000.00
Pg 1 Pg 1
Line G Line G 20%set aside WI 5,821525.00 '3,074,827.00
35,740.790.00
Pg 1 Pg 1
Line H Line H reimburse agreement City 365,700.00 249,210.00 231.550,00 383,360,00
TOTAL.THIS PAGE. S 170;736.057.00 S 8,907,223.00 $ 17,637.00.$ 14073.868.00 S 167,551,775.00
TOTALS FORWARD $ 565,000.00 $ 17079.056,00 $ 600.00. $ 1,588,922.00 $ - $ 16,054.534.00
GRAND TOTALS _ _ $ 171,301,057.00,5_25,986,279.00. S 18,237.00 $ !3,662,790.00 5 - S 183.606 309.00
NOTE: Column A must equal the previous year Statement of Indebtedness Outstanding Debt. Column F must equal this year's 501 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"Prier Yr"page and line column,fdr each new indebtedness..
Rev. 512194
15
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RECONCILIATION STATEMENT - CHANGES IN INDEBTEDNESS Page 2 of 3 Pages
Name of Agency Petaluma Community Development Commission
Name of Project Area Merged Project Area
Tax Year 2011-2012. Reconciliation Dates: From July 1,20101 To June 30,2011
Debt Identification: Outstanding Debt Ad ustments _ Amounts Paid Against Remaining
Sal,page and line: I Brief All Beginning Increases Decreases Indebtedness,from: Balance
i Prior Yr Current Yr Description Indebtedness (Attach Explanation) (Attach Explanation) Tax Increment Other Funds (Ar-B-C-D-E)
Pg 2 Pg 2
li.ine A Line A RDA roeram-URM 20,000.00 40,00000 0,00 60.000.00.
Pg 2 Pg 2
Lire B Line 6 RDA program-storefront loan 25,000.00 0.00 0.00 25,000.00
'Pg 2 Pg 2
Line C tine C RDA .rogram-DTA _ 50,000.00 50,000:00 50.000.00, 50,000.00
Pg 2 Pg 2
Line E Line D commit-tire s>nnkier sub 25;000.00 2,652(00__ 2,652.00 — 25'000.00
Pg 2 Pg 2
Line F- Line E commit-Brownfelds 50.00000 36.350.00 6,350.00 80,000.00
Pg 2 Pg 2 _
Line G Line F trustee fees 20.000.00 19.950.00 15,950.00 24,000 00
Pg 2 Pg 2
Line H Line G commit-rail stations .150.000:00 4,176.00 ' 129,176.00 25,00000
Pg 2 Pg 2
Line I Line H son city collection fee 210.000.00 195,543.00 195,543.00 1— 210,000.00
Pg new Pg 2
Line new Line I commit pa;rim TJSTremediation 49,671,00 22 9,67100 20.0(10.00
1Pg new, Pg 2
'Line new Line J 2011 TAB 15,602.093.00 66,559.00 15,535.534.00
Pg form Pg 2
:Line B Line K Suplinnt Education Rev Aug Fmd 1,044:706:00 1,044,706.00 0.00 l
IPg new Pg 2
Line new Line L cotmnit ADA self evil and transition 29,341.00 29,341.00 0.00
TOTAL.-THIS PAGE $ 550,000.00 S 17,074,482,00 S _ - 5 1,569.94300 S_. . - 16.054;534.00
INOTE: Column A must equal the previous year Statement of Indebtedness Outstanding Debt. Column F must equal this year's SOI Outstanding Debt Column.
16
RECONCILIATION STATEMENT - CHANGES' IN INDEBTEDNESS Page 3of 3 Pages
Name of Agency Petaluma Community'.Development.Commission
Name of Project Area Merged Project Area.
Tax Year 2011-2012 Reconciliation.Dates: From July 1;2010•To June 30,2011
-- ®
• - __. A g - D .--_. . E ..._ F
Debt Identification: Outstanding Debt Adjustments - Amounts Paid Against Remaining
1.501,page and line: Brief All Beginning. Increases Decreases- Indebtedness,from: Pa!ance
'Prior Yr Current Yr Description __ Indebtedness (Attach Explanation) (Attach Explanation) Tax Increment Other Funds (A+D C-D-E)
Pg new Pg 3
Line new Line A cottunlr economic devel strategy 4,574.00 _ 4,574.00 0.00.
-IPg 2 Pg 3
Line D Line B Icommit-depot costs 15,000.00 600.00 14,400.00 0.00
Pg Pg 3
Line Line C
Pg Pg 3
Line Line D_ - -
Pg Pg 3
Line Line E
Pg Pg 3
Line Line F'
Pg Pg 3
Line Line G
Pg Pg 3
Line Line H
Pg! Pg 3
. Line Line I _
Pg Pg 3
Line Line J - -
Pg Pg 3
Line Line K
Pg Pg 3
Line Line L __ -- - - -
}TOTAL-THIS PAGE 15,000.00- 4,574.00. 600.00 13,974.00 T.
NOTE: Column A must equal the previous year Statement of Indebtedness Outstanding pebt. Column rF must equal this year's SO/Outstanding Debt Column.
17
CALCULATION OF AVAILABLE REVENUES
AGENCY NAME Petaluma Community.Development Commission
PROJECT AREA Merged Project Area
TAX YEAR 2011-2012
RECONCILIATION DATES: JULY 1,2010 TO JUNE 30,2011
1. Beginning Balance,Available Revenues $ 17;289.338.00
(See Instructions)
Tax Increment Received-Gross-C(3D $ 2,618.441.00
2. Tax Increment Received-Gross PCD S 13,558,562.00
less sec 33676 S (792,138.00)
All Tax+lncrement Revenues,to including any Tax Increment
passed through to other local taxing agencies
3. All other Available Revenues'Received $ -
(See Instructions)
4. Revenues from any other source,included
in Column E of the'Reconciliation
Statement, but not included in(1 -3)above $ -
5. Sum of Lines 1 through 4 $ 32,674,20 x.00
6. Total amounts:paid'ageinst indebtedness
in previous year. (D E on Reconciliation Statement) S. 13.662,790.00
7. Available Revenues,End of Year(5-6) S 19,011.413.00
FORWARD THIS AMOUNT TO STATEMENT OF:INDEBTEDNESS
NOTES
Tax Increment Revenues:
The'only amount(s)to be excluded as.Tax.Increment Revenue are any amounts passed through to other local taxing
agencies pursuant to Health and Safety Code Section 33676, Tax.Increment Revenue set-aside in the Low and
Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted'from Available
Revenues at year end.
Item 4.above:
This represents any payments from any source other than'Tax Increment:OR available revenues. For instance,an
agency funds a project witha bond issue. The previous sal included a Disposition Development Agreement (DDA)
which was.fully satisfied wittathesebond proceeds. The•DDA would•he shown on the Reconciliation Statement
as fully repaid..under the"other column(Co!E), but with funds that were neither Tax Increment,-nor"Available Revenues"
as defined. The amounts used to satisfy this DDA would be-included on line 4 above in order to accurately
determine ending"Available Revenues".
Rev (512/941
18
Reconciliation Statement- Description of Adjustments
Agency: Petidunia'Comanunity Development Commission
Project Area: Merged:Project Area
Date: June 30,2011
R .._.— _
econciliation -
Sheet Description of Adjustment
page and line: , Amount
Pg 1
!Line E Reduction due to bond call early debt retirement. $ (17,637.001
I Pg I Increase in project area's pass through based upon computation of required
i Line F payment from tax increment $ 2,836,688.00 1
Pg t Increase in project areas set-aside requiienment for Low and Moderate Income
Line G Housing funds..Amotnnt otnputed,based on total debt outstanding. $ 5,821,325.00
Pg 1
Line 11 Increase to outstanding indebtedness/budget commitment at year end. $ 249.210.00
Pg 2
Line A Increase to outstanding indebtedness/budget commitment at year end, $ 40,000.00
Pg
!Line C Increase to outstanding indebtedness/budget commitment at year end. $ 50000.001,
;Pg
;line D Increase to outstanding indebtedness/budget ebniMitment at year end. _ _ $__ 2,652.00
1 Pg 2 ._
{Line E Increase to outstanding indebtedness/budget commitment at year end. $ 36,350.00
1pg
Line F Commitment of fees aid to Trustee in connection with allocation of tax increment. $ 19,950.00
Pg
Line G Increase to.outstandin indebtedness/budget commitment at year end. $ 4,176.00
Pg
Line H Commit fees paid to Sonoma,County in connection with collection of tax increment. $ 195,543 00 1
Pg 2
'Line 1 New commitment of budgeted funds. $ 49,671.00 1
Pg 2
Line J New tax allocation'hond'debt $ 15,602.093.00
Pg 2
Line K Supplemental.Educational•Revenue Augmentation fund obligation per IISC 33690.5 .$ 1,044,706.00
Pg
Line L New commitment of budgeted funds. $ 29,341.00
Pg 3
Line A New commitment of budgeted funds: $ 4,574.00
IPg ,
Line B Decrease to outstanding indebtedness/budget commitment at Yearend_ S (600.00)
1 Line
t
Pg
Line '
Pg
I Line
I
I One
Pg
Line Grand'total $ 25,968,042.00
19
ATTACHMENT #6
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
LOAN REPORT
7/1/2010-6/3/2011
As of June 30, 2011, the Commission had the following notes receiveable:
Housing Loans to Not-for-Profit Agencies:
Old Elm Partners 1,305,961
Roundwalk Village Partners 933,400
Boulevard (Buckelew) Project 480,200
Downtown River Associate LP 3,662,836
Edith Street Apartments Inc 889,964
Lieb Senior Apartments Inc 810,241
Parklane Apartments Corp 164,486
575 Vallejo Street Association 851,184
579 Vallejo Street Association 990,000
Casa Grande 198,445
Wood Sorrel 1,347513
Logan Place 2,943,219
Salishan Apartments Inc 388,380
Vintage Chateau II 4,499,825
Total Housing Loans to No-for profit Agencies 19,465,654
First Time Homebuyer Loans 3,736,875
Storefront Loan Program 251,670
TOTAL $23,443,105
Defaulted Loans:
Housing—First Time Homebuyers Program:
5 — Foreclosed properties with Agency loans, $ 663,000
12
ATTACHMENT#7
AGENCY OWNED PROPERTIES
(There are no Agency Owner! Properties
13
•
PETALUMA COMMUNITY.
DEVELOPMENT COMMISSION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
JUNE 30,2011
Itt
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15
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Component Unit Financial Statements
For ThecYear.Ended JUNE 30,2011
TABLE OF CONTENTS
Independent Auditor's Report - 1
Basic Financial Statements:
Commission-wide Financial Statements:
Statement of Net Assets 4
Statement of Activities 5
Fund Financial Statements:
Balance Sheet 8
Reconciliation of the Governmental.Funds—Fund Balances
With the Statement of Net Assets 9
Statement of Revenues,Expenditures,and Changes in Fund Balance 10
Reconciliation of the Net Change in Fund Balances—Total-Government Funds
With the Change in Net of Governmental Activities 11
Notes to Basic Financial Statements 13
Required Supplemental Information:
Schedule of Revenues, Expenditures,and Changes;in Fund Balance-Budget and Actual:
Redevelopment Special Revenue Fund 32
Supplemental Information:
Major Funds Except for Special Revenue Fund:
Schedules of Revenues,Expenditures,and-Changes in Fund Balance-Budget and Actual:
Redevelopment Debt Service Fund 36
Redevelopment Capital Projects Fund 37
Excess Surplus.Calculation 38
Independent Auditor's Report on Internal Control over,Financial Reporting
and on Compliance,and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 39
Independent Auditor's Report on Compliance and on Internal Control over Compliance in
Accordance with the California Health and Safety Code as Required by Section 33080.1 41
Schedule of Current Year Findings 43
G
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11
/ Y $
ASSOCIATES
ACCOUNTANCY CORPORATION
3478 Buskirk Ave. - Suite 215
Pleasant Hill, California 94523
(925)930-0902 •FAX(925)930-0135
maze@tnazeassociates.com
INDEPENDENT AUDITOR'S REPORT www.mazeassociates.com
Members of the Governing Board of the
Petaluma Conununity Development Commission
Petaluma,California
We have audited the basic financiabstatements,of the governmental activities and each major fund of the
Petaluma Community.Development Commission, a component unit of the City of Petaluma, California, as
of and for the year ended June 30;2011, as listed in the table of contents. These basic financial statements
are the responsibility 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 of
America and the standards for financial audits contained in Government Audit Standards, issued by the
Comptroller General of the United States of America. Those standards require that we plan and perform the
• audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement.
An audit includes examining on a test basis;evidence supporting the amounts and disclosures in the 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.
In our opinion, the basic financial statements referred to above present fairly in all material respects the
financial position of the governmental activities and each major fund of the Commission as of June 30,
2011,and the respective changes in the financial position thereof for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
Management's Discussion and Analysis is not a required part of the basic financial statements but is
supplementary information required'by,the Governmental Accounting Standards Board. The Commission
has not presented the Management Discussion,and Analysis that the Governmental Accounting Standards
Board has determined is necessary to supplement, although not required to be part of, the basic financial
statements.
As disclosed in Note 10,the State of California adopted ABx1 26 on'June 28,2011,'which suspends all new
redevelopment activities except;for limited specified,activities as of that date and dissolves redevelopment
agencies effective October 1, 2011. The State simultaneously adopted ABx1 27 which allows
redevelopment agencies to avoid dissolution by opting into an "alternative voluntary redevelopment
program" requiring specified substantial annual contributions'to'local schools and special districts. These
conditions raise substantial'doubtabout the Commission's ability to,continue as a going concern. However,
on August 11, 2011, the California•Supreme Court issued a partial stay of ABx1 26 and a full stay of ABxI
27, but the partial stay did not include the section of ABx1 26 that suspends all new redevelopment
activities. As a result, the accompanying financial statements have been prepared assuming that the
Commission will continue as a going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
A Professional Corporation
As of July 1, 2010,.the Commission adopted the provisions of Governmental Accounting Standards Board
Statement Number 54 (GASB 54),Fund Balance Reporting and.Governmental Fund Type Definitions. As
discussed in Note 7 to the financial statements, the provisions of this statement affect the classification of
fund balances reported in the financial statements.
In accordance with Government Auditing Standards, we have also issued our report dated November 18,
2011, on our consideration of the Petaluma Community Development Commission internal control over
financial reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements and other matters. 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 over financial;reporting or on compliance.That report is
an integral part of an audit performed in accordance with Government Auditing Standards and should be
considered in assessing the results,of our audit.
Management's Discussion and Analysis'and:Required Supplemental Information are not required parts of
the Basic Financial Statements but are supplementary information required`by the Government 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 supplemental
information.However,we did not audit this information and we express no opinion on it.
Our audit was made for the purpose•of forming an opinion on the financial statements taken as a whole.
The supplemental information listed in the Table of Contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the Petaluma Community
Development Commission. Such information has been subjected to the auditing procedures applied in our
audit of the financial statements and'in.our opinion is fairly stated in all material respects in relation to the
component unit financial statements'taken',as a whole.
03, 4 )e, booms
November 18,2011
2 � 9
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
STATEMENT OF NET ASSETS
AND,STATEMENT OF ACTIVITIES
The Statement of Net Assets reports the difference between the Commission's total assets and the
Commission's total liabilities, including all the Commission's capital assets and all its long-term debt.
The Statement of Net Assets focuses the reader on the composition of the Commission's net assets, by
subtracting total liabilities from total assets.
The Statement of Net Assets summarizes the financial position of all the Commission's financial position
in a single column.
The Statement of Activities reports increases and decreases in the Commission's net assets. It is also
prepared on the full accrual basis; which means it includes all the Commission's revenues and all its
expenses, regardless of when cash changes hands. This differs from..the modified accrual basis used in
the Fund Financial Statements; which reflect only current assets, current liabilities, available revenues
and measurable expenditures.
3 �U
PETALUMA COMMUNITY DEVELOPMENT`COMMISSION
STATEMENT OF'NET ASSETS
JUNE 30; 2011
Governmental
Activities
ASSETS
Cash and investments(Note 2) $11,742,783
Restricted cash and investments(Note 2) 28,329,760
Accounts receivable-net 25,426
Intergovernmental 102,896
Loans receivable(Note 4) 23,443,634
Interest receivable related,to loans(Note 4) 3,380,195
Deferred charges,net' - 1,262,264
Deposits and prepaids 671,000
Total Assets •68,957,958
LIABILITIES
Accounts payable 541,467
Wages payable 23,846
Deposits payable 189,750
Unearned revenue- 500
Advances from the City o6Petalmna(Note 3) 1,300,000
Interest payable 623,454
Compensated absences(Note IF):
Due within one year 29,191
Due in more than one year 118,619
Long-tenn debt(Note 6):
Due within one year 2,005,000
Due in more than one year 79,051,574
Total Liabilities 83,883,401
NET ASSETS(DEFICITS)(Note 7):
Restricted.for:
Debt service and operations '415,569
Capital projects 39,017,993
Special projects 22,826,373
Total Restricted Net Assets 62,259,935
Unrestricted (77,185,378)
Total Net Assets(Deficit) ($14,925,443)
See accompanying notes to financial statements
4 I
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
STATEMENT OF'ACTIVITIES
FOR THE YEAR ENDED JUNE 30,2011
Net(Expense)
Revenue and Changes
Program.Revenues in Net Assets
. Operating
Charges for Grants and Governmental
Functions/Programs Expenses Services Contributions Activities
Governmental Activities:
Community development $8,897,760 $15,366 $38,709 ($8,843,685)
Tax increment pass through agreement 4,796,826 (4,796,826)
Interest on long-term debt 3,501,214 (3,501,214)
Total Governmental Activities 17,195,800 15'366 38,709 (17,141,725)
General revenues:
Incremental property taxes 16,166,274
Other 673,895
Use of money and property 185,517
Contributions from the City 36,097
Transfers to the City of Petaluma,net(Notes 3 and'5) (11,164,172)
Total general revenues and transfers. 5,897,611
Change in Net Assets (11,244,114)
Net Assets(Deficit)-Beginning (3,681,329)
Net Assets(Deficit)-Ending ($14,925,443)
See accompanying notes to financial statements
5 as
FUND FINANCIAL STATEMENTS
Major hinds are defined generally as having significant activities or balances in the current year.
MAJOR'GOVERNMENTAL FUNDS
The Redevelopment Special Revenue Fundis used to account for the.redevelopment Commission's 20%
set-aside, as required by law, of tax increment for Low and Moderate Income Housing. The activity of this
fund consists of supporting development of affordable housing in the community. Also included in this
fund arc redevelopment agency donations and grant revenues.
The Redevelopment Debt,Service Fund is used to account for the accumulation of resources, and the
payment of principal and interest of the Commission's long-term debt.
The Redevelopment Capital Projects Fund is used to account for the administration of programs and the
capital projects undertaken in the.Commission.
7
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
GOVERNMENTALFUNDS
BALANCE SKEET
•JIJNE10;201 I
Redevelopment, Redevelopment Redevelopment Total
Special Capital Debt Governmental
Revenue. Projects Service Funds
ASSETS
Cash and investments(Note 2) $1,238,447 $10,089,355 $414,981 $11,742,783
Restricted cash and investments(Note'2) 28,329,172 588 28,329,760
Receivables
Accounts receivable,net 25,426 25,426
Intergovernmental receivable 14,027 88,869 102,896
Deposits andprepaids 671,000 671,000
Loans receivable(Note 4) 23,202,529 241,105 23,443,634
Interest receivable related to notes receivable(Note 4) 3,380,195 3,380,195
Total Assets $27,835,198 $39444,927 $415,569 $67,695,694
LIABILITIES
Accounts payable $264,137 $277,330 $541,467
Wages payable 4,492 19,354 23,846
Deferred revenue 3,380,196 500 3,380,696
Refundable deposits 60,000 129,750 189,750
Advance from the City of Petaluma(Note'3) 1,300,000 1,300,000
Total Liabilities 5,008,825 426;934 5,435,759
FUND BALANCES
Fund balance(Note 7):
Restricted for redevelopment projects 22,826,373 39,017,993 415,569 62,259,935
Total Fund Balances(Deficit) 22,826,373 39,017,993 415,569 62,259,935
Total Liabilities and Fund Balances $27,835,198 $39,444,927 $415,569 $67,695,694
See accompanying notes to financial statements
•
8 .5
•
•
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Reconciliation of the
GOVERNMENTAL FUNDS--BALANCE SHEET
with the
STATEMENT OF NET ASSETS
JUNE 3'0;2011
Total fund balances reported on the governmental funds balance sheet $62,259,935
Amounts reported for Governmental Activities in the Statement of Net Assets
are different from those reported in the Governmental Funds above because of the following:
ACCRUAL OF NON-CURRENT REVENUESANDEXPENSES
Revenues which are deferred on the Fund Balance Sheets because,they are not available currently
are taken into revenue in theStatëment of Activities. 3,380,196
Deferred charges,such as bond issuancecosts,were an expenditure in the governmental funds but
were capitalized and amortized over the life of the bonds in the Government-Wide Financial
Statements. 1,262,264
Interest payable on long-term debt did not require current financial resources: Therefore, interest
payable was not recorded on the Governmental Fund Balance Sheet. (623,454)
LONG-TERM ASSETS AND LIABILITIES
The assets and liabilities below are not due and payable in the current period and therefore are not
reported in the Funds:
Compensated absences-due in one:year (29,191)
Compensated absences-due in more than one year (118,619)
Long-term debt-due in one year (2,005,000)
Long-term debt-due in more than one year (79,051,574)
NET ASSETS OF GOVERNMENTAL ACTIVITIES ($14,925,443)
See accompanying notes to financial statements
9
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES,:EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE'30,2011
Redevelopment Redevelopment Redevelopment Total
Special Capital Debt Governmental
Revenue Projects Service Funds
REVENUES
Taxes $3,074,827 $13,091,447 $16,166,274
Licenses,permits and fees 91 91
Use of money and property 41,744 143,773 185,517
Intergovernmental 38,709 38,709
Charges for services 15,275 15,275 '
Other 673,895 673,895
Total Revenues 3,805,741 13,274;020 17,079,761 .
EXPENDITURES
Current:
Community development 2,391,461 2,444,395 21,900 4,857,756
Tax increment pass through agreement 4,796,826 4,796,826
Capital outlay 2,410,926 1,962;732 . 4,373,658
Debt service:
Principal 1,519,000 1,519,000
Interest and fiscal charges 3,305,360 3,305,360
Total Expenditures 4,802,387 9,203,953 4,846,260 18,852,600
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (996,646) 4,070,067 (4,846,260) (1,772,839)
OTHER FINANCING SOURCES(USES)
Proceeds from debt 11,369,000 11,369,000
Contributions from the City 11,700 24,397 36,097
Transfers in(Note 3) 11,935,020 4,733,000 16,668,020
Transfers(out)(Note 3) (772,570) (4,733;000) (11,162,450) (16,668,020)
Transfers in from the City(Note 3) .20,000 318,906 338,906
Total Other Financing Sources(Uses) (740,870) 7,545,323 4,939,550 11,744;003
NET CHANGE IN FUND BALANCES (1,737,516) 11,615,390 93,290 9,971,164
BEGINNING FUND BALANCES(DEFICIT) 24,563,889 27,402,603 322,279 52,288,771
ENDING FUND BALANCES(DEFICIT) $22,826,373 $39,017,993 $415;569 . $62,259,935
See accompanying notes to financial statements
107
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Reconciliation of the
NET CHANGE IN FUND BALANCES-TOTAL GOVERNMENTAL FUNDS
with the
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED,IUNE 30,2011
The schedule below reconciles the Net Changes in Fund Balances reported on the.Governmental Funds Statement of
Revenues,Expenditures and.Changes,in.Fund'Balance,which measures only changes in current assets and current
liabilities on the modified accrual basis,with the Change in Net Assets of Governmental Activities reported in the
Statement of Activities,which is prepared on the full accrual basis.
NET CHANGE IN FUND BALANCES-TOTAL GOVERNMENTAL FUNDS $9,971,164
Amounts reported for governmental activities in the Statement of Activities
are different because of the following:
CAPITAL ASSETS TRANSACTIONS
Capital assets transferred to the City is deducted from the fund balance (11,619,166)
Capitalized expenditures are added back to fund balance 116,088
LONG-TERM DEBT PROCEEDS AND PAYMENTS
Bond proceeds provide current financial resources to governmental funds,but
issuing debt increases long-term liabilities in the Statement of Net Assets.
Repayment of bond principal is an expenditure in the governmental funds,but
in the Statement of Net'Assets the repayment reduces long-term liabilities. (11,369,000)
Repayment of debt principal is added back to fund balance 1,519,000
ACCRUAL OF NON-CURRENT ITEMS
The amounts below included in the Statement of Activities do not provide or(require)the use of
current financial.resources and therefore are not reported as revenue or expenditures in
governmental funds(net charge):,
Deferred revenue 348,988
Interest payable (138,863)
Amortization on deferred charges (56,991)
Compensated absences (15,334)
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES ($11,244,114)
See accompanying notes to financial statements
11 U
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29
•
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit financial
NOTE 1-SUMMARY OF SIGNIFICANT POLICIES'
A. Description of the Petaluma Community Development Commission and Redevelopment Plan
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 incremental increasein,assessed values above the base year valuation
are allocated to the Commission. Property taxes based-on,the base year assessed valuation are
allocated to the City,county and other districts.
The Commission has no power to levy and collect taxes..
On October 18, 2006, an ordinance,approving and adopting an amendment to the redevelopment plan,
fiscally merging the Central Business District Project Area with the Petaluma Community Development
Project Area, was approved by the City Council/The Commission 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 the Commission over the life of the redevelopment plan.
B. Basis of Presentation
The Commission's Basic Financial Statements are prepared in conformity with accounting principles
generally accepted in the United States of America. The Government Accounting Standards Board is the
acknowledged standard setting body for establishing accounting and finanCial reporting standards followed by
governmental entities in the U.S.A.
These Standards require that the financial statements described below be presented.
Commission-wide Statements: The Statement.of Net Assetspand the Statement of Activities display the
financial activities of the overall Commission. Eliminations have been made to minimize the double
counting of internal activities.
13
30
PETALUMACOMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial^Statements
NOTE 1-SUMMARY OF SIGNIFICANT-ACCOUNTING POLICIES(Continued)
The Statement of Activities presents.a comparison between direct expenses and program revenues for each
function of the Commission's governmental activities. Direct expenses are those that are specifically
associated with a program or function and, therefore, are clearly identifiable to a particular function.
Program revenues include (a) charges paid by the recipients-of goods or services offered by the programs,
(b)grants and contributions that are,restricted to meeting'theoperational needs of a particular program and
(c) fees, grants and contributions that are restricted to financing the acquisition or construction of capital
assets. Revenues that are not classified as program revenues, including all taxes, are presented as general
revenues.
Fund Financial Statements: The fund financial statements provide information about the Commission's
funds. The emphasis of fund.financial-statements is on major individual funds,each of winch is displayed in a
separate column. The Commission considers all its funds to,be major funds.
C. Major Funds
The Commission's major funds are required to be identified and presented separately in the fund financial
statements.
Major funds are defined as funds that have either assets, liabilities,revenues or expenditures/expenses equal
to ten percent of their fund-type total and five percent of the grand'total.
The Commission reported all its governmental funds in the accompanying financial statements as major
funds.
The Redevelopment Special Revenue Fund accounts for the redevelopment agency's 20% set-aside, as
required by law, of tax increment for Low and Moderate Income Housing. The activity of this fund consists of
supporting development of affordable housing in the community. Also included in this fund are
redevelopment agency donations and grant revenues.
The Redevelopment Debt Service Fund accounts for the accumulation of resources, and the payment of
principal and interest of the Commission's long-term debt.
The Redevelopment Capital Projects Fund accounts for the administration of programs and the capital
projects undertaken in the Commission. •
D. Basis of Accounting
The Commission wide financial statements are reported:using;the economic resources measurement focus
and the full accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at
the time liabilities are incurred, regardless of when the related cash flows take place.
Governmental funds are reported using the current financial resources measurement focus and the
modified accrual basis of accounting. Under this method, revenues are recognized when measurable and
available. The Commission considers all revenues reported in the governmental funds to be available if the
revenues are collected within sixty days,after year-end. Expenditures are recorded when the related fund
liability is incurred, except for principal and interest on long-term debt, claims and judgments, and
compensated absences, which are recognized as expenditures to the extent they have matured.
Governmental capital asset acquisitions are reported as'expenditures in governmental funds. Proceeds of
governmental long-term debt and acquisitions under capital leases are reported as other financing sources.
14 I
9
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial Statements
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(Continued) I
The Commission may fund programs with a combination of cost-reimbursement grants, categorical block
grants, and general revenues. Thus, both restricted and unrestricted net assets may be available to finance
program expenditures. The Commission's policy is to frstapply restricted grant resources to such programs,
followed by general revenues if necessary.
Certain indirect costs are included in program expenses reported for individual functions and activities.
Non-exchange transactions, in which the Commission gives or receives value without directly receiving or
giving equal value in exchange, include taxes, grants, entitlements, and donations. On an accrual basis,
revenue from taxes is recognized in the fiscal year for which the taxes are levied. Revenue from grants,
entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been
satisfied.
E. 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. My budget modification,;which would result in an appropriation
increase, requires Commissioners' approval. The Finance Director and City Manager are jointly authorized to
transfer appropriations within a departmental budget.
•
Reported budget figures are as originally adopted or Subsequently amended and include prior year
encumbrances. Such budget amendments during the year; including those related to supplemental
appropriations, did not cause these reported budget amounts to be significantly different than the originally
adopted budget amounts. All appropriations which are not obligated, encumbered, or expended at the end of
the fiscal year lapse and become a part of the unreserved fund balance which may be appropriated for the next
fiscal year.
An annual budget for the year ended June 30,2011, 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.
15
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial Statements
NOTE 1-SUMMARY OF'SIGNIFICANT-ACCOUNTING;POLICIES(Continued)
F. Leave Benefits
Commission employees may accumulate earned vacation time according to certain limits. 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 currentrperiod, for which there is a probability of payment at termination. The salary and related
payroll costs are those in-effect.as of June 30, 2011. Compensated absences are recorded as current and
non-current liabilities only on the government-wide financial statements.
Changes in compensated absences for the year ended June 30 2011,were as follows:
Beginning Balance $132,476
Add itions 260,918
Payments (245,584)
Ending Balance $147,810
Current Portion $29,191
G. Use of Estimates
The preparation of the basic financial statements in conformity with generally accepted accounting principals,
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 estimates and assumptions.
H. Property Tax
Under California law, property taxes are assessed and collected by Sonoma County (County) up to 1°%o of
assessed value, plus other increases approved by the voters. Theproperty taxes go into a pool, and are then
allocated to cities and agencies based on complex formulas. The County assesses,bills, and collects property
taxes as follows:
Lien Date January 1
Levy Date July 1
Due Date Secured: November 1 and February 1
Unsecured: July 1
Collection Date Secured: December 10 and April 10
Unsecured: August 31
16 3
9
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unif Financial Statements
NOTE 2-CASH AND INVESTMENTS
A. Classification
Cash and investments are classified in the financial statements as shown below, based on whether or not
their use is restricted under the terms of the debt instruments or Commission agreements. Cash and
investments as of June 30,2011,are as follows:
Cash and investments:
Cash and investments $11,742,783
Restricted cash and investments 28,329,760
Total cash and investments $40,072,543
Cash and investments as of June 30,2011,consist of the following:
City of Petaluma pooled.investments $11,742,783
Cash and investments with fiscal agents 28,329,760
Total Cash and Investments $40,072,543
8. Investments Authorized by the California Government Code and the City's Investment Policy
The Commission's dependence on property tax receipts, which are received semi-annually, requires it to
maintain significant cash reserves to finance operations during the remainder of the year The Commission
pools cash from all sources and alf£unds, except Cash and Investments with Fiscal Agents,with the City of
Petaluma so that it can be invested at the maximum yield, consistent with safety and liquidity, while
individual funds can make expenditures'at any time.
The City's Investment Policy and the California Government Code allow the City to invest in the following,
provided the credit ratings of the issuers are acceptable to the City and approved percentages and maturities
are not exceeded. The table'below also identifies certain provisions of the California Government Code or
the City's.Investment.Policy where it is more restrictive'that addresses interest rate risk, credit risk and
concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees
that are governed by the provisions of debt.agreements of the City,rather than the general provisions of the
California Government Code or the City's'investment policy.
17 311
•
PETALUMA COMMUNITY DEVELOPMENT'COMMISSION
Notes to Component Unit Financial Statements
NOTE 2-CASH AND INVESTMENTS(Continued)
The City's investment policy and the California.Govermnent Code allow the Commission to invest in the
following:
Minimum Maximum Maximum
Maximum Credit Percentage Investment
Authorized Investment Type Maturity. Quality of Portfolio In One Issuer
State of California Local Agency Investment Fund(LAIF) No Limit N/A N/A N/A
Securities of the State or Local Agencies of the State No Limit * N/A N/A N/A
California Asset Management Program No Limit N/A N/A N/A
Certificates of Deposit 2 years N/A 30% N/A
Banker's Acceptances 180 days N/A 40% 30%
Securities of the U.S.Treasury or Other Federal Agencies 5 years * N/A N/A N/A
Repurchase Agreements 30.days A-1/P-1 N/A N/A
Money Market Funds No Limit Two highest ratings 20% N/A
Medium-Term Notes(as currently owned) 397 days N/A N/A N/A
May be changed if approved by Council
C. Investments Authorized by Debt Agreements
The Cash and Investments with Fiscal Agents in the amount of$28,329,760 include certain amounts
which are held by fiscal agents to be used only for specific capital outlay, payments of certain long-term
debt and maintaining required reserves. The City invests funds only as permitted by specific State
statutes governing their investment or applicable City ordinance,resolution, or bond indenture.
D. Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates'will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair
value to changes in marketinterest rates. One of the ways that the.Comrnission manages its exposure to
interest rate risk is by purchasing a combination of shorter term and longer term investments and by
timing cash flows from maturities so that a portion of the portfolio is maturing or corning close to
maturity evenly over time as necessary to provide the cash'flow and liquidity needed for operations.
Information about the sensitivity of the fair values of the Commission's investments (including
investments held by bond trustees)to market interest rate.fluctuations is provided by the following table
that shows the distribution of the Conunission's investments by maturity or earliest call date:
•
12 Months
Investment Type or less Total
Held by Trustees:
California Asset Management Program $17,165,537 $17,165,537
Money market 11,164,223 11,164,223
Total Investments 28,329,760 28,329,760
City of Petaluma pooled investments • 11,742,783
Total Cash and Investments $40,072,543
18
3C
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit FinancinlStatements
NOTE 2-CASH AND INVESTMENTS(Continued)
The Commission is a participant in the Local Agency Investment Fund (LAIF) that is regulated by
California Government Code Section 16429 under the oversight of the Treasurer of the State of
California. The Commission reports.its investment in..LAIF at the fair value amount provided by LAIF,
which is the same as the value of the pool share. The balance is available for withdrawal on demand, and
is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.
Included in LAIF's investment portfolio are collateralized mortgage obligations, mortgage-backed
securities, other asset-backed securities, loans to certain;state funds, United States Treasury Notes and
Bills and floating rate securities issued by federal agencies, government-sponsored enterprises, and
corporations. At June 30,2011,these investments have an average maturity of 237 days.
The Commission is a voluntary participant in the California Asset Management Program (CAMP).
CAMP is an investment pool offered by the California Asset Management Trust(the Trust). The Trust is
a joint powers authority and public agency created by the Declaration of Trust and established under the
provisions of the CaliforniaJoint•Exercise of Powers Act(California Government Code Sections 6500 et
seq., or the "Act") for the purpose of exercising the common power of its Participants to invest certain
proceeds of debt issues and surplus funds. The Pool's investments are limited to investments permitted
by subdivisions (a) to. (n), inclusive, of Section 53601 of the California Government Code. The
Commission reports its investments in CAMP at the fair market value:amounts provided by CAMP,
which is the same as the value of:the pool share. At June 30,-2011, the fair market value approximated is
the Commission's cost.At June 30,2011,these investments have an average maturity of 52 days.
Money market mutual funds are available for withdrawal on demand and at June 30, 2011, have an
average maturity ranging from 35 -44 days. •
E. Credit Risk
Generally, credit risk is the risk that an issuer of an inVestritent will not fulfill its obligation to the holder
of the investment. This is,measured by the assignment of a rating by a nationally recognized statistical
rating organization. The actual ratings as of June 30,2011,are as follows:
Investment Type AAA AA+ AAAm Total
FHLB $1,013,159 $0 $1,013,159
FHLMC 4,236,153 0 4,236,153
FNMA 4,371,072 0 4,371,072
U.S.Government Supported Corporate Debt 1,440,987 0 1,440,987
Corporate Notes $1,287,745 1,287,745
Local Agency Investment Fund $39,339,944 39,339,944
California-Asset Management Program 1,127,994 1,127,994
Held by Trustees:.
California Asset Program 18,285,365 18,285,365
Totals $11,061,371 $1,287,745 $58,753,303 71,102,419
Not rated:
Certificate of Deposit 249,714
Investment in Assessment District Bonds 697,873
Certificate of Deposit Account Registry Service 2,000,000
Cash on hand and in banks 4,427,904
Money market 11,165,638
Cash with fiscal agents 2,262,093
Exempt from credit rate disclosure:
U.S.Treasury's 11,859,419
Total Investments $103,765,060
19
3b
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial Statements
NOTE 2-CASH AND INVESTMENTS(Continued) I
On August 8, 2011, S&P lowered its issuer credit ratings and related issue ratings on ten of twelve
Federal Home Loan Banks (FHLBs),and the senior debt issued by the FHLB System from AAA to AA+.
S&P also lowered the ratings on the senior debt issued by the,Federal Farm Credit Banks (FFCB) from
AAA to AM-, and lowered the senior issue ratings on-Tani-de Mae (FNMA)and Freddie Mac (Fl-ILMC)
from AAA to AA+. The A subordinated debt rating and the C rating on the preferred stock of these
entities remained unchanged. Finally, S&P affirmed the short-term issue ratings for these entities at A-
1+. It should be noted that Standard and Poor's is one of the three main credit rating agencies. The
rating agencies of Fitch and Moody's re-affirmed their respective AAA ratings for the United States of
America.
NOTE 3—INTERFUND TRANSACTIONS I
A. Long-Term Advances
During fiscal 2009, the City's Housing In-Lieu Impact Fee;Fund advanced $2.5 million to the Low and
Moderate Housing Fund to finance sthe site acquisition of the Vintage Chateau property for which it has
secured a promissory note. The advance is non-interest bearing. As of June 30, 2011, the outstanding
amount of the advance is$1,300,000.
B. Transfers Between Commission Funds
With Board approval, resources may be,transferred from one Commission fund to another. The purpose of
the majority of these transfers was to provide funding for capital projects, debt service, and general and
specific operational.expenditures. Less often,a transfer may be made to open or close a fund.
Transfers between Commission-funds during the fiscal year ended June 30,2011,are as follows:
Amount
Fund Receiving Transfers Fund Making Transfers Transferred
Redevelopment Capital Projects Fund Redevelopment Debt Service Fund $11,162,450
Redevelopment Special Revenue Fund 772,570
Redevelopment Debt Service Fund Redevelopment Capital Projects.Fund 4,733,000
$16,668,020
C. Transfers Between the City and the Commission Funds
Transfers between the City and the Commission funds during the fiscal year ended June 30,2011,are as
follows:
Amount
Fund.Receiving Transfers Fund Making Transfers Transferred
Redevelopment Special Revenue Fund City CDI3GFund $20,000
Redevelopment Capital Projects Fund City Impact Fee Fund 30,000
City Capital Projects Fund 288,906
$338,906
20
37
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial Statements
NOTE 4-LOANS RECEIVABLE
Loans receivable, including accrued interest and related deferred revenue, comprised balances from the
following programs,all of which are discussed below:
At June 30,2011,the Commission had the following notes receivable:
Housing Loans to Not-For Profit Agencies
Old Elm Partners $1,305,961
Roundwalk'Village Partners 933,400
Boulevard(Buckelew)Project 480,200
Downtown River Associate LP 3,662,836
Edith Street Apartments,Inc. 889,964
Lieb Senior Apartments,Inc. 810,241
Parklane Apartments Corp 164,486
575 Vallejo Street Association 851,184
579 Vallejo Street Association 990,000
Casa Grande 198,445
Wood Sorrel 1,347,513
Logan Place 2,943,219
Salishan Apartments Inc. 388,380
Vintage Chateau 4,499,825
Total Housing Loans to Not-For Profit Agencies 19,465,654
First-Time Home Buyers Loans 3,736,875
Storefront Loan Program 241,105
Total $23,443,634
The City and the Commission have loaned funds to not-for-profit agencies to finance construction of low
and moderate income housing.'The terms range from 13 to 60 years, and the interest rates range from
zero to 6.56%. Payment is deferred,until a variety of eVents occur, such as: sale or transfer of property,
failure to adhere to low and moderate housing provisions of the promissory note, to the extent of residual
receipts, or at the maturity date of the note. Management-evaluated these loans and they are expected to
be collected, therefore,no allowance for doubtful accounts was set up.
At June 30,2011, the Commission held outstanding balance of the Housing Loans of$19,465,654.
A. First-Time Home Buyers Loans
The Commission offers qualified low and moderate income first time home buyers silent second
mortgages on home purchases. Accrued interest and principal are due when the primary loan is
refinanced or on sale of the property.The interest rate is the lower of the principal amount plus interest at
a rate of 10% per annum, or 28:6% to 33% net of sales price. At June 30,2011, the outstanding balance
of the loans was$3,736,875.
B. Storefront Loan Program
The Commission offers low interest loans to property owners with buildings located in the Central
Business District (Downtown) as an incentive to make improvements to the exterior storefronts. At June
30,2011,the outstanding balance of the loans was$241,105.
21 3(b
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial Statements
NOTE 5-CAPITAL ASSETS l
The Commission transfers its capital assets to the City as projectsare completed since the City is required to
. maintain all assets. The Commission retains its construction'intprocess.until the projects are completed. At
that time, the assets will be contributed to the City. The Commission cannot use tax increment for
maintenance, thus, the City is-required to maintain all Commission assets. Consequently, all completed
capital assets are transferred'and'recorded as City assets.
The Commission generally 'incurs long-term debt to finance projects or purchase assets, which will have
useful lives equal to or greater than.the related debt.
NOTE 6-LONG TERM DEPT'
A. The Commission's Long-Term Deb!
The Conunision's long-term-debt activities for the year ended June 30,2011, is as follows:
Original Amount
Issue Balance Balance due within
Governmental-Activity Debt: Amount June 30,2010 Additions Retirements June 30,2011 one year
Tax Allocation Bonds:
2001 A Refunding Tax Allocation Bonds
3.50-4.50%,due 5/1/2014 $4,025,000 $1,460,000 $340,000 $1,120,000 $355,000
2003A Tax Allocation Bonds
2.25-5.00%,due 5/1/2033 23,630,000 21,865 000 475,000 21 390.000 495,000
Unamortized Discount (14,217) (10,899) (474) (10,425)
2005A Tax Allocation Bonds •
5.00-5.75%,due 5/1/2030 18,355,000 17,695,000 270,000 17,425,000 275,000
Deferred amount refunding 1,248,420 (998,735) (49,937) (948,798)
Unamortized Premium 161,953 131,182 6,478 124,704
2007 Tax Allocation Bonds
4.00-4:50%,due 5/112039 31 825,000 31,300,000 220,000 31,080,000 230,000
Unamortized Discount (568,396) (510,669) (17,762) (492,907)
2011A Tax Allocations Bonds
4.79%,due 5/12024 11,369,000 $11,369,000 11,369,000 650,000
Cost of issuance 151;680 151;680 2,917 148,763
Total Tax Allocation Bonds 70,930,879 11,520,680 1,246,222 81,205,337 2,005,000
Assessment District Bond:
Auto Piazza DDA-AD 19
5.65-7.75%,due 3/2/2012 1,080,000 214.000 214,000
Total Assessment District Bond 214,000 214,000
Total Govcrmnent Activity Debt $71,144,879 $11520,680 $1,460,222 $81,205,337 $2,005,000
22 37
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial Statements
NOTE 6-LONG TERM DEBT(Continued)
B. Debt Service Requirements
Future principal and interest payments on all Governmental and Business-type long-term debt were as
follows at June 30,2011:
For The Year Tax Allocation Bonds
Ending June 30 Principal Interest -
2012 $2,005,000 $3,740,729
2013 2,087,000 3,658,726
2014 2,174,000 3,572,034
2015 2,269,000 3,479,634
2016 2,359,000 3,385,769
2017-2021 13,413,000 15,316,240
2022-2026 14,247,000 12,092,961
2027-2031 13,825;000 8,933,556
2032-2036 17,495,000 5,257,188
2037-2039 12,510,000 1,142,326
Total payments due $82,384,000 $60,579,163
Less:Original Issuance
Premium(Discount) , (1,178,663)
$81,205,337
C Description of the Long-Term Debt Issues
20014 Refunding 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 Bonds maturing on or after May
1, 2010, are subject to optional redemption prior to maturity, in whole or in part, either in inverse order
of 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. The outstanding balance of the bonds
was$1,120,000 as of June 30,2011.
20034 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 the
Commission 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%. Interest.is payable semiannually on May 1 and November
1. The Bonds maturing on or after May 1, 2014, are subject to optional redemption prior to maturity, in
whole or in part,either in inverse order of maturity or by lot within any one maturity date, on any date on
or after May 1, 2013, at a price equal to the principal amount, plus accrued interest on the redemption
date..The bonds are payable from and secured by tax revenues. The outstanding balance of the bonds was
$21,390,000 as of June 30,2011.
The bonds were issued at a discount of$14,217 which is being amortized over the 30 year life of the
bonds resulting in an annual amortization of$474.
23
�D
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial:Statements
NOTE 6-LONG TERM DEBT(Continued) I
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 costs of the
2005A Refunding Tax Allocation,Bonds. The Bonds mature annually each May I 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. 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 I, 2015, at a price equal to the principal amount, plus accrued'interest on the redemption date. The
bonds are payable solely from secured tax revenues. The outstanding balance of the bonds was
$17,425,000 as of June 30,2011.
The bonds were issued at a premium of$161,953 which is being amortized over the 25 year 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-tern 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 year 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 of$31,825,000. The proceeds of the bonds were 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 4.50%. 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. The bonds are payable solely from secured tax revenues. The outstanding
balance of the bonds was$31,080,000 as of June 30,2011..
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.
2011 Tax Allocation Bonds - On March 17, 2011, the Commission issued Subordinate Tax Allocation
Bonds, Series 2011 in the amount of $11,369,000. The proceeds of the bonds will be used to fund
Transportation improvement around the City of Petaluma. The Bonds mature annually each May 1 from
2012 to 2024, in amounts ranging from $650,000 to $1,140,000 and bear interest at rate of 4.79%.
Interest is payable semiannually on May 1 and November. The bonds are payable solely from secured tax
revenues.The outstanding balance of the bonds was$11,369,000 as of June 30,2011.
Auto Plaza DDA - AD 19 - In 1992, the Commission has an obligation under the Auto Center
Disposition and Development Agreement to refund 50% 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 $111,000 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 assessments paid by the property owners.These bonds have been repaid as of June 30,2011.
•
24 It I
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial.Statements
NOTE 6-LONG TERM DEBT(Continued)
Multi-Family Housing Revenue Bonds-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 proceeds from the bonds were used to make a loan to Oakmont
Retirement Investors, LLC for the purpose of financing the acquisition and construction of a 76-unit
assisted living care/multi-family rental facility known as Oakmont at Petaluma. The bonds are special
obligation 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
Multi-Family Housing Revenue Bonds in the amount of$6,197,000. The proceeds of the bonds were
used to finance the construction and equipping of an 81 unit, multi-family, rental housing development in
the City of Petaluma, known as the "Downtown River.Apartments."The bonds are special obligation of
the Commission payable solely from rental revenue and other assets pledged or assigned to payment of
the bonds by the obligator.
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 the Bonds. Tax increment received''in 2010-2011 was$16,166,274 and total
debt service of all Tax Allocation Bonds paid was$4,616,105.The Bonds required 29%of net revenues.
In future years, annual principal and interest payments on the Tax Allocation Bonds are expected to
require 29% of tax increment revenues. The total principal and interest remaining to be paid on the
Bonds is $142,963,163 at June 30,2011.
NOTE 7—NET ASSETS AND FUND BALANCE
GASB Statement 34 adds the concept of Net Assets, which is measured on the full accrual basis, to the
concept of Fund Balance,which is measured on the modified accrual basis.
A. Net Assets
Net Assets is the excess of all the Commission's assets over all its liabilities, regardless of fund. Net
Assets are divided into three captions. These captions apply only to Net Assets, which is determined only
at the Agency-wide level,and are described below:
Invested in Capital Assets, describes the portion of Net Assets which is represented by the current net book
value of the Commission's capital assets.
Restricted describes the portion of Net Assets which is restricted as to use by the terms and conditions of
agreements with outside parties, governmental regulations, laws, or other restrictions which the Commission
cannot unilaterally alter. These principally include developer fees received for use on capital projects, debt
service requirements,and redevelopment funds restricted to low and moderate income purposes.
Unrestricted describes the portion of Net Assets which is not restricted to use.
25
1/?
PETALUMA COIVIMUNITYDEYELOPMENT COMMISSION
Notes to Component Unit Financial'Statements
NOTE 7—NET ASSETS AND FUND BALANCE(Continued) ,
B. Fund Balances
Governmental fund balances represent the net current assets of each fund. Net current assets generally
represent a fund's cash and receivables, less its liabilities.
The Commission's fund balances are classified in accordance with Governmental Accounting Standards
Board Statement Number 54 (GASB 54), Fund Balance Reporting and Governmental Fund Type
Definitions, which requires the Agency to classify its fund balances based on spending constraints imposed
on the use of resources. For programs with multiple funding sources, the Agency prioritizes and expends
funds in the following order: Restricted, Committed, Assigned, and Unassigned. Each category in the
following hierarchy is ranked according:to the degree of spending constraint:
Nonspendable represents balances set aside to indicate items do not represent available, spendable
resources even though they,are a component of assets. Fund balances required to be maintained intact,
such as Permanent Funds, and assets not expected to be converted to cash, such as prepaids, notes
receivable, and land held for redevelopment are included. However, if proceeds realized from the sale or
collection of nonspendable.assets are restricted, committed or`assigned, then Nonspendable amounts are
required to be presented as a component of the applicable category.
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws,
regulations, or enabling legislation which requires the resources:to be used only for a specific purpose.
Encumbrances and nonspendable amounts subject to restrictions are included along with spendable
resources.
Committed fund balances have constraints imposed by formal action of the Commission Board which may
be altered only by formal action of the Commission Board. Encumbrances and nonspendable amounts
subject to council commitments are included along with spendable resources.
Assigned fund balances are amounts constrained by the Commission's intent to be used for a specific
purpose, but are neither restricted nor committed. Intent is expressed by the Commission Board or its
designee and may be changed at the discretion of the Commission Board,.or its designee. This category
includes encumbrances, Nonspendables, when it is the Commission's intent to use proceeds or collections
for a specific purpose, and residual fund balances, if any, of.Special Revenue, Capital Projects and Debt
Service Funds which have•not'been restricted or committed.
Unassigned fund balance represents residual amounts that have not been restricted,committed, or assigned.
This includes the residual general fund balance and residual fund deficits, if any, of other governmental
funds.
At June 30, 2011, the Commission had An unrestricted deficit of $77,147,615 as the Commission's
investment in assets is primarily in City owned property. The Commission does not hold property in its
own name. The Commission, under State Law, is required to show indebtedness in order to be eligible to
receive tax increment. Future tax increment revenue will be used to pay the deficit.
C. Encumbrances
The Redevelopment Capital:Projects Fund had outstanding encumbrances of$275,372 as of June 30,2011.
26 113
PETALUMA.COMMUNITY,DEVELOPMENT COMMISSION
Notes to.Component Unit Financial Statements
NOTE 8-CONTINGENT LIABILITY
The Commission participates in several federal and State grant programs. These programs have been
audited by the Commission's independent accountants in accordance with the provisions of the federal
Single Audit Act amendments of 1996 and applicable State requirements. No cost disallowances were
proposed as a result of these.audits. I-Iowever, these programs are still subject to further examination by the
grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot
be determined at this time. The Commission expects such amounts,if any,to be immaterial.
The Commission is subject to litigation arising in the normal course of business. In the opinion of the
Commission Attorney there is no other pending litigation, which is likely to have a material adverse effect
on the financial position of the Commission.
NOTE 9—TAX INCREMENT SHIFT TO SUPPLEMENTAL EDUCATIONAL REVENUE
AUGMENTATION FUND (SERAF)
The State of California adopted AB26 4X in July 2009 which directs that a portion of the incremental
property taxes received by.redevelopment agencies be paid instead to the County supplemental educational
revenue augmentation find (SERAF) in fiscal years 2009-10 and 2010-11. The State Department of
Finance determines each agency's SERAF payment by November 15 of each year,and payments are due by
May 10 of the applicable year. The Commission made its second SERAF payment in the amount of
$1,044,706 in fiscal year 2010-11.
NOTE 10—SUBSEQUENT EVENT
In an effort to balance its budget,the State of California adopted ABx1 26 on June 28,2011,which suspends
all new redevelopment activities except for limited specified activities as of that date and dissolves
redevelopment agencies effective October I, 2011. The State simultaneously adopted ABx1 27 which allows
redevelopment agencies to avoid dissolution by the City opting into an "alternative voluntary redevelopment
program" requiring specified substantial annual contributions to local schools and special districts.
Concurrently with these two measures, the State passed various budget and trailer bills that are related and
collectively constitute the Redevelopment Restructuring,Acts. if all sponsoring communities were to opt-in
to the voluntary program, these contributions amount to an estimated $1.7 billion for fiscal year 2012 and an
estimated $400 million in each succeeding year. If the City fails to make the voluntary program payment,the
Commission would become subject to the dissolution provisions of ABxI 26.
On July 18, 2011, the California Redevelopment Association, the League of California Cities and others
challenged the validity and constitutionality of ABx1 26 and 27 to the California Supreme Court on numerous
grounds,including that the acts violate certain provisions of the California Constitution. On August 11,2011,
as modified on August 17,2011,the California Supreme Court agreed to hear the case and issued a partial stay
of ABx1 26 and,a full stay of ABxl 27, but the stay did not include the section of ABxI 26 that suspends all
new redevelopment activities. It is anticipated that the Court will render its decision before January 15,2012,
the date the first voluntary program payment is due.
27 kit(
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to.Coinponent Unit Financial Statements
NOTE,10—SUBSEQUENT EVENT'(Continued)
The suspension provisions of ABxI 26 prohibit all redevelopment agencies from a wide range of activities,
including incurring new indebtedness or obligations, entering into or modifying agreements or contracts,
acquiring or disposing of real property,taking actions to adopt or amend redevelopment plans and other similar
actions, except actions required by law or to carry out existing'enforceable obligations,as defined in ABxI 26.
During the suspension period, an agency is required to prepare an.Enforceable Obligation Payment Schedule
no later than August 29, 2011,that allows it to continue to pay certain obligations. The Commission adopted
its Enforceable Obligation Payment Schedule on August 24,2011.
Included in the Schedule were obligations due to the City as follows:
Project Name/Debt Obligation
Statutory Payments $1,758,380
Brownsfield Program 400,000
Economic:Development/Site Development 6,000,000
$8,158,380
In addition,the suspension provisions require the State Controller to review the activities of all redevelopment
agencies to determine whether an asset transfer between an agency and any public agency occurred on or after
January 1, 2011. If an asset transfer did occur and the public agency that received the asset is not contractually
committed to a third party for the expenditure or encumbrance,of the asset, the State Controller is required to
order the asset returned to the redevelopment agency. The State Controller's Office has not yet provided any
information about the timing or the process for this statewide asset transfer review.
The Commission is currently subject to the suspension provisions as described above. These facts indicate that
there is more than a remote possibility the Commission may not continue as a going concern beyond October 1,
2011. The continuation of the Commission beyond October 1, 2011 will initially depend upon whether the
Supreme Court rules in favor of the,petitioners. There are three possible consequences to the Commission
from a decision of the Supreme Court,when it is rendered:
1. If the Supreme Court determines that both ABxI. 26 and ABxI 27 are valid,then the City will consider
whether it will enact an ordinance to opt-in to the alternative voluntary redevelopment program. If
enacted, the City would be required to make annual payments to the County Auditor-Controller and the
Commission would no longer be subject to the suspension provisions. The State Department of Finance
calculated the City's Voluntary Program payment for fiscal year 2012 to be $5,150,819, which was
adjusted to$4,908,155 after an appeal made by the City.
2. If the Supreme Court determines that both ABxI 26 and ABx1 27 are valid and the City decides not to
participate in the alternative voluntary redevelopment program, or if the Supreme Court determines that
ABxI 26 is valid,but ABx1 27 is not valid,the Commission will continue to be subject to the suspension
provisions and would be dissolved in accordance with certain provisions of ABx1 26. Prior to
dissolution, any transfers of Commission assets subsequent to January I,2011 to the City that were not
obligated to third parties or encumbered may be subject to the State Controller's review discussed above
and required to be returned to the Commission. Upon dissolution, all assets and obligations of the
Commission would be transferred to;a successor agency.
28 ��
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
Notes to Component Unit Financial.Statements
NOTE 10—SUBSEQUENT EVENT(Continued)
3. If the Supreme Court determines that both ABx1 26 and ABxI 27 are invalid,the Commission would no
longer be subject to the suspension provisions and would continue in existence under California
Redevelopment Law as it existed prior to the enactment of ABx] 26 and ABxI 27.
As of November 18, 2011, the Supreme Court has not ruled on the case and the Commission is subject to the
suspension provisions as discussed above.
•
29 `/ni v
REQUIRED SUPPLEMENTAL INFORMATION
Redevelopment Special Revenue Fund - used to account for the redevelopment agency's 20% set-aside,
as required by law, of tax increment for Low and Moderate Income Housing. The activity of this fund
consists of supporting development of affordable housing in the community. Also included in this fund are
redevelopment agency donations and grant revenues.
31 ti/
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
REDEVELOPMENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES;EXPENDITURES
AND CHANGES INFUNDBALANCE
BUDGET AND ACTUAL
FOR THE'YEAR ENDED JUNE 30,2011
• Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual Amounts (Negative)
REVENUES:
Taxes $3,260,000 $3,260,000 $3,074,827 ($185,173)
Use of money and property 1,600 1,600 41,744 40,144
Charges for services 15,275 15,275
Other 1,525,000 475,000 673,895 198,895
Total Revenues 4,786,600 3,736,600 3,805,741 69,141
EXPENDITURES:
Community Development 5,163,050 6,648,800 4,802,387 1,846,413
Total Expenditures 5,163,050 6,648,800 4,802,387 1,846,413
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (376,450) (2,912,200) (996,646) 1,915,554
OTHER FINANCING SOURCES(USES)
Contributions from the City 11,700 11,700
Transfers(out) (925,000) (45,000) (772,570) (727,570)
Transfers in from the City 20,000 20,000 20,000
Total other financing sources(uses) (905,000) (13,300) (740,870) (727,570)
EXCESS(DEFICIENCY)OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES AND O'ITLER USES ($1,281,450) ($2,925,500) (1,737,516) $1,187,984
BEGINNING FUND BALANCE 24,563,889
ENDING FUND BALANCE $22,826,373
See accompanying notes to financial statements
•
•
32 ,16{
SUPPLEMENTAL INFORMATION
59
SUPPLEMENTAL INFORMATION
The Redevelopment DebtService Fund is used to account;for the accumulation of resources, and the
payment of principal and interest of the Commission's;long-term-debt.
The Redevelopment Capital Projects Fund is used to account for the administration of programs and
the capital projects undertaken in the Redevelopment Agency.
35
5�-
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
REDEVELOPMENT DEBT SERVICE FUND
SCHEDULE OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE30,2011
Variance
Positive
Budget Actual (Negative)
REVENUES
Use of money and property $500 ($500)
Total Revenues 500 (500)
EXPENDITURES
Community development 25,950 $21,900 4,050
Debt.service:
Principal 1,408,000 1,519,000 . (111,000)
Interest and fiscal charges 3,474,450 3,305,360 169,090
Total Expenditures .4,908,400 4,846,260 62,140
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES, (4,907,900). (4,846,260) 61,640
OTHER FINANCING SOURCES(USES)
Proceeds from debt 11,369,000 11,369,000
Transfers in 4,733,000 4,733,000
Transfers(out) (11,162,450) (11,162,450)
Total Other Financing Sources(Uses) 4,939,550 4,939,550
EXCESS(DEFICIENCY)OF REVENUES AND
OTHER SOURCES OVER EXPENDITURES
AND OTHER USES $31,650 93,290 $61,640
BEGINNING FUND BALANCE 322,279
ENDING FUND BALANCE $415,569
36
53
PETALUMA,COMMUNITY DEVELOPMENT:COMMISSION
REDEVELOPMENT CAPITAL PROJECTS FUND
SCHEDULE OF..,REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30,2011
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual Amounts (Negative)
REVENUES:
Taxes $13,000,000 $13;000,000 $13,091,447 $91,447
Licenses,permits and fees 91 $91
Use of money and property 10,000 10,000 143,773 133,773
Intergovernmental 126,000 143,500 38,709. (104,791)
Total Revenues 13,136,000. 13,153,500 13,274,020 120,520
EXPENDITURES:
Community development 6,877,150 6,835,150 3,991,214 (2,843,936)
Tax increment pass through agreement 5,140,000 5,140,000 4,796,826 (343,174)
Capital outlay 415,913 415,913
Total Expenditures 12,017,150 .11,975,150_ 9,203,953 (2,771,197)
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 1,118,850. 1,178,350 4,070,067 2,891,717
OTHER FINANCING SOURCES(USES)
Contributions from the City 139,000 163,400 24,397 (139,003)
Transfers in 4,329,000 31,349,200 11,935,020 (19,414,180)
Transfers(out) (4,733,000) (24,911,250) (4,733,000) 20,178,250
Transfers in from the City 318,906 318,906
Total other financing sources(uses) (265,000) 6,601;350 7,545,323 943,973
EXCESS(DEFICIENCY)OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES AND OTHER USES 853;850 7,779,700 11,615,390 $3,835,690
BEGINNING FUND BALANCE 27,402,603
ENDING FUND BALANCE $39,017,993
See accompanying notes to financial statements
37
61
Pe taluma.Community Development Commission
EXCESS SURPLUS CALCULATION
Excess surplus is defined in Health and Safety Code Section 33334.12(b) as any unexpended:and unencumbered
amount in an Agency's Low and Moderate Income Housing Fund that exceeds the greater of$1,000,000 or the
aggregate amount deposited into,the Low and Moderate Income Housing Fund during the preceding four fiscal
years,as of the beginning of the'fiscal year.
If excess surplus exists,the Agency must lawfully spend the excess or transfer it to a housing authority or other
public agency in the following fiscal year,expend.orencumber in the nexttwo fiscal years or face sanctions.
Essentially, agencies have a three=year window to expend,encumber,or transfer the excess surplus.
Low and Moderate Income
Housing Funds--All Project Areas
July 1,2010
Opening Fund Balance--July 1,2010 $24,563,889
Less Unavailable Amounts:
Deposits and prepaid items ($548)
Notes receivable (22,494,553)
(22,495,101)
Available Low and Moderate Income Housing Funds 2,068,788
Limitation (greater of$1,000,000 or four years set-aside)
Set-Aside for last four years-fiscal years ended:
June 30, 2010 3,797,596
June 30, 2009 3,297,916
June 30, 2008 3,277,878
June 30, 2007 3,035,021
Total $13,408,411
Base limitation $1,000,000
Greater amount 13,408,411
Computed Excess Surplus-July 1,2010 None
38
1 DAZE
ASSOCIATES
ACCOUNTANCY CORPORATION
3478 Buskirk Ave. - Suite 215
Pleasant Hill, California 94523
INDEPENDENT AUDITOR'S REPORT (925)930-0902 FAX(925)930-0135
maze@mazeassociates.com
ON INTERNAL CONTROL OVER www.mazeassociates.com
FINANCIAL REPORTING AND ON
COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Members of the Petaluma Community
Development Commission
Petaluma, California
We have audited the financial statements of the Petaluma Community Redevelopment Commission as of and for
the year ended June 30,2011, and have issued our report thereon dated November 18,2011. The report included
a special emphasis paragraph concerning proposed redevelopment dissolution and the implementation of
Governmental Accounting Standards Board Statement Number 54 (GASB 54), Fund Balance Reporting and
Governmental Fund Type Definitions. We conducted our audit in accordance with auditing standards generally
accepted in the United States of America 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
Management of the Commission is responsible for establishing and maintaining effective 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 auditing procedures for the purpose of expressing our opinions 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 an opinion on the
effectiveness of the Commission's internal•control over financial reporting.
A deficiency in internal control 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 and correct
misstatements on a timely basis: A material weakness is a deficiency, or combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the Commission's financial
statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a
deficiency, or a combination of deficiencies; in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control over financial reporting was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over financial
reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any
deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined
above.
A Professopal Corporation
Y 6(0
•
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 material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective ofour-audit, and accordingly, we do'not express such an opinion. The results of
our tests disclosed no instances' of noncompliance or other matters, that are required to be reported under
Government Auditing Standards.
As part of our audit, we prepared.and iissued our separate Memorandum on Internal Control dated November 18,
2011,which is an integral part of our audit and should be read in conjunction with this report.
This report is intended solely for the information and use of management, Commission Board, others within the
Commission the State Controller's Office, federal awarding agencies and pass-through entities and is not
intended to be and should not be-used by anyone other than these specified parties.
f4 4 A4oU
November 18,2011
40
57
IVIima
AZE
ASSOCIATES
ACCOUNTANCY CORPORATION
3478 Buskirk Ave. - Suite 215
Pleasant Hill, California 94523
(925)930-0902 •FAX(925)930-0135
maze@mazeassociates.com
w ww.mazeassocia tes.com
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE AND
ON INTERNAL CONTROL OVER COMPLIANCE
IN ACCORDANCE WITH THE CALIFORNIA HEALTH AND SAFETY CODE
AS REQUIRED BY SECTION 33080.1
Members of the
of the Petaluma Community Development Commission
Petaluma, California
Compliance
We have audited the Petaluma Community Development Commission's compliance with the California Health
and Safety Code as required by Section 33080.1 for the year ended,June 30, 2011. Compliance with the
requirements referred to above is the responsibility of the Commission's management. Our responsibility is to
express an opinion on the Commission's compliance based on our audit:
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained.in Government Auditing Standards,
issued by the Comptroller General of the United States; and Guidelines for Compliance Audits of California
Redevelopment Agencies, June 2011,issued by the State Controller.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
noncompliance with the compliance requirements referred to above that could have a material effect on the
Commission has occurred. An audit includes examining, on a test basis, evidence about the Commission's
compliance with those requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide
a legal determination of the Commission's compliance with those requirements.
In our opinion, the Commission complied, in all material respects, with the compliance requirements referred to
above that are applicable for the year ended June, 30, 2011. However, the results of our audit procedures
disclosed instances of noncompliance that are required to be reported under the Guidelines for Compliance
Audits.of California Redevelopment Agencies, June 2011, which are described in the accompanying Schedule of
Current Year Findings.
Internal.Control Over Compliance
Management of the Commission is responsible for establishing and maintaining effective internal control over
compliance with the compliance requirements referred to above. In planning and performing our audit, we
considered the Commission's internal control over compliance to determine the auditing procedures for the
purpose of expressing our opinion on compliance, but not for the purpose of expressing an opinion on the
effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the
effectiveness of the Commission's internal control over compliance.
A Prolessjj fat Corporation
1 Sq
A deficiency in internal control over'compliance;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 and
correct, noncompliance on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of'deficienoies in internal control:over compliance, such that there is a reasonable
possibility that material noncompliance with a compliance requirement will not be prevented, or detected and
corrected, on a timely basis. A,significant deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control,over compliance that is less severe than a material weakness in
internal control over compliance,yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph
of this section and was not designed to identify all deficiencies in internal control that might be deficiencies,
significant deficiencies,or material weaknesses in internal control over compliance.
We did not identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above.
This report is intended solely for the,information and use of management, Commission Boards, others within the
Commission, the State Controller's .Office, federal awarding agencies and pass-through entities and is not
intended to be and should not be'used by anyone other than these specified parties.
U t fraa
November 18,2011
42
J'
•
SCHEDULE OF CURRENT YEAR FINDINGS
Major Compliance Violations,as defined in Health and Safety Code Section 33080.8(j):
None
Other Compliance Violations:
Criteria: California Health.and Safety Code Section 33606(d) requires redevelopment agencies to
adopt an annual budget containing a work program for the coming year, including goals.
Condition: The.Commission's adopted budget for fiscal 2010-11 does not appear to contain a work
program or goals for the coming year.
Effect: This causes the Commission to be out of compliance with the requirements above.
Cause: Because this specific information has been included in the Implementation Plan and
Redevelopment Plan, management and City Commission Board did not see the necessity to include
duplicate information in the annual budget. The narrative in the Commission budget references the
Implementation Plan and mid-term review which states the goals and plan for the Commission. The
working plan and goals are also included in the section of the budget for Capital Improvement Projects,
which is part of the annual budget.
Recommendation: We recommend the Commission include the above required information in
their future adopted budgets.
Management response: The Commission will include the recommended information in their narrative
of the Petaluma Community'Development Commission in future budgets to ensure that the Commission's
goals and working plan are articulated in that document.
43
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Petaluma Community Development Commission
- - ----- ---
Redevelopment Agencies,F.inanciahTransactions Report
Detailed Summary of Footnotes For Fiscal Year 2010-11
Forms Column Additional Details Footnotes
Audit Information
If compliance opinion includes A. Compliance Violation:
exceptions,state the areas of non- Adopted budget for fiscal
compliance,and describe the agency's 2010-11 does not appear to
efforts to correct contain a work program or
goals for the coming year as
required under H,&S code
section 33606(d).
Agency Response: The
work program is included in
the.lmplementation Plan and
Redevelopment Plan and
management and Governing
Board did not see the
necessity to include
duplicate information in the
annual budget.The narrative
in the Agency budget
referencesthe
Implementation and mid-
term review which slates the
goals and plan for the
Agency.The working plan
and goals are also included
in the section of the budget
for Capital Improvement
Projects,which is part of the
annual budget.
The Agency will include the
recommended Information in
their.narralive of the
Petaluma Community
Development Commission in
future budgets to ensure that
the Agency's goals and
working plan are articulated
in that document.
Pass Through/School District
Assistance
Total Paid to Taxing Agencies A PROJECT AREA_NAME Petaluma Community
='PCDC merged project Development Commission
area' was adopted on July 18,
1988 and amended in 2006.
Total Paid to Taxing Agencies C PROJECT_AREA_NAME Petaluma Community
='PCDC merged project Development Commission
area' has_a contractual agreement
for County pass-through
(Section 33401)which are
not AB 1290 pass-throughs.
Footnotes Page 1 12/15/2011
G2-
Petaluma Community Development Commission
17 Redevelopment Agencies.Financial Transactions Report,
Detailed Summary of Footnotes For Fiscal Year 2010-11
Forms Column Additional Details Footnotes
•
Agency Long-Term Debt
Year of Authorization A. BOND_TYPE='Tax No change from last year.
Allocation Bonds'and
YEAR jAUTHORIZATION=
2005 and
PURPOSE ISSUE=
'Refund 2000A Tax
Allocation'B ond'.and
PROJECT_AREA_NAME=
'PCDC merged project area'
Year of Authorization A BOND TYPE='Tax No change from last year.
Allocation Bonds'and
YEAR_AUTHORIZATION=
• 2003 and
PURPOSE ISSUE=
'Finance redevelopment
projects'and
PROJECT_AREA_NAME=
'PCDC merged project area
Year of Authorization A BOND_TYPE='Tax No change from last year.
Allocation Bonds'and
YEAR AUTHORIZATION=
2001 and
PURPOSE_ISSUE=
'Dfeasee 1992 Tax
Allocation Bond'and
PROJECT_AREA NAME=
'PCDC.nerged,project area'
Year of.Authorization A BOND_TYPE='Other'and No change from last year.
YEAR AUTHORIZATION=
1998 and
PURPOSE ISSUE=
'Redevelopment Activities
AD 19'and
PROJECT AREA NAME=
'PCDC merged projectarea'
•
Footnotes Page 2 12/15/2011
93-