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REDEVELOPMENT AGENCY AGENDA ITEM NO. 24

Meeting Date: December 13, 2005

Subject/Title: Receive the Redevelopment Agency Financial Statements for Fiscal Year 2004/2005

Prepared by: Douglas Alessio, Business Services Manager

Submitted by: Pamela Ehler, Director of Finance and Information Systems

RECOMMENDATION
Receive the Redevelopment Agency Financial Statements for fiscal year 2004/2005.

PREVIOUS ACTION
The audit firm of Vavrinek, Trine, Day & Co., LLP has completed its review and examination of the Agency’s financial transactions and statements for the year ended June 30, 2005. The audit was conducted in accordance with generally accepted auditing standards. It is the opinion of the auditors that the financial statements fairly represent the financial position of the Redevelopment Agency as of June 30, 2005, and that the statements were prepared in conformity with generally accepted accounting principles. The Finance Department provided significant support with the year-end closing, the coordination of the audit process, and the preparation of the Financial Statements.

BACKGROUND
The Finance Department incorporates the Redevelopment financial data into the Financial Statements for the Redevelopment Agency which includes the following parts:

• Auditor’s opinion regarding the financial statements;
• Management’s Discussion and Analysis providing a narrative overview of the Redevelopment Agency’s activities, economic factors, and a 2005/06 budget discussion;
• Basic financial statements which provide information on the Redevelopment Agency as a whole in the Statement of Net Assets and the Statement of Activities and Changes in Net Assets, as well as provide financial information on each individual Redevelopment Fund, including budgetary data, in the Combining Statement of Revenues, Expenditures and Changes in Fund Balance;
• Notes to the Financial Statements which is an addendum to the financials.

A copy of the Redevelopment Agency Financial Statements is available for public review in either the City Hall lobby or the City Clerk’s office.

FISCAL IMPACT
Complete financial information as of June 30, 2005 is contained in the Financial Statements. Key information is summarized below.

• The Redevelopment Agency’s total Fund Balance is $14,663,756, which represents an decrease of $38,331 for the fiscal year.
• Net assets for the Redevelopment Agency are $(5,667,486), which represents an increase of $359,885 during the fiscal year. Liabilities typically exceed assets in Redevelopment Agencies due to the fact that long-term debt is required to be issued in order to finance the redevelopment activity. The incremental tax revenue is then realized in future years to repay the debt.
• The total revenues from all sources were $7,933,934 as compared to the total cost for all Agency programs of $7,574,049.
 

City Administration
City of Brentwood City Council
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Brentwood, CA 94513
(925) 516-5440
Fax (925) 516-5441
E-mail allcouncil@brentwoodca.gov