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REDEVELOPMENT AGENCY AGENDA ITEM NO. 28

Meeting Date: December 9, 2008

Subject/Title: Receive the Redevelopment Agency Financial Statements and Redevelopment Agencies Financial Transactions Report to the State Controller’s Office for Fiscal Year 2007/2008

Prepared by: Kerry Breen, Business Services Manager

Submitted by: Pamela Ehler, Agency Treasurer

RECOMMENDATION
Receive the filing of the 2007/08 Redevelopment Agency Financial Statements and Redevelopment Agencies Financial Transactions Report to the State Controller’s Office as prepared by the Finance Department and examined by the independent accounting firm of Maze and Associates.

PREVIOUS ACTION
The audit firm of Maze and Associates has completed its review and examination of the Agency’s financial transactions and statements for the year ended June 30, 2008. 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, 2008, 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 2008/09 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.

Complete financial information as of June 30, 2008 is contained in the Financial Statements. Key information is summarized below.

• The Redevelopment Agency’s total Fund Balance is $20,522,231, which represents an increase of $2,521,732 for the fiscal year.

• Net assets for the Redevelopment Agency are $1,432,043, which represents an increase of $2,955,378 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. This is the first year in several that the RDA has had a positive net assets balance. Once the RDA bonds for Civic Center expenses the net assets will become negative once again.

• The total revenues and all transfers in from all sources were $9,136,034 as compared to the total cost for all Agency programs of $6,180,656.

Staff has also included a copy of the Redevelopment Agencies Financial Transactions Report to the State Controller’s Office (State Controller’s Report) in order to comply with California Government Code. The State Controller’s Report is prepared in a format defined by the State and assists the State in assembling and reporting on combining data from all California agencies. Staff does not have the ability to modify the formatting of the report or to make it more “reader friendly”.

FISCAL IMPACT
There is no fiscal impact associated with the Agency’s action.

Attachments:
Redevelopment Agency Financial Statements for Fiscal Year Ended June 30, 2008
Redevelopment Agencies Financial Transactions Report to the State Controller’s Office for Fiscal Year Ended June 30, 2008


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