HomeMy WebLinkAboutRDA Report FYE 06-30-1986 CITY COUNCIL 1jCTION:
APPROVED DENIED
REC77= _ --- — OTHER
INTEROFFICE MEMORANDUM
CITY OF PALM DESERT _- —
DATE : JANUARY 12 , 1987 �IEIC1 i' r._
Ori.r::�.nal cn �:_:. '1 City Clerk' s Ot-
TO : CITY MANAGER , HONORABLE MAYOR AND MEMBERS OF CITY
COUNCIL
FROM : EXECUTIVE DIRECTOR , REDEVELOPMENT AGENCY
SUBJECT : FISCAL YEAR-END REPORT OF THE PALM DESERT REDEVELOPMENT
AGENCY
INFORMATIONAL
Background:
The Redevelopment Agency is required to present an annual report
to the City Council pursuant to Section 33080 . 1 of the Health
and Safety Code . The report is required to contain an
independent financial audit , a fiscal statement for the previous
fiscal year , a description of the Agency' s activities affecting
housing , and any other information which the Agency believes
useful to explain its programs .
An independent financial audit was presented to the Agency Board
at its meeting of December 11 , 1986 , containing much of the
information required by the Code . The purpose of this report is
to recap the information contained in the annual report to the
State Controller ' s Office .
Essentially, the report to the State Controller ' s Office outlines
the fiscal condition of the Agency. A summary of the report for
the fiscal year ending June 30 , 1986 , is as follows :
Total Revenues $ 8 , 274 , 757
Total Expenditures 32 , 072 , 002
Balance (23 , 797 , 245 )
Balance Carried ( 23 , 797 , 245 )
Other Financing Sources 43 ,896, 765
( long-term debt )
Balance 20 , 099, 520
Balance Carried 20 , 099 , 520
Equity Beginning of Period 10 , 383 , 695
Total Equity End of Period 30 , 483 , 215
Housing activities at this time are directed towards the Palma
Village Plan . It is anticipated that current reserves in the
Low and Moderate Income Housing Fund will be utilized in the
implementation of this plan .
() REVIEWED & CONCUR:E
Carlos L . Ortega C
Executive Director City Manager
CLO: DY :mh