HomeMy WebLinkAboutRDA Report FYE 06-30-1986 CITY CCUNC", ACTION:
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CITY OF PALM DESERT - — - —
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DATE : December 23 , 1986 V�'�`sa '�:
Original en r i _. ;..:, City Clerk' s Off_
TO : HONORABLE CHAIRMAN AND MEMBERS OF REDEVELOPMENT AGENCY
BOARD
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 Agency Board 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
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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 .
Carlos L . Ortega
Executive Director
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