HomeMy WebLinkAboutRDA Financial Statements and Audit FYE 06-30-1986 • CITY COUNCIL ACTION:DENIEDA: PROVED -
RECL"IVteD1 OTHER
ES: -CITY OF P A L1I D E S E R T __ . ------------------
I NTEROFF I CRBI$QWIP Nt.)11 1._.._._ -----
VERIFIED b' : ,----- Clerk' s Of:
Original on File with City
November 25 , 1 c+86
TO: Chairman and Members of the Board
FROM: Kirby Warner , Director of General Services
SUBJECT: FY 1985-86 Financial Statements and Audit
RECOMMENDATION ;
Receive and file annual audit report for fiscal year ended
June 30 , 1986 .
DISCUSSION:
The Redevelopment Agency financial statements and audit
report are attached for your review. The Agency continues to
exhibit significant financial growth and capabilities . This is
evidenced by the tax allocation bond issues which were completed
during the 85-86 fiscal year for the purpose of completing a
great number of needed projects .
The Agency' s independent audit firm, Thomas , Byrne & Smith ,
has given an unqualified favorable opinion to the Agency . This
indicates a high level of confidence in the internal control
procedures , accounting functions and compliance efforts of the
Agency' s operations .
Respectfully Submitted , Reviewed and Concur ,
2&SeN —Cla-t4i.,-..„ (1,Alir
—
Kirby J . arner Carlos L . Ortega
Director of General Services Executive Director
KJW : dm
REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
AUDIT REPORT
Year Ended June 30, 1986
TABLE OF CONTENTS
Page Number
I. Auditor's Report
II. General Purpose Financial Statements
Exhibit 1 - Combined Balance Sheet - All Fund Types and Account Groups 1
Exhibit 2 - Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 2
Exhibit 3 - Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 3
Notes to Financial Statements 4 - 7
III. Supplemental Information
Schedule 1 - Statement of Long-Term Obligations 8
General Information 9
THOMAS, BYRNE & SMITH
AN ACCOUNTANCY CORPORATION
CERTIFIED PUBLIC ACCOUNTANTS
Donald L.Thomas,C.P.A. September 16, 1986
D.Richard Byrne.C.P.A. P 4362 Orange Street
V.C.Smith,Jr.,C.P.A. Riverside,California 92501
Allen C.Harrison,C.P.A. (714)682-4851
Board of Directors
Redevelopment Agency of the
City of Palm Desert, California
Palm Desert, California
We have examined the general purpose financial statements of the Redevelopment Agency of
the City of Palm Desert, California as of June 30, 1986, as listed in the table of contents.
Our examination was made in accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and such other auditing procedures
as we considered necessary in the circumstances.
In our opinion, the general purpose financial statements referred to above present fairly the
financial position of the Redevelopment Agency of the City of Palm Desert, California at
June 30, 1986, and the results of its operations and changes in fund balances for the year
then ended, in conformity with generally accepted accounting principles as well as accounting
systems prescribed by the State Controller's Office and state regulations governing special
districts applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The accompanying supplemental information listed in the table of
contents is presented for purposes of additional analysis and is not a required part of the
general purpose financial statements of the Redevelopment Agency of the City of Palm Desert,
California. This information has been subjected to the auditing procedures applied in the
examination of the general purpose financial statements and, in our opinion, is fairly stated
in all material respects in relation to the general purpose financial statements taken as a whole.
In connection with our examination, we also performed tests of compliance as required by California
Health and Safety Code Section 33080.1 and the Guidelines for Compliance Audits of California
Redevelopment Agencies issued by the California State Controller's Office dated July, 1985.
Based on the auditing procedures in the aforementioned Compliance Audit Guidelines, we noted no
instance of non-compliance with the laws, regulations and administrative requirements governing
special activities of the Agency for the year ended June 30, 1986.
THOMAS, BYRNE & SMITH
An Accountancy Corporation
14,40/ie
By: D. Richard Byrne
REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS EXHIBIT 1
June 30, 1986
Account Groups Totals
Governmental Fund Types General (Memorandum Only)
Capital Special Debt General Long-Term June 30,
Project Revenue Service Fixed Assets Obligations 1986 1985
ASSETS
Cash $17,424,674 $2,231,948 $1,273,689 $ $ $20,930,311 $10,602,210
Cash With Fiscal Agent 2,422,369 4,954,124 7,376,493
Interest Receivable 303,325 31,748 39,277 374,350 210,760
Due From Other Governmental Agencies 2,552,266 13,266 134,910 2,700,442
Land 6,125,000 6,125,000
Resources to be Provided for Future Long-Term Obligations 40,673,195 40,673,195 15,447,840
Debt Service Funds Available 6,071,805 6,071,805 3,502,160
Total Assets $22,702,634 $2,276,962 $6,402,000 $ 6,125,000 $46,745,000 $84,251,596 $29,762,970
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 548,944 $ $ $ $ $ 548,944 $ 176,142
Deposits 19,242 19,242 7,000
Due To Other Governmental Agencies 330,195 330,195 246,133
Tax Allocation Bonds Payable 44,135,000 44,135,000 14,150,000
Loans Payable 2,610,000 2,610,000 4,800,000
Total Liabilities 568,186 - 0 - 330,195 - 0 - 46,745,000 47,643,381 19,379,275
Fund Equity
Investment in General Fixed Assets 6,125,000 6,125,000
Fund Balances
Reserved for Encumbrances 1,278,828 1,278,828 571,225
Reserved for Debt Service 6,071,805 6,071,805 3,502,160
Reserved for LMI Housing 2,276,962 2,276,962 1,469,803
Reserved for Specific Capital Projects and Programs 10,543,932 10,543,932 30,806
Unreserved
Designated for Specific Capital Projects and
Programs 10,311,688 10,311,688 4,809,701
Total Fund Balances 22,134,448 2,276,962 6,071,805 6,125,000 - 0 - 36,608,215 10,383,695
Total Liabilities and Fund Balances 822,702,634 $2.276.962 $6,402,000 $ 6.125,OQ0 $46,745,000 $84,251,$j6 $29,762.970
The accompanying notes are an integral part of this statement.
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REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES EXHIBIT 2
Year Ended June 30, 1986
Totals (Memorandum Only)
Capital Special Year Ended June 30,
Project Revenue Debt Service 1986 1985
Revenues
Tax Increment $ $ 660,389 $ 5,202,687 $ 5,863,076 $ 4,735,296
Intergovernmental Revenues 134,243 134,243 66,947
Interest Income 1,419,355 146,770 698,900 2,265,025 998,371
Other Income 12,413 12,413 24
Total Revenues 1,431,768 807,159 6,035,830 8,274,757 5,800,638
Expenditures
Administrative Costs 157,281 157,281 126,095
Professional Services 70,209 70,209 26,632
Planning, Survey and Design 20,000 20,000 49,340
Real Estate Purchases 6,125,000 6,125,000
Project Improvement Costs 4,156,811 4,156,811 1,261,667
Interest Expense 2,592,701 2,592,701 1,679,926
Long-Term Obligation Principal Payments 18,950,000 18,950,000 4,450,000
Total Expenditures 10,529,301 - 0 - 21,542,701 32,072,002 7,593,660
Excess of Revenues Over (Under) Expenditures (9,097,533) 807,159 (15,506,871) (23,797,245) (1,793,022)
Other Financing Sources (Uses)
Operating Transfers In (Out) (1,936,774) 1,936,774
Loan Proceeds 2,610,000 2,610,000 2,500,000
Sale of Tax Allocation Bonds 23,361,700 2,913,300 26,275,000
Sale of Refunding Bonds 4,058,072 13,801,928 17,860,000
Costs of Issuance (1,360,321) (1,360,321)
Costs of Refunding (912,428) (575,486) (1,487,914)
Excess of Revenues and Other Sources Over
(Under) Expenditures and Other Uses 16,722,716 807,159 2,569,645 20,099,520 706,978
Fund Balances - Beginning of Year 5,411,732 1,469,803 3,502,160 10,383,695 9,676,717
Fund Balances - End of Year $22,134,448 $ 2,276,962 $ 6,971 805 $ 30,483,215 $ 10,383,695
The accompanying notes are an integral part of this statement.
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REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES EXHIBIT 3
Year Ended June 30, 1986
Capital Project Fund Special Revenue Fund Debt Service Fund Totals - (Memorandum Only)
Variance Variance Variance Variance
Favorable Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues
Tax Increment $ $ $ $ 580,000 $ 660,389 $ 80,389 $ 5,030,000 $ 5,202,687 $ 172,687 $ 5,610,000 $ 5,863,076 $ 253,076
Intergovernmental Revenues 134,243 134,243 134,243 134,243
Interest Income 750,000 1,419,355 669,355 170,000 146,770 (23,230) 400,000 698,900 298,900 1,320,000 2,265,025 945,025
Other Income 12,413 12,413 12,413 12,413
Total Revenues 750,000 1,431,768 681,768 750,000 807,159 57,159 5,430,000 6,035,830 605,830 6,930,000 8,274,757 1,344,757
E pe,,uiturns
Administrative Costs 189,165 157,281 31,884 189,165 157,281 31,884
Professional Services 62,800 70,209 (7,409) 62,800 70,209 (7,409)
Planning, Survey and Design 50,000 20,000 30,000 50,000 20,000 30,000
Real Estate Purchases 7,000,000 6,125,000 875,000 7,000,000 6,125,000 875,000
Project Improvement Costs 12,322,193 4,156,811 8,165,382 1,500,000 1,500,000 13,822,193 4,156,811 9,665,382
Interest Expense 1,651,310 2,592,701 (941,391) 1,651,310 2,592,701 (941,391)
Long-Term Obligation Principal Payments 3,905,000 18,950,000 (15,045,000) 3,905,000 18,950,000 (15,045,000)
Total Expenditures 19,624,158 10,529,301 9,094,857 1,500,000 - 0 - 1,500,000 5,556,310 21,542,701 (15,986,391) 26,680,468 32,072,002 (5,391,534)
Excess of Revenues Over (Under)
Expenditures (18,874,158) (9,097,533) 9,776,625 (750,000) 807,159 1,557,159 (126,310) (15,506,871) (15,380,561) (19,750,468) (23,797,245) (4,046,777)
Other Financing Sources (Uses)
Operating Transfers In (Out) (1,936,774) (1,936,774) 1,936,774 1,936,774
Proceeds 2,610,000 2,610,000 2,610,000 2,610,000
of Tax Allocation Bonds 23,226,700 23,361,700 135,000 2,913,300 2,913,300 26,140,000 26,275,000 135,000
Sale of Refunding Bonds 4,773,300 4,058,072 (715,228) 13,086,700 13,801,928 715,228 17,860,000 17,860,000
Costs of Issuance (1,360,321) (1,360,321)
(1,360,321) (1,360,321)
Costs of Refunding (912,428) (912,428) (575,486) (575,486) (1,487,914) (1,487,914)
Excess of Revenues and Other Sources
Over (Under) Expenditures and other
Uses $ 9,125,842 16,722,716 $ 7,596,874 $ (750,000) 807,159 $ 1,557,159 $15,873,690 2,569,645 $ (13,304,045) $ 24,249,532 20,099,520 $ (4,150,012)
Fund Balances - Beginning of Year 5,411,732 1,469,803 3,502,160 10,383,695
Fund Balances - End of Year $22,134,448 $2,276,962 $ 6,071,805 $30,483,215
The accompanying notes are an integral part of this statement.
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REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 1986
1) Summary of Significant Accounting Policies
The accounting policies of the Agency conform to generally accepted accounting principles as they are applicable to governmental units.
The more significant accounting policies reflected in the financial statements are summarized as follows:
A) Description of Funds and Account Groups
The accounting records of the Agency are organized on the basis of funds and groups of accounts classified for reporting purposes as follows:
Capital Project Fund - Used to account for financial resources used for the acquisition of major capital facilities.
Special Revenue Fund - Used to account for the proceeds of specific revenue sources or to finance unspecified activities as required by law or adminis-
trative regulation.
Debt Service Fund - Used to account for the payment of interest and principal on long-term obligations.
Fixed Assets and Long-Term Liabilities - The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a
fund are determined by its measurement focus. All governmental funds are accounted for on a spending or financial flow measurement focus. This means
that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is
considered a measurement of available spendable resources. Governmental fund operating statements present increases (revenues and other financing
sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and
uses of available spendable resources during a period.
Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than
in governmental funds. Public domain (infrastructure) general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks,
drainage systems, and lighting systems, are not capitalized as general fixed assets. No depreciation is provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued
at their estimated fair value on the date donated.
Long-Term Liabilities expected to be financed from governmental funds are accounted for in the General Long-Term Obligation Account Group, not in the
governmental funds.
The two account groups are not funds. They are concerned only with the measurement of financial position. They are not involved with measurement of
results of operations.
Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by noncurrent
liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the General Long-Term Obligation Account Group.
B) Basis of Accounting - The Capital Project, Special Revenue and Debt Service Funds are maintained on the modified accrual basis of accounting wherein:
1) Revenues are recorded as received in cash except (1) revenues which are both measurable and available as a resource to finance operations of the
current year are accrued, and (2) revenues of a material amount not received at the normal time of receipt are accrued or deferred as appropriate.
2) Expenditures are recorded on an accrual basis except (1) disbursements for inventory type items are considered expenditures at the time of purchase
(2) expenditures are not divided between years by the recording of prepaid expenses and (3) interest on long-term debt is recorded as an expenditure
on its due date.
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REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 1986
1) Summary of Significant Accounting Policies (Continued)
C) Investments - Investments are stated at cost.
D) Encumbrances - Encumbrances are recorded as an appropriation of fund balance. Encumbrances outstanding at year end are reported as reservations of fund
balances since they do not constitute expenditures or liabilities.
2) Composition of Cash
The City of Palm Desert maintains a cash and investment pool that is available for use for all funds. Redevelopment funds pooled with the City of Palm
Desert funds are as follows:
Project Fund $17,424,674
Low and Moderate Income Housing Fund 2,231,948
Debt Service Fund 1,273,689
$20.930.311
The City has an adopted investment policy pursuant to Government Code Section 53646 which authorizes the City's investment in securities of the U.S. Govern-
ment or its agencies, Certificates of Deposit, Negotiable Certificates of Deposit and the Local Agency Investment Fund (LAIF). The City selects its invest-
ments based on safety, liquidity and yield.
At June 30, 1986 the pool consisted of petty cash and changes funds, Demand and Certificates of Deposit and funds held in the Local Agency Investment Fund
as follows:
Insured Collateralized Total
Demand Deposits $ (251,974) $ $ (251,974)
Certificates of Deposit 3,000,000 26,950,000 29,950,000
$2.748.026 $ 26.950.000 29,698,026
Deferred Compensation 327,907
Petty Cash and Change Funds 2,450
LAIF 19,011,000
$49.039.383
The yield of LAIF during the last quarter was 8.41%, while the City's yield on its Certificates of Deposit ranges from 6.60% to 8.875%.
3) Cash with Fiscal Agent - $7,376,493
Cash and investments held by Security Pacific National Bank are as follows:
Interest Rate Par Value Cost
Capital Project Fund - Pacific Horizon Fund 5.33% $2,422,369 $2,422,369 *
Debt Service Fund - Pacific Horizon Fund 5.33% $4,954,124 $4,954,124
Total $7,376.493 $7.376.493
* These funds represent proceeds from the issuance of the $26,275,000 tax allocation bonds, issue of 1985 and interest earnings through June 30, 1986, and
consist of the following:
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REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 1986
3) Cash with Fiscal Agent - $7,376,493 (Continued)
Bond Proceeds $2,350,000
Interest Income 72,369
Total $2,422,369
The funds are being held in Trust at Security Pacific National Bank in a temporary escrow fund pending a determination that tax revenues will support the
release of such amounts while maintaining a 125% debt service coverage factor for such amount plus all bonds then outstanding.
4) Due From Other Governmental Agencies - $2,700,442
Due from other governmental agencies consists of the following:
City of Palm Desert $5,176 - the Agency advanced costs to the City for the Property A Fire Tax Fund.
State of California $33,474 - the Agency received 83-84 personal property subventions in August, 1986 from the State.
Riverside County $114,702 - the Agency received supplemental taxes from the County in July and August, 1986 for fiscal year 1985-86.
Coachella Valley Community College District $47,090 - the Agency and the District entered into a public facilities agreement on February 1, 1986, for the
development of a 15 acre golf and related recreational facility on the College of the Desert campus located within Project Area No. 1, as amended. The
Agency shall advance to the District the sum of one hundred ten thousand dollars to pay a portion of the costs of the installation and construction of the
facility. As of June 30, 1986 the Agency had advanced $47,090 towards the cost of the facilities to the District.
Coachella Valley Water District - $2,500,000 - pursuant to an agreement with the Water District, acting as the lead Agency in the construction of the Portola
Stormwater Facilities Project, the Agency issued tax allocation bonds and paid a portion of the net proceeds to the Water District to pay for the flood
control improvements. The agreement also stated that the Water District will advance an amount not to exceed $2,500,000 for the costs of the flood control
improvements, which shall constitute a loan to the Agency repayable without interest from tax increment monies as indicated in Note 5.
To date, the Agency has not received a complete accounting of the costs of the project through June 30, 1986. Therefore, the aforementioned advance is
reflected in the accompanying financial statements as Long-Term Debt Proceeds Revenue in the Capital Project Fund, Due From Other Governmental Agencies
and Reserve for Specific Capital Projects and Programs in the Capital Project Fund and included as Loans Payable in the Long-Term Obligation Account Group.
5) Loans Payable - $2,610,000
Loans payable consist of the following:
A $110,000 8% note to the City of Palm Desert, dated February 1, 1986, with interest due on maturity.
A $2,500,000 agreement with Coachella Valley Water District to finance a portion of the costs of the Portola Stormwater Facility Project, to be repaid with-
out interest as follows: a) on or before June 30, 1987, the Agency shall pay $1,750,000, and b) on or before February 28, 1988 the Agency shall pay any
remaining amount of the obligation.
6) Tax Allocation Bonds - $44,135,000
Tax allocation bonds consist of the following:
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REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Year Ended June 30, 1986
6) Tax Allocation Bonds - $44,135,000 (Continued)
$26,275,000 Tax Allocation Bonds, Issue of 1985, dated December 1, 1985. The Bonds were sold during the fiscal year to aid in the financing of the
redevelopment of the Project Area and the Added Territory.
$17,860,000 Tax Allocation Refunding Bonds, Issue of 1935, dated December 1, 1985. The Bonds were sold during the fiscal year to refund the outstanding
portion of the 1982 Tax Allocation Bonds of $13,645,000, and to aid in the financing of the redevelopment of the Project Area and the Added Territory.
Funds of $14,220,485.98 were deposited into an escrow fund to consumate the subsequent refunding.
The Bonds are payable from, and are specifically secured by, a first lien upon and an irrevocable pledge of the tax revenues derived from the Project Area.
7) Unfunded Pension Costs
The Agency, through the City, is a participant in the Public Employees' Retirement System of the State of California covering all of its permanent employees.
The excess, if any, of the actuarially computed value of vested benefits over the amounts available in the pension fund would be a liability of the City and
not the Agency.
8) Vacation and Sick Pay Benefits
The accompanying financial statements do not include any accrual for vacation and sick pay benefits due employees at June 30, 1986. These amounts are
recorded as obligations in the records of the City of Palm Desert as all employees are employed by the City.
9) Contingencies
As of June 30, 1986, in the opinion of the Agency administration, there are no outstanding matters which would have a significant effect on the financial
position of the funds of the Agency.
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•
REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
STATEMENT OF LONG-TERM OBLIGATIONS SCHEDULE 1
Year Ended June 30, 1986
Date of Years of Rate of Amount Outstanding New Matured Outstanding
Description Issue Maturity Interest Authorized 7-1-85 Indebtedness During Year 6-30-86
Tax Allocation Bonds
1982 Tax Allocation Bonds 09-01-82 1983-1989 12% $ 4,060,000 $ 3,210,000 $ $ 3,210,000 $ - 0 -
1990 9.5% 890,000 890,000 890,000 - 0 -
1991 8.9% 995,000 995,000 995,000 - 0 -
1992 9.2% 1,115,000 1,115,000 1,115,000 - 0 -
1993 9.4% 1,250,000 1,250,000 1,250,000 - 0 -
1994 9.7% 1,400,000 1,400,000 1,400,000 - 0 -
1995-1996 9.9% 3,325,000 3,325,000 3,325,000 - 0 -
1997 5% 1,965,000 1,965,000 1,965,000 - 0 -
Total 15,000,000 14,150,000 - 0 - 14,150,000 - 0 -
(1)
1985 Tax Allocation Bonds 12-01-85 1988-1994 7.6% 6,180,000 6,180,000 6,180,000
1995-2005 7.9% 20,095,000 20,095,000 20,095,000
Total 26,275,000 - 0 - 26,275,000 - 0 - 26,275,000
1985 Tax Allocation Refunding Bonds 12-01-85 1986-1995 7.6% 5,615,000 5,615,000 5,615,000
1996 7.8% 820,000 820,000 820,000
1997-2005 7.9% 11,425,000 11,425,000 11,425,000
Total 17,860,000 - 0 - 17,860,000 - 0 - 17,860,000
Total Tax Allocation Bonds $59,135,000 $14.150,000 $ 44,135,000 $14,150,000 $44 135,000
Loans Payable
City of Palm Desert 06-01-85 12%
$ 2,500,000
City of Palm Desert 02-01-86 8% 110,000 2,500,000 $ $ 2,500,000 $
0,000 110,000 110,000
Total 2,610,000 2,500,000 110,000 2,500,000 110,000
Coachella Valley Water District 08-12-82 2,300,000 2,300,000 2,300,000 - 0 -
Coachella Valley Water District 04-10-86 2,500,000 - 0 - 2,500,000 2,500,000
Total 4,800,000 2,300,000 2,500,000 2,300,000 2,500,000
Total Loans Payable $ 7.410 ti000 $ 4,800,000 $ 2,610,000 $ 4,800,000 $ 2,610,000
(1) 1982 Tax Allocation Bonds defeased by issuance of 1985 Tax Allocation Refunding Bonds 12-1-85.
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REDEVELOPMENT AGENCY OF THE
CITY OF PALM DESERT, CALIFORNIA
GENERAL INFORMATION
June 30, 1986
1) The Redevelopment Agency of the City of Palm Desert, California was formed under Section 33,000 et. seq. of the Health and Safety Code. For the
period under audit the Agency consisted solely of Project No. 1, as amended.
2) The Agency office and records are located in the City Hall at 73-510 Fred Waring Drive, Palm Desert, California 92261, phone number (619) 346-0611.
3) Agency officers are as follows:
Name Title
Richard Kelly Chairman
Walter Snyder Vice Chairman
Jean M. Benson Member
S. Roy Wilson Member
The Board of Directors is also the Palm Desert City Council.
The Board of Directors meets the second and fourth Tuesday of each month.
4) We would like to take this opportunity to express our appreciation for the cooperation and assistance rendered us during the course of our review. If we
may be of any further assistance, please feel free to contact our office.
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