HomeMy WebLinkAboutFiscal Statement FYE June 30, 2010 - HS Section 33080CITY OF PALM DESERT/PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: RECEIVE AND FILE FISCAL STATEMENT PURSUANT TO
SECTION 33080 OF THE HEALTH AND SAFETY CODE
SUBMITTED BY: Veronica Tapia, Redevelopment Accountant
DATE: May 26, 2011
CONTENTS: Report Pursuant to Section 33080 of the Health and Safety Code
Recommendation
By Minute Motion: Receive and file the Fiscal Statement for the fiscal year
ending June 30, 2010 pursuant to Section 33080 of the Health and Safety
Code.
Background
The Health and Safety Code requires that every redevelopment agency present an annual
report to its legislative body within six months of the end of the Agency's fiscal year. The
annual report is a compilation of various independent reports and includes: audit reports,
financial statements, outstanding indebtedness, tax increment revenues, tax increment
payments to taxing entities, debt payments, activities affecting housing and displacement,
progress in alleviating blight, loans in default over $50,000, as well as a list of Agency
owned properties. On December 28, 2010, a copy of the Annual Report, pursuant to the
Health and Safety Code 33080.1, was delivered to the City Council/Agency Board which
included all the above reports except a Fiscal Statement identified in Health and Safety
Code Section 33080.5.
Since the time the report was officially filed on January 22, 2011, the State Controller
conducted a review of 18 redevelopment agencies including Palm Desert. One of the main
items scrutinized in the review was the 2009/10 Annual Report to the Legislative Body. In
the State Controller's resulting report entitled, Analysis of Administrative, Financial, and
Report Practices, it was determined that none of the agencies reviewed had prepared a
Fiscal Statement. While the information could be found in various reports contained in the
Annual Report, it was considered a "Finding" since the information was not presented in
one single cohesive report. Staff has compiled the information required pursuant to Health
and Safety Code §33080.5 relative to the Fiscal Statement, for fiscal year 2009/10.
Staff Report
Report Pursuant to Section 33080 of the Health & Safety Code
Page 2 of 3
June 9, 2011
Fiscal Statement
Pursuant to 33080
FYE 6/30/10
a
Total Indebtedness
Outstanding as of6/30/10
140,190,000
92,116,392
18,891,514
40,883,593
91,415,000
383,496,498
b
Tax Increment
Generated as of 6/30/10
52,190,656
18,778,027
4,851,567
13,286,193
N/A
89,106,443
Pass Thru Amounts
c
Pursuant toH&S §33401
2
16,298,494
5,823,640
1,968,505
4,750,695
N/A
28,841,334
Pass Thru Amounts
Pursuant toH&S §33676
NONE
NONE
I NONE
I NONE
I NONE
d
Financial Transactions Report
All Require
Info Provided in
Component Unit Financial
Statement
Section f of Annual
Report)
Pass Thru Amounts to Schools
Pursuant toH&S §33401
3,778,936
1,433,813
244,566
2,649,970
N/A
8,107,285
Pass Thru Amounts to Schools
Pursuant toH&S §33445
NONE
NONE
NONE
NONE
NONE
e
Pass Thru Amounts to Schools
Pursuant to H&S 33445.5
NONE
NONE
NONE
NONE
NONE
Pass Thru Amounts to Schools
Pursuant to H&S §33676
NONE
NONE
NONE
NONE
NONE
Pass Thru Amounts to SERAF
Pursuant toH&S §33690
3
15,386,631
5,374,282
1,036,368
3,728,934
N/A
25,526,215
f
Existing Indebtedness
Payments Made in 2009/10
4
N/A
N/A
N/A
N/A
N/A
Additional Information
Pass Thru Amounts
9
Pursuant to H&S 33607.7
520,472
73,605
N/A
594,076
Pass Thru Amounts to Schools
Pursuant to H&S 33607.7
298,425
-
N/A
298,425
Notes:
1 Total receipts for 2009/10 Fiscal Year.
2 Total Pass-Thru's excluding School Districts, College District, and School Superintendents
3 §33681 pertains to 1992/93 fiscal year, so information relative to §33690 is being utilized as it pertains to the current year.
§33682 pertains to 1992/93 fiscal year, so information relative to §33691c is being utilized as it pertains to the current year.
4 The Agency did not make any finding relative to §33691, therefore there is no information to report at this time.
In the future, the Fiscal Statement will be included in the Annual Report delivered to the
Agency Board in December of each year.
C:\Users\vtapiaWppDala\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\9FH3GGBEWnnual Report -Fiscal Statement 2010-Staff Report.doc
Staff Report
Report Pursuant to Section 33080 of the Health & Safety Code
Page 3 of 3
June 9, 2011
Fiscal Analysis
There is no fiscal impact associated with this request.
Sub fitted By: Department Head:
Janet
FVeronica Tapia, Redevelikipment Accountant ;; Moore, Director of Housing
,e Director
CITY COUNCILACTION
APPROVED 1) V N I v 1)
RECEIVED- 01, 11 E R.
MEETING DATE 5 - c�
AYES: 1_4�41 Ila,-nir ,
NOES: 1,106r'l
ABSENT: NLI'le
ABSTAIN: LL(It—,
VERIFIED BY: —
Original on File with City Clerk's affice
L .
ELL10,- ilL BY RDA
OrIginal on file -i GiLy UsIrt-'6 Office
C:\Users\vtapia\AppData\Lor-al\Microsoft\Windows\Temporary Internet Files\Content.Outlook\9FH3GGBE\AnnuaI Report -Fiscal Statement 2010-Staff Report.doc