CC - Item 4E - Annual Report Of The Rosemead Redevelopment Agency For Fiscal Year 00-011?0
TO: HONORABLE MAYOR
AND MEMBERS
ROSEMEAD CITY COUNCIL
FROM: BILL C, CITY MANAGER
DATE: JULY 9, 2002
RE: ANNUAL REPORT OF THE ROSEMEAD REDEVELOPMENT AGENCY
FOR FISCAL YEAR 2000-01
Pursuant to California Redevelopment Law, the Rosemead Redevelopment Agency is required to
submit an Annual Report of its activities each year to the City Council. The attached Annual
Report for Fiscal Year 2000-01 has been prepared by staff and meets all of the requirements of
law.
RECOMMENDATION
It is recommended that the City Council accept the Annual Report.
`
JUL 0 9 2002 1
I ITEM N0.
ANNUAL REPORT
FOR
FISCAL YEAR 2000 - 2001
ROSEMEAD REDEVELOPMENT AGENCY
Introduction
Every redevelopment agency is required to submit to the legislative body and the
State Controller an annual report for its approval. Generally, the annual report
must contain the following information.
A. Audit
An independent financial audit, including an opinion as to the agency's
compliance with applicable laws, regulations and administrative
requirements is required. The audit must also report on the agency's
financial activities with respect to money required to be held in a separate
low- and moderate-income housing fund pursuant to California
Redevelopment Law (the "CRL°).
B. Fiscal Statement
A fiscal statement containing information on the amount of indebtedness,
the amount of tax increment revenues received by the Agency, the
amount of tax increment revenue paid to any taxing entities and other
information required by the CRL.
C. Actions and Expenditures in Alleviating Blight
A description of the agency's progress, including specific actions and
expenditures, in alleviating blight in the fiscal year must be reported.
D. Housing Activities
The CRL specifies the reporting requirements for an agency's housing
activities, including displacement. The housing report must contain
information for all housing activities within the project area, whether or not
they are funded exclusively, by other public agencies.
II. The Annual Report
The Rosemead Redevelopment Agency (the "Agency") has prepared its Annual
Report for the 2000-21 Fiscal Year. This Report must be submitted to the City
Council of the City of Rosemead for its review and approval.
A. Independent Financial Audit
McGladrey & Pullen, LLP, Certified Public Accountants performed an
audit of the general-purpose financial statements of the Rosemead
Redevelopment Agency for the fiscal year ending June 30, 2001. In their
opinion, the general purpose financial statements present fairly, in all
material respects, the financial position of the Agency as of June 30,
2001, and the results of its operations for the year then ended, in
conformity with generally accepted accounting principles.
Rosemead Redevelopment Agency ♦ 1
McGladrey & Pullen performed tests of the Agency's compliance with
certain provisions of laws, regulations, contracts and grants,
noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. The results of their tests
disclosed no instances of noncompliance that are required to be reported
under Government Auditing Standards.
In planning and performing their audit, McGladrey & Pullen considered
the Agency's internal control over financial reporting. This consideration
would not necessarily disclose all matters in internal control over financial
reporting that might be material weaknesses. A material weakness is a
condition in which the design or operation of one or more internal control
components does not reduce to a relatively low level the risk that
misstatements in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. McGladrey & Pullen noted no matters involving
internal control and its operations that they consider to be material
weaknesses as defined above.
A copy of the Annual Financial Report for Fiscal Year ended June 30,
2001 for the Agency is attached to this Report as Exhibit A.
B. Redevelopment Agencies Financial Transactions Report
The Agency's Financial Transactions Report has been prepared by the
Agency's Fiscal Officer, Karen Ogawa, and submitted to the State
Controllers office pursuant to CRL. This report provides all of the
financial information required for the Annual Report. A copy of the Report
is attached as Exhibit B.
C. Actions and Expenditures in Alleviating Blight
Pursuant to the Agency's approved Implementation Plan for Project Area
No. 1 for Fiscal Years 1999-00 through 2003-04, the Agency's progress in
alleviating blight is described by the following actions and expenditures of
the Agency.
1. The Rosemead Redevelopment Agency through the Rosemead
Housing Development Corporation (the "RHDC") began construction
of the 72-unit Garvey Senior Citizens Residential Complex. The four
(4)-story housing project is being developed in conjunction with a
community center occupying a portion of the site. The community
center will provide recreation and meeting facilities for the occupants
of the senior housing project and the overall community. The total
square footage of the complex is approximately 67,500 square feet for
the housing portion and 25,000 for the community center.
2. A First-Time Homeowner Purchase Program is operated by the
RHDC using Housing Fund. Financial assistance is made available in
the form of deferred payment and low-interest loans for the purchase
of single-family homes or condominium units. The loan funds are
used to cover the difference between the purchase price of a home
(market value) and the sales price that would be affordable to the
Rosemead Redevelopment Agency ♦ 2
purchaser. The loans are used to provide down payment assistance
for households qualifying under guidelines that been established by
the RHDC. During this reporting period, one $20,000 loan was made
to a moderate-income household.
3. The Agency provided numerous capital improvements for the
community including, improvements to the Rosemead Park and Pool;
Garvey Park and Pool; Garvey Community Center and Zapopan Park
and Community Center.
D. Redevelopment Agency Loans
The Agency has no loans that are fifty thousand dollars ($50,000) or
more, that are in default or not in compliance with the terms of the loan
approved by the Agency.
E. Agency Owned Property
The Agency currently owns no property.
F. Housing Activities
Displacement
The total number of non elderly and elderly households, including
separate subtotals of very low income households, other lower income
households, and persons and families of moderate income, that were
displaced or moved from their dwelling units as a part of a redevelopment
project of the Agency during Fiscal Year 2000-01.
Income Number
Very Low 0
Other Low 0
Moderate 0
The total number of non elderly and elderly households, including
separate subtotals of very low income households, other lower income
households, and persons and families of moderate income, that the
Agency estimates will be displaced or will move from their dwelling units
as a part of a redevelopment project during Fiscal Year 2000-01.
Income Number
Very Low 0
Other Low 0
Moderate 0
Rosemead Redevelopment Agency • 3
2. Demolition and Removal
The total number of dwelling units housing very low income households,
other lower income households, and persons and families of moderate
income, respectively, which have been destroyed or removed from the
low or moderate income housing market during reporting year as part of a
redevelopment project of the Agency.
Income Number
Very Low
Other Low
Moderate
3. Construction and Rehabilitation
The total number of Agency-assisted dwelling units which were
constructed, rehabilitated, acquired or subsidized during the Fiscal Year
2000-01 for occupancy at an affordable housing cost by elderly persons
and families, but only if the units are restricted by agreements or
ordinance for occupancy by the elderly, and very low income households,
other lower income households, and persons and families of moderate
income, respectively, specifying those units which are not currently so
occupied, those units which have replaced, destroyed or removed units
pursuant to the CRL, and the length of time any agency assisted units are
required to remain available at an affordable cost.
Income Number
Very Low 0
Other Low 0
Moderate 0
The total number of new or rehabilitated units subject to Health & Safety
Code Section 33413(b) (2) (regarding the production of affordable units
resulting from public or private construction), including separate subtotals
of the number originally affordable to and currently occupied by, elderly
persons and families, but only if the units are restricted by agreement or
ordinance for occupancy by the elderly, and by very low income
households, other lower incomes, and persons and families of moderate
income, respectively, and the length of time these units are required to
remain available at an affordable cost.
Income Number
Very Low 0
Other Low 0
Moderate 0
Rosemead Redevelopment Agency • 4
Exhibit A
Annual Financial Report
Rosemead Redevelopment Agency
Rosemead, California
ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 3% 2001
r■■■■■\
r a
A■■■■■■■L
MMMMMMMMM
\ @19MEQ 0
ROSEMEAD REDEVELOPMENT AGENCY
FINANCIAL AND COMPLIANCE REPORT
JUNE 30, 2001
CONTENTS
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
FINANCIAL STATEMENTS
Combined balance sheet - all fund types and account groups 2 and 3
Combined statement of revenues, expenditures and changes in fund balances -
all governmental fund types 4 and 5
Combined statement of revenues, expenditures and changes in fund balances -
budget and actual - all governmental fund types 6-8
Notes to financial statements 9- 18
SUPPLEMENTARY INFORMATION
Combining balance sheet - special revenue funds
20
Combining statement of revenues, expenditures and changes in fund balances -
special revenue funds 19
Computation of low-moderate income housing excess/surplus funds 20 and 21
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE AND ON
INTERNAL CONTROL OVER FINANCIAL REPORTING BASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENTAUD/TING STANDARDS 22 and 23
McGLADREY& PULLEN, LL P
® Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
To the Governing Board
Rosemead Redevelopment Agency
Rosemead, California
RSM
international
We have audited the accompanying general purpose financial statements of the Rosemead
Redevelopment Agency (the Agency), a component unit of the City of Rosemead, California, as of and
for the year ended June 30, 2001. These general purpose financial statements are the responsibility of the
Agency's management. Our responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the Agency as of June 30, 2001, and the results of its operations for the
year then ended, in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated October 16, 2001
on our consideration of the Agency's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral
part of an audit performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The combining fund statements and the computation of low-moderate housing
excess/surplus funds listed in the table of contents as supplementary information are presented for
purposes of additional analysis and are not a required part of the general purpose financial statements of
the Agency. Such information has been subjected to the auditing procedures applied in the audit of the
general purpose financial statements and, in our opinion, is fairly presented in all material respects in
relation to the general purpose financial statements taken as a whole.
Pasadena, California
October 16, 2001
ROSEMEAD REDEVELOPMENT AGENCY
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 2001
Governmental Fund
Assets and Other Debits
Special Revenues
Debt Service
Capital Projects
Assets
Cash and investments
$ 6,567,512
$ -
$ 13,665,178
Receivables
73,128
32,834
175,707
Restricted cash and investment
-
2,323,333
-
Due from the City of Rosemead
-
_
5
Property and equipment
_
_
_
Other Debits
Amount available in Debt Service Fund
-
-
_
Amount to be provided for retirement of general
long-term debt
-
_
-
Total assets and other debits
$ 6,640,640
$ 2,356,167
$ 13,840,890
Liabilities, Equity and Other Credits
Liabilities
Accounts payable and accrued liabilities $ 173,959 $ - $ 294,198
Due to the City of Rosemead _ _ -
Tax allocation bonds _
Total liabilities 173,959 - 294,198
Equity and Other Credits
Investment in general fixed assets
Fund balances:
Reserved for Debt Service
Reserved for Low-Moderate Income Housing
Unreserved, designated for redevelopment
projects
Total equity and other credits
Total liabilities, equity and other credits
See Notes to Financial Statements. '
6,136,067
2,356,167
330,614 - 13,546,692
6,466,681 2,356,167 13,546,692
$ 6,640,640 $ 2,356,167 $ 13,840,890
2
Account Groups Totals (Memorandum Only)
General General
Fixed Assets Lang-term Debt 2001 2000
$ $ - $ 20,232,690 $
20,729,969
- 281,669
541,034
- 2,323,333
2,324,304
5
10,940,994 - 10,940,994
9,444,660
- 2,356,167 2,356,167
2,335,495
- 32,268,833 32,268,833
32,634,505
$ 10,940,994 $ 34,625,000 $ 68,403,691 $
68,009,967
$ $ $ 468,157 $ 178,160
- 204,373
34,625,000 34,625,000 34,970,000
34,625,000 35,093,157 35,352,533
10,940,994 - 10,940,994
9,444,660
- - 2,356,167
2,335,495
- 6,136,067
6,358,788
- 13,877,306
14,518,491
3
ROSEMEAD REDEVELOPMENT AGENCY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 2001
Revenues:
Property tax increment
Intergovernmental
Use of money and property
Other
Total revenues
Expenditures:
Current:
Improvements to project area
Operating
Professional fees
City administrative services
Facility charge paid to City
Debt service:
Principal
Interest
Total expenditures
Revenues over(under)expenditures
Other financing sources (uses):
Operating transfers:
From other funds
(To) other funds
Total other financing sources (uses)
Revenues and other financing sources
over (under) expenditures and other
financing sources (uses)
Fund balance, beginning
Fund balance, ending
See Notes to Financial Statements.
Revenues Debt Service Capital
$ $ $ 2,945,876
55,795
497,070 157,977 1,076,534
7,232 - -
504,302 157,977 7078,205
- - 1,378,299
677,773 - -
23,513 - 49,828
90,000 - 1,036,458
60,000 - -
345,000
- 1,922,847 -
851,286 2,267,847 2,464,585
(346,984) (2,109,870) 1,613,620
1,040,409 2,130,542
(800,000) - (2,370,951)
240,409 2,130,542 (2,370,951)
(106,575) 20,672 (757,331)
6,573,256 2,335,495 14,304,023
$ 6,466,681 $ 2,356,167 S 13,546,692
4
Totals (Memorandum Only)
2001 2000
$ 2,945,876 $
2,990,564
55,795
-
1,731,581
1,297,324
7,232
34,181
4,740,484
4,322,069
1,378,299
2,016,636
677,773
140,066
73,341
51,038
1,126,458
1,067,374
60,000
60,000
345,000
330,000
1,922,847
1,942,258
5,583,718
5,607,372
(843,234)
(1,285,303)
3,170,951 2,372,248
(3,170,951) (2,372,248)
(843,234) (1,285,303)
23,212,774 24,498,077
$ 22,369,540 $ 23,212,774
ROSEMEAD REDEVELOPMENT AGENCY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 2001
Revenues:
Property tax increment
Intergovernmental
Use of money and property
Other
Total revenues
Expenditures:
Current
Improvement to project area
Operating
Professional fees
City administrative services
Facility charge paid to City
Debt service:
Principal
Interest
Total expenditures
Revenues over(under)expenditures
Other financing sources (uses):
Operating transfers:
From other funds
(To) other funds
Total other financing sources (uses)
Revenues and other financing sources
over(under)expenditures and other
financing uses
Fund balance, beginning
Fund balance, ending
See Notes to Financial Statements.
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
$ - $ - $ -
216,600
497,070
280,470
5,000
7,232
2,232
221,600
504,302
282,702
5,159,540
677,773 4,481,767
14,000
23,513 (9,513)
90,000
90,000
60,000
60,000 -
5,323,540 851,286 4,472,254
(5,101,940) (346,984) 4,754,956
1,040,409
1,040,409
(800,000)
(800,000)
240,409
240,409
$ (5,101,940) (106,575) $ 4,995,365
6,573,256
$ 6,466,681
6
Debt Service Funds
Capital Project Funds
Variance
Variance
Favorable
Favorable
Budget Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ - $ -
$ -
$ 2,800,000
$ 2,945,876 $
145,876
-
55,795
55,795
135,000 157,977
22,977
160,000
1,076,534
916,534
135,000 157,977
22,977
2,960,000
4,078,205
1,118,205
9,721,090 1,378,299 8,342,791
49,500 49,828 (328)
- - 959,900 1,036,458 (76,558)
345,000 345,000 - -
2,267,848 2,130,542 (137,306) 7,429,419 (7,429,419)
- - (7,429,419) (2,370,951) 5,058,468
2,267,848 2,130,542 (137,306) (2,370,951) (2,370,951)
$ 135,000 20,672 $
2,335,495
$ 2,356,167
(114,328) $ (7,770,490)
(757,331) $ 7,013,159
14,304,023
$ 13,546,692
7
ROSEMEAD REDEVELOPMENT AGENCY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES, CONTINUED
Year Ended June 30, 2001
Revenues:
Property tax increment
Intergovernmental
Use of money and property
Other
Total revenues
Expenditures:
Current:
Improvement to project area
Operating
Professional fees
City administrative services
Facility charge paid to City
Debt service:
Principal
Interest
Total expenditures
Revenues over(under)expenditures
Other financing sources (uses):
Operating transfers:
From other funds
(To) other funds
Total other financing sources (uses)
Revenues and other financing sources
over (under) expenditures and other
financing uses
Fund balance, beginning
Fund balance, ending
See Notes to Financial Statements.
Totals
Variance
Favorable
Budget Actual (Unfavorable)
$ 2,800,000 $ 2,945,876 $ 145,876
- 55,795 55,795
511,600 1,731,581 1,219,981
5,000 7,232 2,232
3,316,600 4,740,484 1,423,884
9,721,090
1,378,299
8,342,791
5,159,540
677,773
4,481,767
63,500
73,341
(9,841)
1,049,900
1,126,458
(76,558)
60,000
60,000
345,000
345,000 -
1,922,848
1,922,847 1
18,321,878
5,583,718 12,738,160
(15,005,278)
(843,234) 14,162,042
9,697,267 3,170,951 (6,526,316)
(7,429,419) (3,170,951) 4,258,468
2,267,848 - (2,267,848)
$ (12,737,430) (843,234) $ 11,894,196
23,212,774
$ 22,369,540
8
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 1. Nature of Operations, Reporting Entity, Fund Accounting and Significant Accounting
and Reporting Policies
Nature of operations: The Rosemead Redevelopment Agency (the Agency) was established in June
1972 pursuant to State of California Health and Safety Code Section 33000 entitled Community
Redevelopment Law. Its purpose is to finance street, park and utility improvements. It also acquires and
constructs major capital facilities all within the Rosemead Project Area No. 1. The Agency is a
component unit of the City of Rosemead (the City), California, and is included in the general purpose
financial statements of the City. The Agency has the same fiscal year as the City. The financial
statements contain information for the Agency only. The City financial statements can be obtained from
the Finance Department of the City.
Reporting entity: As required by GAAP, these financial statements present the government and its
component unit, an entity for which the government is considered to be financially accountable. A
blended component unit, although a legally separate entity, is, in substance, part of the government's
operations and; therefore, data from this unit is combined with data of the primary government.
The blended component unit included in the Agency's reporting entity is the Rosemead Housing
Development Corporation (the Corporation). The Corporation is a California nonprofit public benefit
corporation organized under Section 501(c)(3) of the Internal Revenue Code. The Corporation accounts
for the construction, financing and operations of low-moderate income housing. The Corporation's
financial statements can be obtained from the Finance Department of the City.
Fund accounting: The accounts of the Agency are organized on the basis of funds or account groups,
each of which is considered to be a separate accounting entity. The operations of each fund are accounted
for by providing a separate set of self-balancing accounts which comprise its assets, liabilities, equity,
revenues and expenditures. The financial statements of the Agency have been prepared in conformity
with generally accepted accounting principles (GAAP) as applied to government units. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles.
The various funds and account groups are presented as follows:
Governmental fund types:
The Special Revenue Funds account for the proceeds of specific revenue resources (other than major
capital projects) that are legally restricted to expenditures for specified purposes. The Special Revenue
Funds and their purposes are as follows:
Low-Moderate Income Housing Set-Aside Fund - Accounts for the 20% of gross property tax
increment revenue received by the Agency to fund future projects involving the replacing or
rehabilitation of low-moderate income housing within City limits.
Rosemead Housing Development Corporation - Accounts for the construction and financing of
low-moderate income housing.
9
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 1. Nature of Operations, Reporting Entity, Fund Accounting and Significant Accounting
and Reporting Policies, Continued
The Debt Service Fund accounts for the accumulation of resources for the payment of general long-
term debt principal, interest and related costs.
The Capital Projects Fund accounts for the financial resources to be used for the improvement and
rehabilitation of the community redevelopment project areas and acquisition or construction of major
capital facilities within the Agency.
Account groups:
The General Fixed Assets Account Group accounts for all Agency general fixed assets
The General Long-term Debt Account Group accounts for the outstanding principal balances of all
Agency long-term debt expected to be financed from Governmental Fund Types.
The following is a summary of the significant accounting and reporting policies:
Basis of accounting and change in accounting policy: Governmental Fund Types are accounted for
using the modified accrual basis of accounting. Revenue is recognized in the accounting period in which
it becomes both measurable and available to finance the expenditures of the current period. "Measurable"
means the amount of the transaction can be determined. "Available" means collectible within the current
period or soon enough thereafter to pay current liabilities.
Expenditures are generally recognized in the accounting period in which the fund liability is incurred, if
measurable, except expenditures for debt service on long-term obligations, which are recognized when
due.
Change in accounting policy: Beginning July I, 2000, the Agency adopted Government Accounting
Standards Board (GASB) Statement No. 33, Accounting and Financial Reporting for Nonexchange
Transactions. GASB Statement No. 33 requires that governments record and report assets, liabilities,
revenues and expenditures for the four types of nonexchange transactions, including restating prior
financial information, if necessary. During the year ended June 30, 2001, the Agency recorded imposed
nonexchange revenues and voluntary nonexchange transactions as defined below:
1. Imposed Nonexchange Revenues - Assessments imposed on nongovernmental entities, including
individuals, other than assessments on exchange transactions (e.g., property taxes and fines).
Assets are recognized when the government has an enforceable legal claim to the resources or
resources are received, whichever occurs first. Revenues are recognized when the use of the
resources is required or first permitted by time requirements, or at the same time as the assets if
the government has not established time requirements and resources are available.
2. Voluntary Nonexchange Transactions - Legislative or contractual agreements, other than
exchanges, entered into willingly by the parties to the agreement (e.g., certain grants and private
donations). Assets are recognized when all applicable eligibility requirements are met or
resources are received, whichever occurs first. Revenues are recognized when all applicable
eligibility requirements are met and resources are available.
10
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 1. Nature of Operations, Reporting Entity, Fund Accounting and Significant Accounting
and Reporting Policies, Continued
There was no material effect on the Agency's beginning fund balance as a result of the adoption of this
standard and, therefore, no change in fund balance was recorded as of June 30,2000.
Cash and investments: The Agency pools cash and investment resources of some of its funds in order to
facilitate the management of cash. Cash applicable to a particular fund is readily identifiable. The
balance in the pooled cash accounts is available to meet current operating requirements.
Investments are stated at fair value. The fair value is the amount at which a financial instrument could be
exchanged in a current transaction between willing parties, other than in a forced liquidation. The fair
value of the investments is generally based on published market prices and quotations from major
investment firms. Investment earnings are allocated based on the source of funds.
Receivables: Property taxes attach as an enforceable lien on property as of March 1. Taxes are levied on
July I and are payable in two installments on December 10 and April 10. The County of Los Angeles
bills and collects the property taxes and remits them to the Agency in installments during the year.
Property taxes received within 60 days after the Agency's fiscal year end are considered "measurable" and
"available" and are accrued in the Agency's financial statements.
All other receivables are reported at their gross value and, where appropriate, are reduced by the
estimated portion that is expected to be uncollectible.
Property and equipment: All property and equipment of the Agency are accounted for in the General
Fixed Assets Account Group. Property and equipment items acquired or constructed for general
governmental operations are recorded as expenditures in the fund making the expenditure and capitalized
in the General Fixed Assets Account Group.
All general fixed assets which were purchased or constructed are stated at cost. Assets acquired by gift or
bequest are recorded at their fair market value at the date of transfer. No depreciation is recorded on
general fixed assets.
Fund balances: The reserved portion of the fund balances represents that amount which has been legally
identified for the specific purpose or it represents that amount which is not available to liquidate current
liabilities. The unreserved portion represents the amount available for future appropriations. Designated
fund balances represent tentative plans for future use of financial resources.
"Memorandum Only" total columns: Included on the combined financial statements are total columns
captioned "Memorandum Only" to indicate that they are presented only for informational purposes.
Adjustments to eliminate interfund transactions have not been recorded in arriving at such amounts and
the memorandum totals are not intended to fairly present the financial position or results of operations of
the reporting entity taken as a whole.
Additionally, the 2000 totals presented in the "Memorandum Only" columns are included to provide a
summarized comparison with comparable 2001 amounts and are not intended to present all information
necessary for a fair presentation of financial position and results of operations in accordance with
generally accepted accounting principles.
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 1. Nature of Operations, Reporting Entity, Fund Accounting and Significant Accounting
and Reporting Policies, Continued
Budget matters: Budgets presented in this report for comparison to actual amounts are presented in
accordance with generally accepted accounting principles. The modified accrual basis of accounting is
employed in the preparation of the budget. Reported budget amounts represent the original adopted
budget as amended. The legal level of budgetary control is at the department level. Expenditures
exceeded appropriations by $9,513 for the fiscal year ended June 30, 2001 in the Rosemead Housing
Development Corporation Administration Department.
Unexpended budgeted amounts lapse at the end of the budget year.
Note 2. Cash and Investments
The components of cash and investments at June 30, 2001 are as follows:
Cash:
Cash $ 2,076,591
Time certificates of deposit 1,989,598
Cash total 4,066,189
Investments
Debt securities investments
100,000
Investment in State Treasurer's Investment Pool
16,066,501
Investments total
16,166,501
Cash and investments total
$ 20,232,690
Cash: The Agency maintains cash and investment pools that are available for use by all funds.
Each fund's or fund type's share of the pool balance is reported in the financial statements as cash
and cash investments. Earnings from the pooled investments are allocated monthly to each
participating fund based on a formula that takes into consideration each fund's average
investment in the pool.
At year end, the carrying amount of the Agency's deposits was $4,066,189 and the bank balance was
$4,353,506. Of the bank balance, $502,893 was covered by federal depository insurance or by collateral
held in the Agency's name, and $3,850,613 was collateralized by depository collateral pools as described
in the following paragraph.
In accordance with state statutes, the Agency maintains deposits at those depository institutions insured
by the Federal Deposit Insurance Corporation. The California Government Code requires California
banks and savings and loan associations to collateralize the deposits of governmental entities by pledging
government securities as collateral. The market value of pledged securities must equal at least 110% of
those deposits. California law also allows financial institutions to secure the deposits of governmental
entities by pledging first trust deed mortgage notes having a collateral value of 150% of an agency's total
deposits.
12
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 2. Cash and Investments, Continued
The cash deposits are classified in three categories of credit risk as follows: Category one includes
deposits that arc insured or collateralized with securities held by the entity or by its agent in the entity's
name; Category two includes deposits that are collateralized with securities held by the pledging
financial institution's Trust Department or agent in the entity's name; Category three includes deposits
that are uncol lateral ized.
Cash
Time certificates of deposit
Category
1 2 3 Total
$ 402,893 $ 1,961,015
100,000 1,889,598 1,989, 598
$ 502,893 $3,850,613 $ $ 4,353,506
$ 2,363,908
Investments: State statutes authorize the Agency to invest any available funds in securities issued or
guaranteed by the United States Treasury or agencies of the United States, bank certificates of deposit,
bankers acceptances, negotiable certificates of deposit, the State Treasurer's Investment Pool (LAIF),
repurchase agreements, commercial paper and bonds, and registered warrants or treasury notes of the
State of California and its local agencies. An advisory board has been established to monitor LAIF's
compliance with regulations and investment alternatives established by the State.
The Agency participates in a voluntary external investment pool, LAIF, which is managed by the State
Treasurer. LAIF has oversight provided by the Local Agency Investment Advisory Board. The Board
consists of five members as designated by State statute. The Chairman of the Board is the State Treasurer
or his designated representative. The fair value of the Agency's shares in the pool approximates the fair
value of the position in the pool.
At June 30, 2001, the Agency's pooled investments in LAIF in the amount of $16,066,501 are not subject
to custodial credit risk categorization. The total estimated fair value invested by all public agencies in
LAIF is $55,175,428,123. Of that amount, 95.49% is invested in nonderivative financial products and
4.51% in derivative financial products.
Restricted cash and investments: All restricted cash and investments of the Agency are held by trustees
or an escrow agent. The California Government Code provides that these funds, in the absence of
specific governing provisions to the contrary, may be invested in accordance with the resolutions or
indentures that specify the allowable investment of bond proceeds. and funds earmarked for bond
repayment.
13
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 2. Cash and Investments, Continued
The Agency's investments, including restricted cash and investments, as of June 30, 2001, are categorized
in the following schedule to give an indication of the level of risk assumed by the entity at year end:
Category Uncate-
1 2 3 gorized Balance
Investment
U.S. government and
government agency
securities
Investment in State
Treasurer's Investment
Pool
Restricted cash and
investments
Guaranteed investment
contract
Total investments
$100,000 $ $ $ - $ 100,000
- 16,066,501 16,066,501
2,3
$100,000 $ - $ - $18,389,834 $ 18,489,834
The three preceding risk description categories are defined as follows:
Category Descripti
Investments that are insured, registered or for which the securities are held by the Agency or
its agent in the Agency's name.
2 Uninsured and unregistered investments for which the securities are held by the
counterparty's Trust Department (if a bank) or agent in the Agency's name.
3 Uninsured and unregistered investments for which the securities are held by the
counterparty's Trust Department (if a bank) or agent, but not in the Agency's name.
Note 3. Reimbursement Agreements and Related-party Transactions
The Agency has entered into various reimbursement agreements with the City which require the City to
install certain public improvements for the benefit of the Rosemead Redevelopment Agency Project Area
No. 1. In addition, the Agency reimburses the City for administrative services, facilities and other
operating services which totaled $1,103,500 for the fiscal year ended June 30, 2001. The Agency and
City are commonly controlled by the City Council.
14
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 4. Property and Equipment
During the year ended June 30, 2001, the changes in the general fixed assets were as follows:
Balance
Acquisitions
Balance
July I, 2000
(Dispositions)
June 30, 2001
Land
$ 2,271,308
$ 284,429
$ 2,555,737
Buildings and improvements
6,230,301
11,510
6,241,811
Furniture and fixtures
943,051
(4,369)
938,682
Construction in progress
-
1,204,764
1,204,764
$ 9,444,660
$ 1,496,334
$ 10,940,994
In 1998 the Redevelopment Agency entered into a ground lease with the Army Corp of Engineers to
provide for parking and access adjacent to the Rio Hondo Flood Control Channel in order for the Agency
to proceed with the construction of a second Senior Citizen Housing project, which will consist of 72
housing units, and an adjacent 20,000 square-foot Community Center. The property for this project was
purchased years ago by the Agency for $1.66 million, of which $1.0 million was reimbursed to the
Agency by the City's Federal HOME funds. The costs incurred on this project will be allocated between
the Corporation (Senior Citizen Housing project), the Agency and the City (Community Center).
The Senior Housing project construction was started during the fiscal year ended June 30, 2001, whereby
approximately $568,000 of costs was incurred on Senior Citizen Housing project through that date. The
total estimated costs to complete of the Senior Citizen Housing project, including the $568,000 of costs
already incurred, as of June 30, 2001 is approximately $7.2 million.
The Community Center project construction began during the fiscal year ended June 30, 2001. Of the
$888,000 in costs incurred during the year, the Agency and the City paid for approximately $637,000 and
$251,000, respectively. The total estimated cost to complete the Community Center project, including the
$888,000 of costs already incurred, as of June 30, 2001 is approximately $5.2 million.
Note 5. Long-term Debt
The following is a summary of general long-term debt transactions for the year ended June 30, 2001:
Tax Allocation
Tax Allocation
Bonds
Bonds
Series 1993A
Series 1993B
Total
Balance, July 1, 2000
$ 34,275,000
$ 695,000-
$ 34,970,000
Payments of principal
-
(345,000)
(345,000)
Balance, June 30, 2001
$ 34,275,000
$ 350,000
$ 34,625,000
15
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 5. Long-term Debt, Continued
In November 1993, the Agency issued tax allocation bonds amounting to $34,275,000 (Series 1993A) and
taxable tax allocation refunding bonds amounting to $2,435,000 (Series 1993B) to finance a portion of the
cost of the redevelopment area known as Project Area No. 1. The bonds bear interest ranging from 4.6%
to 5.6% and 5.2% to 5.9% for Series 1993A and B, respectively. Series 1993A bonds mature after
October I, 2001 and before October I, 2033, and Series 19938 bonds matured on or before October I,
2001.
In addition, the 1993 Series A bond issue reallocated $6,813,850 of proceeds from the 1991 bond issue
deposited in the Low-Moderate Income Housing Set-Aside Fund in October 1991. The reallocation had
the effect of satisfying the present value effect of the $423,574 borrowed from the Educational Revenue
Augmentation Fund (ERAF) in fiscal year ended June 30, 1993 and satisfying the present value effect of
the set-aside requirements as follows: $812,342 for fiscal year ended June 30, 1992, $847,147 for fiscal
year ended June 30, 1993 and $469,142 for each of the fiscal years ended June 30, 1997 through June 30,
2022. Additional low-moderate income housing set-aside commitments are addressed in Note 7.
The annual requirements, principal and interest to amortize the outstanding debt as of June 30, 2001 are
as follows:
During the Years
Series 1993A Bonds
Series 1993B Bonds
Ending June 30,
Principal
Interest
Principal Interest
Total
2002
$ 20,000
$ 1,892,193
$ 350,000 $ 9,865
$ 2,272,058
2003
425,000
1,881,073
- -
2,306,073
2004
445,000
1,859,748
- -
2,304,748
2005
465,000
1,836,765
- -
2,301,765
2006
490,000
1,812,168
- -
2,302,168
Years thereafter
32,430,000
31,511,199
- -
63,941,199
$ 34,275,000
$ 40,793,146
$ 350,000 $ 9,865
$75,428,011
Tax allocation bonds, Series 1993A and B: The Tax Reform Act instituted certain arbitrage restrictions
with respect to the issuance of tax-exempt bonds. Arbitrage regulations deal with the investment of all
tax-exempt bond proceeds at an interest yield greater than the interest yield paid to bondholders.
Generally, all interest paid to bondholders can be retroactively rendered taxable if applicable rebates are
not paid to the federal government at least every five years.
During the current year, the Agency performed calculations of excess investment earnings on various
bonds and financings in accordance with arbitrage regulations. The Agency has determined that no
arbitrage rebate liability exists as of June 30, 2001.
16
ROSEMEAD REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Note 6. Risk Management
The Agency is exposed to various risks of loss related to torts; thefts of, damage to and destruction of
assets; errors and omissions; and natural disasters. The Agency, through the City, carries commercial
liability insurance coverage. The Agency carries no insurance coverage for natural disasters. Since the
Agency does not have any employees (it uses employees from the City), it is not liable for injury to
employees, workers' compensation, or employee health and accident insurance. The City has had no
reductions in insurance coverage nor did the City have any settlements which were in excess of insurance
coverage in any of the three preceding years.
Note 7. Commitments and Contingent Liabilities
Low-Moderate Income Housing Set-Aside Fund: Under State law, the Agency is required to set aside
a portion of its property tax increment revenue for low-moderate income housing. The Agency has made
findings that, for the years ended June 30, 1986 through June 30, 1991, it was allowed to defer funding of
the set-aside. The set-aside amounts incurred during the fiscal year ended June 30, 1994, 1995, 1996,
1997 and 1998 were also deferred until the fiscal year ending June 30, 2023, as provided by the Agency's
adoption of the housing deficit repayment plan. As of June 30, 2001, the accumulated set-aside amount
not yet funded was approximately $4,947,000. As required by law, the Agency devised a plan to fund the
accumulating amount.
Advance agreement: In February 1995, the Agency approved an agreement with a local utility company
to advance the utility company $117,600 required to install water distribution mains within the Agency
redevelopment area. The agreement remains on hold by the Agency as of October 16, 2001.
Note 8. Property Management and Operations
The Agency, through the Corporation, has an agreement with a management company, dated July 1994,
to operate the development housing. This agreement is automatically renewed for successive periods of
one year, unless terminated by the Corporation. The management company is responsible for collecting
rents and receipts, employing an on-site manager and maintaining financial records. Total fees paid to the
management company were $18,600 during fiscal year ended June 30, 2001.
Note 9. Pronouncements Issued but Not Yet Adopted
In June 1999, the GASB issued Statement of Governmental Accounting Standards No. 34, Basic
Financial Statements and Management's Discussion and Analysis -for State and Local Governments.
This Statement establishes new financial reporting model for state and local governments. The Agency
will have to disclose the details about the full cost of providing government services and to allocate
expenses and revenue to allow calculation of net costs program by program. The Agency will also need
to report all capital assets, including infrastructure assets, and begin to track depreciation on these items
year to year. The Agency will be required to implement the new financial model for its fiscal year ending
June 30, 2003. However, for purposes of the retroactive reporting of major networks and subsystems of
general infrastructure assets, the Agency will be required to implement this reporting as of fiscal year
ending June 30, 2007. The Agency has not completed its assessment of the effect that the adoption of
Statement No. 34 will have on its financial statements.
17
ROSEMEAD REDEVELOPMENT AGENCY
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
June 30, 2001
Rosemead
Low-Moderate
Housing
Income Housing
Development
Totals
Assets
Set-Aside Fund
Corporation
2001
2000
Cash and investments
$ 6,062,939
$ 504,573 $
6,567,512 $
6,510,731
Receivables
73,128
-
73,128
82,378
Due from the City of Rosemead
-
-
-
-
Total assets
$ 6,136,067
$ 504,573 $
6,640,640 $
6,593,109
Liabilities and Equity
Liabilities, accounts payable and
accrued liabilities $ $ 173,959 $ 173,959 $ 19,853
Equity
Fund balances:
Reserved for low-moderate
income housing
Unreserved, designated for
redevelopment projects
Total equity
Total liabilities and equity
6,136,067
6,136,067 6,358,788
- 330,614 330,614 214,468
6,136,067 330,614 6,466,681 6,573,256
$ 6,136,067 $ 504,573 $ 6,640,640 $ 6,593,109
18
ROSEMEAD REDEVELOPMENT AGENCY
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS
Year Ended June 30, 2001
Rosemead
Low-Moderate
Housing
Income Housing
Development
Set-Aside Fund
Corooration
Revenues:
Use of money and property
Other
Total revenues
Expenditures:
Current:
Operating
Professional fees
City administrative services
Facility charge paid to the City
Total expenditures
Revenues over (under)
expenditures
Other financing sources:
Operating transfers:
From other funds
(To) other funds
Total other financing
sources
Revenues and other
financing sources over
(under) expenditures and
other financing uses
Fund balance, beginning
Fund balance, ending
Totals
2001 2000
$ 336,870 $ 160,200 S 497,070 $ 425,306
- 7,232 7,232 4,190
336,870 167,432 504,302 429,496
- 677,773
677,773
140,066
- 23,513
23,513
10,025
- 90,000
90,000
90,000
- 60,000
60,000
60,000
- 851,286
851,286
300,091
336,870 (683,854) (346,984) 129,405
240,409 800,000 1,040,409 236,519
(800,000) - (800,000) -
(559,591) 800,000 240,409 236,519
(222,721) 116,146 (106,575) 365,924
6,358,788 214,468 6,573,256 6,201,332
$ 6,136,067 $ 330,614 $ 6,466,681 $ 6,573,256
19
ROSEMEAD REDEVELOPMENT AGENCY
COMPUTATION OF LOW-MODERATE INCOME HOUSING EXCESS/SURPLUS FUNDS
Year Ended June 30, 2001
Area I
Fund Balance - Beginning of Year $ 6,358,788
Adjustments
Less unavailable funds - included in beginning fund balance:
Land held for resale -
Rehabilitation loans -
ERAF loan receivable -
Set-aside deferrals -
Unspent bond proceeds (5,322,234)
Total unavailable funds (5,322,234)
Available Fund Balance - Beginning of Year 1,036,554
Current year proceeds/uses (actual plus changes in unavailable):
Proceeds 577,279
Uses (800,000)
Changes in unavailable amounts 112,705
Available Fund Balance - End of Year 926,538
Encumbrances -
Unspent bond proceeds present -
Land sales - HS 33334.12(g)(3)(A) -
Available Fund Balance - for Excess Surplus $ 926,538
Does available fund balance for excess/surplus exceed $1,000,000? If so, enter
available fund balance and evaluate that amount against tax increment.
If less, enter zero. $ -
Does available fund balance for excess/surplus exceed the greater
of prior four years' set-aside deposits or $1,000,000?
Tax increment set-aside amounts:
Fiscal year 1996-97
$ 709,334
Fiscal year 1997-98
691,181
Fiscal year 1998-99
708,027
Fiscal year 1999-00
705,661
Total set-aside deposited into fund
2,814,203
2,814,203
Excess/surplus Funds
Greater of available fund balance for excess/surplus or prior four
years' tax increment set-aside deposits
$ -
20
ROSEMEAD REDEVELOPMENT AGENCY
COMPUTATION OF LOW-MODERATE INCOME HOUSING EXCESS/SURPLUS FUNDS, CONTINUED
Year Ended June 30, 2001
Project Area I
Reconciliation to Ending Fund Balance
Ending GAAP fund balance S 6,136,067
Available fund balance,- end of year above
Add unavailable funds - end of year
Land held for resale
Rehabilitation loans
ERAF loan receivable
Set-aside deferrals
Other: Unspent bond proceeds
Total unavailable funds
5,209,529
$ 926,538
5,209,529
$ 6,136,067
21
L McGLADREY& PULLEN, LLP RSM
® Certified Public Accountants international
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE AND ON
INTERNAL CONTROL OVER FINANCIAL REPORTING BASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENTA UDITING STANDARDS
To the Governing Board
Rosemead Redevelopment Agency
Rosemead, California
We have audited the general purpose financial statements of the Rosemead Redevelopment Agency (the
Agency), a component unit of the City of Rosemead, California, as of and for the year ended June 30,
2001, and have issued our report thereon dated October 16, 2001. We conducted our audit in accordance
with auditing standards generally accepted in the United States of America and the standards applicable to
financial audits contained in Government Auditing Standards issued by the Comptroller General of the
United States.
Compliance
As part of obtaining reasonable assurance about whether the Agency's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts and grants, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. This included those provisions of laws and regulations
identified in the Guidelines for Compliance Audits of California Redevelopment Agencies, issued by the
State Controller and as interpreted in the Suggested Auditing Procedures for Accomplishing Compliance
Audits of California Redevelopment Agencies issued by the Governmental Accounting and Auditing
Committee of the California Society of Certified Public Accountants. However, providing an opinion on
compliance with those provisions was not an objective of our audit and, accordingly, we do not express
such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be
reported under Government Auditing Standards.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Agency's internal control over financial
reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the
financial statements and not to provide assurance on internal control over financial reporting. Our
consideration of internal control over financial reporting would not necessarily disclose all matters in
internal control over financial reporting that might be material weaknesses. A material weakness is a
condition in which the design or operation of one or more internal control components does not reduce to
a relatively low level the risk that misstatements in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. We noted no matters involving internal control
and its operations that we consider to be material weaknesses as defined above.
22
This report is intended for the information of the Governing Board and management of the Agency and is
not intended to be and should not be used by anyone other than those specified parties.
4CX* ¢ / L LB
Pasadena, California
October 16, 2001
23
Exhibit B
Redevelopment Agencies Financial Transactions Report
REDEVELOPMENT AGENCIES
FINANCIAL TRANSACTIONS REPORT
COVER PAGE
Rosemead Redevelopment Agency
Fiscal Year: 2001
ID Number: 13981974600
Submitted by:
EXECUTIVE DIRECTOR
SI nature Title
FRANK G TRIPEPI 12-27-01
Name (Please Print) Date
Per Health and Safety Code section 33080, this report is due within six months after the end of the fiscal year. The report is to
include two (2) copies of the agency's component unit audited financial statements, and the report on the Status and Use of
the Low and Moderate Income Housing Fund (HCD report). To meet the filing requirements, all portions must be received by
the California State Controller's Office.
To file electronically:
1. Complete all forms as necessary.
2. Transmit the completed output file using a File
Transfer Protocol (FTP) program or via diskette.
3. Sign this cover page and mail to either address
below with 2 audits and the HCD report.
To file a paper report:
1. Complete all forms as necessary.
2. Sign this cover page, and mail complete report to either address
below with 2 audits and the HCD report.
Report will not he considered filed until receipt of this
signed cover page.
Mailing Address:
Express Mailing Address:
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
P. O. Box 942850
Sacramento, CA 94250
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
3301 C Street, Suite 700
Sacram'ehto, CA 95816
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nU
Supplement to the Annual Report of Community Redevelopment Agencies
For the Fiscal Year Ended June 30, 2001
Redevelopment Aenc ID Number:
13981974600
Name of Redevelopment Agency:
Address:
8838 E VALLEY BOULEVARD
City, State, Zi :
ROSEMEAD CA 91770
The U.S. Bureau of the Census requests the following information about the fiscal activities of your
government for the 2000-2001 fiscal year. Govemments famishing this information will no longer receive
U.S. Bureau of the Census Form F-32, Survey of Local Government Finances. If you have any questions,
please contact
U.S. Bureau of the Census
Jeffrey Little
1-800-2424523
A. Personnel Expenditures
Report your government's total expenditures for salaries and wages during the year, including amounts
paid on force account construction projects.
Z00 $ 2 809 585
B. Mortgage Revenue Bond Interest Payments
Report your government's total amount of interest paid on mortgage revenue bonds during the year.
U20 $
C. Cash and Investments Held at the End of the Fiscal Year
Report separately for each of the three types of funds listed below, the total cash on hand, cash on deposit,
and investments in Federal government, Federal agency, State and local government and non-governmental
securities. Report all investments at par value. Include in the sinking fund total any mortgages and notes
receivable held as offsets to housing and industrial financing loans. Exclude accounts receivable, value of
real property and non-security assets
1. Sinking Funds - Reserves held for the redemption of long-term
W01
$
debt
6,389,522
2. Bond Funds - Unexpended proceeds from the sale of bond issues
W31
$
pending disbursement.
3. All Other Funds - Exclude employee retirement funds.
W61
$1 6,166,501
U.S. Bureau of the Census - Revised 01101
IV. CONSENT CALENDAR
CC-A APPROVAL OF UNDERTAKING AGREEMENT FOR PARCEL MAP 26446 -
7637-7641 GRAVES AVENUE
CC-B EXTENSION OF AGREEMENT WITH MARIPOSA LANDSCAPES
CC-C RENEWAL OF MEMBERSHIP IN THE SAN GABRIEL VALLEY COUNCIL OF
GOVERNMENTS
CC-D AUTHORIZATION TO REJECT CLAIMS AGAINST THE CITY FROM
MICHAEL AND LINDA DUNLAP
-E ANNUAL REPORT OF THE ROSEMEAD REDEVELOPMENT AGENCY FOR
FISCAL YEAR'-2000-01 ,
CC-r AUTHORIZATION TO ATTEND ANNUAL LEAGUE OF CALIFORNIA CITIES
CONFERENCE, OCTOBER 2-5,2002, LONG BEACH
MOTION BY COUNCILMAN IMPERIAL, SECOND BY COUNCILMAN TAYLOR that the µ .
Council approve the aforementioned items on the Consent Calendar. Vote resulted:
Yes:
Imperial, Taylor, Clark, Vasquez
No:
None
Absent:
Bruesch
Abstain:
None
f e Mayor declared said motion duly carried and so ordered.
V. MATTERS FOR DISCUSSION AND ACTION- None
VI. STATUS REPORTS - None
VH. ' MATTERS FROM OFFICIALS
A. RESOLUTION NO. 2002-30 - RELATIVE TO.THE EXTRADITION OF
CRIDIINALS
The following Resolution was presented to the Council for adoption:
RESOLUTION NO. 2002-30
CCMIN:7-09-02
Page a3