CC - Item 4A - Acceptance of Annua Report of the RCDC - Box 070TO: HONORABLE MAYOR
AND MEMBERS
ROSEMEADD CITY COUNCIL
FROM: BILL CROWS, CITY MANAGER
DATE: December 2, 2003
RE: ACCEPTANCE OF THE ANNUAL REPORT OF THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION FOR FISCAL YEAR 2002-
2003
Pursuant to California Redevelopment Law, the Rosemead Community Development
Commission is required to submit an Annual Report of its activities each year to the City
Council. The attached Annual Report for fiscal year 2002-03 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 of the Rosemead Community
Development Commission for fiscal year 2002-03.
COUNCIL AGE-"DA
DEC 0 g 2003
ITEM No. 7~- eZ -A
ANNUAL REPORT
FOR
FISCAL YEAR 2002 - 2003
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
I. 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. 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. Redevelopment Project Areas
The Rosemead Community Development Commission (the "Commission") has
adopted two redevelopment project areas. Redevelopment Project Area No. 1
was originally adopted by the Rosemead City Council on June 27, 1972 by
Ordinance No. 340 and was amended by Ordinance No. 592 on December 9,
1986 to increase the limitation on the number of dollars allocated to the
Rosemead Redevelopment Agency (subsequently changed to the Community
Development Commission) and to re-establish the Agency's authority to acquire
property. The second amendment to the Redevelopment Plan was approved on
December 20, 1994 by Ordinance 752 to bring it into conformity with the
requirements of Assembly Bill 1290. On January 22, 2002 by Ordinance 822, the
City Council approved a third amendment to the Redevelopment Plan for the
purpose of extending the time line for incurring debt.
The Rosemead City Council adopted Redevelopment Project Area No. 2 on June
27, 2000 by Ordinance 809.
Ill. The Annual Report
The Commission has prepared its Annual Report for the 2002-2003 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
Community Development Commission for the fiscal year ending June 30,
2003. In their opinion, the general purpose financial statements present
fairly, in all material respects, the financial position of the Commission as
of June 30, 2003, and the results of its operations for the year then
ended, in conformity with generally accepted accounting principles.
McGladrey & Pullen performed tests of the Commission'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 Commission'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,
2003 is attached to this Report as Exhibit A.
8. Redevelopment Agencies Financial Transactions Report
The Commission's Financial Transactions Report has been prepared by
the Commission's Fiscal Officer, Karen Ogawa, and submitted to the
State Controller's 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 Commission's approved Implementation Plan for Project
Area No. 1 for Fiscal Years 1999-00 through 2003-04, the Commission's
progress in alleviating blight is described by the following actions and
expenditures of the Commission.
1. The Rosemead Community Development Commission, through the
Rosemead Housing Development Corporation (the "RHDC"), finalized
construction of the 72-unit Garvey Senior Citizens Residential
Complex. The four (4)-story housing project was 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 Set-Aside funds. 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 purchaser. The loans are used to provide down payment
assistance for households qualifying under guidelines that have been
established by the RHDC. During this reporting period, no loans were
made to low- and moderate-income households.
3. The Commission provided the funds for the preparation of the
engineering design of several capital improvements projects for the
community.
D. Redevelopment Agency Loans
The Commission 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 Commission.
E. Agency Owned Property
The Commission owned three properties during of the fiscal year. One of
these properties, located at 9734 Abilene Street was purchased in
December 2000 for a purchase price of $283,200. Improvements on the
property include a blighted single family home used as a dog kennel. The
Commission sold this property during the fiscal year at the highest price
offered for the property. The new owner agreed to demolish the blighted
housing unit and combine the property with adjacent property owned by
the new owner.
The second property is located at 4623 Earle Avenue and was vacant
when purchased. During this fiscal year, a housing developer purchased
this property.
3
The third property is located at 4016 Temple City Boulevard and was
acquired in February 2003. The property consists of a vacant commercial
parcel of 6,970 square feet.
1. 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 Commission during Fiscal Year 2002-03.
Income Number
Very Low
Other Lower
Moderate
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
Commission estimates will be displaced or will move from their dwelling
units as a part of a redevelopment project during Fiscal Year 2003-04.
Income Number
Very Low 0
Other Lower 0
Moderate 0
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 Commission.
Income Number
Very Low - 0
Other Lower 0
Moderate 0
3. Construction and Rehabilitation
The total number of Commission-assisted dwelling units which were
constructed, rehabilitated, acquired or subsidized during the Fiscal Year
2002-03 for occupancy at an affordable housing cost by elderly persons
and families, but only if the units are restricted by agreements or
4
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 Commission assisted
units are required to remain available at an affordable cost.'
Income Number
Very Low 72
Other Lower 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's Redevelopment Project Area No. 1 was created prior to 1976 and is exempt from
any inclusionary housing requirements.
5
Exhibit A
Annual Financial Report
Rosemead Community Development Commission
Financial and Compliance Report
June 30, 2003
McGladrey&Pullen
Certified Public Accountants
McGladrey & Pullen, uP is a member firm of RSM International,
an affiliation of separate and independent legal enfi6es.
Contents
Section I-Financial Section
Independent Auditors Report on the
Financial Statements and Supplementary Information 1 and 2
Basic Financial Statements
Government-wide Financial Statements
Statement of net assets-governmental activities 3
Statement of activities-govemmental activities 4
Fund Financial Statements
Combined balance sheet-governmental funds 5 and 6
Reconciliation of the governmental funds balance sheet to the govemment-wide statement
of net assets 7
Combined Statement of revenues, expenditures and changes in fund balances-governmental
funds 8 and 9
Reconciliation of governmental funds statement of revenue, expenditures and changes in fund
balances of govemment-wide statement of activities 10
Notes to financial statements 11-22
Required Supplementary Information
Budget comparison schedules
Low-Moderate Income Housing Set-Aside Fund 23
Rosemead Housing Development Corporation 24
Notes to required supplementary information 25
Section II-Compliance Section
Independent Auditor's Report on Compliance and on Internal Control
over Financial Reporting Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 26 and 27
Computation of Low- and Moderate-income Housing Excess/Surplus Funds 28 and 29
FINANCIAL SECTION
McGladrey&Pullen
Certified Public Accountants
Independent Auditor's Report on the
Financial Statements and Supplementary Information
To the Governing Board
Rosemead Community Development Commission
Rosemead, California
We have audited the accompanying financial statements of the governmental activities and each major fund of the
Rosemead Community Development Commission (the Commission), a component unit of the City of Rosemead,
California, as of and for the year ended June 30, 2003, which collectively comprise the Commission's basic financial
statements as listed in the table of contents. These financial statements are the responsibility of the Commission's
management. Our responsibility is to express an opinion on these 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 financial statements referred to above present fairly, in all material respects, the financial position
of the governmental activities and each major fund of the Commission as of June 30, 2003, and the respective
changes in financial position thereof for the year then ended, in conformity with accounting principles generally
accepted in the United States of America.
As described in Note 1, the Commission has implemented a new financial reporting model, as required by the
provisions of Government Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements and
Management's Discussion and Analysis-tor State and Local Governments, as of June 30, 2003.
The Commission has not presented a Management's Discussion and Analysis required by GASB Statement No. 34
that the GASB has determined is necessary to supplement, although not required to be part of, the basic financial
statements.
In accordance with Government Auditing Standards, we have also issued our report dated September 19, 2003 on
our consideration of the Commission'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 Audit Standards and should be read in conjunction with this report in considering the
results of our audit. .
McGladrey 8 Pullen, uo is a member firm of RSN Inlemalional,
an affiliation of separate and independent legal entities.
The budgetary comparison schedules and computation of low- and moderate-income housing excess/surplus funds
on pages 23 and 24, and 28 and 29, respectively, are not a required part of the basic financial statements, but are
supplementary information required by GASB. We have applied certain limited procedures that consist principally of
inquiries of management regarding the methods of measurement and presentation of the required supplementary
information. However, we did not audit the information and express no opinion on it.
Pasadena, California
September 19, 2003
Rosemead Community Development Commission
Statement of Net Assets-Governmental Activities
June 30, 2003
Assets
Current Assets
Cash and investments $ 8,683,177
Receivables 134,567
Prepaid items 3,000
Cash and investments with fiscal agents 2,321,914
Total current assets 11,142,658
Noncurrent Assets, capital assets, depreciable buildings, property and equipment, net 17,957,528
Total assets $ 29,100,186
Liabilities
Current Liabilities
Accounts payable and accrued liabilities $ 658,140
Long-term debt, due within one year 445,000
Total current liabilities 1,103,140
Noncurrent Liabilities, long-term debt, due in more than one year -
Total liabilities
Net Assets (Deficit)
Invested in Capital Assets, net of related debt
Restricted for:
Debt service
Low- and moderate-income housing
Unrestricted (deficit)
Total net (deficit)
See Notes to Financial Statements.
33,385,000
$ 34,488,140
$ (15,872,472)
2,321,914
872,903
7,289,701
$ (5,387,954)
3
Rosemead Community Development Commission
Statement of Activities-Governmental Activities .
Year Ended June 30, 2003
Net (Expense)
Revenue
and Changes in
Program Revenues Net Assets
Charges for Governmental
Functions/Programs Expenses Services Activities
Governmental activities
General government
Intergovernmental, City of Rosemead
Public works
Interest on long-term debt
Depreciation
Total primary government
$ 528,384 $
264,969 $ (263,415)
1,612,115
- (1,612,115) .
359,118
- (359,118)
1,875,973
- (1,875,973)
372,864
- (372,864)
$ 4,748,454 $
264,969 (4,483,485)
General revenues:
Property taxes 3,433,713
Loss on sale of capital assets (84,538)
Total general revenues and transfers 3,349,175
Change in net assets (1,134,310)
Net asset (deficit), beginning of year (4,253,644)
Net asset (deficit), end of year $ (5,387,954)
See Notes to Financial Statements.
Total
Capital Projects
Govemmental
Fund
Funds
$ 7,034,170
$ 8,683,177
87,497
134,567
-
2,321,914
-
3,000
$ 7,121,667
$ 11,142,658
$ . 148,461 $ 190,422
2;321,914
872,903
3,000
6,973,206 7,754,419
6,973,206 10,952,236
$ 7,121,667 $ 11,142,658
6
THIS PAGE INTENTIONALLY LEFT BLANK
Total
Capital Projects Governmental
Fund Funds
$ 3,105,416 $ 3,105,416
199,981 199,981
193,162 593,176
3,498,559 3,898,573
257,642
528,384
1,346,915
1,612,115
371,747
371,747
563,763
948,547
-
425,000
-
1,881,073
2,540,067
5,766,866
958,492
(1,868,293)
5,134,001
(3,741,335)
(5,134,001)
(3,741,335)
(2,782,843)
(1,868,293)
9,756,049
12,820,529
$ 6,973,206 $
10,952,236
9
Rosemead Community Development Commission
Notes to Financial Statements
Note 1. Summary of Significant Accounting Policies
Nature of operations: The Rosemead Redevelopment Agency was established in June 1972 pursuant to State of
California Health and Safety Code Section 33000 entitled Community Redevelopment Law. The Agency's name was
changed to the Rosemead Community Development Commission (the Commission) in January 2002. 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 Commission is a component unit of the City of Rosemead, California, (the City)
and is included in the basic financial statements of the City. The Commission has the same fiscal year as the City.
The financial statements contain information for the Commission only. The City financial statements can be obtained
from the Finance Department of the City.
Description and scope of the reporting entity: Government Accounting Standards Board (GASB)'Statement
No. 14, The Financial Reporting Entity, defines the reporting entity as the primary government and those component
units for which the primary government is, or has the potential to be, financially accountable. Financial accountability
is defined as appointment of a voting majority of the component unit's Board and either (a) the primary government
has the ability to impose its will or (b) the possibility that the component unit will provide a financial benefit to, or
impose a financial burden on, the primary government.
Since the City Council of the City also serves as the Board of Directors of the Commission, the City, in effect, has the
ability to influence and control operations. Therefore, the City has oversight responsibility for the Commission.
Accordingly, in applying the criteria of GASB Statement No. 14, the financial statements of the Commission are
included in the City's comprehensive annual financial report. The Commission has the same fiscal year as the City.
The City's financial statements can be obtained from the Finance Department of the City.
Government-wide and fund financial statements: The government-wide financial statements (i.e., the statement
of net assets and the statement of activities) report information on all of the activities of the Commission. For the
most part, the effect of interfund activity has been removed from these statements. Governmental activities are
supported by taxes and intergovernmental revenues.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are
offset by program revenues. Direct expenses are those that are clearly identifiable to a specific function or segment.
Program revenues include charges to customers or applicants who purchase, use or directly benefit from goods,
services or privileges provided by a given function or segment. Taxes and other items not properly classified as
program revenues are reported as general revenues.
Major individual governmental funds are reported in separate columns in the fund financial statements
Measurement focus, basis of accounting and financial statement presentation: The government-wide financial
statements are reported using the economic resources measurement focus and the accrual basis of accounting.
Revenues are recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing
of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements of
the provider are met. Amounts reported as program revenues include charges to customers or applicants for goods,
services or privileges provided. Internally dedicated resources, such as taxes, are reported as general revenues
rather than as program revenues.
Net assets are reported as restricted when constraints placed on their use are either externally imposed by creditors,
grantors, contributors, or laws or regulations of other governments, or imposed by law through local enabling
legislation. When both restricted and unrestricted resources are available for use, it is the Commission's policy to use
restricted resources first, then unrestricted resources as they are needed.
11
Rosemead Community Development Commission
Notes to Financial Statements
Note 1. Summary of Significant Accounting Policies, Continued
implementation of new accounting principles:
GASB Statement No. 34: The Commission adopted the provisions of GASB Statement No. 34, Basic Financial
Statements-and Management's Discussion and Analysis-for State and Local Governments. This Statement
affects the manner in which the Commission records transactions and presents financial information. State and
local governments have traditionally used a financial reporting model substantially different from the one used to
prepare private-sector financial reports.
GASB Statement No. 34 establishes new requirements and a new reporting model for the annual financial reports
of state and local governments. The Statement was developed to make annual reports of state and local
governments easier to understand and more useful to the. people who use governmental financial information to
make decisions.
Management's discussion and analysis: GASB Statement No. 34 requires that financial statements be
accompanied by a narrative introduction and analytical overview of the Commission's financial activities in the form
of "management's discussion and analysis" (MDBA). This analysis is similar to the analysis provided in the annual
reports of private-sector organizations.
Government-wide financial statements: The reporting model includes financial statements prepared using full
accrual accounting for all of the Commission's activities. This approach includes not just current assets and
liabilities, but also capital and other long-term assets as well as long-term liabilities. Accrual accounting also reports
all of the revenues and costs of providing services each year, not just those received or paid in the current year or
soon thereafter.
Statement of net assets: The statement of net assets is designed to display the financial position of the
Commission (government and business-type activities). The Commission now reports all capital assets in the
government-wide statement of net assets and reports depreciation expenses-the cost of "using up" capital
assets-in the statement of activities. The net assets of the Commission are broken down into three categories:
(1) invested in capital assets, net of related debt; (2) restricted; and (3) unrestricted.
Statement of activities: The government-wide statement of activities reports expenses and revenues in a format
that focuses on the cost of each of the Commission's functions. The expense of individual functions is compared to
the revenue generated directly by the function.
Accordingly, the Commission has recorded capital and certain other long-term assets and liabilities in the statement
of net assets, and has reported all revenues and the cost of providing services under the accrual basis of
accounting in the statement of activities.,
GASB Statement No. 37: The Commission adopted the provisions of GASB Statement No. 37, Basic Financial
Statements-and Management's Discussion and Analysis-for State and Local Governments: Omnibus. This
Statement amends GASB Statement No. 34 to either (1) clarify certain provisions or (2) modify other provisions that
the GASB believes may have unintended consequences in some circumstances. Accordingly, the Commission
considered the effects of this Statement when adopting the provisions of GASB Statement No. 34, as previously
described.
13
Rosemead Community Development Commission
Notes to Financial Statements
Note 1. Summary of Significant Accounting Policies, Continued
Capital assets: Capital assets, which include land, buildings, equipment and infrastructure assets (e.g., roads,
bridges, traffic signals and similar items), are reported in the government-wide financial statements. Capital assets
are defined by the Commission as assets with an initial individual cost of more than $5,000 and an estimated useful
life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.
The cost of normal maintenance and repairs that do not add to the value of an asset or materially extend an asset's
useful life are not capitalized.
Costs associated with construction in progress are recorded in their respective fixed asset category upon approval by
the City Council, which approximates the completion date.
Depreciation is charged to operations using the straight-line method based on the estimated useful life of an asset.
The estimated useful lives of depreciable assets are as follows:
Years
Buildings 50
Improvements otherthan buildings 15
Furniture and office equipment 7
During the year ended June 30, 2003, the Commission capitalized general infrastructure assets acquired during the
year ended June 30, 2003. No retroactive infrastructure assets have been capitalized. As per GASB Statement
No. 34, the City has until its year ending June 30, 2006 to record its retroactive general infrastructure assets.
Receivables: All trade, service and tax receivables are shown net of an allowance for uncollectibles.
Long-term obligations: Long-term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities statement of net assets. Bond premiums, discounts and issuance costs are deferred and
amortized over the life of the bonds using the effective-interest method: Bonds payable are reported net of the
applicable bond premium or discount. Bond issuance costs are reported as deferred charges and amortized over the
term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums, discounts and issuance costs
during the current period. The face amount of debt issued is reported as other financing sources. Premiums received
on debt issuances are reported as other financing sources, while discounts on debt issuances are reported as other
financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt
service expenditures.
Fund equity: In the fund financial statements, governmental funds report reservations of fund balances for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose.
Designations of fund balances represent tentative management plans and are subject to change.
15
Rosemead Community Development Commission
Notes to Financial Statements
Note 2. Cash and Investments, Continued
The Commission is authorized by its investment policy, in accordance with Section 53601 of the California
Government Code, to invest in the following instruments:
Securities issued or guaranteed by the federal government or its agencies
Bankers' acceptances that are eligible for purchase by the Federal Reserve System
Commercial paper, rated A-1/P-1, secured by an irrevocable line of credit or government securities
Certificates of deposit with national and state licensed or chartered banks, and federal or state savings and
loan associations
Medium-term corporate notes, rated AAA or AA
Money market funds
In accordance with GASB Statement No. 3, Deposits with Financial Institutions, Investments (Including Repurchase
Agreements) and Reverse Repurchase Agreements, the Commission's investments are categorized, according to
the following criteria; to give an indication of the level of risk assumed by the Commission at year end:
Category 1 includes investments that are insured or registered or for which the securities are held by the
Commission or its agent in the Commission's name.
Category 2 includes uninsured and unregistered investments for which the securities are held by the
counterparty's Trust Department or agent in the Commission's name.
Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty
or by its Trust Department or agent, but not in the Commission's name.
The following is the summary of investments as of June 30, 2003:
Investment in pool
California State Local Agency
Investment Fund (LAIF)
Cash deposits held in trust
with fiscal agents-
Guaranteed investment
contract
Total investments
Category Fair
1 2 3 Uncategorized Value
$ 5,281,283 $ 5,281,283
2,321,914 2,321,914
A R $ 7.603.197 $ 7.603.197
17
Rosemead Community Development Commission
Notes to Financial Statements
Note 4. Capital Assets
Capital asset activity was as follows for the year ended June 30, 2003:
Governmental activities:
Capital assets not being depreciated:
Land
Construction in progress.
Total capital assets, not
being depreciated
Capital assets being depreciated:
Buildings and improvements
Furniture and office equipment
Total capital assets being
depreciated
Less accumulated depreciation for:
Buildings and improvements
Furniture and office equipment
Total accumulated
depreciation
Total capital assets being
. depreciated, net
Governmental activities
capital assets, net
Balance at Balance at
July 1 2002 Increases Decreases Reclassification June 30, 2003
$ 2,620,737 $ 139,000 $ 284,429 $ - $ 2,475,308
10,303,539 468,662 (10 772,201)
12,924,276 607,662 284,429 (10 772,201) 2,475,308
6,241,811 10,772,201 17,014,012
947,202 353,514 - 1,300,716
7,189,013 353,514 10,772,201 18,314,728
1,637,676 281,183 - 1,918,859
821,968 91,681 - 913,649
2,459,644 372,864 - 2,832,508
4,729,369 (19,350) - 10,772,201 15,482,220
$ 17,653,645 $ 588,312 $ 284,429 $ - $ 17,957,528
Depreciation expense was charged entirely to the general government function of the Commission for the year ended
June 30, 2003.
19
Rosemead Community Development Commission
Notes to Financial Statements
Note 5. Long-term Debt, Continued
At June 30, 2003, debt service requirements to maturity for governmental activities long-term debt are as follows:
Fiscal Year Ending June 30,
Long-tens Debt
Principal Interest
2004
2005
2006
2007
2008
2009-2013
2014-2018
2019-2023
2024-2028
2029-2033
2034,
Note 6. Risk Management
445,000
$ 1,859,748
465,000
1,836,765
490,000
1,812,168
515,000
1,785,909
545,000
1,757,948
3,170,000
8,314,025
4,135,000
7,326,663
5,415,000
6,012,655
7,100,000 4,271,400
9,355,000 1,981,140
2,195,000 61,460
$ 33,830,000 $ 37 019,881
The Commission 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 Commission, through the City, carries commercial liability insurance
coverage. The Commission carries no insurance coverage for natural disasters. Since the Commission 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 that 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 Commission is required to set aside a
portion of its property tax increment revenue for low- and moderate-income housing. The Commission 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 years ended June 30, 1994, 1995, 1996, 1997 and 1998
were also deferred until the fiscal year ending June 30, 2023, as provided by the Commission's adoption of the
housing deficit repayment plan. As of June 30, 2003, the accumulated set-aside amount not yet funded was
approximately $4,947,000. As required by law, the Commission devised a plan to fund the accumulating amount.
To help fund the completion of the Senior Citizen Housing project construction, the Capital Projects Fund transferred
an additional $849,863 to the Low-Moderate Income Housing Set-Aside Fund during the fiscal year ended June 30,
2002, over and above the 20% requirement of $299,993, and an additional $1,279,548 to the Low-Moderate Income
Housing Set-Aside Fund during the fiscal year ended June 30, 2003, over and above the 20% requirement of
$290,868. These additional amounts, which total $2,129,411, are considered an advance on future set-aside
requirements and will be deducted from future transfers for the set-aside over future years.
21
REQUIRED SUPPLEMENTARY INFORMATION
THIS PAGE INTENTIONALLY LEFT BLANK
Rosemead Housing Development Corporation
Budgeted Amounts Actual Variance
Original Final Amounts Final Budget
$ 3,015 $ 3,015 $ 13,268 $ 10,253
327,200 327,200 264,969 (62,231)
1,445,000 1,445,000 1,392,666 (52,334)
1,772,200 1,772,200 1,657,635 (114,565)
995,724
1,024,016
269,541 754,475
366,000
366,000
265,200 100,800
384,784
384,784
384,784 -
1,746,508 1,774,800 919,525 855,275
25,692 (2,600) 738,110 740,710
$ 28,707 $ 415 $ 751,378 $ 750,963
24
COMPLIANCE SECTION
McGladrey& Pullen
Certified Public Accountants
Independent Auditor's Report on Compliance and on Internal Control
over Financial Reporting Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards
To the Governing Board
Rosemead Community Development Commission
Rosemead, California
We have audited the basic financial statements of the Rosemead Community Development Commission (the
Commission), a component unit of the City of Rosemead, California, as of and for the year ended June 30, 2003, and
have issued our report thereon dated September 19, 2003. 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 Commission'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. However, we noted certain immaterial
instances of noncompliance that we have reported to management of the Commission in a separate letter, dated
September 19, 2003.
Internal Control over Financial Reporting
in planning and performing our audit, we considered the Commission'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 over financial reporting and its operation that we consider to be material weaknesses. However, we noted
other matters involving internal control over financial reporting that we have reported to management of the
Commission in a separate letter, dated September 19, 2003.
McGladrey it Pullen, u- is a member firm of RSM International,
an affiliation of separate and independent legal entities.
26
This report is intended for the information of Governing Board, management and the State Controller. However, this
report is a matter of public record and its distribution is not limited.
Pasadena, California
September 19, 2003
27
Rosemead Community Development Commission
Computation of Low-Moderate Income Housing Excess/Surplus Funds
Year Ended June 30, 2003
Area 1
Fund Balance-Beginning of Year $ 696,354
Adjustments
Less unavailable funds-included in beginning fund balance:
Land held for resale
Rehabilitation loans
ERAF loan receivable
Set-aside deferrals
Unspent bond proceeds and other prefunded amounts (696,354)
Total unavailable funds (696,354)
Available fund balance-beginning of year
Current year proceeds/uses (actual plus changes in unavailable):
Proceeds 1,570,416
Uses (1,393,867)
Changes in unavailable amounts (176,549)
Available fund balance end of year
Encumbrances
Unspent bond proceeds present
Land sales-HS 33334.12(g)(3)(A)
Available fund balance-for excess surplus $
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 1998-99 $ 708,027
Fiscal year 1999-00 705,661
Fiscal year 2000-01 709,551
Fiscal year 2001-02 769,135
Total set-aside deposited into fund 2,892,374
2,892,374
Excess/Surplus Funds
Greater of available fund balance for excess/surplus or prior four years' tax
increment set-aside deposits $
28
Exhibit B
Community Development Commission Financial Transactions Report
REDEVELOPMENT AGENCIES
FINANCIAL TRANSACTIONS REPORT
COVER PAGE
Rosemead Redevelopment Agency
Fiscal Year: 2003
Sub d by
Signature
KAREN OGAWA
Name (Please Print)
ID Number: 13981974600
FINANCE DIRECTOR
12-04-03
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 Controllers 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.
Report will not be considered filed until receipt of this
signed cover page.
Mailing Address:
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
P. O. Box 942850
Sacramento, CA 94250
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.
Express Mailing Address:
State Controller's Office
Division of Accounting and Reporting
Local Government Reporting Section
3301 C Street, Suite 700
Sacramento, CA 95816
'
o
M
n
`o
p
N
N
N
Sy
f did
fp
t0
l0
L
pCF
N
N
b
D
5A'.
ai
m
m
~
a
=
S
J
Q
a
o
d
~
d
E
Lam..--_
Q.•
a
N
N
c.
co
Y
d
D
d
O
N
N
q_
~
A
d
L
~
>
O
d
=
W
N
~
N
Zx
E
=
T
a;
U
N
~
Z
Q
N
O
m
t
m~
d
d
~
_
~
Q
~
U
m
.
S.LL,n
~
Y
Z
a
`
m
'w
x f
m
o
0
=
m
m
d
d
r
Z
i
d
m
.
m
a
n
J
o
OI
N
C.,
m
d
W
d
n
~
N
LCY
o
~
u
dr
d
..qJ
d
d
O
d.
T.
:
zLL
'.aJ
LL
!N
U
, y1t,N
al
Q6
W! LL <.y
O
v
7
A
LL
r
rn
r
p
d
y;
Es
m
t
U
Z'
E
a
m
,
~
pl
m
N
w
I
U
❑
i J-v
a
N
d
~T^
1
d
a
~
y
0
0
C Z
d
Q
Y
U
d
p
>
N
>
U
¢
E
E
x
w
n
=
E
Y _
I
ly
W
m
d
~
t0
N
o
L
`o
~
tD
o :
a
a
is a ;'a m a a, a s ai a
c
°1
N
C
O a U
O ry d
o
j U
X O
N ~
G1 'd N
a
E o
u o r
c u y
0 C N
O O
T
C
E f
p o w
O N R
m
U m d
C N t
N
o N
6L_ U
O N U
U N v
- N U
i
t
L
m
~o
m
y
3
°
m❑
v
5
❑
N a
L
N
U
N
m
N
m O
a
N
m
~
`
m
4
o c c
j
c
L
~
o
~
'
3
Q
<
a
v
c
nit
<
a
y
m
a p
'
°
~
o
C
n
E
o
~ w
¢z
n
t
-
c
n
E`o
o-
N,:
,
E
p
E
o o E E
U
O
,
U
L
W d U Q
O
T
O
a o
U
T
`
2 U
~6
❑
-6
mj
7aN.
Q
❑
_
U
T
a
O
d
E
Q
N
C
C
O
D
T N
G
a N
r.
u
as
5,
mw°U
40-
n N
m
¢ o
O 01
O 10
E
u o
ii
m
aN
oc E
-U
a
o
}
V O
N
a
C .d_.
Q`
U q ~
G
N
d N
m
❑
V
m u
C Q
T
m N
N m C p
m
u
E u
O p
N a
-a
iz
V
m N O O
'O
.
U K
LL
3~
K
.w
.m`
3xo}
~w
Ni
d
N
N
Z
N
N
N
O
a
dt
1
E
Y
°1
}
N
N
N
i°
U
d
SI:
N
N
n
~
N
it
O
Q
O
a
C
j
T
L
li
m
Z
O
v
m
>
~
>
N
u
O
N
~
N
d
N
C
U
c
E
m
r
o
n
°
m
d
a
o
9
°
°
N
¢
a
u
°
u
¢
m
¢
a
Q
~
N
U
m
O
U
G
a
d
o
~
'
N
v
a
o
N
~
3°
O
d
[
m'
U
~
S
v
li
c
O
-
v
k
x
E
m
o,
0
0
m
Z
o
U
~
a
o
w
o'
o
°
o
t
~
II
o.
`
~
rn
a
c
°
N
~
N
o
°
U
y
o
=
o
a
E
r
v
m
O
y
~
~
W
~
2
N
Q
O
~
~
L
U
C
W
L
G
_
m
~
N
~
C
N
9
~
~
~
O
N
~
C
C
N
¢
m
°u
W
v
t
3
H
3
9
p
S
~
c
~
m
~
~
'
°
v
3
m
G
m
m
m
m
a
9
°
u
o
x
¢
z
¢
O
c
Q
U
G
U
j
o
m
a
v
a
o
o
F
W
v
°9
v
9
¢
m
°
>
o
d
m
Y
o
v
~
o
¢
o'
E
y
c
>
U
p
U
.G
W
m
a
o
'~N
3
°
w
w
~
c
9
~
o
cL
m
a
n
o
c
~
~
v
d
-
°o
a
"
N
v
c
`
°1
a
`
~
m
c
=
m
'm
E
`m
~
E
c
m
¢
J
~
~
in:
5
a
v
0
0
3
t
¢
O
y
0
°
°
y
°
.
°
a
v
i
O
°
m
v
°
9
a
m
m
'o
v
v
m
o
S
N
v
n
a
E
u
0
m
a
m
`
0
m
m
N
II
p
II
II
u
W
o
u
0
¢
°
_
N
N
~
c
a
t
6
c
L
c
~
j
-
L.
°i
U
a
0
m
ac
W
y
v
w
L
m
=
m
n
a
3
v
°
°
=
o
S
w
W
O
N
O
9
O
`
_
N
N
O
' N
N
W
W
O
1i
W
O
o
O
z
3
W
K
W
2
d
d
`O
o ° -
_ w
nQ
u
N U .2IT
O O `m ,
'O
Of y O
n
da> ~
N
m t C _T
~ y O >i
m o n
g ° u!
>~K Q
y U OI
~ ¢ C
N N
a~o
N
a
M
0
0
N
R
d
R
V
N
LL
O ~ N
O ~ ~ D7
N r Ol
C1 InI fO
b h
n M ~ '
Q NI O
c
c o
o -
m ~
m > c
a o
°w m m
d N
¢ Q ~
N N
v c
y d N
v v
m E
N
N
c a ¢
v u
N C N
2, 7 '6
E
Z
m
W
U
v
O
a`
M
O
O
N
O
Z
m
d
Q
d
E
LL a oa
m
z
m
m ~
a~ Q
N U
d
N 0"
as
o M
U ~
N N p
c ~ u
E =w
T
N
a
N
t o °a
O o A
U c
m O
= N
N
O
r
n ~
a m ~
o n
L
U c
~ m o
o ~ a
L = y
r N
N
N
N
a ~
c m e
E a n
E o n
` U c
u 0.0
c u
m = w
Oo
a n
O ~
U c
N o
~ U
2 N
U
c
0
~r
o m
r
a
as
N N
~ a
U
o c
Q Q
u
N
m
o
m
x
~
w
r
N
Q
U
O
~
U
T
N
a
N
a
N N
a 'u
T
N
Q
(
N c
1
w
r
E
v
6
F Q
U U
w
U
0
T
U
C
d
m
Q d
g E
N
C U
~ C
0
E m aai
Q r
N
O O O
2
U~
I
o
r
N
m
m
r
m
m
m
o
m
r
vi
~
m
n
r
a
a
vi
m
N
m
m
m
m
o
r
~p
~
N
r
m
N
19
a
c
J
of
c
cS.
c
a
o';
o
N"
m
~
p
E
m
=
J
a
p
d
E
U
D
°i
~
j
w
ii
Z
Q
o
a
o
_
x
H
No
m
~
>
~
f
o
J
t
O
v
~
~
O
r
U
v
o
a
C
3
~
i
O
N
Ip-
m
v
m
~
~
A
o-
Z
d
0
E
d
H
m
J
T
U
C
d
Q
M
O
0
N
`m
d
}
U
N
LL
b
a
c
3 o
C
O
} U
Q
d"*I X
H
0
0
N
M
`m
}
A
O
0
0 0
N p
O t•J
f
V
N d
O d
~ u
C W } } LL
C } ~ O
O u N a
d U w jy C
m d ji W
a LL m a
d of c - d
-O `m ry d j m m
N > m E} O a aai E
' C OI 6 N H C ~
L m Y 7 o c j = 2 O
Y O Q = C ~ ~ ~ C LL = ~ ~ J 0 _
.c` N C C d d C O Q S C C C O C =
CL J J = co w E d X a J J E
E t E E= 0 w Q w E E E Q E o
O d J Q Q O d d d Q Q Q Q 6 Q C
a T Q u N d _T _T V E E .J d N N U N
i- 6 d ~ C in 6 6 6 C O. w
T a O .U .U O j j N N d 'V 'V 'V 'U d
CZ C N C C d O. _ = d C C C a C d
N m
I0 m } D_ a` a' ~ ~ Q Q 5 a a` a` d S
v
6i
a
d
O
T
c
J
0
U
_T
U
vi
a
c
0
co
T
O
L
J -
Q
O1
C
u
c
d
C
LL ~
N L
N O
Z C
'.0
O
~ N
U C
O d
Q E
X 0
U
C d
O ~
N `y
n~
u
N
d L
o d .
y L
d F7
U N
:C R
~a
U w
N `
C d
o
m N
d d
= o
c Z
d N
C
a ~
3 c
O m L
0
c
N O N
a
F J
= in
a Q
C
O m o
m I- J
v
f
d
r
a J J
a
y ~ LL
d
a rn
c
d N
d J N
D O D
O 2 C
~L a LL
3 0
J O
C
a
u_
td
a D
N ~
J
~ LL
O
O
Z
u
R
d
Q
a c
V
LL
OI
O
U
N
d
0
E
Z
L Q)
r a
R d
U O
N
LL a
w
1
0
w
0
w
~
w
I
r
o
N
N
o
M
f0
o
»
$
w~
I
{
~
o
ei
?
as,
t
0
»
0
w,
+
ml
m
cl~
Ot
~
o
N
m
a)
j
V
N
~
(pp
~
R
O~
N
O
y
M
~
N
N
e
~
n
At
ri
m
m
m
ri
r
~
~
C
y o
c d
a > N 'n
w a
~ X d U N
O N ~ K y d
N O A C V O Q ~
~ Q W d % C d D > N
E d d m m `v 'm w ~
W N ~ J a N= V 'C d C
Q O. d ti U E d d 75 D T C E J d
E a n m 0 du o o E E
S `v d
d O (A T C C C K J CJ d C
U U d L' N N N C d yl Q LL d
C G pt N y y ry d O O
x` a o6 d m d c d C 'a0 N c FO-
H 0 a ~n H - ~n C7 ti 6 m O
M
O
O
N
y
E
Z
_ R
(Q L
}
A m
U O
N
ii a`
o.
d
~s
u y
m ~
a
N y
m
K
d m
C
m N
m =
a °
ox
f m
0 0
J 0
U
u
N
u a
N ~
~ LL
d
❑
u
0
o N
. c
m ~
LL
6
m
U
w
W
O
U
v
0
U
OI
d
in
a
x.
~
O
p
~
W
d
ac
vi
d
~
~
o
,m, I
y~
U
m
m
t
N
C.
m
m
o
W
C
9
m
E
LO
U
`
m
12
U
_
N
N
N
a
Q
O
MT
O
j
w
U
a
U
c
O
N
o
0
N
m
m
E
m
°
o
0
0
U
-
w
n
m
y
'c
W
~
~
u
v
U
v
~
° m
E
E
~
m
N
m
'
O
O`
m
W
U
a.
N
m
O
`
U_i
W
-10
a
a
Q
O
N
a
❑
J K
N.
-jq
O
d
m0
U y
d ~
2
N y ,
d
Q:
d ~
C
N .y
a o
ox
d
0
0
C
J
d
U
d D
N ~
d u'
d
O
U-
d
~ N
a D
. C
m ~
-'LL
a
n
U
d
d
d
J
E
a
d
o
,
0
LL'
=
N
N
~
N
d
N
.r
N
C
d
~
d
a
d
c'
m
c
a
Z
d t
J
d
d
E
d
=
d
a
c
'o
~
a
`m 6
~
a
~ w
la
C
C
o
rC
U
N
~
1
an
d
r-
'
Z
~
O
°
c
d
E
C
c
y
cl
N
m
~
~
N
~
C
-
.N
~
N
-
N N
T
a
u
d C
U
d
u
E
`
~
d D
CD
o
n
°
°"c
d
o
c
w
u
U
C7
w
Q
p
U
? d
m
o ii
o
c
a
¢
_
a
O
o
O
d
O
U
6
O
O E
Q
G
W
m
J
W
N
~
C
N
A
W
N
d pi
N
n L
.E
O
N
7
_
N
d
O`
C
L
,p
N
Q
a C
N
W 01
=
a
C¢ N
d
U
L
V a
a
N
N
d
d
a
N m
W
p
L
Q
d E a
Q
O
~
K j
W y
d
d
d
k
O O
d
L
d
ry
d N O
O
K
K
ii
N 2
0
OH
0
H
K dm
0
Q
'Fa
f
N Q
U y
ao
N y
d
K
v D!
C
1` y
0
a o
O 2
E
0 0
J C
U
Z y
da
N ~
d LL
r
O
Z U
lQ d
` O y
Q a. a
_ C
V ~ LL
y 6
U m
o O
N m
N
E
m
z
m
m Q
d
} V
m m
u O
N
LL a
0
0
oI
o
0
o
r~
m
r
m
o
w
w
w
ui
»
v
m
1
i
o
m
of
c
o
0
m
N
O
N
w
m
m
m
l0
Q
m
O
m
~O
m
IO
m
n
°
r
rn
M
N
N
wl
Q1 -
atl
m
~I
O
O'
o.
ri
N
Nj
~I
r
m
~
O
m
MI
O
O
M'
.n
Q
m
N
Q
b
j
LL
c
y
v
y
~
=
3
y
o
y
o
m
V
U
y
U
O
y
W
~
~
O
W
w
c
0
a
y
~
O
m
~
m
OI
y
y
C
~
O
j
N
~
C
a
U
~
C
N
O
`
~
C
y
y~
v
1
N
p
C
OI
J
C
U
y
C
~1
`
W
C
'
CO
~
W
Q
LL
C
H
G
H
O
LL
J
R
N
C
t`
C
N
Y
O
a
0
d
O
L
O
O
O
W
%
O
H
E
H
E
~
. y
y
y
v
~
m
rn
y
O
O
LL
m
~
m
~
`
m
c
m
=
t
n
m
v
o
m
0
~
~
d
T
1
1/~
X
%
0
H
a
a
a
¢
N
2
0
H
O
L
Nq
d
O
r
d
L
d Q
u w
d =
a
N y
d
K
d ~
C
d N
d =
a o
O 2
d
O O
J ~
a
u_
N
a a
fn ~
aW
d
O
r
O
Z u
m a
L 'o N
Q a` ~
O _'LL
O O d
o U
N d
N
E
m
z
m
m ~
d Q
Y v
<0 d
V O
N ~
U. 1
_ N
a
.d N
C ~
d OI
N C
d 'u
= c
c `v d
> d c
a W
O
o O
u h v
c me
d c d
b ~ N
y c ~
C d =
C
NLLa
c
y `y a
u L o.
w0W
Q N N
a a ~
E c
`o d
m ~ F
~ o T
c Q ~
c
~ Q
d O W
m .a m
a a =
0
w a`
W
O
Y
U
co
a
76
0
r
N
O
-mu
F
L
O
O
a
a
W
D
w
E
m
N
'ro
0
d
% N
LL ~
j0 N
~ N
d Q
C
d
❑
m
C ~
J a
E
d ~
u ~
`w
t
m O
d c
6 C iy
f/1 d
a
m
d O
d N
d O N
p S C
E
o 0
J C
a
u
~ N
a v
N ~
~ LL
a
0
N
U
a
O y
a` O
c
d LL
c
d
U
M
N
d
Y
u
N
LL
a
c
a ~
a a a a
~ a a y p
> LL
~ L d d ~ U d
y N C > ~ a L a ~ N "O N
❑ d a ~ ~ ~ a U O ~ C ~
U rn a n d ~ ~ a Z a u c
t m Q K > ~ ~ > N ~ ~ tii gp m m ii
U r a ~ {p V C N ` C U a
❑ n yCj a a a a C d a 3p j 6L..
'O E IL E LL' = V K T LL U ❑ J p w o
° L m y -o u d m E E E= E
y d3 U C a d ` O O O d O C
y N X U U N C w d a a a O a>
N d d N U U O O d C 7 p U p a
Q U U F Q Q J U J ❑ ❑ ❑ ❑ C ❑G~
0
a
d
x N
u w
n N
~ N
v¢
d
U'
c a
o d
J ~
d ~
`w F
`w
r
N
Q C LL
N d
d
a'
Ol
d C
N N
d O N
O2 c
d LL
3 0
J °
C
d
u
N
d O
(A j
d LL
d
O
N
u
d
'o N
a` 'O
c
LL
n
N
U
y
N
N
d
a
N
O
d
E
a
d
°O
d
z
N
~ ,
.o
cK
v
>
y
N C
_
° P
O
d
2
°
- a
c
a v
a
W
H
a
. U a
C E
d
> H
O
C
N
ry
_
J a
~
p_ C
V~
D t0
N
J
O C
N N
a
d J
N
~
T
C
N
C
d J
N N
C
Q LL
O°
Q N
j~
To
E
Q
Ev
4~
E
c
caci
n'a~-
WU
w
N
m
au
¢
o._
u
of
ii
>
s
>m
-°m
x-
'Q
Em
Em
O
cLL
i+.0
w
¢v~
¢o.
O
0
a
d
K N
LL N
N N
N
d Q
C
d
O
6
o
J ~
N C
d d
d ~
O
`d
t
co 0 9
acLL
N d
d
K
d ~
C
d N
d , N
a O a
O S C
d LL
E
o O
J C
d
U
2 N
d a
aLL
d
❑
u
d
O N
a
a c
d LL
a
d
U
O
N
d
m
LL
O
°o
O
th
O
M
d
m
a
w
`w
a
r
~
an
d
L
m
v
d
a
~
LL
a
a
c d ac
d
O
a
U
LL
a
d
N
N
~ O
Q]
C
C
L
O
0
V
C
N
a
j
9
~p
J
E
ry
d
2
LL
U
N
O
L
N
C
N
LL
~
a m
LL
QJ
yj a O
H
~
a
O
d
d
d
~
~ y
.u t
p
C O j
~
~
d
l]
a
15
N
a
.d
d
O
U
U
J
J u
d
C
_
d
d
J
U
❑
J
d
(D
J
O
C
~
a
d
q a
a
o
v
¢
0
0
o f
o c
4
d
rv
O
d
0
j
j
j
O
> m
x
m a
(
- U
d
J
Q
C
F-
J
O
❑
❑
t
i
❑ C
❑ R
J O LL
Q
0
a
a
x ~
IL d
q N
N
a Q
c
a
C7
m
c ~
o y
J ~
m E
m ~
a
U
`a
L
m O v
'u d c
a ~
acLL
v1 a
d
K
a m
c
m N
9 O V
O S c
a LL
E
0 0
J C
a
u_
t N
a v
N ~
L LL
a
0
N
U
a
O N '
a
a c
d LL
a
m
U
a
d
x
~
a
LL
d
y
~
L
C
O
C
N
d
N
d
d
C
D
N
~
uu
d
. L
m a
~`p
m
m
;
w
AR
U aNi
d
N
d
L
>
d
E N
m
an d
m a
m
m L 'S
d
'
w
c
a
r
Fow
m
~
w
~
~
N
S
> N
J
J C
] C
LL
W
5 Q
LL
LL~
LL 7
n co n jj{{ ml
m vi
0 0 off of
Q N OI N~
E
Sn
n''
C
O
C
C
N
W
j
Q
N
!
f
N
N
`
N
F
~
r
~
r
m
m
r
~
c
-
E
u
u
r
~
c
-
m
E
m
v
~
n
c
A
c
m
ii
n
O
~
r.
o
O
~
r