HomeMy WebLinkAbout2004-01-05 City Council (2)City of Palo Alto
City Manager’s Report
TO:
FROM:
DATE:
SUBJECT:
HONORABLE REDEVELOPMENT AGENCY BOARD
EXECUTIVE DIRECTOR
JANUARY 5, 2004
REDEVELOPMENT
DEPARTMENT: CITY MANAGER
AND REVIEW OF
CMR: 107:0~
ANNUAL MEETING
REDEVELOPMENT AGENCY ANNUAL REPORT
RECOMMENDATION
Staff recommends that the Palo Alto Redevelopment Agency:
1. Hold its annual meeting on the activities of the year ending June 30, 2003;
2. Review the Palo Alto Redevelopment Agency Annual Report which was
previously presented to the Agency and filed with the California State Controller’s
Office.
BACKGROUND
On July 9, 2001, the Palo Alto City Council adopted an ordinance declaring the need for
a redevelopment agency to function in Palo Alto. The Council also declared the City
Council to be the redevelopment agency and made the finding that the formation of a
redevelopment agency ."will serve the public interest and promote the public safety and
welfare in an effective manner" in accordance with the Health and Safety Code section
~200.
According to the Article 3 of the Bylaws of the Redevelopment Agency adopted by the
City Council acting as the Redevelopment Agency on September 13, 2001, the annual
meeting of the Agency shall be held on the first Monday of January at 7:00 p.m. in the
City Council Chambers.
In addition, California State Redevelopment law requires that the City of Palo Alto
Redevelopment Agency file an annual report with the California State Controller’s
Office.
CMR:107:0t ~Page 1 of 3
DISCUSSION
On February 6, 2003, staff prepared a report to the City Council regarding the proposed
Edgewood Redevelopment Project area. A Project Area Study for the 4.5-acre
Edgewood Shopping Center, draft Redevelopment .Plan and a Draft Environmental
Impact Report (DEIR) were developed in response to a mixed-use revitalization proposal
at Edgewood.
After reviewing the project and its-feasibility, it was recommended by the City Manager
that the project be discontinued because of recent state budget cuts and the challenges
created by such a small project area with limited opportunities for redevelopment tax
increment revenue. The actual area available for redevelopment included only three of
the four parcels and a total area of only 3.57 miles.
While it was imprudent to proceed with the Edgewood Redevelopment Project area, staff
has reached a number of conclusions, including the following:
Once the issue of ongoing redevelopment funding is resolved at the State level,
the City should be open to a sufficiently sized redevelopment project in Palo
Alto that meets State legal requirements and responds to City goals.
Recognizing that the RDA has already been established, the City will be ready
when the appropriate project comes along. Staff remains convinced that
redevelopment is one of several essential strategies to address other areas in
Palo Alto that may need revitalization.
o Staff will embark on a review of appropriate project areas that meet the
requirements of redevelopment. Following this review, it is anticipated that
staff will return to City Council within the next six to nine months with
recommendations about future directions for the redevelopment agency
including the possibility of identifying possible project areas for further study.
The annual report required by California State Law Section 33080.1 of the Palo Alto
Redeve!opment Agency is attached to this staff report for review by the Agency
Board. The report, which has been previously presented to the Agency and filed with
the state Controller’s Office, includes:
¯Independent Financial Audit Report
¯Fiscal Statement of Previous Year’s Achievements
¯Activities affecting Housing and Displacements
CMR: 107:03 Page 2 of 3
No loan agreement is anticipated this year. Staff does not anticipate incurring any new
charges this fiscal year.
RESOURCE IMPACT
No additional resource impacts are anticipated at this time.
POLICY IMPLICATIONS
There are no policy implications at this time.
ATTACHMENTS
1.Redevelopment Agency of the City. of Palo Alto Component Unit Financial
Statements
2.Redevelopment Agencies Financial Transaction Report
PREPARED BY:
CITY MANAGER APPROVAL:
~USAN ARPAN ~
Economic Development and Redevelopment Manager
City Manager
CIv[R: 107:03 Page 3 of 3
ATTACHMENT 1
P,_EDE’~,~LOPNIENT AGENCY OF
TI~ CITY OF PA_LO .aLTO
CO ,~P~ ONENT I_~,’_-!T F_~_~_NCI_~L STATE.V£ENTS
FOR TI~E YE.~R ENDED
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R_EDEVELOPM_ENT AGENCY OF THE CITY OF P_~O .~I_TO
CO?,{PO_N-ENT UNIT FINANCLAL STATEMENTS
FOR THE YE.&R EN~DED JUNE 30, 2003
TABLE OF CONTENTS
Pa2___~e
F~A_NCLAL SECTION: ]
independent Auditor’s Reporl ............................................................................................................................................
Management’s Discussion and Ana!ysis ................................................................................................................3
Component Unit. Financial Statements:
Agency-wide Fin~cial Statements:
. Statemen~ of Net Asse~ ............................................................................................................................5
Fund ~~’r m~c~a~ Statements:
Agency ¯ ~nd~.
Balance Sheet ........................................................................................................................................8
Statement r= .=. _ ~-~. _~ _~u -o--"o~ ~ev~nues.. cxp~nuimi’~., m~u ~aa~_~ m Fund Balmnce ................................................9
Smtemenm of Revenues, Expenditures, and Ch~ges ~ Fund Balances - Budget and Actual .........10
Notes to Component Unit F~ancial Statements ................................................................................I !
n .... on Compfiance and on I-~o,-n~ oo-*~ol n~,or ~i~no~n] Reporting Base on an
Audit of Financia! Statements Performed in Accordance with Ageno~ Audkhzg Standards ....................... i5
This Page Lef~ Intentionally Blank
&
San M~ue[ Drive - SuiZe 100
Wsinut Creek, California 94596,
(~25) 930-0902, FAX (~25) ~30-013~E.,r~,ai.’.: mszs @ rn~zeassociates.corn
i~bsite: www.maze~ssocia~.es.com
I_NDEPEN~DENT AUDITOR’S REPORT ON THE FIN:~NCL4_L STATEMENTS
Board of Directors
Redevelopment Agency of the Cib’ of Palo Alto
Palo Alto, California
We have audited the accompanying component unit financial statements of the governmental activities and major fund
of the Redevelopment Agency of the City. of Palo Alto, a component unit of the Cirj, of Palo Alto, as of and for the y~ar
ended June 30, 2003, as listed in the Table of Contents. These component unit financial statements are the responsibility
of the Agency’s management. Our responsibilib, is to express an opinion on these financial statements based on our
audit.
¯;,,tl, genera!ly accepted auditing standards in the United States of ~,,_-nerica andWe conducted our audit in accordance ,,~ ,- .....
the standards for financial audits contained m ~u,e, ,,,~,, =,zd,,,,~ J .......... issued by t~he
United States. Those standards require that we plan and perform the audit to obtain reasonable assurance as ~o whether
the component unit = ....; ~m~m~a, statements ~-e #ee ~.~ ~*~-;o~ misstatement. Am audk includes ~,.~mi~.ino on a te~ b~is
evidence supposing &e amounts and disclosures in &e component unit financial ~atements. An audit also includes
~sessing the accosting principles used and signific~t estimates made by managemen% as well ~ evaiuaJng the overall
fin~cial statement presentation. We believe that our audk provides a re~onable b~is for our opinion.
in accordance with Government Auditina_ ~tanda.ds.. we have also issued reoorts dated October ;-.,~" 2003 on our
consideration of the Agency:s internal control structure and on its compliance x~dth laws and regulations.
In our opinion the component unit financial statements referred to above present fairly in all material respects the
financial position of the governmenta! activities and major fund of the Redevelopment Agency of the Cib, of Palo Alto
for the year ended June 30, 2003 and the changes in financial position for the year then ended, in conformity a,Jth
generally accepted accounting principles in the United States of America.
Management’s Discussion and Analysis is supplementmD, information requh’ed by the Government Accounting
~ ~’"+~ ~s" not pa~ ~, ~’~ ’~ ...... ~’o~;~,~ fino~cia] st~_tements. We have appiied ce~zain !linked proced~kres t~. ...... thi~
hnformation, anncmahv mqu~m~ of mmna~emen~ ,~dm= ~e ., ,~,~n~ pr~en~atinn of .u:.
int~rn~a~ion., buz we did no~ audk Zhis ir~5~a~ion and we ~.,~7-~s.~ n~ ~ opNion on ;~...
October o4 2003
A Professio,’laI Corporation
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MANAGEMENT’S DISCUSSION AND ANALYSIS
The Redeve]opment Agency (Agency) of the City of Palo Aho, a component unit of the City of
Pato Alto, has implemented the provisions of Government Accounting Standards Board Statement
34, "Basic Financial Statements - and Management’s Discussion & Analysis - for State and Local
GoverrLrnents", known as GASB 34. GASB 34 represents a profound and far-reaching change in
accounting and reporting for municipalities; it is an effort to make these staiements clearer and more
understandable to readers.
The Agency is controlled by the City of Palo Alto and was formed on October 9, 200t.
FISCAL 2003 IfINA_N ~’tAL ttlt.*H_LIGI-iTS-A(I~NL:t’-wlDL, IJAbIb _~_~D £ UL’~D
GASB ~-"+ ~+ ....’ ....~fund imanc~a1~" "_,-~ requires t~h~ issuance of a .........~ ~..~
statem ents.
During fiscal year 2003, the Agency incurred on-going costs in the amount of $!01 thousand and
had a net asset deficit in the amount of $3 thousand from fiscal year 2002. The Agency received a
n-ansfer from the Cib~ of Palo Alto in the amount $104 thousand to fund these costs and deficit. As
of June 30. ~00~, the Agency had not -~* ....~;~*~ ~ -~.y,.~ adopted a ,,_,w,.~ area nor r~c,~v~d any tax increment
revenues.
The Basic Financial statements are in two pa,~s:
!) Management’s Discussion and A_nalysis (~is part),
statements, along wi~ ~e Notes to these fm~cial statements.
Basic Financial S,a,~men,s
The Basic Financial Statements comprise the Agency-wide Fh~ancial Statements and the Fund .
Financial activit~e~ ...... and ~’, -~oa_n_cm! ~n,~siti,~n-lon~term~ _ ~ and shod-term.
The Agency-wide Financial Statements provide a ionger-.te~Tn view of the Agency’s activities as a
whole, and comprise the Statement of Net Assets and the. Statement of Activities. The Smtemem of
Net Assets provides information about the finm~cial position of the Agency as a whole, including al!
its iong-term liabilities on the fuli accrual basis, similar to that used by corporations. The Statement
of Acti~dties provides information about alt the Agency’s revenues and all its expenses, also on the
fu!l accrual basis, .with the emphasis on measuring net revenues or expenses of the Agency’s
pro~am. The .btatem~nt o~ Acnvmes explains ~ derail the cnan.e in Nei Assets for *d-~e )tear.
The Fund Financial Statements report the Agency’s operations in more detail that the Agency-wide
statements and focus primarily on the short-term ac~ivMes. The Fund Financial Statements measure
only current assets, liabilities and fund balances.
Together, all these statements are now called be Basic Financial Statements.
ECONOM_IC OUTLOOK ANI) MAJOR IN! ! L~_TES
The economy of the City of Palo Alto and its major initiatives for the coming year are discussed in
demi! in the City’s Comprehensive A_nnuat Financial Report.
CONTACTLNG THE AGEN _~ S FIN ~ NCI AL MA_NAGE>iENT
These Basic Financial Statements are intended to provide citizens, taxpayers, investors, and
should be directed to the Finance Department of the Cib~ of Palo .Alto, 250 Hamilton Avenue, CA
94301.
~DE\,%EOPMENT AGENCY OF THE CITY- OF P_~LO .~LTO
COMPONENT U~IT OF THE CITY OF PALO
STATEMENT OF NET ASSETS
JU_-NrE 30:2003
Accounts payable
Unres~icted
NET ASSETS
See accompanying notes to financial statements
THE REDEVELOPMENT AGENCY OF THE CITY OF PALO ALTO
A COMPONENT U2NIT OF THE CITY OF PA.LO ALTO
STATEIviENT OF ACTIVITIES
FOR THE "~qEAR ENDED JL.rNE 30,, 2003
EXPENSES
Planning and Community
reimbursements to the CitT
Change in Net Assets
GENER-hL REVENUES
Transfers from the City.. of Pa!o Alto
Net assets (deficit) at the beginning of year
Net assets at the end of year
See accompanying notes to financial s~atements
($10!,342)
(i01,342)
104.383
(;,041)
REDEVELOPMENT AGENCY OF THE CiTY OF PALO ALTO
FU~-N-D FLN_~NCJ~L STATEM[ENTS
The Redevelopmen~ Agency (Agency) of the City of Palo Alto only has one fund in fiscal 2003, as follows:
REDEVELOPM2ENT AGENCY GEN~IL4L FU~-N-D
This fund accounts for the activities of establishing and administering the Agency.
THE REDEVELOPMENT AGENCY OF ~ CITY OF PA_LO A_LTO
A COMPONENT L.rNIT OF TI-~ CITY OF PALO ALTO
BALA_NCE SHEET
JUNE 30, 2003
Accounts payable
LL~BILITIES
FD-ND ~ ^ ~ ^
Unreserved, undesignated
Total Fund Balance
Total Liabilities and Fund Balance
See accompanying notes to financial statements
General Fund
TI-~ REDEVELOPMENT AGENCY OF THE CITY OF PALO ALT(
A COlv~ONENT UNIT OF THE. CITY OF PALO AJ.,TO
STATEMENTS OF REVENUES, E~ENDhTURES
ANX) C14~a2,~GES IN r---O.-NrD B *~LANCE
FOP. THE YE,45’. ENDED J’CFN~ 30, 2003
OTIq_ER FINANCI"NG USES
Tr~sfers in from fne City., of Palo Alto .~ote 2)
Transfers (out) to the City of Palo Aim t-Note 2)
Fund (deficit) at beginning of year
Fund a~ end of year
See accompanying notes to financia! rmtements
General Fund
$104,383
(i01,342)
(3.04t)
THE P,-EDEVELOPMENT AGENCY OF THE CITY OF PALO ALTO
A COMPONENT b%riT OF THE CITY OF P/~LO ALTO
STATEMENTS OF REVENUES, EXq~ENDITURES
AND CHANGES 5N FUND BAL.QNCES - BUDGET AND ACTUAL
GENERAL FUND
FOR THE "Y~AR ENDED JUNE 30, 2003
REVENUES
Remm on inves~-ment
Variance with
Budgeted Amount Final Budget
Actual Amount Positive
Adopted Adjusted Bud_qetary B~is (Negative)
$8,800 $8,800 ($8,8003
Total Revenues 8,800 8,800 (8,800)
I84,800 83.458 83,458
184,800 83.458 83.458
(176,000)(74,658)74,658
176,000 $104,383 (7!,617)
(!76,000)(101,342)(101,342)
176.000 i76,000)
EJgPENDITURES
C m"rent operations:
Planning and Communib’ Environment
Total Use of Funds
EXCESS (DEFICIENCY) OF P,_EVENUES
OVER EXPENDITURES
OTHER FINANCE~G SOURCES (USES)
Tran.sfers in fi-om the City of Pato Alto
Transfers out m the Cib, of Palo Alto
Total Other Financing Sources (Uses)
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FDiANCLNG SOURCES OVER
EXPENDITURES AND OTH£R USES ($352,000)3,04I $3,04i
Fun (deficit) at beginning of year (3,o41)
Fund at end of year
10
NOTE
A.
No
C
THE REDE~,’~, LOP_¥IL_ T AGENCY OF TI-t~E CITY OF PALO ?~L, TO
Notes to Component Unit Financial Statements
For the Year Ended June 30, 2003
1 - SUN~LA~RY OF SIGNIFICA_NT ACCOUNT POLICIES
Oz~anization and Purpose
The Redevelopment Agency (Agency) of the Ci~; of Palo Alto was created on October 9, 2001 under the
provisions of the RedeveIopment Law (California Health and Safety Code). The Ci~ Councii serves as
governing body of the Agency and the City- Manager serves as the Executive Director.
The Agency is an h-~te~a! part of the Ciw of Palo Alto and, accordh@y, the accompanying fmancia!
statements are included as a component of the basic financial statements prepared by the Cib;. A
component unit is a separate govermnental unit, agency or nonprofit corporation which, when combined
with al! other component units, constitutes the reporting entity as defined in the Cib"s basic financial
statements.
Basis of Presentation
The Agency’s Basic Financial Statements are prepared in conformity with accounting principles
generally ac(epted in the United States of America. The Government Accounting Standards Board is the
actmowledged standard setting body for establishing accounting and _financial reporting standards
followed by governmental entities in the U.S.A.
These Statements require that the _financial statements described below be presented.
Agency-wide Statements: The Stazement of Net Assets and the Statement of Activities include the
financial activities of the overall Agency government. Eliminations have been made to minimize the
double counting of internal activities.
The Statement of Activities presents a comparison between direct expenses mad progam revenues for
each function of the Agency’s governmental activities. Direct expenses are those that are specifically
associated with a proNam or function and, therefore, are clearly identifiable to a particular function.
Program. revenues include (a) charges paid by the recipients of goods or services offered by the programs,
(b) grants and contributions that are restricted to meeting the operational needs of a particular pro~am
and (c) fees, gants and contributions that are resn’icted to financing the acquisition or construction of
capital assets. Revenues that are not classified as prog-ram revenues, including all taxes, are presented as
general revenues.
Major Funds
GASB Statement 34 defines major funds and requires that the Agency’s major governmental-u’pe funds
be identified and presented separately in the fund financial statements. The Agency considers the
Redevelopment Agency General Fund to be a major fund.
Major funds are defined as funds that have either assets, liabilities, revenues or ~,~p~n&m~s, exp~ns~s
equal to ten percen~ of their fund-lype total ~xad _five percent of the grand total.
The Agency repot-ted the following major governmental fund in the accompanying financial statemen-as:
!1
THE REDEVELOPMENT AGENCY OF THE CITY OF PA_LO A_LTO
Notes to Component Unit Fiuancial Statements
For the Year Ended June 30, 2003
NOTE ! - S U .- .- .- .- .- .- .- .- .- N~’LA_R Y OF SIGNIFICANT ACCOUNT POLICIES (Continued) I
Do
,, TREDE’v~ELOP!VIENT AGENCY GENER_A_L FI_~-D
This fund accounts for the activities of establishing and administering the Redevelopment Agency.
Basis of Accounting
The agency-wide financial statements are reported using the economic resources measw’emen~focz:s and
the full accrual basis of accounting¯ Revenues are recorded when earned and expenses are recorded at
the time liabilities are incurred, regardless of when the related cash flows take place.
Govermnental funds are reported using the current financial resources measurement focus and the
available. The Agency considers all revenues reported in the govermnental Nnds to be avMlable if the
revenues are collected wi~hN si~’ days after ye~-end. Expenditures ~e recorded when the related Nnd
liabili~ is incurred, except for prmcipal and N~erest on genera1 long-te~ debt, claims ~d jud~ents,
and compensated absences, which are reco~ized ~ expenditures to the extent they have matured.
General capital asset acquisitions are reposed as expenditures in gove~ental funds¯ Proceeds of
genera! long-te~ debi ~d acquisitions under capital te~es ~e reposed as o~herfinancing so~rces.
Non-exchange transactions, in which the Agency gives or receives value without directly receiving o~
Wing equal value in exchange, include properD, taxes, ~ants, entit!emen-% and donations. On an
accrual basis, revenue from property taxes is recognized in the fiscal year for which the axes are levied.
Revenue from ~ants, entitlements, and donations is recognized in the fiscal year in which all eligibility¯, ....~:~ satisfied.requirements ~’~’,’~ ~’~ ~
Other revenues susceptible to ....a~,,’.~:,,, include t~es,~,~,,.o ~mm~;"* ..........~- ,~o~. ..........~ .....nu~s, interest and charo~es~ for
se~,ices.
B,.clg ~,~ and Bt~.dgeta’,3, Accotmti:,_g
Budge*~s are adopted on a basis consistent with generally accepted accounting principles (GAng_P).
Budget amounts in ~e fmancial statements are as originally adopted, or as amended by the Board.
Formal budgetary inte~ation is employed as a management control device. Encumbrance accounting is
cu~umu~ m~c aC~OH~Hi~.
rese~e ti~at po~ion of the applicable appropriation. E.ncumbr~ces outst~dmg at year end are reposed as
reser,,ations of Nnd balances since fl~ey do noz consfitnte expenditures or !iabilities and me reappropriated
in the following year.
Net Assets
Net Assets is the excess of all the Autho~irv’s asse~s over all its liabilities, r~_ardl~ss of Nnd. Net
Assets. which is determined only at the Government-wide level, and is describea b~lox~ :
c ~Tpzsrrlctea tacSCrlDCS Lt~e.D°rti°n of Net .~.sse~s ....which is not restricted as to use.
!2
NOTE
G.
NOTE
THE REDE~,’~..LOPMENT AGENCY OF TIKE CITY OF PALO ALTO
Notes to Component Unit Financial Statmnents
For the Year Ended June 30, 2003
1 - SL_~!V!~M_4RY OF SIGNIFIC_~NT ACCOU.-NT POLICIES (Continued)
Fund Balances, Reserves and Designations
In the fund financial statements, fund balances represent the net current assets of each fund. Net current
assets generally represent a fund’s cash and receivables, less it’s liabilities.
2 - TP, A_NSACTIONS WITH THE CITY
During fiscal year 2001-02, flae Cib.’ established the Palo Alto Redevelopment Agency. The Agency and
the City have an a~eement whereby the City will advance funds to the Agency in support of start up and
formation costs. However, the inter~.nd advances have no specific repayment date. Generally accepted
accounting principles require that such amounts be treated as transfers in the year made. As of June 30,
2003, the Agency owed the City $329 thousand in advmaces without specified repayment terms.
Agency activities are performed by City stafz2 Durin~ fiscal year 2002-2003, the Ciw charoed the
Agency $101,342 for costs incurred on Agency activities. This amount was transferred to the City:s
General Fund as reimbursement.
!3
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A$$OCtA
ACCOUNTANCY ~,0, ,, ORA, ~0~
!931 San Miguef DHve o Suite 100
Wa!nut Creek, Cafifornis 94596
(925) 930-0902 o F~,X (925) 930-0135
E-Marl: maze @ rnazeassociates.com
l~b~bsite: www.mazeassocia~es.com
REPORT ON COMPLIANCE .kNq3 ON LNTER_NAL CONTROL
OVER FLNA_NCLa_L REPORTING BASED ON A_N AUDIT
OF FL-NA_NCIAL STATEMENTS PEtLFO~D IN ACCOtLDANCE
V¢ITH GO VEI6a&IENT A UDITZNG STANDARDS
Board of Directors
Redevelopment Agency of the City of Pa]o Alto
....... Ca~i~-,,-,-,~
We have audited the financi!l statemems of the Redevelopment Agency (Agency) of the City of Palo Alto for the
year ended June 30, 2003, and have issued our report thereon dated October 24, 2003. We have conducted our audit
in accordance with generally accepted auditing standards and the standards applicable to financial audits contained
in Government Audidng Srandards, issued by the Comptroller General of the United States.
Compliance
As part of obtaining reachable assurance a~out whether the Agency’s fmancia! statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and ~ants,
noncompliance with which could have a direct and material effect on the dete~wninafion of financial statement
amounts. Those provisions include provisions of laws and re=mAations idemified in the Guidelines for Compliance
Audirs of CMifonda Redevdopmenr Agencies, issued by the State Controller. 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. ~’.,e results o four tests disclosed no instances of noncompliance.
hzte,,’na! 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
mte,,~over ffmancial reportin.<.Our consm.eranon ~ me internal ~ ~- ~provide assurance on the :- ~~,n~ .....~,,~ ....~*" ~-~,,n~,ox over
financial reporting would not necessarily disclose all matters in the internal control over financial reporting that
¯ ,,;-~* be materia! weakmesses. A ,,~ot~, .... t. ..... ; ..... ~,~;~,, ~,, which the de~;o~ ~,~ ~p~r~,~ ~,~ n,,~ ~,~ ~
misstatements m amounts real be material m relation to *’~ ~ .... :~ .~,,,g aualteO may occur zalo
no~ be detected within a timely period by employees M the nodal course of pers%rmNg their ¯ =, o ..~Sl~uO ~l]CilOnS.
W~. ~ noted no matters invoh,in~ the intemaI control over finmncial reposing and its. op~aao..~ ,’ n that we consider to be
material we~esses. We nmed other ma~ers Nvo]ving imema] conmol over financial reposing that we have
reposed to management_, of the A~encv_ . in a sepa-ate Icier aatea’ ’ ~cto~erm ~ o~ onn~
, m~ report is "intended rot the mIormat]on v, u,c A~encv~ .moaru, manaaement~ aria t~,,. State ,_.v,~,,,Le,.C~"÷-^ ~ ~ However..
this report is a matter of public record and its distribution is not limited.
October 24, 2003
A Proieasi~a! Corporation
This Page Left Intentionally Blank
ATTACHMENT 2
REDEVELOPMENT AGENCIES
FINANCIAL TRANSACTIONS REPORT
COVER PAGE
Paio Alto Redevelopment Agency
Fiscal Year:2003 ID Number:13984362600
~ed by:
Signature ~,/
Carl Yeats
Name (Please Print)
Director, Administrative. Svcs
Title
12/15/03
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 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.
Report will not be considered filed until receipt of this
signed cover page.
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.
Mailing Address"
State Controller’s Office
Division of Accounting and Reporting
Local Government Reporting Section
P. O. Box 942850
Sacramento, CA 94250
Express Mailing Address:
State Contro!le~"s Office
Division of Accounting and Reporting
Local Government Reporting Section
3301 C Street, Suite 700
Sacramento, CA 95816
City d Pa]o AJto
Adminisfrafive Services Deparfme~f
The follo’aqng three reports are not applicable for the Palo A_ko Redevelopment
Agency:
1.Blight progess report
2.Loan report
3.Property report
Dix~ons
Administration
650.329.2692
650.323.1741 f-ax
Budget
650.329.9~v60
650.3~.1741
Information
Technolo~,
650.329.2182
650.617.3109 fax
Reml Estate
650.329.2_264
650.323.1741 fax
Finance
650.329 v_264
650.3z3.1741 fmx
Accounting
650.3292264
650.323.1741 fax
PurchasLng
650.329.2271
650.3292468 fax
Inveslznen~s
650.3292362
650.323.8356 fax
Revenue Collections
650.320.9_317
650.617.3122 fax
Parldng Citations
650 3~ v___5~-v
:;mted wit.h soy-based ir&s on I00~ ~%’ded paper processed without chlo~-ine
P.O. Box 10250
Pa!o.aJto, C_A 9a-_303
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Supplement to the Annual Report of CommuniU, Redevelopment Agencies
For the Fiscal Year Ended June 30, 2003
Redevelopment Agency ID Nnmber:
Name of Redevelopment Agency:
The U.S. Bureau of the Census requests the following information about the fiscal
activities of your government for the 2002-2003 fiscal year (defined from July 1, 2002
through June 30, 2003). Governments furnishing this im%rmation will no longer receive
Census Bureau Form F-32, Survey of Local Government Finances. If you have any
questions please contact:
U.S, Bureau of the Census
Jeffrey Little
1-800-242-4523
A. Personnel Expenditures
Report your government’s total expenditures for salaries and wages during the year,
including amounts paid on force account construction projects.
I z00 Is c,
B. Mortgage Revenue Bond Interest Payments
Report your government’s total amount of interest paid on mortgage revenue bonds
during the year.
U.S Bureau of the Census - Revised 7/2003
HCD REPORT OF p,_EDEVELOPM3Eb,~ AGENCY HOUSING ACT~qTY FOR
FY ENDING: 0 6 /
A~n~Name andAd&ess:
Pa!o Alto Redev!oDment A~encv
Susan Ar~an, Economic Development ~mna~er
250 Hamilton Ave, 7th FI., Palo ~to, CA 94301
30 / 2003
Coun~ of JufisN~0n:
Santa Clara
Health & Safety Code Section 33080.! requires agencies to annually report on their Low & Moderate Income Housing_ Fund and housin_~
activities for the Department of Housing and Community Development (HCD) to annually report on agencies’ activities in accordance
with Section 33080.6. Section 33080.3 specifies a_~encies must send this form. HCD Schedules. and an .auNt re~ort to the State
Controller
Please answer each anestion below. Your answers determine which HCD SCHEDULES must be completed in order for the agent, to
fulfill the statutory requirement to report LMIHF housing activity and fund balances for the reporting period_
1.Check one of the items below to identify the Agency’s status at the end of the reporting period:
[] New (Agency formation occurred during reporting year. No financial transactions were completed).
~ Active (Financial and/or housing transactions occurred during the reporting year’)
[] Inactive (No financial and!or housing transactions occurred during the reporting year). Oh,fLY COMPLETE ITEM 7
[] Dismantled (Agency adopted an ordinance to dissolve itself). ONLY COMPLETE ITEM 7
2.How many adopted proiect areas did the agency have during the reporting period? None
How many project areas were mer_~ed during the reporting period? None
If the agency has one or more adopted ~roiect areas, comNete SCHEDULE HCD-A for each proiec~ area.
If the agency has no adopted ~roiect areas. DO NOT comnlete SCHEDULE HCD-A.
3.Within an area outside of any adopted redevelopment project area(s): (a) did the agency destroy or remove any dwelling units
or displace any households over the reporting period,..(19) does the ~ency intend to displace any households over the next reporting
period,.(c) did the agency permit the sale of any owner-occupied unit prior to the expiration of land use controls over the reporting
period, and/or (d) did the agency execute a contract or ageement for the construction of an); affordable maim over the next two years?
[] Yes (any question). Complete SCHEDULE HCD-B.
[] No (all questions). DO NOT complete SCHEDULE HCD-B.
4.Did the agency have any funds in the Low & Moderate Income Housing Fund during the reporting period?
[] Yes. Complete SCHEDULE HCD-C.
[] No. DO NOT complete SCHEDULE HCD-C.
5.During the reporting perio~ were housing units completed within a ~roiect area and/or assisted bv the a_~encv outside a ~roiect area?
[] Yes. Complete all applicable HCD SCHEDULES D!-D7 for each housing proiect comr~leted and HCD SCHEDULE E.
[] No. DO NOT complete HCD SCHEDLrLES D1-D7 or HCD SCHEDULE E.
Indicate whether HCD financial and housing activity information has been reported using method A and/or B checked below:
.~_ A. Forms. ~ r~qu.u~d n~ S~rm~UL~.S ~. z~. ~-D ~. anu E m~ a~mch~u.
[] B. On-line (h~p://u~vw.hcdca.gov/rda/) "Lock Report" date: HCD SCHEDULES not reanired-
(lock date is shown under "Admin "Area cmd "’Report Change History")
.............Si~at~eofAuthorizedA~encvRepresentativeDate
Executive Director
Title
(650) 329-2563
Telephone Number
IF NOT REOUTR_ED TO REPORT. SUBMIT 0.~ Y THIS PAGE.
IF REOUIRED TO REPORT, SUBMIT TttlS PAGE A?,rD:
APPLIC4BLE HCD FORMS (SCHEDULES A-E) and!or PROOF OF ELECTRO.NIC REPORT17VG
SUBMIT THIS AfVD ALL OTHER FORMS tlrITH A COPY OF THE AUDIT REPORT TO THE SZ4TE CO.~,’TROLLER:
Division of Accounting and Reporting
Local Government Reporting Section
P.O. Box 942850, Sacramento, CA 94250
Redevelopment Agency Annua! Report - Fiscal Year 20132-2003 " "HCD-Cover
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