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2010120606 - Desk Item - FY 2009/10 Redevelopment Agency Annual Report!p Gpj OS MEETING DATE: 12/20/10 ITEM NO: 6 DESK ITEM COUNCIL /AGENCY AGENDA REPORT DATE: TO: FROM: SUBJECT: REMARKS December 16, 2010 MAYOR AND TOWN COUNCIL /CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY GREG LARSON, TOWN MANAGER/EXECUTIVE DIRECTORv ADOPT RESOLUTION APPROVING THE FY 2009/10 LOS GATOS REDEVELOPMENT AGENCY ANNUAL REPORT In the Management's Discussion and Analysis, an error in Table 1 on Page 5 was found after the Council received the Staff report. Long Term Debt Outstanding and Other Liabilities were reversed. ATTACHMENT Attachment I — Page 5 PREPARED BY : Stephen D. Conway Fiscal Officer Wendie R. Rooney Deputy Executive Director Reviewed by: Assistant Town Manager /Deputy Director Town Attorney / General Counsel Cleric Administrator /Secretary FinanPo Community Development TOWN OF LOS GATOS REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS which are Major Funds, was established by GASB Statement 34 and replaces the concept of combining like funds and presenting them in total. Instead, each Major Fund is presented individually, with all Non -major Funds summarized and presented only in a single column. Subordinate schedules present the detail of these Non -major funds. Major Funds present the major activities of the Agency for the year. The Agency's Major Funds may change from year to year as a result of changes in the pattern of Agency's activities. The Agency has three Major Governmental Funds in 2010. These are the Redevelopment Fund, the Housing Set -Aside Fund, and the Certificate of Participation Fund, each of which is discussed in detail below. FINANCIAL ACTIVITIES OF THE AGENCY AS A WHOLE This analysis focuses on the net assets and changes in net assets of the Agency as a whole. Tables 1, 2 and 3 focus on the Agency's Governmental Statement of Net Assets and Statement of Activities. Governmental Activities Governmental Net Assets presents total program assets and liabilities and the resulting allocation of the Agency's net assets. Table 1 Governmental Net Assets at June 30, 2010 (In Millions) Cash and Investments Other Assets Capital Assets Total Assets Long Term Debt Outstanding Other Liabilities Total Liabilities Net Assets: Invested in Net Assets Restricted Unrestricted Total Net Assets: June 30, 2010 June 30, 2009 $ 19.57 $ 24.05 0.58 0.72 7.11 2.68 $ 27.26 $ 27.44 25.27 10.06 5.80 6.09 $ 31.07 $ 16.14 7.11 6.44 (17.36) $ (3.81) 1.99 1136 (2.04) $ 1131 E