2009-136-RDA Annual ReportRESOLUTION 2009-136
RESOLUTION OF THE TOWN COUNCIL/ItEDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
APPROVING THE 2008/09 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. .The California Community Redevelopment Law (§33080.1) requires every
redevelopment agency to present a report on financial and housing activity to its legislative body
within six months of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent
financial audit report for the previous fiscal year, a fiscal statement for the previous fiscal year,
and a description of the agency's activities affecting housing and displacement.
3. The audit to by issued by C.G. Uhlenberg, LLP, .attached hereto as Exhibit A, gives
an unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's
opinion of the agency's operations and financial position, and the agency's compliance with laws,
regulations and administrative requirements governing activities of the agency, including all
financial activities involving low and moderate income housing funds.
4. The Statement of Housing Activity, Annual Report of Financial Transactions, and
Statement of Indebtedness are attached hereto as Exhibits B, C and D, consist of forms provided
by the State Department of Housing and Community Development.
5. Approval of the 2008/09 Annual Report for the Los Gatos Redevelopment Agency
does not constitute a project for purposes of the California Enviromnental Quality Act
("CEQA")
RESOLVED, that the Town Council/Redevelopment Agency hereby approves and adopts
the 2008/09 Annual Report for the Los Gatos Redevelopment Agency, attached hereto as
Exhibits A, B, C and D.
FURTHER RESOLVED, that the Town Council determines the planning and
administrative expenses from the Low and Moderate Income Housing Fund is necessary for the
production, improvement, or preservation of low and modeiate-income housing.
PASSED AND ADOPTED at a regular meeting of the Town Council/Agency Board of
Directors of the Town of Los Gatos/Los Gatos Redevelopment Agency, California held on the
21St day of December, 2009, by the following vote
DIRECTORS:
AYES: Joe Pirzynski, Steve Rice, Barbara Spector, Milce Wasserman, Mayor Diane McNutt
NAYS: None
ABSENT: •
ABSTAIN:
SIGNED;
CHAIR OF THE REDEVELOPMENT AGENCY
TOWN OF LOS GATOS
TEST;
S TARP OF THE REDEVELOPMENT AGENCY
TOWN OF LOS GATOS
TOWN OF LOS GATOS
R~DEYELOPMENT AGENC'Y'
BASIC FINANCIAL STATEMENTS
rOR TIIE YEAR ENDED JUNE 30, .2009
WITH INDEPENDENT AUDITORS' REPORTS
THEREON
EBIII73IT A
TOWN OF LOS GATOS
REDE'VELOI'MEl~T AGENCY
TABf,E OF C~ONTEN'I'S
FOR':CHE YLAR ENI7ED~JUNE 30, 2009
PAGE
Independent Auditors' Report; ............................................................................ ......... 1 - 2
Management's Discussion and Analysis ..............................:....................................... 3 _ 10.
Basic Financial Statements;
Government-wide Financial Statements: .
Statement of Net Assets ............................:........................................................ 11
Statement of Activities .............:.......................................................................... 12
Fund Financial Statements:
Governmental Funds:
Balance Sheet ...................................:.................... ......... . ............... ......... 13
Reconciliation of the Balance Sheet -Statement of Net Assets .....:.............. 14
Statement of Revenues, Expenditures, and Changes in rand Balances ........ I S
Reconciliation of Statement of Revenues, Expenditures, and' Changes
in Fund Balances -Statement of Activities ....................................:........ 16
Notes to the Financial Statements . ......................................................................... ~ 17 - 2S
Snpplexnentsiry Information:
Budgetaxy Comparison Schedules:
Schedule of Revenues, Expenditures, and Changes in
Fund-Balance -Budget to Actual -Redevelopment Fund .....................:....... 2G
Schedule of Revenues, Expenditures, and Changes in
Fund Balance -Budget to Actual -'fSousing Fund ......................................... 27
Schedule of Revenues, Expenditures, and Changes in
Fund Balance -Budget to Actual -Certificates of Participation Fund ,......... 28
Independent Auditor's Report on Internal Control Over Financial Reporting
and an Compliance and Other Matters Sased on an Audit of .
Financial Statements Performed in Accordance with
Governr~tenlAzcdzlrrag Strzr~dar•ds ........................................:........,.....,...................... 29 - 30
Summary of Compliance Findings ............................................................................... 31
Summary of I~rior'Year Compliance Findings ........................................................... 32
• C. G. LJHL]ENBERG LLP
CBRTTF'IED PUTiLTC ACCOUNTANTS & CONSULTANTS
PEGGYH• CHEN, C,P.A. JEFFREY J.IRA,'G.PA KATHERINE CHAD, G.F?A. JUUET.I.IN, C,P,A•
INDEPENDEN`T' AUDITORS' REPORT
Members of the Board of the
Town of Los Gatos Redevelopment Agency
Los Gatos, California
We have audited the accompanying flnallcial statements of the goverlunental activities, each
major •fiuld and the aggregate remaining fund information of the Town of Los Gatos
Redevelopment Agency (tile "Agency"), a component alit of the Town of Los Gatos, California,
as of and far the year elided June 30, 2009, which collectively comprise the Agency's basic
financial statements, as listed in the table of contents. •`T'hese financial statements are the
responsibility of the Agency's management. Oinr 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 flnazlcial audits contained in Goverlunel~lt
Auditing Standards, issued by flee 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 misstatemelit, An audit includes examining, on a test
basis, evidence supportuig flee amounts and disclosiues in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
managernent, 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 stateinelits referred to,above present fairly, in all li~aterial respects,
the financial position of the gcivermnental activities, each major fund and the aggregate
remaining fiend information of the Tawn of Las Gatos Redevelopment Agency as of. June 30,
2009, and the respective changes in financial position for the yeax then ended in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Goverlunellt Auditing Standards, we have also issued a repon•t dated
December 10, 2009 on our consideration of the Agency's internal control aver financial reporting
and our tests of its compliance with certain provisions of laws, reginlations, contracts, and grant
agreements and other matters. 'T'he purpose of that report is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of the testing, and not to
provide an opinion on the internal control over financial repotting or on colnpliance. That report
is an integral part of an audit performed in accordance with Govertvnent Auditin Sg tandards and
should be read in conijunction with This report in considering the results of our audit.
333 Twin Dolphin Dtive, Suite 230 • Redwood City, CA 94065 • Phone (~i50) 802-8668 • Pax (GSO) 802-0866
4117 Clipper Court • Fremont, CA 94538 • Phone (510) 770-8680 • Fax (S10) 770-8685
1230 Midas W_ ay, Suite 250.5annyvale, CA 94085 • Phone (408)331-6242 • F:uc (408).331.6243
F-Mail - infoC~cgucpa.com • www.cgucpa.wm
~T
The Management's Discussion and Analysis i$ not a required part of the basic financial
statements, but is supplementary information required by the Goverrunental Accounting
Standards Board. We have applied certain limited procediues, which consisted principally of
inquiries .of management regarding the methods of measurement and presentation of the
supplementary information. ldowever, we did not audit the information aild oxpress no opinion
on it.
Our audit was conducted for the puzpose of forming an opinion the financial statements that
collectively comprise the Agency's basic financial statements. The budgetary schedules listed in
the table of contents are presented for piuposes of additional analysis and are not a requited pa~•t
of tl~e basic financial statements of the Agency, Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and, in our opinion, is
fairly stated, in all material respects, in relation to the basic financial statements taken as a
whole,
c. ~ G~~~"~ ~~ P
December 1Q, 2009
Redwood City, California
2
lYlana~ement's Discussion and Analysis
TOWN OIL' LOS GAT.OS ItEDPVELOPIYIENT AGENCY
lYIANAGI•;1VIENT'S pISCUSSION AND ANALYSIS.
As a component unit of the Towri of Los Gatos, the Redevelopment Agency ("Agency") 'was
established in response to the need to rebuild existing ii~frastrLtcture damaged in the 1989 Loma
Prieta Earthquake. The Redevelopment Ageircy area encompasses approximately 440 acres in
and around T)owntown L. as Gatos; which includes retail and residential execs, lodging, schools,
and main traffic thoroughfares. Pxajects such as street and utility' xecanstruction, paxking,
streetscape and civic improvements were called out in the Redevelopment Plan. The Agency has
the po~Vver to condemn properties 'far this puxpose aild to issue debt payable out of the
incremental property taxes expected to be realized' because of .its redevelopment activities. The
Agency may enter into development agreements with developers acid others to further its
purposes,
I+ISCAL 2009 TINANCIAL HIGI~S,IGHTS
Agency revenues experienced continued growth in the project area as compared to the prior year.
Property tax increments, the Agency's primary revenue source, increased $502,074 from the
amounts received the prior year.
• The assets of the Agency exceeded its liabilities at June 30, 2009 liy $11~,106,13~7 (net assets).
Included in the determination of net assets is a negative (deficit) balance of ($2,044,484) in
unrestricted net assets. The deficit in unrestricted net assets ~ is normal in California
redevelopment, agencies. All xedevelapment agencies leverage current tax increment
revenues by issuing long-term debt to raise capital to eliminate blight and promofe economic
growth within the Agency's project axes.
The Agency's total net assets increased by $2.68 million fxom the prior year.
• As of June 30, 2009, the Agency's governmental funds xeported combined ending- fund
balances of $18,684,862; an increase of $2,196,910 in comparison from the prior year's
combined fund balance of $16,487,952. The increase is due primarily to an increase in fund
balances in the Town's Low and Modexate Housing Fund and Debt Service Fund.
At June 30, 2009 total urueserved fund balance in the Town's governmental funds of
$7,526,558 increased $1,80,410 in comparison with.the prior year's balances of $S,S4~6,144.
OVERVIEW OF TFI~ BASIC FINANCIAL STATENI:CNTS
This Report is in three parts; •
1) Management's Discussion and Analysis (this part),
2) The Basic. Financial Statexnenfs, vahich include the Agency-wide and the Fund financial
statements, along with the Notes to these financial statements, and
3) BudgetlActual Statements for budgeted Capital Projects Funds.
The Basic Fitxaneial Statements
The Basic Financial Statements comprise the Agency-wide Financial Statements and the Fund
Financial Statements. These two sets of financial statements provide tvao different views of the
Agency's financial activities and financial position long-teirn and short-term.
TOWN OF LOS GATOS REDEVELOPMENT AG)CNCY
MANAGEMENT'S DISCU~SILOIV AND ANALYSIS.
The Agency-wide Financial Statements provide alonger-term view of the A.gency's activities as
a whole, and comprise the Statement of Net Assets and the Stateixteilt of Activities. The
Statement, of Net Assets provides information about the financial position of the Agency as a
whole, including all its capital assets and long-term liabilities on the full accrual basis, similar to
that used by corporations. The Statement of Activities provides information about all the
Agency's revenues 'and all its expenses, also on the full accrual basis, with the emphasis on
measuring net revenues or expenses of each of the Agency's programs. The Statement of
Activities explains in detail the change in Net Assets foY the year. ' .
The Fund Financial Statements report the Agency's opexations in more detail than the Agency-
wide statements and focus primarily on the short-term activities of the Agency's Major Funds.
The Fund Financial Statements rrieasure only currant revenues and expenditures, current assets,
liabilities and fiord balances; they exclude capital assets, long-term. debt, and other long-term
amounts.
Major Funds account for the major fmanoial activities of the Agency and are presented
individually, while the activities of any Non-major Funds would lie.presented in stinunaty, with
subordinate schedules presenting the detail for each of these other funds. The Agency does not
have any Nan-major Funds. Major Funds are explained below.
Together, all these statements ate now called the Basic Financial Statements; formerly they were
called the general-puipose financial statements.
The Agency-wide Fir2ancial Statements
All of the Agency's basic services are considered to be Governiriental activities, includng;
economic development, pass through agreements, and debt service. General Agency xevenues
such as incremental property taxes and investment earnings support these services.
Agency-wide financial statements are prepared on the accrual basis, whieh,means they measure
the flow of all economic resources of the Agency as a whole.
Fund Financial Statements
Governmental Fund fmancial statements are prepared on the modified accrual basis, which
rrieaiis they measure only current financial resources and uses. Capital assets and other long
lived assets, along with long-term liabilities, are presented only in the Agency-'wide financial
statements.
The Fund financial statements provide detailed information about each 'of the Agency's most
significant fluids, called Major Funds. The concept of Major Funds, and the determination of
which are Major Funds, was established by GASB Statement 34 and replaces, the concept of
combining like fi7nds and presenting them in total. Instead, each Major Fund is presented
individually, with all Non-major Funds summarized and presented only in a single colunul.
Subordinate schedules present the detail of these Non-major funds. Ivlajar Funds present the
TO~VVN O;~' LOS GATOS RED11'~ELOPMENT AGENCY
MANAGI<;M1~NT'S DISCUSSION AND ANALYSIS
major activities of the Agency for the year. The Agency's Majox Funds may change from year to
year as a result of changes in the pattern of Agency's activities, •
The Agency has three Majar Go~vernmexltal Funds in 2009. 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 WI30LE
This analysis focuses an 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 pxesents total program assets and liabilities and the resulting allocation
of the Agency's net assets. •
Table 1
Governmental Net Assets at. June 30, 2009
• (In Millions) '
June 3.0, 2009 June 30, 2008
Cash and Investments $ 24.OS $ ' 20.95
Other Assets 0.52 O,S3
Capital Assets 2.68 2.64
Total Assets 27.25 24'12
Long Term Debt Outstanding 10.06 10.50
Other Liabilities 6.09 ~ 5,1.9
Total Liabilities 16,14 15..69
Net Assets:
Invested in Net Assets 1,99 1.75
Restricted 11.16 ~ 10,74
Unrestricted (2,04) (4,U6)
Total Net Assets: $ 11,11 $ 8,43
G ~
The Agency's governmental net assets amounted to $11.11 million at rune 30, 2009. The
Agency's net assets at June 30, 2009 are comprised of the following:
5
TOWN OF LOS GA`I'OS I2EDEVELOPMEINT AGENCY
MANAGEMENT'S DISCYJSSION.AND ANAI.,YSIS
• Unrestricted cash and investments comprised $24.05 million of pooled cash and investments
available for operations. Substantially all of these amounts were held in the Town's cash acid
investment pool as described in Note 3 to the financial statements. Restricted cash and
investments of $1,29 million are funds held by trustees as prescribed undex the Certificate of
Participation issuances,
• Capital Assets of $2.68 million largely represents the value of the Parking Lot #4 parking
structure, which is considered an infrastructure capital, asset under the provisions _of GASB
34.
• Short-term payables and .pass-tluough obligations comprise $4,39 million of Agency
liabilities. As part of the Redevelepment Plan, the Agency entered into agreements with
athex taxing agencies to pass•~through portions of incremental pxoperry t<~xes and amounts due
are reflected at June 30, 2009. •
• As of Tune 30, 2009 the Torxrn of Los Gatos had advanced the Agency a total of $1,5 million
to partially fund ongoing Agency operations, This advance is repayable on demand.
• Long-term debt of $10.06 million, of which $9.59 million is due in future years and $,47
million, is due cui~'ently.
• The $1,99 nullion of `Investriients in Capital Assets, Net of Related Debt' describes the
portion of Net Assets that represents the current net book value of the Agency's capital
assets, less the outstanding balance of any debt issued to finance these assets,
• Restricted net assets total $11,16 million, of which $2.07 million may be used only far
capital pxojects, $8,63 million is restricted far low and moderate iricorrme housing purposes,
and $..46 million may be used only for debt service. The restrictions on these funds were
placed there by outsiders and cannot be changed by.the Agency.
® Unrestricted net assets are the part of net assets that can be used to finance day-to-day
operations without constraints established by debt covenants or other legal requirements or
restrictions. The Agency had $(2.04} million of unrestrcted net assets at June 30, 2009. This
deficifi is a result of the $11.75 million i`n long-term debt proceeds, which are deducted fi•om
fund balance. '
TO'~VN OTC LOS GATO•S ItEDEV~~OPMENT AGENCY
MANAGEMENT'S DTSCIJSSION .AND ANA•L'YSIS
Changes in Governmental NetA.rset.~
The Staterrzent of Activities presents program revenues and expenses and general revenues in
detail. All these ai~e elements in the Changes in Governmental Net Assets summarized below:
Table 2
Changes in Governmental Net Assets
• (In Millions)
Revenues 2009 2008
General Revenues '
Property Tax Increments $ 8. S7 $ 8,07
1'nterest 0.70 _0.90
Total Revenues 9.27 8.97
Expenses
Frcncflons /:Programs
Redevelopment Projects
Pass-through payments
.Interest and bees
Total Expenses •
1.22 2.07
3.7~ 3.21
0.63. 0.64
~S.6S 5,92
Increase (Decrease) hi Net Assets Before Transfers 3.63 3.05
Transfers (0.95) (4.9g)
Increase (Decreease) in Net Assets 2.68 {1.93) .
Net Assets -Beginning
Net Assets _ Ending
8.43 10;36.
$ '11,11. $ ~ 8.43
As Table 2 above shows, $9.27 million of the Agency's 2009 Governmental revenue is .general
revenues such as taxes and interest. General revenues are not allocable to programs. General
revenues are used to pay for the iaet cost of governmental programs,
7
TOWN Or LOS GATOS I2EDEVELOPIVMENT AGENCY
MANAGEMENT'S DISCUSSXON AND ANALYSIS
Net Revenue (Expense) of Governmental Activities
Table 3 pzesents the net (expense) or revenue:of each of the Agency's governmental activities,
including interest on .long-term debt. Net .expense is defined. as total program cast less the
revenues generated by those specific activities,
'xable 3
Net Revenue (Expeizse) of Gove7•nmeiltal Activities
(In Millions)
2009 2008
Redevelopment Projects $ (1.22)- $ (2.07)
Property Tax Zncxements (3.79) (3.21)
Intexest (0.63)_. (0.64
Totals
$ (5.65) $ . ~ (5.92
TI-IE AGENCY'S FUNll FINANCIAL STATEMENTS
Table 4 below summarises Governmental Activity and balances at the fund level;
Table 4
Financial Highlights at rand Level
(In Millions)
Governmental rued
Total Assets
Total Liabilities
Total Fund Balances
Total Revenues
Total Expenditures
2009
$ 24.57
S.8$ .
18.68
9.27
7,08
2008
$ 21,48
4.99
16.49
8.97
7.66
Analyses of Majar Governmental FYZnds
Redevelopment Fund
Accounts fox activities of the Redevelopment Agency of the Town and the related program tax
revenues. This fund encompasses tllxee core functions: Redevelopment Agency administration,
Capital Pz•oject development and implementation, and the implementation of the Economic
Vitality Program.
8
TOWN OI` LOS GATOS REDEVELOPMENT AGENCY
MANAGEMEI~IT'S D~ISCUSSYON AND ANAL'SrSIS
Housing Set Aside Fund
Accounts fox administering the housing component bf the Redevelopment plan. The revenue
source for this program comes from the 20% State-mandated housing .set-aside deducted from
incremental property taxes,
Certificates of Participatton.Ii'und
This Fund accounts for financial resources to be used fox~the payment of principal and interest in
long-term` obligations. Each of the Agency's debt issues is discussed in detail in Note 6. to the
financial statements. Certificates ofParticipation are used to fiend the key infrastructure projects
in the Downtown redevelopment area. At June 30, 2009, the Agency's debt cornpxised;
June 30, 2009 June 30, 2008
Balance Balance
Government Activity DeGt
1992 Certificates of Participation
2002 Certificates afPartieipation
(In Millions) (in Millions)_
$ - 0,69 $ 0,89
9.37 9.61
Total Long Term befit
$ 10,06 $ 10.50
ECONOM]<C OUTLOOK AND MAJOR I1vITIATTVES
The economy of the Agency .and its major initiatives are discussed iii detail in the Letter of
Transmittal in the Town of Los Gatos' Comprehensive Aimual Financial Report for the Fiscal
Year Ended Tune 30, 2009.
BUDGETAI2'Y HIGX~LIGI<ITS
Comparing. the FY 2008/09 original budget (or adopted) amount of $8,959,146 to tlae final
budget amount of $8,244,191 reflects a net decrease of $714,955, This decrease is a result'of
RDA Capital Improvement projects appropriations which were lower than the adopted budget
estimates and were carried forward to the FY 2009%10. Also included was a budget adjustment
to the University Avenue Repavuig project,
Carry Forwards
Police Facility $ (58S,12S)
Almond GTOVe Concrete Rehabilitatiar .(78,0$0)
S Santa Cruz Gateway (65,000)
Budget Adjustment
Unuversity Ave Repaving 13,250
:Total Decrease $ (7
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSTS
CONTACTING THE AGENCY'S FINANCIAL lYIANAG1i;MENT
These Financial Statements are .intended to provide citizens, taxpayexs, investors, and creditors
with a general overview of the Agency's finances, Questions about this Report should be
directed to the Finance Aepartmerit, at 110 East Main Street, Los Gatos, CA .95030•
1D
Basic Financial Statements
TOWN O1!' LOS GATOSR.EDEVELOPIVIENT AGENCY
S~'ATEIVI;ENT OF NET ASSE'T'S
JUNE 30, 2'009 .
ASSETS
Cash and investments
Restricted cash and investments
Aceolurts receivable
Capital assets (net)
Total 'Assets
LTAIIII,ITIGS
Accounts payable
Interest payable
Unearned revenue
Passthrough obligations
Advance from Town of Los Gatos General Fund
Noncurrent liabilities:
Due within one year
]due in more than one year
Total Liabilities
NET ASSETS
Invested in capital assets (net of related debt)
Restricted for;
Redevelopment projects
Law income housing
Debt service
Unrestr icte~d
T otal N et Assets
See accompanying notes to financial statements
Governmental
Activities
$ ~ 22,756,318
1,292,743
519,898
2,677,317
27,246,276
$ 394,821
201,042
196,785
3,792,491
- 1,50'0,000
465,000
9,590,000
$ 1G,140,139
_--~-
$ (6,54G,495)
2,065,624
8,,631,126
461,554
6,494,32 $
$ 11,106,.137
11
TOWN OF-LOS GATOS REDEVELOPMENT AGENCY
STATEMENfi'OF AG')CIVITIES
FOIL THE FLSCAT., YEAR ENDED .TUNE 3U, 2009 .
Program $xpenses:
Redevelopment
Passthrough payment
hiterest and fees
Total Program Expenses
Net Program Income OExpense)
General Revenues and Transfers:
General Revenues:
Tax allocation increment
Interest income
Transfers to the Town of Z,os Gatos
Total General Revenues and Transfers
Change in Net Assets
Net Assets -Beginning
Prior period adjustments
Net Assets -Beginning - As Restated
Net Assets -Ending
See accompanying notes to financial statemeiats
Governmental
Activities
$ 1,220,475
3,792,492
634,242
5,647,209
(5,647,209)
8, 574,250
700,010
(951,833)
8,322,427
2,675,218.
8,229,876
201,043
' 8,430,919
11,106,137
12
TOWN Or LOS GATOS REDIaVELO1'MCNT AGF.NGY
GOVERNIVII±,1~'I'AL TUNDS •
. BALANGIa SI-1R)aT
J[1N1; 30, 2009
ASSETS '
Cash and investments available for operations
' Restricted cash and investments
Accounts receivable
TOTAL ASSETS
DEBT
SERVICE
CAPITAL PROJECT F11ND5 FUND
Total .
I-Iousiag Ceztificates of Government
Redevelopment Set~Aside Participation Funds
$ 1,463,840 $ 8;452,030 $ 12;840,448 $ 22,756,318
831,189 - 461,554 1,292,743
• - 471,008 48,890 _519,898,
$ 2,295,029 $ 8,923,038 $ 13,350,892 $ _ 24,568,959
LTAliTLTTT);S
Accounts payable
Deferred revenue
Advances fiom Town of Los Gatos General Fund
Passthrough obligations
TOTAL LIABILITIES
rUND I3ALANCI:S
~ Reserved for •
Debt service
Redevelopment proj ects
Low and moderate income housing
Unreserved, designated for;
Debt service
TOTAL FUND BALANCES.
TOTAL LIABILITIES & FUND BALANCES
$ 229,405 $ 95,127. $ '70,289 $ 394,82]
- 196,785 - 196,785
_ - 1,500,000 1,500,000
3,792;491 .3,792,491
229,405 291,912 5,362;780 5,884,097
_ 461,554 461,554
2,O6S,624 - - 2,065,624
- 8,631,126 - 8,631,126
_ - 7,56,558 7,526,558
2,065,624 8,631,126 7,988,112 18,684,862
$ 2,295,029 .$ 8,923,03$ $ 13•,350,892 $ 24,568,959
See accompanying notes to financial statements
13
TOWN OF LOS GATOS REDEVELOPMENT AGENCY'
1tECONCILTATION OF THE BALANCE SHEET
. TO THE STATEMENT OF NET ASSETS
JiJNE 30, 20'0.9 •
Fund Balances -.Governmental Funds $ 18,68A•,862
Amounts reported for governmental activities in the Statement of Net Assets are
different from those reported in t:lie Governmental Punds because of the following:
Capital assets (t~et) used in governmental. activities are not current assets or financial
resources and therefore, are n'ot repo~'ted in the Governmental Funds Balance Sheet.
Capital assets
Accumulated depreciation
Interest payable on long-term debt does not requu~e the use of current financial
resources and, therefore, are not reported in the Governmental Funds Balance Sheet.
$ 4,202,T0$
(1,:525,391) 2,677,317
laong-term liabilities, including bonds payable, are not due and payable in the current
period and, therefore, are not reported in the Governmental Funds Balance Sheet
Certificates of participation
Net Assets of Governmental Activities
See aecotnpanying notes to Bnancial statements
(2o1,oa2)
(10,055,000)
$ 11,106,137
14
TOWN OT+ T.,OS GATOS REDEVELOPMENT AGENCY
STATEMENT OT+ REVEMIZ±,S; E•7~PENDTTtJRES, AND C1=TANGIrS'(N FYJND i3ALA1V'CES
•GOVERNIVII;NTAL T'>`J1VDS
TOR iT~+ I+SSCAL YEAR ENDED JUN> 30, 2009
REVENUES
Tax allocation increment
Interest income
'Total Revenues
EXPENDITURES
Community development
Capital outlay
Passthrough payment
Debt service;
Principal payments
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Total
Housing Certificates of Government
Redevelopment Set-Aside Participation Funds
DEBT
SERV TCE
CAPITAL PR07ECT FUNDS FUND
$ $ - $ 8,574,250 $ 8,574,250
6G>908 276,319 356,783 700,010
G6,90$ 276,319 ~ 8,931,033 _ 9,274,260
622,226 423,543 73,013 1,118,782
951,833 135,000. - 1,086,833
- 3,792,492 3,792,492
• 445,OD0 445,000
- 634,242. 634,242
,1,574,059 ~ 558,543 4;944,747 7,077,349
(1,507,151) (282,224) 3,986,28G 2,196,911
OT13ER FINANCING SOURCES (USES)
Transfers in ~ 575,000 1,714,850 - 2,289,850
Transfers out - ~~~ (2,28.9,850) .2,289,850
Total Other Financing Sources (Uses)
Change in Fund Balances
Beginning fund balances
Prior period adjustments
Beginning fund balances - As Restated
Ending fund balances
575,000 1,714,850 (2,289,850)
(932,151) 1,432,G2G .1,696,46 2,196,911
2,997,775 7,198,500 6,090,633 16,286,908
201;043 201,043
2,997,7'!5 7,198,500 6,291,676 16,487,951
$ 2,065,624 $ • 8~_____ G31~ $ 7,988,11.2 $ 18,684,862
See accompanying notes to financial statements
15
TO'VVN O)F LOS GATOS 1t~DEVELOPMENT AGEIV~C'S~
RECONCII,TATION OF TH=E STATEMENT OE RE'VENUT~, E~l'ENDTTURES
' ~ AND CT-TANGES TN FCTND BALAI~CJCS
TO TH1; STATEMENT OF ACTTVITTCS '
T~'Olt TIJda TISCAL YL+ Alt ENDED JUNE 30, 2009 '
The schedule below reconciles the Net Change's in Fond Balances reported on the
Governmental Funds Statement of Revenues,. Expenditures, and Changes in Fund
Balances, which measures only changes in current assets and ourrent liabilities on
the modified accrual basis, with the Change in Nvt Assets af' Goveraunental
Activities'rep'orted in the Statement of Activities, which is repartcd an the full
accrual basis. .
Net Changes in Fund Balances -Total Governmental Funds ~ $ 2,196,911
Amounts reported for governmental activities in the Statement of Activities are
different from those reported in the Statement of Revenues, Expenditures, and
Changes in .Fund Balances because ofthe following;
Governmental fiords report capital outlays as expenditures. Howevor, in the
statement of activities the cost of those assets is capitalized and allocated aver
their estimated useful lives and reported as dcpreciation expense. This is the
amount by which capital outlays exceeded depreciation in tlxe currant period.
Depreciation expense is deducted from the fund balance (101,693)
Capital assets to the Agency are reported in the Statement of Revenues,
Expenditures, acid Changes in Fund Balances, however, they have no impact tin
the Statement of Activities. 135,000
The issuance of long-term debt provides current financial resources to
.governmental funds, while the repayment of the principal of long-teiin debt
consumes the current financial resources of gavemm.ental funds. This amount
is the net effect of these differences in the treatment of IAng-term debt,
Repayment of debt principle is added back to fund balance - d4S,000
Gavemrrient Wide Changes in Net Assets
See accampaxaying notes to financial statements
$ 2,675,218
16
Notes to Tinancial Statements
TO'VVN f)F LbS GATO'S REDF'VEY.,OPIYIFNT AGENCY
NOTES TO r1NANC]AL STATEMENTS
1, DESCR.II'TION OF THE AGENCY AND-ItED~'V.CLOPIVIENT PROJECTS
The Town of Los Gatos Redevelopment Agency (the "Agency") is a public body
established-and authorized to.transact business under the provisions of the Community
Redevelopment Law of the State of Califox•~ua, including the power to issue bonds fox any
of its corporate purposes, lts purposes are to stimulate and attract private investment and
eliminate physical, social, and/or economic blight.
The Redevelopment plan was established as a result of the Loma Prieto Earthquake in 1989
and the need to rebuild existing infrastructure. The Redevelopment Agency area
encompasses approximately 440 acres in and around Iaowntovm Los Gatos, which includes
retail and resideritial areas, lodging, schools, and main txaf~ie thoroughfares. Projects Stich
as street and utility reconsti~ction, parking, streetscape and civic impxovexrients were' called
out in the Plan. ~ ~ '
As part of the Redevelopment Plan, the Agency entered into agreements with vax7ous
taxing authorities, which requiz~ed the Agency to pass through portions of incremental
property taxes to each taxing authorities. Expenditures far these pass-through agreements
amounted to $3,'~92,~92 fox the year ended June 30, 2009.
As the Town of Los Gatos (the "Town") is financially aceotu~table for the Agency, the
Agency is considered a component unit of the Town. As such, the Agency is reported as
,part of the Town in the basic financial statements of the Town.
2. SXGNIFICANT ACCOT.l1VTING POLICTIuS
Basis of Presenfatioix
The Agency's Basic Component Unit financial Statements are.prepai•ed in conformity yvith
accounting principles .generally accepted in the United States of America, The Government
Accounting Standard Board (GASB) is the -:acknowledged standard setting body for
establishing accounting and financial reporting standards followed by governmental entities
in the U,S.A.
GASB requires that the financial statements described below be presented.
Government-wide Statements -The Statement of Net Assets and the Statement of Activities
include the financial activities of the overall Agency. Eliminations have been made to
minimize the effect of interfund of activities. Governmental activities are generally
financed through taxes, intergovernmental revenues, and other nonexchange transactions.
I'he Statement of Activities presents a comparison between direct expenses aid program
revenues for each fianetion of the Agency's activities. Direct expenses are those that are
specifically associated with a program or function and, therefore, are clearly identifiable to
a particular function. Program revenues include (a) charges paid by the recipients of goads
Y7
TOWN OF LOS GATOS RIGDEVELOP1VtENT AGENCY
NOTES TO F'1NANCIAI, STATEM] NTS
or services offered by the programs, (b) grants and cantributians .that are restricted to
meeting the operational needs of a particular program and (c) fees, grants and contributians
that are restricted to fmancing the acquisition ar construction of capital assets, Revenues
that are not classified as program revenues, including all takes, are presented as general
revenues. '
Fund Financial Statements -The fund financial statements provide information about the
Agency's funds. The emphasis of fund financial statements is on' major individual
governmental funds, each of which is displayed in a separate column. All remaining
governmental funds are aggregated and reported as nonmajor funds.
Major Funds
GASB Statement 34 defines major fiends and requires the Agency's major govexrunental
funds to be identified and presented separately. in the fund financial statements. All other
funds,.called nonmajor funds, are combined, and reported ui a single column, regardless of
their fund-type.
Major "funds are defined. as .funds ~ that have assets, liabilities, revenues or
expenditures/expenses equal to ten percent of their fund-type total and five percent of the
grand total. The General Fund is always a major fund. The Agency may also select othe>•
funds it believes should bo presented as rnajar funds.
The Agency reported the following major governmental funds in the accompanying
financial statements:
Redevelopment Fund -'T'his fitnd is used to account ~'or financial resources used for the
acquisition ar construction of major capital facilities.
Housing Set Aslde Fund -This fund is used to account far twenty percent housing set aside
from the tax increment proceeds..
Certificates of Participation fund -This fund is used to account for the accumulation of
financial resources and the payment of general long-term obligation principal, interest, and
related costs.
Tfasis of Accountin
The government-wide fmancial statements are reported using the economic resources
measurement focus and the full accrual basis of accounting, Revenues are recorded when
earned and expenses are~recorded at the lime liabilities are incurred, regardless of when the
related cash flows take place.
Governmental funds are reported using the current financial resources ri~easurement focus
and the mnd~ed accrual basis of accounting. Under this method, revenues are recognized
18
TOWN OTC' LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STA'I'EIvIENTS
when measurable and available, The Agency considers all revenues reported izl the
governmental funds to be available if the revenues are collected within sixty days after
year-end. Expenditures are recorded when the related fund liability is incurred, except far
principal and interest on general long-term debt, which is recognized upon becoming due
and payable; and except for claims, judgments and compensated absences,• which axe
recognized when estimable and probable. Governmental capital asset acquisitions are
reported as expenditures in governmental fizzzds. I'raceeds of governtental long-term debt
and acquisitions tinder capital leases are reported as other,~nancing sources. .
Non-exchange transactions; in which the Agency gives or receives value without directly,
receiving or giving; equal value in exchange, include fierce, grants, entitlements, and
donations. On the accrual basis, revenue from taxes is recognized in the- fiscal year for
Which the taxes are levied or assessed. Revenue from grants, entitlements, and donations is
recognized in the fiscal year in which all eligibility requirements have been. satisfied. Other
revenues susceptible to accrual include other taxes, intergovernmental revenue, interest,
and charges for services,
The Agency may fund programs with a combination of cost-reimbursement grants,
categorical block grants, •and general revenues. Thus, both restricted and unrestricted net
assets rn~ay be available to fmance program. expenditures, The Agency's policy is'to first
apply restricted grant resources. to such programs followed by general revenues as
necessazy.
Cash .and Investments
The Agency's cash and cash equivalents are considered to be cash an hand, demand
deposits, and short-term investznerits if they.are liquid.
The Town's investmeit policy and California •Governmeizt Cade permit investments in
obligations of iJ.S. Treasury and its agencies, commercial paper, banker's acceptances,
repurchase agreements, certaizcates of deposit, medium term notes; passbook savings
account demand deposits, mutual funds and the State of California Local Agency
lnvestrnent Fund, •
Invesi~xients for the Agency are reported at fair value. The value is detez7riined based upon
market elosirig prices.
Interfund Receivables and Payables
Balances representing lending/borrowing transactions between funds outstanding at the end
of the fiscal year are reported as either ".due to/due from other funds" (aznaunts due within
one ~ year), "advances to/from other funds" (non-current portions of interfund
lending/harrowing transactions), ~or' "leans to/from other funds" (long-term
lending/barrowing transactions as evidenced by loan agreements). Advances and loans to
ether funds are offset by a fund balance reserve in applicable Govexninental Funds to
19
TOWN OF LOS GATOS ItEDEVELOPIYTI+;NT AGENCY
NOTES TO FINANCIAL STATEMENTS •
indicate they are not available far appropriation, and are not expendable available financial
resources. •
T.,on~-Term Obligations
In the govertunent-wide financial statements long-term debt acid other long-term
obligations are reported as liabilities in the Statement of Net Assets.
Tax Increment •
The Agency has no threat taxing power and does not have the power to pledge the general
credit or taxing power of the Town, the State of California or any political subdivision
thereof. However, California's Health and Safety Code allows redevelopment agencies
with appropriate approvals of the. local legislative bodies to recover costs of financing
public improvements from increased tax revenues (tax iiacrement) associated v,~lth increased
property values of individual project areas. Property tax inct•etnent is recorded as revenue
when it becomes both measurable and available to finance expenditures.
Property HeYd far' Resale .
Property held for resale is acquired as part of the Agency's redevelopment program. All of
these properties are residential. Costs of developing and administering Agency projects are
charged to capital outlay expenditures as incurred.
The Agency does not maintain cost records by parcel, as there is ~to• relationship between
costs incurred and the final disposition value, which is significantly affected by vaxlous use
restrictions, For financial statetnent presentation, this property is stated at the lower of
estimated cost or net realizable value..
Budsets and Budaetaty Aecountin
Prior to 7une 1, the Town Manager submits to the Town Council a proposed operating
budget for the upcoming fiscal year, The proposed budget includes a s`~7mrrtary of proposed
expenditures and forecasted revenues of the Agency's governmental funds.
The Town Council adapts the budget by 7une ~0 through passage of an adopting ordinance.
All appropriated amounts, as originally adopted or as amended by the Town, lapse at year-
end or are subject to reappropriation in the following fiscal year. The budget is adopted on
a cash basis, which is not consistent with generally accepted accounting principles.
The actual results of operations are presented in the cambhied statement of revenues and
expenditures -•- budget and actual in accordance with the budget basis to provide a
mcaningfitl comparison of actual results to the budget. •
20
TOWN OI+ LOS GATOS REDEVELOI?1VIENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Expenditures over Apt~ronriation
For the current fiscal year, actual expenditures exceeded budgeted amounts are as follows;
Fund
Ex enditure• Cate o Excess
Ex enditure •
Ex lanation
Housing Set-Aside Community $ 154,913 The additional
Fund development expenditures amount had
• ~ been approved by the
Council but no amended
bud et was ro osed.
Certificates of Community $ 253,80• Under budgeted pass
Pa-~icipation Fund development, Pass tlvough•payments~due to
tlu•ough payment, and increment in piss
interest and fiscal through receipts.
charges
• Undef budgeted interest
payment due to interest
. ~ expenses being budgeted
on cash basis.
Use of Estimates
i
The Agency's managexrient has made certain estimates and assumptions relating to the
reporting of assets. and liabilities and the di'scloswe of contingent assets and liabilities to
prepare these financial statements in canfoi~rnity with generally accepted accounting
principles. Actual results could differ from those estimates.
3. CASH AND INVESTMENTS
Cash and Investment
The Agency has pooled its Dash investments with the Town in order to achieve a higher
return on investment, Certain restricted funds, which are held and invested by independent
outside custodians through contxactual agreements, are not pooled. These restricted funds
include cash with fiscal agents.
21
TOWN OT+ LOS GATOS REDEVELOPIVII+aNT AGENCY
NOTES TO FINANCIAL STATEMENTS
The investments made by the Tawn are limited to those allowable under State statutes and
include the following types of investments: '
^ Bankers Acceptances
^ State of California Local Agency Investment Fund (LATE)
^ Certificate of Deposit .
^ Commercial Paper
^ Governrrlenf Agency Securities •
^ Money Market Certif cater •
^ U~:S. Treasury Obligations •
^ Repurchase Agreements •
^ Revise Repurchase Agreements
All cash and investment are stated at fair value. Pooled investment earnings are allocated
monthly based on the average cash and investment balances of the various funds and
related entities of the Town. Cash and investments available for • operations amounted to
$22,756,31$ as of June 30, 2009. Restricted cash and investments at June 30,• 2009
amounted to $1,292,713. •
See The Town's Gomprehensive~ Aluzual Financial Report far disclosures related to cash.
and investments and the related custodial risk categorization,
4. CAPITAL ASSETS
The following is a summary of the Agency's capital assets:
Balance Dcl~fions/ Balance
Capital Assets June 30, 2008 Additions Adjustments Jwie 30, 2009
Capital Assets not being depreicated;
I.arid $ - $ 135,000 $ - $ 135,000
Capital Assets being depreicated:
Buildings 4;067,708. _ - 4,0671'/08
Total capital assets 4,067,708 135,000. - 4,202,708
Less accumulated depreciation;
Buildings 1,423,698 101,693 ~ 1,525.1391
Total capital assets- netdepreciation $• 2,644,010 $ 33,307 $ - $ 2,677,3T7
Depreciation expense was $101,693 fox the fiscal year ended June 30, 2009.
S. INTERFUND TRANSACTIONS
Advances from the Town -The Town advanced $1,500,000 to the Agency to partially fund
operations. The advance boars interest at 10% and is repayable on demand, provided that
sufficient tax increment funds are available. For the fiscal yeax ended June 30, 2009, the
Agency paid the Town $150,000 in 'interest on the advance.
22
TOWN OF LOS GATOS REDEVX+~LOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
G. LONG-'T'ERM OBLIGATIONS
1992 Certificates. of Participation (1992 COPS
The Tawn issued 1992 COPS in the original principal amount of $2,960;000 dated August
1, 1992. The Town's Motor Vehicle License Fee Revenues were pledged as security far
the 1992 COPS, and the guarantee was registered with the State Conhollers Office. The
1992 COPS were issued to finance certain construction costs of the Town's Parking Lot'4
Project, which was constructed on land located in the Los Gatos Central Redevelopment
Project Area. The 1992 COPS are similar to bond debt, .acid, they allow investors to
participate in a share of guaranteed payments. Because they are similar to debt, the present
value of the total of the payments to be made is recorded as long-term debt. Principal
payments are due annually on August 1, which interest payments payable semi-annually an
February 1 and August 1,
To assist the Town in paying the cast of acquisition and construction of the Parking Lot d
Project, the Town and its Redevelopment Agency entered .into a Reimbursernent
Agreement. Under this agreement, the Agency will use available net tax increment
revenues resulting from the Project's effect on land values to repay the Town for all lease
payments made by the Town to the Agency under the lease agreement for the Project. Net
tax increment revenues are all taxes allocated to and paid into the Redevelopment Agency
Capital Projects Fund for the Project Area. Reirnbuxsements under this agreement
commenced in fiscal 1995-1996. Aecoxdingly, the 1992 COPS have been recorded in the
Agency's General Long-Term Debt Account Group. In addition, the Parking Lot 4 Project,
which was constructed with proceeds of the 1992 COPS; has been included in the Agency's
financial statements.
For the fiscal year ended Tune 30, 2009, lease income and reimbursements in the arnaurrt of
$929,239 offsets in the Certificates of Participation Fund and is eliminated from the
Goverxunent-Wide Statement of Activities.
2002 Certificates of Participation (2002 COPsI
The 2002 COPS financing parallels the 1.992 issue. On August 1, 2002, the Town and the
Agency issued $10,725,000 in 2002 .COPS to finance infrastructure improvements in the
downtown xedevelopment area. The Town has pledged lease payments of real property and
facilities comprised of the Parlcs and Public Works Service Center and Baseball Field, as
well as Paxking Lot No. 1, 2, and 3, as collateral for the repayment o~the Certificates.
The 2002 COPS principal payments ate due annually on August 1, with interest payments
payable semi-annually on February 1 and August 1.
23
TOWN OI+' LOS GA~TOS I2EDEVELOPIVI)rNT AGENCY
NOTES TD FINANCIAL STATEMENTS
A summary of general long-term obligations account group tralisactions for the yeax ended
June 30, 2009 follows: •
Original
T.ssue Balance Ba]anw .Current
Amougt ,lune30,2008 Additions Retlremenb June30,2009 Portion.
1992 COI's, 5-9°/q due 8/1/1012 $ 2,960,DOD $ 890,000 $ - $ 2D5,000 $ 585,000 $ 215,000
20(12 GOPs, 2.5-5%, due 8112031 10,725,OOD 9,610,OD0 - 240,000 $ 9,370,000 250,000
Totall,ong-TermDebt $ ,13,685,0[0 , $ 10,500,ODD $ $ 445,000 $ .10,055,000 $ 465,000
Interest expense was $484,242 for the fiscal year ended June 30, 2009.
Future debt service requirements for general long-term debt with stated maturities are as
follows at June 30, 2009: '
For the Yea>• Eliding Governmental Activities
June 30, 2009 Principal Interest
•2010 465,000 460,975
2011 485,000 441,325
2012 505,0.00 420,276
2013 275,000 .404,146
2014 285,000 .393,152
• .2015-2019 1,610,000 1;772,143
• 2020 2024 2,010,000 1,357,607
2025-2029 2,560,000 797,500
2030-2032 1.,860,000 142,500
Total $ 10,055,000 $ 6,189,624
The Agency must maintain required amount of cash and Investments with the trustee under
the terms of the 1992 COPS and 2002 COPS issue (collectively, the "COPs"). These funds
are pledged as reserves to be used if the Tawn fails to meet its obligations uridex the COPs
issue, Tllese reserves totaled $941,288 at June 30, 2009. ~ '
The California Government Code requires these funds to. be invested in accordance with
Town ordinance, bond indentures, ox State statues. All these funds have been•invested as
permitted lulder the Code. •
7. NET ASSETS AND FIND BALANCES
Net Assets are the excess of all the Agency's assets over all its liabilities, regardless of
fund. Net Assets are divided into three captions under GASB Statement 34. These
captions apply o111y to Net Assets, which is determined at the Gbverrunent-wide level, and
are described below: •
24
TOVi'N OF LOS GATOS RI+;DEV~E+ LOPNII;NT AGENCY
NOTES TO FINANCIAL STATEMENTS
Invested to Capttal Assets, net of related debt describes the portion of Net Assets which is
represented. by the current net book value of the Agency's capital assets, less the
outstanding balance of any debt issued to finance these assets.
Restricted describes the portion of Net Assets which are restricted as to use by the teens
and conditions of agreements with outside parties, governmental regulations, laws, or other
restrictions which the Agency cannot unilaterally alter. These principally include debt
service requirements, and redevelopment funds restricted to low az~d moderate h~come
purposes.
Unrestricted describes the portion of Net Assets which is not restricted to use.
Reservations of Fttnd' I3alariecs -Fund balance consists of reserved and unreserved
amounts. Reserved fwrd balance represents that portion of fund balance that has been
appropriated for expenditure or is legally segregated fox a specific future use.. As.af June
30, 2009, portions of fund balance hadbeen reserved because ofthe fallowing:
Capttal Dutlay and Redevelopment Projects reserves are funded from stoi~n drain fees,
construction taxes and debt proceeds that are legally restricted for major capital projects.
Debt Servtce reserves reflect the cash balances in the debt service funds t1~at axe restricted
far debt service payments.
Low and Moderate Income Housing reserves reflect the cash balances restricted for low
and moderate housing activities.
8, PRIOR PI•;RIOD ADJCJSTMENT
During the current year, it was deterrnined that prior year interest e~cpenses totaling
$201,043 were incorrectly recorded in the laebt Service Fund. To correct this error, the
beginning fund balance of the Aebt Service Fund of $6,090,633, as originally reported, has
been increased to $6,291,66. In conjunetien, beginning filet assets for governmental
activities of $8,229,876, as originally reported, have been increased to $8,430,919.
25
Supplexnentary Xnformatr6n
TOWN QFLOS GATOS REDEVEiLOPIVII;NT AGENCY
SCTiEDULE OF R'l;'VGNTIES, EXPENDITURES
ANA CIIANG>LS IN FUND BALANCI; '
13UAGET AND ACTUAL (GAAP)
REDEVELOPMENT F'UNb CAPITAL I'ItOJECTS FUNb
FOR TIIE FISCAL PEAR ENbEb JUNE 30, 2009
' Variance
• Budgeted Amounts FavaraUie
• Original Fina] Actual • (Unfavorable)
REVENUBS
Interests $ 97,850 $ 97;850 $ . .66;908 $ (30,942)
Total Revenues 97,8SD 97,850 66,908 30,942
~..,
EXPEIVI)ITURE5 .
Currant:
Community development
693,420
693,420 '
622,226•
71,194
l
utla
C
it 567,129
1 952,251 951,833 418
y
o
ap
a ,
Total Expenditures 2,260,549 1,645,671 1574,059 71,612
Excess (Deficiency) ofltevenues Over Expenditures (2,162,699) (1,547,821) :(1,607,151) 40,670
01'T-IER FINANCING SOURCES (USES)
TrarrSfers in 575;000 S75,00U 575,000 -
Sources (Uses)
l Other Financin
T
t 000
575 $75,000 575,000 -
g
o
a ,
Net Change in rand Balance $ .(1~ 587,699) $ (972,821' (932,151) $ 40,670
Fund Balance- Boginniug 2,997,775
Fund Balance -Boding $ 2,065,624 ,
26 -
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES, EXl'ENDTTURES
AND GRANGES IN FUND BALANCE
BTJDGET AND ACTUAL (GAAP)
ROUSTNGSET-ASIDE FUND
FOR THr FISCAL YFAR ENbED JClNE 30, 2009
~/ariance
Budgeted Amounts Favorable
Original Finttl Actual (Unfavorable)
REVENUES
Interest $ 206,00,0 $ 206,000 $ 276,319 $ 7.0,319
Total Revenues 206,000 206,000 276.,319 70,319
EXPENAITURES
Current;
Connnwiity development 403,630 403,630 423,543 (19,913)
Capital outlay ~~~, 135,000 (135,000)
TotalExpendih~res 403,630' 403,630_ 558.,543 (154,913)
Excess (Deficiency) ofRevenues Over Expenditures (197,630) (197,630) (282,224 (84,594)
OTHER FINANCING SOURCES (USES)
Transfers in 1,537,660 ' 1,57,660 1,714,850 177,190
Total Other Financing Sources (Uses) 1,537,660 1,537,660 1,714,850. 177,190
Nct Change in Fund Balance $ . 1,340,030 $ 1,340,030 1,432,626 $ 92,596
~-
Fund Balance -Beginning 7,198,500
.Fund Ealance -Ending $ 8,631,126
27
TOW N OF LOS GATOS RED>;'VI/LOPIVIRNT AGRNCY '
SCI3EDUL>; OF 12E'VENIJES,1/XP>GNbTTUR1!.SAND C13ANGES
IN FUND 13ALANCI; -13UAGIJT ANA ACTUATE (GAAP)
CF12'PIFICA'1'ES OF P:ARTICIPATTON FUND
FOR TII1+a PTSCAL YT:AR 1NNI)ED JrtINI; 30, 2009. , . .___
Variance
Budgeted Atnounis Favorable
Original Final , A~ dual ,_„ (Unfavorable)
REVENUES
Property tax $ 7,074,770 $ 7,23],370• $ 8,574,250 $ 1,342,880
Interest 33$,2D0 30. 356,783 21,583
Total Revenues 7,409,970 .7,566,570 8.,93,1,033 1,364,463
EXPI3NDITURES
Community development 77,810 77,810 73,013 4,797
Pass through payment 3,543,78D 3,543,780 3,792,492 (248,712)
Debt service:
Principal 445,000 445,000 445,000 -
Interest and fiscal charges 629,150 629,150 634,2A2 (5,092)
Total Expenditures 4,695,740 4,695,740 4,944,747 (253,804)
Excess (Deflcienc~) of Revenues Over Expenditures 2,714,230' 2,870,830 3,986,286 1,110,659
OTl-IER FINANCIIVG SOURCES ('USES)
Transfers out (57'5,000) (2,112,660) (2,289,850) (177,19D)
Total Other Financing Sources (Uses) (575,000) (2,112,660) (2,289,850) (y177,190)
Net Change in Fund Balance $ 2,139,230 S 7_-...__.. 5 1,696,436 $. 933,469
,~_..-,
j fund Balancc -Beginning
Prior Period Adjustments
Fund Balance -Beginning as Restated
6,090,633
201,043
6,291,676
Pund Balance -Ending
$ 7,988,112
28
Other Yndepeiident Auditb~r's Reports
~. ~. U~iI.E1~~ER.G LLT'
GERTIPIED PUBI.IG AG GOi7NTANTS tt CQNSUI.TANTS
PEq~Y H. CHEN, C.RA. JEFFREY J. IRA, C,P.A. KATHERINE CHAe, C.P.A. JULIET. UN, C•PJG
RrI'ORT ON INTERNAL CONTROL OVER FINANCIAL )2E'POItTING AND ON
CO1YH'LIANCE AND OTHER ]YIATTERS BASED ON AN AUDIT OF FINANCIAL
STATEN.IENTS PERFORNI);D IN ACCORDANCE WITH
GOVEXtNMENT AUDXTING STAND.A.RDS '
Members of the Board of the
Town of Taos Gatos Redevelopment Agency
l:.os Gatos, California
We have audited the basic financial statements of the Town of r..os Gatos Redevelopment Agency (the
"Agency") as of and for the year ended ,Tune 30, .2009, and have issued 'our report thereon dated
December 10, 2D09. 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 tl~e Comptroller Gea~eral of the United States,
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Agency's internal control over financial
reporting as a basis for designing out auditing procedures for the purpose of expressing our opinion on the
basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the
Agency's internal control aver financial reporting, Accordingly, we do not express an opinion on the
effectiveness of the Agency's internal control aver financial reporting.
A control deficiency exists when the design. ~or operation of a control does not allow management ar
employees, in the normal course of performing their assigned 'functions, to prevent or detect
misstatements on a timely basis. A significant deficiency is a control deficiency, ar combination of
control deficiencies, that adversely affects the Agency's ability to initiate, authorize, record, process, or
report financial data reliably in accordance with generally accepted accounting principles such that there
is more than a remote likelihood that a misstatement of the Agency's financial statements that is more
than inconsenuential will not be prevented or detected bythe Agency's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that resultsin
mare than a remote likelihood that a material misstatement of the financial statements -will not be
prevented or detected by the Agency's internal conb•al•
Our consideration of tl~e internal conh•ol over financial reporting was for the limited pru•pase described in
the first paragraph of this section and would not necessarily identify all deficiencies u1 internal, control
that might be significant detciencies or material weaknesses, We did not identify any deficiencies in
internal control aver financial reporting that we consider to be material weaknesses, as defnred above,
333 Twin Dolphux Drive, Suite 230 • Redwood City CA 94065 • Phone (b50) 8D2-8668 • Pax (650) 802-0866
41.17 Clipper Court • Fremont, CA 94538 'Phone (S 10) 770-8680 • Fax (510) 770-8685
1230 Midas Way, Suite 250 • Surxnyvale, CA 94085 • Phone (408)331-6242 + Fax (4D8) 331-6243
E-Mail - infoCACb~ocpa.com • www.c~ucpa.cam
~~
Compliance and Other Matters
As part of olitaining reasonable assurance about whether t11e Agency's financial statements are free of
naterial misstatement, we petd'ormed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
dete~niination of financial statement amounts. T~owever, providing an opinion an compliance with those
provisions was not an objective of our audit arid, accordingly, we do not express such an opinion. The
results of our tests disclosed iustanees of nonca'mpliance or other matters that are required to be reported
under Government ~ztditing Standards and which are described in the accompanying schedule of findings
and questioned costs as items 09-01.
The Agency's response to the findings identified in our audit is described in the accompanying schedule
of findings and questioned costs. 'We did not audit Agency's respopse~ and, accordnrgly, we express rro
opinion on it.
This repoi~k is intended solely for the information and use of the Mayor, members of the Agency board
members, and the State Controller's office, is not intended to be, and should not Ue used by anyone other
than these specified parties.
.December l0, 2009
Redwood City, California
30
FINDINGS .AND It~CDMMENDATZONS
TOWN OI' LOS GATOS REDEVELOPMENT AGENCY
SUMMARY OF COMPLIANCE FINDINGS
YEAR ENDED JUNE 30, 2009
09-01 Pursuant to Health and Safety Code Section 33334.12(g), "excess surplus" means any
unexpended and unencumbered amount in an agency's .Low and Moderate Income
Dousing Fund that exceeds the greater of; one million dollars ($1,000,000), or the
aggregate amount of tax increment deposited into the Low and Moderate Income
Housing Fund during the agency's preceding four fiscal years (pursuant to Sections
33334.2 .and 33334.6). It was determiyned that the Los Cratos Redevelopment Agency
retained an excess surplus of approximately $1,830,971 far the fiscal year ended June 30,
2009, based. on the aggregate amount of ~ tax increment deposited in the Low ay~d
Moderate Income Hosing Fund.
Recommendation: Pursuant to Health and Safety Code Section 3~3334.12(~.) {l) (l3), we
recommend that the Las Cratos Redevelopment Agency encuri~bers or expends the excess
surplus. The funds should be encumbered to carry out activities consistent -with a
redevelopment agency as defined in Health and Safety Code Sections 33334.2 azid
33334.3.
Client's response: The agency is in lie process of carrying out activities to encumber the
funds.
31
TOWN OF T.,OS GATOS RED~'VELOpMEN`I' AGENCX
SUNIMARY Op' PRIOR YEAR. CbMf'I,IANCE FINDINGS
YEAR ENDED JUNE 30, 2008
08-O1 Pursuant to Health and Safety Code .Section 33334.12(g); "excess surplus" aneans any
unexpended and tuiencumbered amount in an agency's Low and Moderate Income
Housing Fund that exceeds the greater af; one million dollars ($1,000,000), or the
aggregate amount of tax increment deposited into the Low and Mcdexate Income
Housing Fund during the agency's preceding four fiscal years (pw~suant to Sections
33334.2 and 33334.6). It was determined that the Los Gatos Redevelopment Agency
retained an excess surplus of approxin7ately $1,795,145 for the fiscal year ended June 30,
200$, based on the aggregate amount of tax inareixient deposited in the Low and
Moderate Income Housing Fund.
ReeomYneudatiou: Pursuant to Health and Safety Code Section 33334.12(a) (~1) (i3), we
recommend that the Los Gatos Redeveloprnent'Agency encumbers or expends the excess
surplus. The funds should be. encumbered to carry out activities consistent with a
redevelopment agency as defined in Health and Safety Code Sections 33334.2 and
.33334.3.
Client's response: The agency is still in the process of carrying out activities to
encumber the funds, see current year findings 09=01'.
32
v~
C
h
~
C N ~ O
i
W
G ~ O ~
r
~ ~ ~ o
~z n
~~
m
m .~'
c
ws~ rn
~
~ ~ A
"
r
~n
v
C ` v
N
C ~ ~ T
] ~ ~ M
~ U m <D
00
~h
~ N
E ~'
C
V
N ~
~ W . B
O
C N
N LL. N
Q1
r
~
~" ~ R{ atC- N Q N
~S O~
~ r
~ F
-
~y ~~ w
N °iav) ~
w ~ 'U O ~v
cdro~
y.-.~Q
(
~
I
V rn
~eN
N
,
L
~
61
O ~ +N
a
Q o
o ~
~,~ ~.~ c
z ~
a c °~ ~ ~'
Q N a
N
~
O.C
bJ Ul
~
w ~.O
~
N
-
u
~o~ ~, ~ ro
zo'ro t
m
~ y
R: B
w ~
w f~
R7
U N
°~
N
P
.c~
~
Q.
~ ~
~ N
N
E{}
N
V G
4.
at i
QOM
a
EFr
u e.
ro
~
°' a
i 'y
'p y r~
'~G c
a
r+
Q
~ rn
rn
P
v>
y C of
V o
~Ctd ~
Ql Rf ~
Qmm
C
O
N
.~
4
t
~ o
cv
.~
Q
N
roa
N
'C
C
J
C
N
t
N
a~
n.
0
o..
C
Q
.O
ttl
N
e
U
C
'L
IL
d
w
v
N
~..
C
O
b
C
N
.C
Q
a
~i
N
C
ro
C
d
d
w
G
~C
ci
O
Z
rn
N
r
w.
O
d
ro
0.
~HTBIT B
California Redevelopment Agencias - Fiscal Year 2008/2009
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
t.OS GATOS
Beginning Balance $7,198,501
Adjustment to Beginning Balance $0
Adjustod Beginning Balance $7,198,501
Total Tax Incroment From PA(s) $1,714,850 Total Receipts from PA(s) $1,991,169
Other Revenues not reported on Schedule A $D
Sum of Beginning Balanco and Revenues $9,189,670
Expenditure
Item Subitem Amount Remark
Planning and Administration Costs
Administration Costs $308,336
Professional Services $14,233
Subtotal of Planning and Administration Gosts $322,569
Property Acquisition
Acquisition Expense ~ $7,600
Land Purchases $135,000
Relocation Costs $3,375
Subtotal of Property Acquisition $145,975
Subsidies from the LMIHF
ether $90,000 Senior Housing
Solutions
Subtotal of Subsidies from the t_MIHF $90,000
Total Expenditures $558,544
Nst Resources Available $8,631,126
Indebtedness For Setasides Deferred $0
Qther Mousing Fund Assets
Cate or Amount Remark
Total Other Housing Fund Assets
Total Fund Equity $8,631,126
Page 1 of 3 12/15/09
California Redevelopment Agencies - Fiscal Year 2008!2009
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
LOS GATOS
2004/2005 $1163323
2005I2D06 $1073315 surn of 4 Previous Yoars' Prior Year Ending• Excess Surplus for
2006/2007 $1516456 Tax Incroment for 2008/2009 Unencumbered Balanco 2008/2009
2D07I2008 $1614435 $5367529 $7,198,500 $1.,830,971
Sum of Current and 3 Previous Years' Tax Increments $5,919,056
Adjusted Balance $8,631,126
Excess Surplus for next year $2,712,070
Net Resources Available $8,631,126
Unencumbered Designated $7,609,139
Unencumbered Undesignated $1,021,987
Total Encumbrances $0
Unencumbered Balance $8,631,126
Unencumbered Balanco Adjusted for Debt Proceeds $0
Unencumbered Balance Adjusted for Land Sales $0
Excess Surplus Expenditure Plan No
Excess Surplus Plan Adoption Date
Site Improvement Activities Benefiting l-lousehclds
Income Level Low Very Low Made'rate Total
Land Weld for Future Devolopment
Site Name Num Of Zoning Purchase Estimated
Acres Date Start Date Romark
224 W Main Street .25 C-2 07/27/2009
Use of the Housing Fund to Assist Mortgagors
income Adjustment Factors I I Requirements Completed
Home I $ ~ Hope $
Non Housing Redevelopment
Funds Usage
Page 2 of 3 12115/09
California Redevelopment Agencies - Fiscal Year 2008/2009
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Retail
LOS GATOS
Resource Needs
LMIHF peposits/Withdrawis
Document Document Custodian Custodian Copy
Name Date Name Phone Source
Achievements
Description
Page 3 of 3 12115/09
N
'LI
C
LL.
o e
d ~~
W 3
o O
O ~
N N
ro
0
a
>" _ w
ro~a
ni ~ ~L'
N
~ o ~ U1
'_~NO
~N C~f~
~.
y~ vQ
~, ° .o
P y I1.
C
~ O Q
~ ~ ~
a~~?
ro ~
0
~U
O ~
v
U ~
~O
w ~
rn
'O C r ~
O CIA ~ ~
{- D O ~„ r
d Y ~- ~
O ~
N
N ~ ~ 01
~ r
~ C ~ lO
N ~`
~ N
l/~
,w
c N
o <,°q
T ~ va
n. a
~x~
C ld W
V ~„ O C7 0
~ p O
a p C O 4
N N
p
+~+ b ~ W
a: ~p C CO d
C w ti 'd~ h
x r
~N ~ G h^ yrg
QT ~
c
>. u°t w
dro
O a
Y
d
Q
A ~ ~
Q
c
v
~r v"
U ~
~ r ~ h
ur
roa ~ ~
r
0
~ C pip tf7
E ~ `r
~ ~ h r.
N
(~ 'v7 ~ ~"
O ~
N ~
r
trfi ~
N N
W ,d^ h
O ~ ~
'o C ~ W
a.
r
O
F-
a
~ v;
a
~ ~ o
dJ ~-
U Q W V
~ ZO N
~ U off. Q
d
{4
U
Vl
'i3
C
J
C
N
N
d
~C
v
a.
0
0.
C
N
L
O
ffi
ro
,c
0
U
C
w
d
~_
c
O
C
d
'C
fU
Q
'Ci
C
ro
C_
O
Q.
N
~.
N
C
a
d
O
z
O
a
e-
T
O
t-
N
CL
California Redevelopment Agencies-Fiscal Year 2008/2009
Project Area Contributions to Low and Moderate Income Housing Fund
Sch A Project Area Financial Information
Agency- LOS GATOS
Address 110 E. Main Street
PO Box 949
Los Gatos CA 95081
Project Area CPNTRAL LOS GATOS PROJECT
Type: Inside Protect Aroa - ^ Status: Active
Plan Adoption: 1991 Plan Expiration Year: 2031
Grass lax Calculated Amount Amount Amount Total % Cumulative
Increment Deposit Allocated Exempted Deferred Deposited Def.
$8,574,251 $1,714,850 $1,714,850 $0 $0 $1.,.714,850 20.00% $0
Repayment $0
Category
• Interest Income $276,319
Total Additional Revenue $276,319
Total Housing Fund Deposits for Projoct Area $1.,991,169
Agency Totals For All Project Areas:
Gross Tax Calculated Amount Amount Amount Total % Cumulative
Increment De osit Allocated Exempted Deferred Deposited Def.
$8,574,251 $1,714,850.2 $1,714,850 $0 $0 $1.,714,850 20%° $0
Total Additional Revenue from Protect Areas: $276,319
Total Deferral Repayments: $0
Total Deposit to Housing Fund from Project Areas: $1,991,169
Page 1 of 1 12115109
California Redevelopment Agencies -Fiscal Year 2008/2009
Sch A/B Project Area Program Information
LOS GATOS
'roject Area; CENTRAL LOS GATOS PRQJECT
FUTURE UNIT CONSTRUCTION-----~~----------~-~-°-____________.
Estimated
Execution Completion
Contract Name Date Date
20 Dittos Lane 12/31/09 03/31/12
Very Low Low Moderate Iota)
16 16 0 32
Page 1 of 1 12/15109
,'.',
+~4
#;~.,_
i,,
~_
y'%: _
~`s',•'
i:~^„-t
~';
~._ ...
~.~0{
i,
..,~
::.~,:~
~:r
~-~ .
-~~,',
cW.:
r~.
i i E ~.
I'
{.
f ~: ..:r
{:
~v
~'
~¢
9 ,. ::~.
".:
- m N
0o co ea
c~ ~ ~
o
;~ ~ m M N
~ a~
ct., o 0 0
~ ~ ~ '~
~
•.
dm.
- ~
o':a >
A
y~ oao
~.
:~.. Q ~ m
Q:
~,
~.; ~
o
a;: ~ O U
~ .
~~
~
aCi ;. ~
U
~
v
~
3
F-
M v
°o
~~y
~ N
o°o
Z
'Y
~. N N ~_'.
C, U~
Y
~
~ ^i
M' W
~ Q ~
U ~~ u~
~
;
+U..'.. U' (q ~
SU :
c
)
- U
E' 0
' ~ ~
m .. ,;d,; .G
d~
~ ~ '~
J ' a, ~ -o
~ w ~ d ~
U ~ ~ N O J ~ ~
: .J U
N. :~':
O
ry
N,: ,~.. ~;:
U: Q .U N
E 23.
C:
N
N
'
'01. x. lUli'~N:, LL.. 'J. IL
~, (q U '.UJ...N. ~¢.;
:q,.. W ...u:^ :Vh. .
'~'.
roa ro
".~: m cv v
o'
N
. ~.t
o
m '
;m .
~....
~c~.
L
: .
!y
.~
;E
.ro
:Z
~
E
m
1~
'; :
w,,.
o.
~ ~_
,~.; m
~
.
d.
~'
U
N
U.
~ `
'
o ~
:L L ti.
L
La ,
4
1+ 4.~ L L-
E` ro `~ E > 'E E E. E E. E: E
.
m: .~~ d a, m ~ ,v w ,~;. w~ : v
N.:.
17.',
v
Q'~
tC
~„
'r0
r ~
O C
~ ~
~ ~
U
a ~
i~
a
U
N
N
0
~ M
t/1 ~
J ~
.- N
~ ~ .~` O
v~ ~ v a
`o°.
~? '~;
.'.
'C
~.
c
'~
N ",
0.
C
O
~..
0
~.
~ _; .
~ ..
a '
(;7
~~~~~~ C
i~r;,;`>
F~
?': ;?
C
-'
`l~-
~'~~'i
~.T ~.
~~,:
Y
j ~~,..
:..O
roe.
~`•'~l: .
;`y~.1
..:~%
''ti~,::
rb.
;~:
4:.
•_:
~; .
F `,-`~
• O,
N
_ ~
}
_ ~
-~
C
Ob.~+
p4 N
x U
N
O
°~ ~a .~!
~ E o
c~~
~C C N
_O ~
C 4- C
.a o ~
O N N
((f
N
roro~
~ac~
O .~~., ,N
UU N ~
'!' N 'o
~ ~_
lit
6'
ro
o ~
ro
v
t ~
m
C w
c ro
~ ~m
lL ~~ y o.
c
¢
~
d
Qt ~
~ C
ro
X
r,
o ° C
o
'c
U ~, ~
~ a
'o Q'
O 'Si o
y, 7'u
y a~i
~~
7 ~O
c o ro
3~
o-
Q Q
m N i7
:e a G C
c
.
a~
ro
Q o ~
p
°~ o
~
~
U pr
;G
r
~Q w
~ ~~
c a ~~
a~
> N ~ ~ W 4- LO
}
t ~
.3 ,,.. -o
.~ n
~ b
.oc N
c•
cu
Qo~
c
'p O C
M
C Q. rL..
0 o E ~
a ~UQ
:e w ,vQN~
P c O
U ,_ ~.,
o.
ro °~roU
.ate ~ ~
Eb!~
o c ~
Um°~~
ro~ oN
~YUr
N
c0
tT
G
.7.
m
N
7m
~i
N
o.
G
0 0
U
a +•
O y,
;~
~ G m
¢ ,n d .
O
m Q o.
~a E
U roU
._ ~
.Q? ~ ~'i
U O ~
'v U
c T
~:::o ..
'~, ,;.
'v;~'. ;
~..r~..; ~ .,
~.-
[~ "(:
.. N`'
~.
I1,
'o
'm.
..;~-,
C;.
v'
?Q:
tq
a
r ~ ~
~ ro
o ~'
`'
0.
~
o 0
G0 a
v
~
w
}
~ z
>
~ ~
~ U
~ °~ ~i
~
~ O OO
N N N
C
~~ ~ O. ~ C
tci
~ q o d
Q ~ ti
11 I ~
II
I
• d a
i
ro w
~° o o.
~ ~ ~ ~
'o .oo
~
ti ~
c
O
a~i
~ ` o
~ ~ ~
~
~ o
O
O
~
Z ,
O
~ ~" ~
C U
lx
p
~ N
fl
~
Q
~,
~
Ry
~ C
Q
.a. M
~
C ~ry
l1_, ~
N ,p W C7 ~ M N
~
~~ ~
ro
Q '
m o c ~ ~ ~
v ~ 't
w m O w i
m a
~ q a~
Q~ ro b
~ o
N 0 .~,
~ ~+ ~
~ C
~ ,r(lS,
N Q
'~f Z
'p Q
~ ro
U ..
w N
~~ ~
~, N
~ ~
U F ~
'q U Q1
N 'O Q V
a 'p .~ ~ ~- N N 'D N 9 E- ~ v Q ro U N (j N ~~
~ 4. ~ ~ a ~ p- c a N J ~ N ro ti ,~ -o .~+ ° 4,
°- T
F- ~ ~~ c ~ ~ E ~°; Q E G a ~' ~
Q N ro ro~ w i n
o
w ~
ro ro
c
~
Q ro
~
~ N
~
m
~'
o U
w c
'ti
~ J~
o b _I ~
o 'o .~.. Q
u- ~
~ ~ (Q o
J ~ p, ~ c ~ c o
o ~ ~ ~ ."Jon •~ 'N N N Cry N
o n li p ~ a ~ ¢
` ~ - N w
~ ~ ~ n. .~ w ~ ~ ~ ~.
ro U o. ~ O ~
~ a ~ ~ ~ ~ `n , ~ c o ~ w ~ m `G c
°
o ro o ~ ~ ~ ~t aai ~ o3i ~ w x w T :n w.
t° uJ C] O ~ ,
Q ~ '~ ~
LLI K W Z (n d R O
w-
o
oro ~
~ ~~~
U
~
~ a °'
~ N N ~ 'i7
NN po
U
N
L P N
~ 4 ~' p
~: N C
~
~ 'O ~N C N r..
p~
N C
m
'~ N ~ 'ro N O
C C O
0.
N.
> Q
~ p ,~+.
S a
.~
Q ~
n
~'oa
~ ~
.
:,~ ~.
N
~`~pc~E
o~~
(1 ~> ~ Q: ~n{m{VVwooa~
> 3 g r C x
~Q
c .~ N
~ ~ E o.o•~
,
wa~a
0.a~-rQ .c~°E~gro
{-aNO~3
O
n
O
U
.A
a
a
.~
w
E
0
U
5
v
c
II
ro
c
W
a
Q
N
ftl
`LL
O
;~
Q
a
`s}u..
S';;
}`V~
Rl~
~:..
C
a::
_'
-~
;~:, ..
1~'~;=,
,, N
~.N .
a•..
N.;,
a<.
~~
.. Q
0
' N
L
f3
d
v
N
LL
V
a`'
0
N
C7
~ ~ ~
~ M ~
N r M
n
o '
io 0
~ ~
7 ~
v o
~ (~(~~ ro
N IA ~
N Q~
N N ~
N
Z ¢ ~ v
N ~
~ N ~
Q ~ ~
a N C
ri u. I-
~~::'~~
`'.a:'.:
N,. r..
~',,'~
.,:N,, _ _,,i
`%i~.:~~1..
of
ro
p:..
~a.: ,
~:
Q;
C~
~.
ro
>.:,
v .:
_'afr °~
.` V~~~
4;
_- N
b
- M
U
~ ~ G
~
~
E ~
~ w
_
~ ~
4 ~
w
d ~
~ U
_ G
dS ~j
_ ~ ~
`~~
;V~. O
,C::.
;~
':~j:
:~
(. V + ~
N
A N
N
'_•C
N~•
~ O M
c+7
U c
0 ~
Q ~ o
o2S ~i
P"
~:.
,.,V
~~.:' 0. cp
~
, E o M
.J
;
Lr
:F ~
~ V
~ fA O
~ ~
:~;. ~ F ~ N
~'~-
4.=. G1
.O
~
.
~
~
~ ~ M
M
U G
~
~ ~ o_
0~3
O O ~ t~
N J
~ ~
C „
~
Z c
Id I- a
L
~ ~
d v ~'
as
},
~
. ~
"", O C
i
i a
0
ti
V N ~ N ~ N ~
~
N ~ ~ N V 4
~ ~ ~
~ ~
(!}
~ ~
h
~ ~"
(~A .
ur
V
N p)
(7
~ (V
m
~~/l Cn
~] C
°'
a°i ro
h^
~ V ~ v ~
p
c
C] ro v
4. 'V
o E io ~~s G
~ b ~
U cU iq U ~
V
C
N w
D)
a>
o
~ C
d ~ro
~,
z o~
C7 C9
~;.:.
p .
~.~, .
;: t-: ":
~.,dj'`.
:O).
-0. -..
~i
N
Q.~!
{;i
_'
O'
~, .
,~) .
.=
~..
!~.
.;0.
~:~-
~Id.
~~:.
'~'~'s:
c,'~, ~.,
N"
.:ip
g f.:;
,a;
_''Nt;
`ssl:`'
c' N..:
:.N?-
::C~;
d "S.
:w ..:
..~_
'17>>
s.C::
O.'~
.~
C,
~.
~.
;'.~+:
fq
F,~"~
~:
f~'.:
~_
. _ ~" N'
`. ~;~
Z
cadC Q
N a
i~ a
~ 1~ O Cam) ~' r Q A
" U) 47
(O OAP O 9M0 ~ ti ~ ~
N t- tC1 t- ~ ap M op
O N
~ N M rn (o ~ cV
r ~
~r ca
C
V:.
.
~
N
.D b
Q ~ C
c Q
O ~ ~
c ~ q v
o F-
~ rn .~' ~
c c
~ ~ J O c
~
c U ~ '
~ f~ O U -i O
C.
E
.~
Ci'
N C
N
7
C
u
~ G
~ x
p) F-
.4 ~
~u
'N z
Q
;~;,
N1, .
_:..
'0.:.
N -
W
Q
.~
.~
~.
v
G..
v-
q_,
. ~` ~.
N_ ._
.~ ;;,
!:~'
~'.
w.
,, q
~E
'~.
~.
c
0
.
~
R
~
U
~
~ ~ O O
~
l 0.. q
gy
y . „"
p p l
p
(
Cn ~
.;} (V (V
,,,, ~
~
tU
U
v
D
v
N
m
C
J
v
C
C1
III
Q
67
O
N
~.
} Q
v °~
N O
i.a. a
w
}
n`.
E
O
w
`2U
C
O
m
i
~
of
U
lL
P
G
~ ~
~ ~
~ ~
p
~ ~ ~
m N l ~
lL ~ C
Q'
L ~ C ~
~ m
.
~ ~ ^
v w ro w
>- 3 p ~
o
p w m } ~ ~ ~ '~ w
~ m
C ~ ~NN C pl ~+ p O C ~
p Q N G C '~ ~ C a N Sc O
~
~
= m w
m c
w o
E m
~ ya
D- o
~
~
~
n •p
ro i ~ v Q Q
~ ~ Q Q o u i~
. ~
o q a N ~' ~' U ~ ~ ¢ m m
R m
d
C p
~' : : C N N N a.
C C C
O~ N C , N ftl d" ~ U N .
`
m ~- n. R. 0. ~ ~ Q Q ~ a
. 0. f%
O `~`
i
i
4.
ld
fro"'
U
N
lL
Q
W
i
w
ro w
E _
~ ro
~ ~
C ~
~ ~ w
E ~ ~
Q E o
C. ¢ ~
~ d N
~C 'V d
0. ,~ m
n.
C N
o
mQ
U
O ~p -
Q •N
c
f- ~
C
O p
~~ U
ca. -cr
. V `1
'C
(d w
a w
w Q
O
L
N ~>
4p-- ~
in
"~ 0.
P `U
CO W
N N
~ ~
v q
~ ,,~'~,
v .~ z
0 0 [
'a 0° °
c ~
o ~
~ .q Q
.0 Q N
m
~ ~ ~
~
4
~
N
~
~
0
~
r
0
w
b
~ m
N
N
io
U ~-
~U
We U Q
N
h
01
C
O
J
C
N
B
o ---
0 0
o °ai
N ~'
~~
~! w
(~
1 ~?"
0
0. N
~
LL }
P o u
rn ~
p N ~ ~ ~. ~ o
N J m ~ ~ 'u%.. w
,o ~ ~ ~
d~
.o ~
ro 7
""~
ro aroi c o Q
m ~
N N -o ~ w ~ rn a ~ w C
E v
C .c.
~ ~
N c
'c >-
C a
[ •~
~ o
ro ~~
~` ~ m ~ ~
~ Q
lV ?-
e
v _ c
~
a ro
G
~
~ v
n
d
m ~
W o
~
ro
°~ o
a ~
3
~ a
S'?
~ N ~ w Q ~ u'~ v
~ ~ ~
} Q o
4- o
a ~
s ¢ ¢ v-.
o Q ~ n. a a~ ¢ ¢ ¢ ¢ a. ¢ c
0
C ro C C ~" Q. ~ 0. N
~ ro ro U 'q 'C 'C 'C ,C
1/7
G
N
O
.-1
N
3-.
A
tU
~Y
U
ro
.D
c
0
m
,~
a
~_
cn
c
C
c
i%.
0
Z ~
c ,~
o
,N
U C
O
¢
0.
C
o
'~ U
a- ~
~U
1'.
2. N
ON Cl
~N# s
i5 ~
4= o
va
c ,~
o w
m ~
N
~ v
m C]
0.' N
a ~z
O O ~
Q ~ o
,o>
f.. o Q
C ¢ N
m
m {^ J
~~ii
t
h
t~
e
0
v
C
Q!
a
0
a
N
~d
w
~ ¢`
N ~O
LL. ~
~3'~f
q!4±"I
aNi
~.
r
E
0
~:
t°
1P
N
N
~
N
p
N
O i
O E.
pt
~~ _...~
O;
C73
N'
~
W ~'
O
U
~„
(C
4+
W
O
bl
C ~ ~
m ~ ~
IJ_
rn
'C ~- rn
m ~C 5
m •~ ~ Q
~ m ~- `~ ~- Q ~ v
.N~ ~' ro E rn a ~ vg1i
~ T~ ~ C C C ~ 10
r 7 C ~" _ D C 7 .~ w
v ~ c Q
~ C C ~ 'p N ++ C C G
ti~ Q~~~ a~~~ o 0 0
X 4 4 o Q ~ o. v aCi Q Q Q 4
FT ¢ oa a w .-'~~' '' c E E N a a a.
0 0 ~ 3 j v
O N 'C 'C 7~ lV l0 a' 'O ~U ~ "C G '~
m >- a ct a ~ ~ d ¢ ~ a. p. 0.
ro
O1
J^
U
0
v
G
W
is
v
~ w
c ;~
~ ~
c ~
~ ~
O~ a
7
a ~ o
c ¢ c
,~ O. N
'C ~U v
4. ~ w
n. c
c
ro
.°a
°~,'
ui
a
O
CU
ip
C
O
O
7
a
C
~U
N
C
N
0
Z ~
c
o O
c
- o
,~
x a
Fro aci
a
C
O p
roU
a~
~U
Icf w
4 ~
wQ
o „
L
U ~
L
~~ N
ua
C .C
0
~ m
a ~
d~
a
m ~z
0 0
a "' °
c
~ °~
n, m
a O
II Q N
ca
~ ~ ~ ~
~,~ ,_
~~= =i
;~:.=~:
~o~ ;
~.Q~s~
..N=,.,
.:~.~.,
s -
,, _ r°='i
- , ,;
___ '
~~
O
fH O
69 O
~ O
V} O
if} O
if} O
ElT q
fA q
ER O
fA O
6q D
N
N
rn
m
M
M
N
r
~.
M
h M
fD ~
M
~
w
~
d
~ ~
~
w
F»
O N
H ~
{~.s_ L
ro (~ w
,
C
~ ~
cr- ~c.. W > u-
'F;~;
' AG -
''~~,
Y;~.' rn
;; ;c
r.~ c ~ Vl
!~~:- 77 O 't7
:;,.; o s G
s
il~~~_ J c
V
.Z N
v
y N a
~ ~~
rr ~
...,
~ U
a ~
'o
p a~
co ,~ ~a
U a
~ ~ U
O
N -~
E
tC
z
L
d Q
~ U
W O
LL ~.
c
'P
C
~ >
`°
o = ~ a '~ ~
V)
ro
.~ F.
o ~ w
rn li.
INi) R C
` U1
~ ~,
C N Q ~ N
~ E
U
Q ~ w
N ; ~
~ ~°
~ ~
~ r ro
O ~
a a ~
~ ~
0
~ ~ E
`~ ~
ro
~° .c
E c
} >
m
~
' a $
C H
C
~ J C7 E
~ a
U
~iC ttl
c C
U T
'L'
o {6 N
'c '~''
~
N
~ p ~
m 4
c ~
N
O
4 .
D ~ N ~ ~ Rl c
~ "d ~ ,C F"
(~ n. th F- ~ cr J (~ ~ ll. C7 to O
~..
~ .,.
.:; .
,,~..
_.~;~~
'.~ ;,°
a~
.~
a~i
<.a
v
. c .
;: UT;
•:. a..:
'~ t .
~~: ~:
m
N..
~:."
~,.~~.,
~.
,~ ~
o>
0
N
41
!~
Z
ro
m Q
} v
N ~O
u. a`
u~~
N~
h, c~!
OD'
OI of
fPr( o
CJ
o of
d;
(p; o
69;
r° W i '.
~'i U1 ~
i ~
l ln!
"'~ h•
f
v
_ ~.
rop
~v a~
v p
~ C
W ?
m ~
a~+ .C M
'O O
O ~
3 ~
O O
J ~'
C
m
w o
U
~y ~
W G
~ 7
d LL
Ul
~O
a`~
~~
n.
U
h
~ a~i
v ~
C .~
O -O
E' 2 x
c ~
~ n in 'o
a~i ~ o m
p w a U --~
N v v ~•-
~ N ~ O
•~ ~ ~ CC •S N O ~ O
V ~. ?. U N B' N ~ (~ ~j ;C
o ~ ~ ll. ll~ ¢ Q 0. c o p
L ~ °% _ ° c ~ ~ b- ca '°
#~-±± 10 0 ~ o o m E p
V! 1n ~ W ~N O N ~ j~ Uroi ~O
C
ro a ~
n. a a ¢ Q ~ ~ ~ tL o ._°.i
~; a
=~u_
~o==
s~ 4
~r ~'
_.__ _.
,`-~`~-
-~=~~_
j'Y-
°.~~' &:
~_x
iC~ ~_,--
~.•r
c•
_n~
~' ._..
sl -
0
F-
a
...
ca q
~y `1a
aC
~ a
rn
,4; K
v d
oz
~ a
~' o
.Qi ~
c
a
v
~~
~ a
a~
a
Q
4
O
N
v
a
~O
~ N
!?. 'O
w ~
.a u.
co
U
d
ro
Z
{Q
~ Q
v
N ~
u. a
m a
`
N ~ O
~ U ~ H
'~°- C
v
0.
aNi
o p
~
N
a a G ~ N~ ~ a
c ~ ~ a ro w~
11Id1
~
a~
~&' a`
(~ ~ N ~ ro1 w N, 5, -~ ~°! ~ ~ t ,~ a c
o U ~ ~ a ~' 3 U ` ~ ~ o N c ~ I
' C ~ p
(
~ o
q ~ „
~ ~ ;P a
Q. v o ~
m ro ~ ° ~° 6 ,~, ~ a ~ W
C L11 ~ ~ a x r L ~ a id ~ ~
°~ W a a. O 43
.~ t .c `w a n a .n s ~ a > ~ c ~. H W ..
a
ca a
~ s
~
G 25
u. .
ao
cnz a
o
~~ a
a ~
f- aao
maw ,
U
d
SI'
~ .~,
.~~^
~_
O
ffJ O
V3 O
ER O
Ef} O
Ef} O
V} O O O
O O
W O
~ `'O
.
O OD '_ ~
~ V ~ ~ •
F-- y ~
~ ~
~'; •..
_
~
p
O
~
:~ io
'
.U `a
d
'
4
G
i}:. .
' ~
~.`
_
~'
C
-~
' ~ C ~ O
~.
':U
;iCa.: ~
~ N w
a' u~
co -
,C
O S
ti
• ~ ~ ~ ~.
Y~7? C d
;`i'; ~`
i((__
,;F,,,,.:.;
~? ~
q:'~":
;'G_ _
v
Z ~
ti ~ ap .
> a
i u
i ti ~
~~:
(R
~:.
,,X.; ~
'•lil; Q
?~,~ U
~
c<
' O
,
p
` U O a v ~ ~
_~
N t`~ a s'nv 'UJ
~
'
N J
~ l%
~.
ij
c '~ N L
~ N
Q ~ o
o ... ~
~
U U
~i ~
*'
'NO N
W
O O
~
p
c
m a c ~ C ~ rte. Q1
j~ ( ~ ~ C3
L R
Q1 . ~ U U C N
~ O w b G '
~
~
Q U7
~
~
~'
~ iN+
N C
G
N
ro
~ N
ro
~
c
N
. ~ U ~ b ^
ro ~ Q ~
E ~
a
~ ~ ~ !~
~
~ ~
.
~
N ~O O O O ~ N
~ ~ F. ~ W ~ ~S ~
O ~
~ t.
~ N N ++ ~ c m
' N m
, N J O.
' ~ ~ E m ° ~ ~ ~ ~ ~ ~ o
0 o ro v ~ '~ a. ~ p- ~ O ~
0. 0. a. Q cn ~ O 1-- O F- ~
• `~ ;
~
.. ~ (31 GO
';~_~^ rtt
++
~
h
N
r
`°" `' Fo^ cV h ~ O'
_ V} ~ NEfY
~.ji.:
~.
_'. ~
..; •V
ry
~~,~~ C
U~ N
:7"; y
4V+
.;~
..
C. (C fq tND ~ r
Ul ~
O ~
~
~
cMp
;,c;,.• .
-m• , 3 ~ isr ~ ~r
;fit
~
+ o 0
J y
-
.
~O, C
:~-.
(~ .~.
t~ `N..s`
U t0
V N
~ O .N-
c
D
r
I~ ~
Y 'f0 fn co u>
' ~:~..
i!; •` ~ ~ li
~ ~ ~ °~
LU'
-:
b:; O
w
'C'~
iSf ; ` '
O
•~•
~ ~ d.
'
v : _
C p
~ o
n.
-
~ M
~ ~
°~ co
o
~ ~y
~" ~ so- ~ii
O ~ N a
U
.;.~ o
N J
~,
~' N
N
~ C a
N m
~ C
ro
~ > o
(C
~ s. o O
~ a~
n
. c
m w
~ .C
~
L ~~
N
•
~ om
Q
'~ a
.. } Q o u
N
~ crn
, ~
a ~""
~, O
~ ~
• Q~ c
~ W
v s ~ a ~ o
` W
U.. 0. ~ `a w
U
t x ~°
~. m
0- iu '^
.
. y
~
x~ W ,
'~ A b
N a
W
ui a` ~
;. ~,.'
oca
... :
N . t..
•' ~, .
Q ,
~. ~ -~
'o :'
~.
rn
c
~U' -
c:
c
i4
i
~. .
v
~~' ,
~'
ro .
~ ~:
o:
n~
. aD M O
V} .M-~ O
69 U7 O
6g O
fy O O
ff} tf-J O O O
U3 ~Y ~T
M h r
- ~ cV
~ Cp
m
h
N
~
F ~ va
_ ~i ve - - s
- i% v
LaQ
: ~
?
:; ~
G 'o
J O ~N
- ~ ~
_ .
~--
:
~
'
_ O
_
~
s/~_ ~
~~%;. +~ W
N~ N O .
D
q.
*p.!,; v Ufa ~
`~
°'c~
.
::
~ ~
;~' ~
a
,
ro
Q,- a ~
~ .
tci'. o ~ o cccVV~ u>
Q N r
i
N
' ~
.. ~
f
11
~ Y C
a. ~ ~, Q
p`
,~;., 3 6
'vN,+' O v
":~ : .
N~; .
'~:; ao
~ tY
~ o
~
U
•
~
~ N
.N.. N'd ~ ~
~ ~.
7
~
.R lL
_ ~
Q
U ~O~¢¢
p W
v
N e
M
d r
M
- ~ '
O ' O
O
7 ~-
Il! LI.
.
.
o
U
_ ~
N
~
~ c
~ ~
G
~
C
N
>
> v~
~ T-j a
l4. N
N
~
~ ,
~ la
U ~ N W U N ~ t O ~_ ~ b U ~N
..
N ~ ¢ ~ N ~ ~ ro ~ U d ~ a0 ~ LL
a ~ .
ro
y P
~ ~ ~
u. c
~ ~
~ ~
~ >
°~
~ v
~ c ~
~- U N n
~ '
Q .o~ o cn ~
O
,
~ w ro 3 ~ o ~ ~ ~ N ~ o ~ ~ ~ ~ ~ ~. ,
~
- li. N w
N ro N
ro X
ro
~
~ ro G
o cc
ro f N W
c a N N O N
a a o a ?
a~ N
Q U U I- Q Q p
.~ U ... 1 ~ L] O D C O ~ ~
O
H
:~; _, ~
j~if}:. K
Ll.
- C Q
~~
!a! r
i
- C ~
~ v
. a~i F-'
~~;. ~
`mac' N O
a: ."Q
~?, u `a' C
~:: a c li
`m;•
`~ `~ ~ ~
..O': ~
:~:.:,
;-o.
e•;,
rt.~ ~ rn
~, c
. ~: ~ 7
~!N~" N O W
~1A?< p ~ C
Y_.t.
Q' d ~
~,N;?. 3
i0` p V
~* ^-~ C
~U)lr`
z ~ ~
;.C' U
r ~.. N
.•~ w v
0~ ~a
n u-
m
'o w
., n. v
c-
_a
,~y u..
,Q
ro
U
~
f
R ~' (fJ~ (~7 N (t? fH O U
: I
D
o N , N
yy
g
Q o.
N Q
~ ~
O
ul,
v>
~'
m
ri
.. u u u U ~-.~ tm.~, ~ r.~ ~.
~ ,~,
` `°
~ p~j ~ m `" aNi y
i ~
` ~ ~
O .QA
O
~ ~
u o_
a~ w ~ ~ ,d ro w
~°v c ~~ roE a~ a~ ro hoc
J O~ J-p N 0. Q .~ p.~
~
- ~' C ~
N
Q C J
~ ,F
G p N
{~
~ C
~
Q LL
~ O
t+ C
`
1
Q N
~p
C
~U'
l11 C~
~y ~ ~ N a ~ ~ ~
N ~
LL ~ Q c~ ¢> iLu~ W ¢N ~n. ~O
01
4
N
~"
N..
N;
p
..m . .
n..
:~
:a :..
~, .
A•.
`v ,
.,.
iv- ,
~ ,:.
,ro.:.
:: ~
~:
_~~
N
.'.
m
~.:
0
~'
v
a~
x ~
~. y
~ ti
dQ
C
d
i,,, C
J ~
a ~-
,. ~
..
m
iC 0 a
,~ ~ ~
~ ~ u.
:. rn
y
4, .a p '~
,t O S C
~ N lL
~ C
ti v
i'o V
'~ W
.~` w .o
~ C
~ 7
:n ~-
Q
W
~p ,a
Q. C
i-~ L1.
.Q
U
°o
- N
}
l1,
°1°
0 0
C)
a
itr
O h
O m
O O
m
r
O
O
U
N
01
N
O
h
I`7
69
.LJ
~
!6
-a ~
m
~
N
~
~
0.
~
~
~
~
~
.v O
d
~
~
~
~c
-moo
nN N
~roW
~ 'p
~
~ .n a~ c a ~
Q1 v rn
O C u' D] N n' o
F F~
C
~ ~ .q
N ~ ,O ;~ ~ ~ ~G ~N V -C p C
c ~ ~j C .t2
U) n' N L1.
U ~` N N p O d ~ ~ d p~ ^'~ J
w ~
C Q-
C N
d
~
U
~
J~
(n ~
P
~,V C
N
'~
.Q 'O ~ Q ~ N O O O E ~ N Q N N ro Q ~
0
N N N
~ 41 ~ x
N U
J Q ~ I- J 0 0 0 ~ O~ F- J O U. Q
~~>..:
;o ...:
1+~
'r.'.
,~
m ..:
.p;.-.
~:~:
:..
~U
~ ,
L_
0
cu
N
ro
J
1
N
C
iN,
': ro;..
im'
'
a
;
E
~
~
~ 4
=:~
' N ~:' M
'~::,_
- ~
~ O N h M
'' ~ p N ~ ~ N M
4
~ ~ p N
'
._. ~ FPr M (g - (fl
_;~ 'O
N
.;: u .{3
lt. ~
~y Cryry 4
~YYT V
:::~
yc';
^' -~~
Vic;' =' C
._:~:s„ O
~€' J 0
'v-'T F
?~~''" y C
.::' d
V
~. ~-<
'T'!i`+
O~< m O .b
'fU~ 0.C~y
~r~ ~ ~
~.~~ a
0.:;'•
'`~ r~ [A
'~N: N ~ to
;:'N~.. ~p 0 'U
~_ i~'
`~' ; E
'~~~ o
i"'J,;' J C
?t,i ~ ...
r~~ N
':ice[.: u
yN_:.
c~ ~' a~i a
i,.C, ~ C
r~t64 AIL
~m'rr C]
,O 'Ntl
p. C
a
N
U
'r:
0
N
'':k. 1"
~,
0
ti
O
N
(P
N
M
°n
N
N
d'
(1}
f~
Y
ai
d}
o o N rn
,
.-
ui ch
e
N
pN'
(NQ O
O N
~ ~
x "~
~ ~
~7
N
N
c C
°-' C
N
C
U
~ pI
,~ ~
~
G
~
~ ~
Q7 ~ _
C N C6 N
I N N ~ J U N
v E , m ^
m~ m m lq 1Rr
~ I°- i°- O to
W C
~ ¢ lL LL a Iy ~
O
p l
;~ '~
~~~ ~:
N
m
0..
CJ
`v
~'
~,
N-
,w
:A
N.
~i
N
ro
N
07
pp' !per I p : 1Cl~~7 1
OE ~ ~1 Ot Q0
47' 'd' ~i 'd'i
l`n ~ r. i l`n i r
~; ~;
~ ify ' isri
i
s
' i
=rn=
'w
2,`
t6
'i'
ld
U
w
c ~
O
.~.
c ~ ~ w
V ~~( 4 L.
W f=. W L
h ~ I-
C ~., C ~
C twC C
X
a M o
,~,
fi'
~'ta
~'~~
°~, r ~r~, ~
~' W L'~~
f..
'~
~ ?
~:.~ U
W
EQQ~
~i
a
Q
z
0
W
H
W
~(
r~r^
Vl
Y`
H
0
0
N
0
N
H
0
A
r~rT~
7"~
.~I•
V
r~
}'W
W
O ~
~ ~
V
W~
~~..//
Md
d ~
C/~ ~,
O V
O ~D ~ iii::•iiii: i}i}:°:
~ [~
O N d i
A
y D
a ~
l W
~
w+ r r
~ x
~, ~
C E.
C bA
N C
~ 'C
U G
~ 4 Q
y+
L ..-i 69 69
.
.................
V
bD ~n
o0 v
v~
C`~ r~
o o0
~
p r~1 vi C7 vl
b r ~ O cep
'" ~ C~1
r N ~D
~ f~l hl
~
Q
a~i
0
F-
~ ~
d
G r. r-.
N n
r~ n
~Y n
~n
n
C
~
~!
F
~ N
A
~ ?
O
f-~
° ~
E.. °'
„O
11 ~
~
C
O w ~ ;
r
V
.L p O p
~O U
~
~ ~ ~
U
~ ~
~ w
p
N
O
~ O ~
4 i
d
1
,~
0 °~
~ `n
~ ~
~ G
L
a 3 O
~ y
~ ~~
v
~ [r „ 'n ro
~
u y ca
~ ~
,
s.: a C 7 d T
O ~
O ,O
M
O ~ ~
c ~ ~
a
a ~ ro
~x~
O ~ p
~ :~
~ ~ ~-.
U
~.
c o. o
~ ~ ~
~ v cG
~ ~, ~
C
'U ~
O U
~ N Vj
0.1 4+ ~
N
C
G ~ ~
4. ++
id O ~
~ O .~
~ N
~ O
•-ti +,
o ;~ ~
v> n. F
¢pv
C ~
ro ~ '=~
~. ~ o
G 4..
gib,,
~~~
a~ ~
N C i
,~ '~
-q G.
a O
v~ C t.
bn ~ ~
~.
:~oo
U .~ ~~
C -p
~ ~ ~
~ U ~
~ bo on
~ '~ ~
N U
LL ~~, N
L
r. p
p r
p
C ~ O
OU ~'
t~V td •y r
.~ au'i ~ o
~ ~ ~
~,
4-. .o v ~
~ v w
ro ~ ~ ~
G W V' O
fn ~
r Ii. ,O N
C
C G. N N
O p~j ~ A
p ~_
'U U U N
O N T 'd
C W ~ ~
O N ~ U
U ..~ ~ ._
~,
G
U ~~
G
C
u: ,.~ I
4- ~~`~
O
v ~ ~ ~
Q
z
O t`~
~`,~1
~lz ~{-~
u
N G
'~ N
O ~
U
T
"D U
U
tC 7~
~ .p U
N C 4J
Q) ~ ~'
~. ~ +.+ ~
w ~ ~
o ~,
p •N G
ro
G -..° o >
'[ ~ ~ ro
G. ~ N O
~ cn i'' ~
C ~'
C) .O A 4~
G ~ t' C
O P O v
•'F. U N
rop'v
C N 'L7
U a ~ o
r.~~~axT n
N
~ o
..a
O ~A
~ ~
C~
A
W
("'
W
A
z~
~Q
QW
w a''
7' ~
•~ F-
Q
U °
~ ~
~ N
(n W
W x
p F
a O
W Q
A W
U- [x.
0
(."
W
W
d
V~]
r
V
z
W
d
F.. N
W M
v
'L C
o ~
~ ~~.,
W o
~ ~
W
A d °
O d d
d
J.+
C7~-~ W
Ln
d
~ a ro
Cw ..7 ~
3z
~ U [~
V ^'1 C NrI 4 t om. ~ ' V o ho ~ 000
hi ~ h;, ~t o ~ o o .q r
O c,. u1
ma 0
y' ••
o o
o •
N ~: o
v m o0
0
in e~ o ~ ~ ~
~ i, r rl (~ r
G
~ ~
C
c. 'C
.
0
C
d O C~
~
L 4
W
7
V bq 49 r~
~
P ~o ~
d' o
O ' r~
d' o
~O ' ~.
V1 r
D'J o0
Vl 04
Vr w
N o
V -~
CO w
~ --
O~ ~t
Q\ in
rq
%p o0 tY ~ Q\ ~ r ~O V1 N V ^~ r
~ Vl fn
C ry" o r d ~O V vj O t~ r co rrl ~J' ~D ^
M
'~ ~.
v~
<t
~n
O
o.
V)~ .
--
-+
hi
4
rn
00
N
~
N
r~
<F
M
rn
r~
rn-
(~
r
N
rn
-~ _
'y'am
~ ~ N rr1 r^ N ~ 00o r.
O
0
E„
~
v'
"'
v
•~a L
1- F
..
N d
F. i+
GJ
C
Q7
G
y
'W
F
'N
G
N
G
CJ
G
'U
C
N
N
C
DJ
C
~
c O C 0 O O G
~ N-. G G G G ~
iy nl nl rv M nl
E rr~
O r~
O r7:
O r1
O r+i
O r~
O
;? ~1 G~ u ~ ~ Ul
Q
E"' O
7 p
V o
1' p
'3' 0
V' 0
V
~ ~ ~ ~ ~ ~
•L
O w o rn o ~g r oo w ~a o -. ~
~ ° N rn ~l n ~ h ~ ~ ~ rn
N o r o .o v v~ o t~ r oo r~
- ~V v1 V vl
O O
V1
.-~ N
O O~
n0 N
(h N
('1 d'
M O~
r1 O~
~n
C
~G Vl
N
rrl M ~O
N
6a
~3
r r r r r r
0 0 0 0 0 0
(O~
` O
~ O
~ ( O~~ O
~ O
~
~ N
' N
f' N
f' N
f N
frl r`1
(7
.
o a o \
0 0 0 f
1
0 1
0 1
0 ry
0 0 0
.~ (~ r~ L r~ ~ (~ ~ G1 ~ U .h5 .h5
ro ~D `~ ~O `O ~O ~ 0 0 0 0 0 0
x
5^
~ ~
?~ rL
?~ cG
?~ a:
7-
a
Q
E
a a
~, U G U
~~ ~ o Q E'" O Q 0. v
4+ o
U O G V O .' G
0 ~ O
v L
~
o
v
l Q
a
.~
ro
o
i
Q
v
x l
r ~
.A ~ ~ W N .%' O ~ O W ~ ro ~ O ~ O.
d
(a
. L4
4,
q
0
O
~
N
N
.. .
G
.
~
~+
o
+
Q
O
ro
N
~
'
~
0
G.
(L
' ty
N
~
~ ~ o
U ~ v d ~ V 5 b ~
a ~
u. N
, ~
~ W
y
~ ~
tV ,~
tt
u , ~
: G rn u. 1
~ H ~
G ~7
N
i ` U ~ ~ o ~
[ a
p ~ ro
- C 7 C7 u,
1 ro
n ~
o ^ ~ ~
a - C7 ro
C >
7 ro
C H ~
N "
d w ,%
v i a° a° 3 ~ % t ~~ .°~ a°O ? ~' rn t-° t-°
4 m v Q µ ~~ c 7 x.^=~ v
Q Q Q~ Q Q
~ ~ ~ E ~ ~
~"" N F.. ~... F. F,
C C tlD C rA oGA
oA nU SOD bA bA ~bA
~ ~ ~ O a ~
q p 0 0 0 0
aa~aco`~,
rorororororo
~~~~~~
G G C ^ '~
F F C C G C
d d ¢ d 4 a,
~~~
v e'Oi v v
aQQaQQ
~~~~~~
~ ~ N G7 ~ ~
oU oA oD oA oA oA
4 0 0 0 0 0
~~~~~~~
VI In N N VI N
~,waaa.wa.
a 4 Q¢ Q 4
¢m~gv~
N
d c
,~~., N
CL ~
i:, C,
(n
W
[~
F'
b
fz~
A
Q ;~,
.~ F.,
U `~
o
tY, rn
o
cn °
~ N
{s1 W
.'T"r
to F
w ~
q O
W ts.
G] A
"/-.~]
O ~'"
H
W
LT]
~"'
~"
r
U
C
[zl
U
Q
F
7_
W
C.
G d
Lr] W
O d
H F
4 V
~ y
O ~
,.a a
t~ .~
z
F
O W
H U
rn
0
0
N
0
M
d
C
7
"7
O
tC
O
C
C
[~
`~
J
b
G
0
G~.
v v
5 a
la. U.
oU op
C C
~ o 0
•~• x x
• U " u
P-. oll .G b
v W ~ o 0
'2 ~ ? r
u °' cj p, ~
V
.G V (~ U U `~ "~
0 5. c, o ~
•~ ~ ~ 41, 'd O •O
oUU ro c•~u n
~ (V N •^
0.-•N'VF-'QO
~LroU~Wt%
STATEMENT OF INDEBTEDNESS-FISCAL YEAR INDEBTEDNESS ONLY FORM B
FILED FOR 711E 2009-10 TAX YEAR (Optional)
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
CENTRAL PROJECT AREA
For Indebtedness entered into post June 30, 2009
anginal uata uurrem
Total Principal /Interest
• Interest Total Outstanding Due During Tax
Debt Identification Date Principal Term Rate Interest Debt Year
SERAF2009/10 2;219,276 2,219,276
SERAF 2p10/11 456,910
Totals Fiscal Year Indebtedness ,~ 2.,676,186 2,219,276 ~
Purpose of Indebtedness:
N
O
Sxl
l
C]
w
^~
1./1
/,
Lr]
l
.`~'.
U
F^
r
W
a
t-'
7
O
~."
.Qr
a
V
z
O
V
w/
f.:~
T
O
O
N
0
Nl
d
~°.~
00
0
4
N
>,
U '~
rW o
~/ (T
Q
N
w o
r
C. ~
Q O
}
(~ n_
Q O
w N
~ d
O F,
F' U
V' y O
cn O ~
Q 0. N
Lz, .Q.7
O f~ is
z Gf,,: ~
z x
O U 'r~-
0 n o V~ m r o ^ ~ "
c l
t o
o
d~ r
0 i
n r r
q ~
n
~
n o.
V r -
n v
rn
~ -
rn r
.
trrn n
w C
~
~ ~ c q < t rl O• N r ~ D ~ n
; N
" T I ~ f~ r h
= p
pQ
~ ri
n - o
~t r
n
O ~ o
O -
n - ~. <
-
- r
N
O r n
D`
q or
N
D`
rl ~
~ r
c
r O
M o
~
i ri
rn
n -
r r
`
N ~•
n
- '
^•
K ~n v ~
4:. C
ttl U
~ ~n
U r 1
M
O O
" F
~ N rI ~ Po O i ~ ~ oA vi
N
C W+
•R - rtl G
Cz. ~
J
v `J ~ O
Ri _.
U
_
~
~
C
_ y
L r O
4z1 C~ C C
OP ~ L: p
'
W C
y [('..~~
Vr ~
D
n _
4J ~
p 1
n
M
n
O ~
O a
~ f~ ~
ny
n
rn
N
W
o.
r r
~ ~
-G el
C a v <r M `D 4 sr d' lJ N o
0
Q c u
o u o. ~ .. r p N O
~ N
~ "'. ~ •
.
G
~ w M O `~
4 " '~ y `k o1
~
F ~
_
o c ,c
r
o N
~o o
~O r`
~n v.
N ~.
ro rc'
n rp
r rr
n ~ 'n -
~ ~ ~~
u
~ rl
(h o~
f~ rl
N a
rT •-
<r <P
N o
r0 t±
M ~
Ci N
4 'a -
~ G rl k? M •- ~ ~- r G
•
Q' o r•1 N rl t` ~h r•1 r
v
W ~
U '. N
V N r a ,;
L a u ,
_ ~
Y
~ ~?
U
~ y
C Q ~ N
~ y
U G k
N C N
7 N G ~
'6
~
O
'i'
~O
n
M _
ni
O
n
7
~ ^ O
2 t
O
rl [
' oo
N
~n tr,
O
V N
r
n O^
O
0 N
~- n
<t
nl sr
rl
i o
p
a\
n n
rV
n ~ w,
a) "
~
~ N
.
O O ~n -- O r• ~ N ,
p ^
a "
(]
C N
~
C
~
C
u {>] ,
oU
G G r
N
N
A ~ ~
_
c U
_~
... ah
~
M
n
N
O
V
O
n
r`
-~
^,
'V
rl
~
V'
-
~
rD
n
V~
O
Q
M
W
U
o0
r
O~'
1
n
O
'
N
~O
v
O
~r
M
C
-.
M
~P N
p O L
'O ~
c
'7 ~
M
W
9
7
m
O~
~Y' ^
d' ~
'd' ~
~n .
A`
~n G vi ..
~ a
~ N N ~
~ r^ no o m r O
bD
w r
i o
o p 'cJ
v '~ °~
•^L C ~
C
c -a .
~ ~
r
.
a°1 °-_ y
~
G N o
O v ,
v °~ c p
q v 'O v .°
O v rv
O
w4~
v
«
vi
U
y
U 4 >~
O ~ p {V
Q y p ~ yr° ~ J
a C b Q O Q v O .~
o
.. V O V O H N N
~ . O U ~ ~
U
Q O y ~ .~ ~ N .-. O
e~
~
~
x
U
~
N
a
Z
' U O C
O O~ Q
~ t; y . O
r... o ~ h r `-. . o v ~ c N O
~ v
Ca ~ O
~ N U ~ v~ a
L
c W y
~
~
G v ~uw v R 0
L •
~- U '~ o o ro ,~ ~ '~ o o ~ w ~ G N
V 0. U U ? d ~
@ U ? b
C
U .O+ ~ V
M "
_ a C
t lJ p . _.
:J O
U 'p
~ O
a O
a y
3 ty
~n O
U 'D
z O
~ O
.~ N
3 C
cn ~ %, U U
a
G ~ J 11
Q
r r.
y ~^ ~ ~
C m U Q W u .C ~x . ,- ,d C.. ~ G ~ ~
J C N N 'U N
~ W N
' N N W W U U ~ G C
C ~
L •C
... C
a a C
.. C
a .. C
~ ... C
~ a G
.- G
r - C_
1 ;- G
i .
a ;. C_ C
a :a
w
q O ~
~... v ~ u
o
U
a r~ ~
-
D a a a .a p .a a .a .c .a c .c
. . c ~ ~ F- e, •
N
a Q
r. F
O
w
Q m U n w w C 7x . ..- ,~ . .~ ~ Q t
-
•. V N
C N
C W
C N
G ~ W
C N
C N
C N 4
C 1
C N
C N
C N
C F ' ~
(~
7
` a a
c a O O
C 7
c -a a ac .a . . .r :a .n . . a O
N
b
N
CAD
N
a
(z1.
z
Q
W
b
7
t,
V
~"'
Z
O
N
a
V
z
0
U
W
~"
7
~i~
U
Q
F
W
4
0..
0
U
W
A~
C~
~ d
H ~j
a
C,7~'~
,a w
0
!~
E- V
O m ° v ° Q ~ m
W - v
~
ti Ol o
O N a
O 0 v
i
0 ' O: N
_ ~ O tl~ «i o t o o v ro tp
w
~ ~ ~
~ ~ I D Oi N r r ~
~
Ts1
C
• ~ c
~
~ w O
G.
4
;o
~
~ u O tNA O W Q M O ~
,~y V ~ u7 n 4 n o ~ N
A a .n ,d, m
N rn
' o
N tt i
W n
h t
D co
m rn
d C ~ V ! ~
f'"
P ~ ~
M
Q ~~ m N .
-
x M ~
U ~ ~
~ a
K
n ~i W
c ~
n
a
~
O '
°
o
N
N
O
Q t
V o_ m w
~ 6 ~ V ~
~ O1
Q O r N V
q N
p ~ ~
r
~ ~
x
V W
r-~i
pp
p O
In W
U1 O
O W
10 O
O N
M O
rn [7
O
•C N
~ n O M O V
~ N
c
~~ d
O
O (D
I~
N O
(O OD
W O
O
~ d
tD V
N
cO OU
O
N
Cf .- rot m N r .- ~ ,
C
~rW
d~
Q V
h0 G
F
~+
O
0
4N
N
~
} ~
~
° C
~ r C
O
b
W N 7
gt OI
~ ~
.~ O O) 7 V
~ ro m % O ~ ~ u. n
Q U •~ ~L~ y N
~ a
~ 'O
~m
= ro
a ro
st m
a a u ~ ''
~
° p
o
o E xs as ~
- o Q ~ ~ ~ s
ry
~
~
b
O w
~
d
.
'L w
~i 4`.
'~ .
.
~
a- C
'~
P ~
'~
N
to
W
O
N
U
C
o o
Q
'o O
~ *'
V1
u
N
g
N
~ ~
3 ro ro c
A p j
° p
° ~ A ~
~ c
y N w { O O .Q
% ¢ m m w u _C9 z
~ C C C C C C
C ~ C w
~ „ IJ ~ J .J J ~
c U N N N N N N N Q
d a . a : a . a . a . a . a a -
6~ N
t ~~ ~ .. -. ~ X ._ .I
4 C C C C C C C
Q ~
c N N N N N N N } -
` P
c .0. A .a n .n .a ¢ .
O~
O
N
0
frl
G
0
°~
a~+
O
N
>,
7
"'~
E
O
L
Q
C
C
n
L~
yU
T
c O
ro o
n N
O
~ U
~v
D w
-p C
N ~p
~ N
O
N N
'o
a `m
~ T
~ w
u ~
C
°o
O
3
N O
~ O
o
vi
a w
O o
CALCULATION OF AVAILABLE REVENUES
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
CENTRAL PROJECT AREA
TAX YEAR 2009-10
RECONCILIATION DATES: July 1, 2D08 to June 30 , 2009
1. Beginning.Balance, Available Revenues $ 10,984,318
2. Tax Increment Received-Gross 9,269.,035
All Tax Increrneni Revenues , io include any Tax Increment
pass thrcugh to other Iccal taxing agencies
3. All Other Available Revenues Received 309,358
4. Revenues from any other source, included -
in column E of the Reconciliation
Statement, but not Included in (1-3) above
5. Sum of lines 1 through 4 20,562,712
6. Total amounts paid against indebtedness
In previous year, (D + E on Reconciliatlan Statement) 7,260,709
7. Available Revenues, End of Year (5-6) 13,302,003
FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS,
COVER PAGE, LINE 4
NOTES
Tax Increment Revenues:
The only amount(s) to be excluded as l'ax Increment Revenue are any amounts pass through to other local taxing
agencies pursuant to Health and Safety Gode Section 33676, lax Increment Revenue set-aside in the Low and
Moderate Income Housing Fund will be washed in the above calculation, and therefore omitted from Availablo
Revenues ai year end.
Item 4 above:
This represents any payments form any source other than Tax Increment OR available revenues, For instance, an
agency funds a project with a bond issue. The previous SOI included a Disposition and Development Agreement (DDA)
which was fully satisfied with these bond proceeds. The DDA would be shown an the Reconciliation Statement
as fully repaid under the "other" column (Got E), but with funds that were neither Tax Increment, nor"Available Revenues"
as defined. The amounts used to satisfy this DDA would be included on line 4 above in order to accurately
determine ending "Available Revenues".