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