9 - FY 2010/2011 Los Gatos Redevelopment Agency Annual Report�pW N 0 MEETING DATE: 12/19/11
ITEM NO:
�^
COUNCIL /AGENCY AGENDA REPORT
DATE: December 8, 2011
TO: MAYOR AND TOWN COUNCIL /CHAIR AND MEMBERS OF THE
REDEVELOPMENT AGENCY
FROM: GREG LARSON, TOWN MANAGER/EXECUTIVE DIRECTOR
A,
SUBJECT: ADOPT RESOLUTION APPROVING THE FY 2010/11 LOS GATOS
REDEVELOPMENT AGENCY ANNUAL REPORT
RECOMMENDATION
Adopt resolution approving the FY 2010/11 Los Gatos Redevelopment Agency Annual
Report.
BACKGROUND
Pursuant to the State of California Health and Safety Code 33080.1, a Redevelopment
Agency shall present an annual report to its reporting body within six months of the end
of the fiscal year. The report shall contain: (1) an independent financial audit report for
the previous fiscal year; (2) a fiscal statement for the previous fiscal year including the
Agency's revenues, debts, and the amounts of tax increment to be allocated to other
districts; (3) a description of the Agency's activities in the previous fiscal year affecting
housing; (4) a description of the Agency's progress in alleviating blight during the
previous fiscal year; (5) information about loans made by the Agency at or exceeding
$50,000 that were in default or otherwise not in compliance with the terns of the loan;
(6) a description of the total number and nature of properties owned by the Agency and
those acquired during the prior fiscal year; and (7) any other useful information to explain
the Agency's programs.
DISCUSSION
The required FY 2010/11 financial audit was completed by C.G. Uhlenberg, LLP
(Exhibit A). It includes the auditor's opinion of the Agency's operations and financial
position, compliance with laws, regulations, and administrative requirements, including
all financial activities involving low and moderate income housing funds. Also attached
PR EPARED BY : e ay jWendie R. Rooney
Fisca O cer Deputy Executive Director
Reviewed by:
�� Assistant Town Manager /Deputy Director Town Attorney Finance
PAGE 2
MAYOR AND TOWN COUNCIL /CHAIR AND MEMBERS OF THE
REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTION APPROVING THE FY 2010/11 LOS GATOS
REDEVELOPMENT AGENCY ANNUAL REPORT
December 8, 2011
are the Statement of Housing Activity, Financial Transactions, Statement of Indebtedness
and Fiscal Statement (Exhibits B, C, D and E).
As of June 30, 2011, the RDA Debt Service Fund balance was approximately $1.5
million. This fund consists of monies dedicated for current and future debt service and
represents tax increments received by the Agency, which is then reduced by tax sharing
payments and debt service payment made each year. The cash flow assumes that the
annual excess tax increments collected beyond the amounts needed to pay annual debt
service payments would be used for future bonding capacity. The future bonding
capacity of the Redevelopment Agency is dependent upon available excess tax. Use of
the debt service fund balance would lower future bonding capacity of the Agency. New
debt was established in June 2010 to fund the new Library in the amount of $15,675,000.
As of June 30, 2011, the Redevelopment (RDA) Capital Projects Fund balance was
approximately $1.2 million. This fund is used for administrative costs, including staff
charges and legal fees, which average about $800,000 per year. The fund also holds
approximately $45,000 of the remaining 2002 Certificates of Participation (COP) unspent
proceeds to be used for eligible capital projects. The remaining will be dedicated to the
Almond Grove Street Rehabilitation Project ($78,080), which is currently in the design
phase.
During FY 2010/11, the Los Gatos Redevelopment Agency was in the process of the
designing the Almond Grove Street Rehabilitation Project, which will result in the
elimination of blight, as noted in the Town's 2010/11- 2014/15 Capital Improvement
Budget:
• This project will develop a conceptual design plan for the rehabilitation of street
infrastructure in the Almond Grove District. Upon Council consideration and
approval of the plan, the final design and phased reconstruction of the
neighborhood streets will begin in FY 2011/12 as part of a multi -year project.
Last year's efforts also included design, site preparation, construction award, and
financing of the new library. Financing the new library results in the Agency's liabilities
temporarily exceeding assets, as discussed in Exhibit A. This situation is not uncommon
for redevelopment agencies, as they are established to borrow and expend funds which
are then repaid with future tax increment revenues.
The RDA Debt Service Fund balance amounts are also derived from interest earnings and
remaining cash from the Town's operating loans to the Agency. Technically, the RDA
spends funds by issuing debt and receives an annual cash loan (approximately $500,000-
PAGE 3
MAYOR AND TOWN COUNCIL /CHAIR AND MEMBERS OF THE
REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTION APPROVING THE FY 2010/11 LOS GATOS
REDEVELOPMENT AGENCY ANNUAL REPORT
December 8, 2011
$600,000) from the Town's General Fund. The loan from the Town is then paid back
annually from the RDA Debt Service Fund cash balance.
As of June 30, 2011, the Low and Moderate Income Housing Fund balance was zero.
Monies from this Fund may only be used for low and moderate housing purposes. As
presented in the attached report, the Agency has no "excess surplus" calculated for FY
2011/12 due to preconstruction costs for the proposed Dittos Lane project, which has
been terminated indefinitely. The excess surplus is cumulative from year to year and,
according to state law must be eliminated within three fiscal years. If the Town does not
address any excess surplus within the required timeframe, the Redevelopment Agency
could be penalized, limiting its ability to spend and encumber funds. The Redevelopment
Agency could also be charged up to 50% of the excess surplus amount, which would then
be deposited into the Low and Moderate Income Housing Fund.
Supplemental Educational Revenue Augmentation Fund (SERAF)
In FY 2010/11, the State of California took approximately $456,000 from the Town's
Redevelopment Agency to address budget issues related to the SERAF. In response to
the state's actions, the League of California Cities wrote and sponsored Proposition 22, a
measure approved by California voters which prohibits the state from taking
redevelopment funds and other local revenue. However, opponents of the initiative are
considering sponsoring a future ballot measure that would roll back the provisions of
Proposition 22.
The Town will continue to monitor redevelopment activities and developments to
discourage additional State takes from Redevelopment Agency Tax Increment. It is
essential to preserve the RDA tax increment revenue, as any "take" from this source will
reduce the annual revenue stream, potentially impacting the Agency's ability to pay
authorized reimbursements with various entities, including the Town.
AB IX 26 and AB IX 27
On June 15, 2011, the state legislature adopted two budget "trailer" bills concerning
redevelopment. AB 1 X 26 (the "Dissolution Act ") eliminates redevelopment agencies as
of October 1, 2011 and AB1X 27 (the "Voluntary Program Act ") allows redevelopment
agencies to remain in existence. These bills were signed into law by the governor on July
28, 2011.
If the Town elects to participate in the Voluntary Program Act in order to continue the
life of the Redevelopment Agency, its payment would be approximately $2.5 million in
FY 2011/12 and approximately $600,000 each subsequent year until the end of the
redevelopment agency.
PAGE 4
MAYOR AND TOWN COUNCIL /CHAIR AND MEMBERS OF THE
REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTION APPROVING THE FY 2010/11 LOS GATOS
REDEVELOPMENT AGENCY ANNUAL REPORT
December 8, 2011
A lawsuit is pending concerning the constitutionality of these two bills and a decision
should be made some time in January 2012.
CONCLUSION
Upon approval by the Council, the Los Gatos Redevelopment Agency Annual Report
will be forwarded to the State Controller and the State Department of Housing and
Community Development as required by State law.
ENVIRONMENTAL ASSESSMENT
Approval of the Redevelopment Agency Annual Report is not a project subject to CEQA.
FISCAL IMPACT None.
ATTACHMENTS:
1. Resolution approving the 2010 /11 Annual Report for the Los Gatos Redevelopment
Agency
■ Exhibit A - Redevelopment Audit for Fiscal Year 2010/11
■ Exhibit B - Statement of Housing Activity for Fiscal Year 2010/11
■ Exhibit C - Annual Report of Financial Transactions for Fiscal Year 2010/11
■ Exhibit D - Statement of Indebtedness
■ Exhibit E — Fiscal Statement
RESOLUTION 2011 -
RESOLUTION OF THE TOWN COUNCIL/REDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
APPROVING THE 2010/11 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS, 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.
WHEREAS, 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.
WHEREAS, the audit 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.
WHEREAS, the Statement of Housing Activity, Annual Report of Financial Transactions,
Statement of Indebtedness and Fiscal Statement are attached hereto as Exhibits B, C, D and E,
consist of forms provided by the State Department of Housing and Community Development.
WHEREAS, approval of the 2010/11 Annual Report for the Los Gatos Redevelopment
Agency does not constitute a project for purposes of the California Environmental Quality Act
("CEQA ").
NOW, THEREFORE, BE IT RESOLVED that the Town Council /Redevelopment
Agency hereby approves and adopts the 2010/11 Amlual Report for the Los Gatos
Redevelopment Agency, attached hereto as Exhibits A, B, C, D and E.
BE IT FURTHER RESOLVED that the Town Council determines the plamiing and
administrative expenses from the Low and Moderate Income Housing Fund is necessary for the
production, improvement, or preservation of low and moderate income housing.
ATTACHA UT 1
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 19"' day of December 2011 by the following vote:
COUNCIL /AGENCY BOARD MEMBERS:
AYES:
NAYS:
ABSENT:
ABSTAIN:
SIGNED: /s/ Steve Rice
MAYOR/CHAIRPERSON OF THE
TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
/s/ Mazarin Valcharia
CLERK ADMINISTRATOR
TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
TOWN OF LOS GATOS
REDEVELOPMENT AGENCY
BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2011
WITH INDEPENDENT AUDITORS' REPORTS
THEREON
EXHIBIT A
TOWN OF LOS GATOS
REDEVELOPMENT AGENCY
11 . C • K00110U.-1
FOR THE YEAR ENDED JUNE 30, 2011
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:
BalanceSheet ................................................................. ............................... 13
Reconciliation of the Balance Sheet to the Statement of Net Assets ............ 14
Statement of Revenues, Expenditures, and Changes in Fund Balances ........ 15
Reconciliation of Statement of Revenues, Expenditures, and Changes
in Fund Balances to the Statement of Activities ....... ............................... 16
Notes to the Financial Statements .............................................. ............................... 17-29
Supplementary Information:
Budgetary Comparison Schedules:
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget to Actual - Redevelopment Fund ............................. 30
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget to Actual - Housing Set -Aside Fund ....................... 31
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget to Actual - Certificates of Participation Fund.......... 32
Independent Auditor's Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of
Financial Statements Performed in Accordance with
Government Auditing Standards ............................................... ............................... 33-34
Summary of Compliance Findings ................................................ ............................... 35
Summary of Prior Year Compliance Findings ............................ ............................... 36
C. G. UHLENBERG LLP
CERTIFIED PUBLIC ACCOUNTANTS
JEFFREY J. IRA, C.P.A.. KATHERINE CHAO, C.P.A.
INDEPENDENT AUDITORS' REPORT
Members of the Board of the
Town of Los Gatos Redevelopment Agency
Los Gatos, California
We have audited the accompanying financial statements of the governmental activities, each major fund
and the aggregate remaining fund information of the Town of Los Gatos Redevelopment Agency (the
"Agency "), a component unit of the Town of Los Gatos, California, as of and for the year ended June 30,
2011, which collectively comprise the Agency's basic financial statements, as listed in the table of
contents. These financial statements are the responsibility of the Agency's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the governmental activities, each major fund and the aggregate remaining fund
information of the Town of Los Gatos Redevelopment Agency as of June 30, 2011, and the respective
changes in financial position for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated November 15,
2011, on our consideration of the Agency's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of our
audit.
As discussed in Note 1 to the financial statements, the Agency adopted the provisions of GASB Statement
No. 54, Fund Balance Reporting and Governmental Fund Type Definitions; effective July 1, 2010
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis and budgetary comparison information on pages 3 through 10 and 30 through 32
be presented to supplement the basic financial statements. Such information, although not a part of the
basic financial statements, is required by the Governmental Accounting Standards Board, who considers
it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
C. G. UHLENBERG LLP
CERTIFIED PUBLIC ACCOUNTANTS
JEFFREY J. IRA, C.P.A. • KATHERINE CHAO, C.P.A.
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for consistency with management's responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.
dtj
0
November 15, 2011
Redwood City, California.
Management's Discussion and Analysis
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2011
As a component unit of the Town of Los Gatos, the Redevelopment Agency ( "Agency ") was
established in response to the need to rebuild existing infrastructure damaged in the 1989 Loma
Prieta Earthquake. The Redevelopment Agency area encompasses approximately 440 acres in
and around Downtown Los Gatos, which includes retail and residential areas, lodging, schools,
and main traffic thoroughfares. Projects such as street and utility reconstruction, parking,
streetscape and civic improvements were called out in the Redevelopment Plan. The Agency has
the power to condemn properties for this purpose and 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 and others to further its
purposes.
FISCAL 2011 FINANCIAL HIGHLIGHTS
Agency revenues experienced continued growth in the project area as compared to the prior year.
Property tax increments, the Agency's primary revenue source, decreased $.45 million from the
amounts received the prior year.
• The liabilities of the Agency exceeded its assets at June 30, 2011 by $14.29 (net liabilities).
The deficit position was caused by the issuance of long -term debt to finance affordable
housing and public improvement projects, within the Agency's project area, that will be
owned and maintained by the Town. A "net liability" position is not uncommon for a
redevelopment agency. The Agency was established to borrow and spend funds for the
purpose of community development and will repay the borrowed funds with future tax
assessments.
• The Agency's total net assets decreased by $10.2 million from the prior year.
• As of June 30, 2011, the Agency's governmental funds reported an ending fund balance of
$2.7 million which was a decrease of $11.3 million from prior year. The decrease was due to
grants made to the Town for affordable housing and public improvement projects in the
Agency's project area.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This Report is in three parts:
1) Management's Discussion and Analysis (this part),
2) The Basic Financial Statements, which include the Government -wide and the Fund
financial statements, along with the Notes to these financial statements, and
3) Budget /Actual Statements for budgeted Capital Projects Funds.
The Basic Financial Statements
The Basic Financial Statements comprise the Government -wide Financial Statements and the
Fund Financial Statements. These two sets of financial statements provide two different views
of the Agency's financial activities and financial position long -term and short -term.
The Government -wide Financial Statements provide a longer -term view of the Agency's
activities as a whole, and comprise the Statement of Net Assets and the Statement of Activities.
3
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2011
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 for the year. Generally,
net assets may serve over time as a useful indicator of a government's financial position. In the
case of a Redevelopment Agency, however, it can be expected that the cost of improving and
accumulating assets will exceed the book value of those assets.
The Fund Financial Statements report the Agency's operations in more detail than the
Government -wide statements and focus primarily on the short -term activities of the Agency's
Major Funds. The Fund Financial Statements measure only current revenues and expenditures,
current assets, liabilities and fund balances; they exclude capital assets, long -term debt, and other
long -term amounts.
Major Funds account for the major financial activities of the Agency and are presented
individually, while the activities of any Non -major Funds would be presented in summary, with
subordinate schedules presenting the detail for each of these other funds. The Agency does not
have any Non -major Funds. Major Funds are explained below.
Together these statements are known as the Basic Financial Statements.
The Government -wide Financial Statements
All of the Agency's basic services are considered to be Governmental activities, including;
redevelopment, pass through agreements, and debt service. General Agency revenues such as
incremental property taxes and investment earnings support these services.
Government -wide financial statements are prepared on the accrual basis, which means they
measure the flow of all economic resources of the Agency as a whole.
Fund Financial Statements
Governmental Fund financial statements are prepared on the modified accrual basis, which
means 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 Government-wide
financial statements.
The Fund financial statements provide detailed information about each of the Agency's most
significant funds, 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 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
4
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
.TUNE 30, 2011
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 2011. These are the Redevelopment Fund,
the Housing Set -Aside Fund, and the Certificate of Participation Fund.
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, 2011
(In Millions)
Assets
Cash and Investments
Other Assets
Capital Assets
Total Assets
Liabilities
Long Term Debt Outstanding
Other Liabilities
Total Liabilities
Net Assets:
Invested in Net Assets
Restricted
Unrestricted
Total Net Assets:
2011 2010
$
8.87
$
19.57
0.60
0.58
7.66
7.11
$
17.13
$
27.26
$
24.77
$
25,27
6.65
5.80
$
31.42
$
31.07
$
7.66
$
7.11
1.69
6.44
(23.64)
(17.36)
$
(14.29)
$
(3.81)
9
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2011
The Agency's net assets were $(14.29) million at June 30, 2011 and were comprised of the
following:
• Unrestricted cash and investments comprised $8.87 million of pooled cash and investments
available for operations. Substantially all of these amounts were held in the Town's cash and
investment pool as described in Note 3 to the financial statements. Restricted cash and
investments of $1.185 million were funds held by trustees as prescribed under the Certificate
of Participation issuances.
• Capital Assets of $7.66 million largely represents the value of the Parking Lot #4 parking
structure, the value of the property at 224 W. Main Street and the Dittos Lane, which are
considered infrastructure capital assets under the provisions of GASB 34.
® Short-term payables and pass - through obligations comprise $4.87 million of Agency
liabilities. As part of the Redevelopment Plan, the Agency entered into agreements with
other taxing agencies to pass - through portions of incremental property taxes and amounts due
are reflected at June 30, 2011.
As of June 30, 2011 the Town of Los Gatos had advanced the Agency a total of $1.5 million
to partially fund ongoing Agency operations.
® Long -term debt was $24.77 million, which included $23.97 million is due in future years and
$.80 million, is due currently.
® The $7.66 million of `Investments 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 $1 - .7 million, of which $1.24 million may be used only for capital
projects and $.45 million may be used only for debt service. The restrictions on these funds
were placed there by third parties 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 a deficit balance of ($23.64) million in unrestricted net assets
(net liability) at June 30, 2011. This deficit is a result of long -term debt obligations in excess
of capital assets.
31
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 3 0, 2011
Changes in Governmental Net Assets
The Statement of Activities presents program revenues and expenses and general revenues in
detail. All these are elements in the Changes in Governmental Net Assets summarized below:
Table 2
Changes in Governmental Net Assets
(In Millions)
Revenues
2011
2010
Program Revenues
Redevelopment rental income
$ 1.37
$ 0.95
General Revenues
Property Tax Increments
8.58
9.02
Interest
0.01
0.22
Total Revenues
9.95
10.19
Expenses
Functions I Programs
Redevelopment Projects
14.87
18.48
Pass - through payments
4.29
6.21
Interest and Fees
1.28
0.61
Total Expenses
20.43
25.30
Increase (Decrease) in Net Assets
(10.48)
(15.11)
Net Assets - Beginning
(3.81)
11.11
Prior Period Adjustment
-
0.20
Net Assets - Ending
$ (14.29) _L___(3.811
As Table 2 above shows, $8.59 million of the Agency's 2011 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 net cost of governmental programs.
7
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2011
Net Revenue (Expense) of Governmental Activities
Table 3 presents 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 cost less the
revenues generated by those specific activities.
Table 3
Net Revenue (Expense) of Governmental Activities
(In Millions)
2011 2010
Redevelopment Projects $ (14.87) $ (17.53)
Pass - through payments (4.29) (6.21)
Interest (1.28) (0.61)
Totals
$ (20.43) $ (24.36)
THE AGENCY'S FUND FINANCIAL STATEMENTS
Table 4 below summarizes Governmental Activity and balances at the fund level:
Table 4
Financial Highlights at Fund Level
(In Millions)
Governmental Funds
2011
2010
Total Assets
$ 9.48
$ 19.58
Total Liabilities
6.78
5.61
Total Fund Balances
2.70
13.97
Total Revenues
9.94
10.19
Total Expenditures
21.21
14.91
Analyses of Major Governmental Funds
Redevelopment Fund
Accounts for activities of the Redevelopment Agency of the Town and the related program tax
revenues. This fund encompasses three core functions: Redevelopment Agency administration,
Capital Project development and implementation, and the implementation of the Economic
Vitality Program.
8
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2011
Housing Set Aside Fund
"Accounts for administering the housing component of 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 Participation Fund
This Fund accounts for financial resources to be used for the payment of principal and interest in
long -term obligations. Each of the Agency's debt issues is discussed in detail in Note 7 to the
financial statements. Certificates of Participation are used to fund the key infrastructure projects
in the Downtown redevelopment area. At June 30, 2011, the Agency's debt comprised:
Government Activity Debt
1992 Certificates of Participation
2002 Certificates of Participation
2010 Certificates of Participation
2011 2010
(In Millions) (In Millions)
$ 0.24 $ 0.47
8.87 9.12
15.68 15.68
Total Long Term Debt
$ 24.78 $ 25.27
ECONOMIC OUTLOOK AND MAJOR INITIATIVES
The economy of the Agency and its major initiatives are discussed in detail in the Letter of
Transmittal in the Town of Los Gatos' Comprehensive Annual Financial Report for the Fiscal
Year Ended June 30, 2011.
BUDGETARY HIGHLIGHTS
Comparing the FY 2010/11 original budget (or adopted) amount of $13,778,670 to the final
budget amount of $26,296,940 reflects a net increase of $12,518,270. This increase is mainly
due to the following:
Cany Forwards
Almond Grove Concrete Rehabilitation Project
Budget Adjustments
RDA Low & Moderate COOP Grant
RDA Public Improvement COOP Grant
Total
Vol
(38,280)
6,200,000
6,356,550
$ 12,518,270
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2011
CONTACTING THE AGENCY'S FINANCIAL MANAGEMENT
These Financial Statements are intended to provide citizens, taxpayers, investors, and creditors with a
general overview of the Agency's finances. Questions about this Report should be directed to the Finance
Department, at 110 East Main Street, Los Gatos, CA 95030.
10
Basic Financial Statements
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
STATEMENT OF NET ASSETS
JUNE 30, 2011
LIABILITIES
Governmental
Accounts payable
Activities
ASSETS
621,969
Cash and investments
$ 7,690,788
Restricted cash and investments
1,184,589
Accounts receivable
23,129
Long -term notes receivables
576,778
Capital assets -net
7,660,238
Total Assets
$ 17,135,522
LIABILITIES
$ 7,660,238
Accounts payable
$ 249,428
Grants payable to Town of Los Gatos
621,969
Interest payable
451,120
Passthrough obligations
3,829,751
Advance from the Town of Los Gatos
1,500,000
Noncurrent liabilities:
Due within one year
795,000
Due in more than one year
23,985,000
Total Liabilities $ 31,432,268
NET ASSETS
Invested in capital assets
$ 7,660,238
Restricted for:
Redevelopment projects
1,243,047
Debt service
453,637
Unrestricted
(23,653,668)
Total Net Assets
$ (14,296,746)
The notes to the basic financial statements are an integral part of this statement.
11
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Program Revenues:
Rental income 1,366,571
Net Program Income (Expense) (19,069,533)
General Revenues and Transfers:
General Revenues:
Tax allocation increment 8,577,062
Interest income 7,208
Total General Revenues and Transfers 8,584,270
Change in Net Assets (10,485,263)
Net Assets - Beginning (3,811,483)
Net Assets - Ending $(14,296,746)
The notes to the basic financial statements are an integral part of this statement.
12
Governmental
Activities
Program Expenses:
Redevelopment
$ 14,868,295
Passthrough payment
4,287,085
Interest and fees
1,280,724
Total Program Expenses
20,436,104
Program Revenues:
Rental income 1,366,571
Net Program Income (Expense) (19,069,533)
General Revenues and Transfers:
General Revenues:
Tax allocation increment 8,577,062
Interest income 7,208
Total General Revenues and Transfers 8,584,270
Change in Net Assets (10,485,263)
Net Assets - Beginning (3,811,483)
Net Assets - Ending $(14,296,746)
The notes to the basic financial statements are an integral part of this statement.
12
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
GOVERNMENTALFUNDS
BALANCE SHEET
JUNE 30, 2011
DEBT
SERVICE
CAPITAL PROJECT FUNDS - FUND
ASSETS
Cash and investments available for operations
Restricted: cash and investments
Accounts receivable
Notes receivable
TOTAL. ASSETS
LIABILITIES
Accounts payable
Grants payable to Town of Los Gatos
Deferred revenue
Advances. from Town of Los Gatos
Passthrough obligations
TOTAL LIABILITIES
FUND BALANCES
Restricted. for:
Debt service
Redevelopment projects
Unassigned:
Reserved for community development
TOTAL LIABILITIES & FUND BALANCES
$ 19,710 $ 145,262 $ 84,456 $ 249,428
- 621,969 - 621,969
576,778 - 576,778
1,500,000 1,500,000
- - 3,829,751 3,829,751
19,710 1,344,009 5,414,207 6,777,926
453,637 453,637
1,243,047 - - 1,243,047
- - 1,000,674 1,000,674
1,243,047 - 1,454,311 2,697,358
$ 1,262,757 $ 1,344,009 $ 6,868,518 $ 9,475,284
The notes to the basic financial statements are an integral part of this statement.
13
Total
Housing
Certificates of
Government
Redevelopment
Set -Aside
Participation
Funds
$ 531,805
$ 762,605
$ 6,396,378
$ 7,690,788
730,952
-
453,637
1,184,589
-
4,626
18,503
23,129
-
576,778
-
576,778
$ 1,262,757
$ 1,344,009
$ 6,868,518
$ 9,475,284
$ 19,710 $ 145,262 $ 84,456 $ 249,428
- 621,969 - 621,969
576,778 - 576,778
1,500,000 1,500,000
- - 3,829,751 3,829,751
19,710 1,344,009 5,414,207 6,777,926
453,637 453,637
1,243,047 - - 1,243,047
- - 1,000,674 1,000,674
1,243,047 - 1,454,311 2,697,358
$ 1,262,757 $ 1,344,009 $ 6,868,518 $ 9,475,284
The notes to the basic financial statements are an integral part of this statement.
13
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
RECONCILIATION OF THE BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30.2011
Fund Balances - Governmental Funds
Amounts reported for governmental activities in the Statement of Net Assets
different from those reported in the Governmental Funds because of the following:
Capital assets (net) used in governmental activities are not current assets or financial
resources and therefore, are not reported in the Governmental Funds Balance Sheet.
Capital assets
Accumulated depreciation
$ 2,697,358
$ 9,389,015
(1,728,777) 7,660,238
Other long -term assets are not available to pay for current period expenditures and
therefore are deferred in the funds.
Long -term note receivables
Interest payable on long -term debt does not require the use of current financial
resources and, therefore, are not reported in the Governmental Funds Balance Sheet.
Long -term liabilities 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
576,778
(451,120)
(24,780,000)
$ (14,296,746)
The notes to the basic financial statements are an integral part of this statement.
14
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Total Revenues 4,250 (3,011) 9,937,935 9,939,174
EXPENDITURES
Community development
674,654 638,923
DEBT
2,752,492
Cooperative grant to Town of Los Gatos
- 5,721,969
SERVICE
12,078,519
Capital outlay
CAPITAL PROJECT FUNDS
FUND
587,127
Passthrough payments
- -
4,287,085
Total
Debt service:
Housing
Certificates of
Government
Principal payments
Redevelopment Set -Aside
Participation
Funds
REVENUES
- -
1,019,882
1,019,882
Tax allocation increment
$ - $ -
$ 8,577,062
$ 8,577,062
Interest income
4,250 (3,033)
5,991
7,208
Rental income
- -
1,354,882
1,354,882,
Other income
- 22
-
22
Total Revenues 4,250 (3,011) 9,937,935 9,939,174
EXPENDITURES
Community development
674,654 638,923
1,438,915
2,752,492
Cooperative grant to Town of Los Gatos
- 5,721,969
6,356,550
12,078,519
Capital outlay
95,562 491,565
-
587,127
Passthrough payments
- -
4,287,085
4,287,085
Debt service:
Principal payments
- -
485,000
485,000
Interest and fiscal charges
- -
1,019,882
1,019,882
Total Expenditures
770,216 6,852,457
13,587,432
21,210,105
Excess (Deficiency) of Revenues
over Expenditures (765,966) (6,855,468) (3,649,497) (11,270,931)
OTHER FINANCING SOURCES (USES)
Transfers in 600,000 1,715,413 - 2,315,413
Transfers out - - (2,315,413) (2,315,413)
Total Other Financing Sources (Uses) 600,000 1,715,413 (2,315,413) -
Change in Fund Balances (165,966) (5,140,055) (5,964,910) (11,270,931)
Beginning Fund Balances
1,409,013 5,140,055
7,419,221
13,968,289
Ending Fund Balances
$ 1,243,047 $ -
$ 1,454,311
$ 2,697,358
The notes to the basic financial statements are an integral part of this statement.
15
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
RECONCILIATION OF THE STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Net Changes in Fund Balances - Total Governmental Funds
Amounts reported for governmental activities in the statement of activities are different
because:
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is capitalized and allocated over
their estimated useful lives and reported as depreciation expense. This is the
amount by which capital outlay ($651,536) exceeded depreciation ($101,693)
in the current period.
Revenues in the statement of acitivities from long -term receivables that do not
provide current financial resources are not reported as revenues in the funds.
The issuance of long -term debt provides current financial resources to
governmental funds, while the repayment of the principal of long -term debt
consumes the current financial resources of governmental funds. This amount
is the net effect of these differences in the treatment of long -term debt.
Repayment of debt principal
549,843
11,667
485,000
Interest expense from accrued interest reported in the statement of activities
does not require the use of current financial resources and therefore is not
reported as an expenditure in the governmental funds. (260,842)
Government Wide Changes in Net Assets
$ (11,270,931)
$ (10,485,263)
The notes to the basic financial statements are an integral part of this statement.
16
Notes to Financial Statements
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE AGENCY AND REDEVELOPMENT 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 California, including the power to issue bonds for any
of its corporate purposes. Its 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 Prieta Earthquake in 1989
and the need to rebuild existing infrastructure. The Redevelopment Agency area
encompasses approximately 440 acres in and around Downtown Los Gatos, which includes
retail and residential areas, lodging, schools, and main traffic thoroughfares. Projects such
as street and utility reconstruction, parking, streetscape and civic improvements were called
out in the Plan.
As part of the Redevelopment Plan, the Agency entered into agreements with various
taxing authorities, which required the Agency to pass through portions of incremental
property taxes to each entity. Expenditures for these pass - through agreements amounted to
$4,287,085 for the year ended June 30, 2011. The Agency also paid $457,334 for
"Supplemental" Educational Revenue Augmentation Funds ( SERAF) from the Certificates
of Participation Fund in fiscal year 2010 -11. The SERAF is allocated to local education
agencies with students residing in redevelopment project areas and residing in affordable
housing projects financially assisted by the redevelopment agency,
Since the Town of Los Gatos (the "Town ") is financially accountable for the Agency, the
Agency is considered a component unit of the Town. As such, the Agency is blended with
the Town's basic financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Agency's financial statements are prepared in conformity with 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.
The Statement of Activities presents a comparison between direct expenses and program
revenues for each function of the Agency's activities. Direct expenses are those that are
17
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
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 goods
or services offered by the programs, (b) grants and contributions that are restricted to
meeting the operational needs of a particular program and (c) fees, grants and contributions
that are restricted to financing the acquisition or construction of capital assets. Revenues
that are not classified as program revenues, including all taxes, 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 nonmaj or funds.
Major Funds
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 other
funds it believes should be presented as major funds.
The Agency reported the following major governmental funds in the accompanying
financial statements:
Redevelopment Fund — This fund is used to account for financial resources used for the
acquisition or construction of major capital facilities.
Housing Set Aside Fund — This fund is used to account for 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.
Basis of Accounting
The government -wide financial 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 time liabilities are incurred, regardless of when the
related cash flows take place.
Governmental funds are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Under this method, revenues are recognized
when measurable and available. The Agency considers property tax revenues reported in
the governmental funds to be available if the revenues are collected or are reasonably
expected to be collected within sixty days after year -end. For revenues other than property
18
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIA STATEMENTS
taxes, the Town generally applies the sixty -day period rule but would make exceptions
considering the measurable and available criteria. Expenditures are recorded when the
related fund liability is incurred, except for 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 are recognized when estimable and probable. Governmental
capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of
m
governental long -term debt and acquisitions under capital leases are reported as other
financing sources.
Non - exchange transactions, in which the Agency gives or receives value without directly,
receiving or giving equal value in exchange, include taxes, 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 may be available to finance program expenditures. The Agency's policy is to first
apply restricted grant resources to such programs followed by general revenues as
necessary.
Cash and Investments
The Agency's cash and cash equivalents are considered to be cash on hand, demand
deposits, and short -term investments if they are liquid.
The Town's investment policy and California Government Code permit investments in
obligations of U.S. Treasury and its agencies, commercial paper, banker's acceptances,
repurchase agreements, certificates of deposit, medium term notes, passbook savings
account demand deposits, mutual funds and the State of California Local Agency
Investment Fund.
Investments for the Agency are reported at fair value. The value is determined based upon
market closing 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" (amounts due within
one year), "advances to /from other funds" (non- current portions of interfund
lending /borrowing transactions), or "loans to /from other funds" (long -term
lending /borrowing transactions as evidenced by loan agreements). Advances and loans to
other funds are offset by a fund balance reserve in applicable Governmental Funds to
19
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
indicate they are not available for appropriation, and are not expendable available financial
resources.
Capital Assets
Capital Assets are valued at historical cost or estimated historical cost if actual historical
cost is not available. Contributed capital assets are valued at their estimated fair market
value on the date contributed. Capital assets are recorded if acquisition or construction
costs exceed $10,000.
As required by GASB Statement 34, the Agency depreciates capital assets with limited
useful lives over their estimated useful lives. The purpose of depreciation is to spread the
cost of capital assets equitably among all users over the life of these assets. The amount
charged to depreciation expense each year represents that year's pro rata share of the cost
of capital assets. The Agency depreciates using the straight line method which means the
cost of the asset is divided by its expected useful life in years and the result is charged to
expense each year until the asset is fully depreciated.
The Agency has assigned the useful lives listed below to capital assets:
Buildings 25 -40 years
Improvements 25 -40 years
Machinery and equipment 2 -20 years
Furniture and fixtures 5 -12 years
Major capital outlay for capital assets and improvements are capitalized as projects are
constructed.
Capital assets may be acquired using federal and state grants, contributions from
developers, and contributions or grants from other governments. GASB 34 requires that
these contributed assets be accounted for as revenue at the time they are contributed.
Long -Term Obligations
In the government -wide financial statements long -term debt and other long -term
obligations are reported as liabilities in the Statement of Net Assets.
Tax Increment
The Agency has no direct 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 increment) associated with increased
20
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
property values of individual project areas. Property tax increment is recorded as revenue
when it becomes both measurable and available to finance expenditures.
Property Held for 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 no relationship between
costs incurred and the final disposition value, which is significantly affected by various use
restrictions. For financial statement presentation, this property is stated at the lower of
estimated cost or net realizable value.
Use of Restricted/Unrestricted Net Assets
When an expense is incurred for purposes for which both restricted and unrestricted net
assets are available, the Agency's policy is to apply restricted net assets first.
Budgets and Budgetary Accounting
Prior to June 1, the Town Manager submits to the Town Council a proposed operating
budget for the upcoming fiscal year. The proposed budget includes a summary of proposed
expenditures and forecasted revenues of the Agency's governmental funds.
The Town Council adopts the budget by June 30 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 re- appropriation 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 combined statement of revenues and
expenditures — budget and actual in accordance with the budget basis to provide a
meaningful comparison of actual results to the budget.
Expenditures over Appropriation
During the fiscal year ended June 30, 2011, there were no actual expenditures that
materially exceeded budgeted amounts.
Use of Estimates
The Agency's management has made certain estimates and assumptions relating to the
reporting of assets and liabilities and the disclosure of contingent assets and liabilities to
prepare these financial statements in conformity with generally accepted accounting
principles. Actual results could differ from those estimates.
21
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
New Accounting Pronouncements
The Government Accounting Standards Board has issued Statement No. 54, Fund Balance
Reporting and Governmental Fund Type Definitions. This Statement establishes fund
balance classifications that comprise a hierarchy based primarily on the extent to which a
government is bound to observe constraints imposed upon the use of the resources reported
in governmental funds. Governments also are required to classify and report amounts in
the appropriate fund balance classifications by applying their accounting policies that
determine whether restricted, committed, assigned, and unassigned amounts are considered
to have been spent. Disclosure of the policies in the notes to the financial statements is
required. The definitions of the general fund, special revenue fund type, capital projects
fund type, debt service fund type, and permanent fund type are clarified by the provisions
in this Statement. The requirements of this Statement are effective for financial statements
for periods beginning after June 15, 2010 (fiscal year ending June 30, 2011).
3. CASH AND INVESTMENTS
Cash and Investment
The Agency has pooled its cash 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 contractual agreements, are not pooled. These restricted funds
include cash with fiscal agents.
The investments made by the Town are limited to those allowable under State statutes and
include the following types of investments:
• Bankers Acceptances
• State of California Local Agency Investment Fund (LAIF)
• Certificate of Deposit
• Commercial Paper
• Government Agency Securities
• Money Market Certificates
■ 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
$7,690,788 as of June 30, 2011. Restricted cash and investments as of June 30, 2011
amounted to $1,184,589.
See The Town's Comprehensive Annual Financial Report for disclosures related to cash
and investments and the related custodial risk categorization.
22
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
4. LONG -TERM NOTES RECEIVABLE
The Agency had the following long -term notes receivable as of June 30, 2011:
Description Interest Rate Maturity Balance
Project Match Various Various $ 482,113
Dittos Lane Family Housing, L.P. 3% Various 94,665
Total Long -term Notes Receivable $ 576,778
Protect Match
The Agency entered into a loan agreement with Project Match, a nonprofit benefit
corporation to acquire and rehabilitate four or five bedroom single family homes. The
property is to provide affordable housing rental to very low income senior households. The
loan receivable is evidenced by a promissory note and secured by a deed of trust. Since
inception of the loan till June 30, 2011, no interest or principal payments have been made.
Dittos Predevelopment Loan
During the year ended June 30, 2011, the Town entered into a loan agreement with Dittos
Lane Family Housing, L.P., a California limited partnership, in the principal amount of
$94,665. The loan is used to redevelop the affordable housing rental property, a maximum
of 32 townhouse style apartments, and secured by the property. In addition, the loan
repayments including principal, interest, late charges, prepayment fees, reasonable costs,
and etc. are guaranteed by ROEM Development Corporation, a company affiliated with the
borrower.
23
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
5. CAPITAL ASSETS
The following is a summary the Agency's capital assets:
Depreciation expense was $101,693 for the fiscal year ended June 30, 2011.
6. INTERFUND TRANSACTIONS
With Council approval, resources may be transferred from one fund to another. Transfers
routinely reimburse funds that have made an expenditure on behalf of another fund.
Transfers may also be made to pay for capital projects or capital outlays, lease or debt
service payments, operating expenses and low and moderate - income housing projects.
During the year, $600,000 was transferred to the Redevelopment Fund from the
Certificates of Participation Fund to pay for community development costs, and $1,715,413
was transferred to the Housing Set -Aside Fund from the Certificates of Participation Fund
to meet the 20% property tax increment transfer requirement for low and moderate income
housing.
7. ADVANCES FROM THE TOWN
The Town advanced $1,500,000 to the Agency to partially fund operations. The advance
beats interest at 10% and is repayable on demand, provided that sufficient tax increment
funds are available. For the fiscal year ended June 30, 2011, the Agency paid the Town
$150,000 interest on the advance.
24
Balance
Deletions /
Balance
Capital Assets
June 30, 2010
Additions Adjustments
June 30, 2011
Capital Assets not being depreciated;
Land
$ 4,669,771
$ 651,536 $ -
$ 5,321,307
Capital Assets being depreciated:
Buildings
4,067,708
- -
4,067,708
Total capital assets
8,737,479
651,536 -
9,389,015
Less accumulated depreciation:
Buildings
1,627,084
101,693 -
1,728,777
Total capital assets - net depreciation
$ 7,110,395
$ 549,843 $ -
$ 7,660,238
Depreciation expense was $101,693 for the fiscal year ended June 30, 2011.
6. INTERFUND TRANSACTIONS
With Council approval, resources may be transferred from one fund to another. Transfers
routinely reimburse funds that have made an expenditure on behalf of another fund.
Transfers may also be made to pay for capital projects or capital outlays, lease or debt
service payments, operating expenses and low and moderate - income housing projects.
During the year, $600,000 was transferred to the Redevelopment Fund from the
Certificates of Participation Fund to pay for community development costs, and $1,715,413
was transferred to the Housing Set -Aside Fund from the Certificates of Participation Fund
to meet the 20% property tax increment transfer requirement for low and moderate income
housing.
7. ADVANCES FROM THE TOWN
The Town advanced $1,500,000 to the Agency to partially fund operations. The advance
beats interest at 10% and is repayable on demand, provided that sufficient tax increment
funds are available. For the fiscal year ended June 30, 2011, the Agency paid the Town
$150,000 interest on the advance.
24
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
8. NONCURRENT LIABILITIES
The following is a summary of the changes in long -term debt as of June 30, 2011:
Interest Maturity Original Beginning Ending Current
Long -tern Debt
Rate
Date
Issue
Balance
Additions Deletions
Balance
Portion
1992 COP
5 -9 %
2012
$ 2,960,000
$ 470,000
$ - $ 230,000
$ 240,000
$ -
2002 COP
2,5 -5 %0
2031
10,725,000
9,120,000
- 255,000
8,865,000
265,000
2010 COP
2.5- 4.25%
2028
15,675,000
15,675,000
- -
15,675,000
530,000
Total Noncurrent Liabilities
$ 29,360,000
$ 25,265,000
$ - $ 485,000
$ 24,780,000
$ 795,000
1992 Certificates of Participation (1992 COPS)
The Town issued 1992 COPS in the amount of $2,960,000, dated August 1, 1992, 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
COPS are similar to bond debt as 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 1st,
which interest payments payable semi - annually on February 1 st and August 1 st. The Town
has pledged motor vehicle license fee revenues as collateral for the repayment of the
Certificates.
2002 Certificates of Participation (2002 CON
On July 18, 2002, the Town and the Los Gatos Redevelopment Agency issued $10,725,000
in 2002 COPS, Series A, to finance the acquisition, construction, rehabilitation, equipping
and improvement of several capital improvement projects. The Town has pledged lease
payments of real property and facilities comprised of the Parks and Public Works Service
Center and Baseball Field, as well as Parking Lot No. 1, 2, and 3, as collateral for the
repayment of the Certificates. Principal payments are due annually on August 1st, with
interest payments due semi - annually on February 1 st and August 1 st.
2010 Certificates of Participation (2010 COPs)
On June 1, 2010, the Town and the Los Gatos Redevelopment Agency issued $15,675,000
in 2010 COPs to finance the acquisition, construction and improvement of a library on the
Town's Civic Center campus; to be owned and operated by the Town. Principal payments
are due annually on August 1st, with interest payments due semi - annually on February 1st
and August 1 st.
To assist the Town in paying the cost of acquisition and construction of various projects,
the Town and its Redevelopment Agency entered into three reimbursement agreements in
1992, 2002 and 2010. Under the agreements, the Agency will use available net tax
increment revenues resulting from the projects' effect on land values to repay the Town for
25
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
all lease payments made by the Town to the Agency under the lease agreements for the
projects. Net tax increment revenues are all taxes allocated to and paid into the
Redevelopment Agency Capital Projects Fund for the Project Area.
Future Debt Service Reciairements
The following is a summary of future debt service requirements as of June 30, 2011:
For the Year
Ending June 30
Principal
Interest
Total
2012
$ 795,000
$ 837,437
$ 1,632,437
2013
1,165,000
1,043,596
2,208,596
2014
955,000
1,006,977
1,961,977
2015
990,000
968,830
1,958,830
2016
1,025,000
925,498
1,950,498
2017 -2021
5,765,000
3,957,158
9,722,158
2022 -2026
7,105,000
2,588,064
9,693,064
2027 -2031
6,330,000
919,826
7,249,826
2032
650,000
16,250
666,250
Total COP Debt Service
$ 24,780,000
$ 12,263,636
$ 37,043,636
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 Town fails to meet its obligations under the COPs
issue. These reserves totaled $940,387 at June 30, 2011,
The California Government Code requires these funds to be invested in accordance with
Town ordinance, bond indentures, or State statues. All these funds have been invested as
permitted under government code.
9. NET ASSETS AND FUND BALANCES
Net Assets
Net Assets are the excess of all the Agency's assets over all its liabilities, regardless of
fund. The Agency's government -wide liabilities exceeded its assets by $14,018,133 as of
June 30 2011 from the issuance of long -term debt to finance affordable housing and public
improvement projects, within the Agency's project area, that will be owned and maintained
by the Town. A "net liability" position is not uncommon for a redevelopment agency. The
Agency was established to borrow and spend funds for the purpose of community
development and will repay the borrowed funds with future tax assessments.
26
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
Net Assets are reported in three categories under GASB Statement 34. These categories
apply only to Net Assets, which is determined at the Government -wide level, and are
described below:
Invested in Capital 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 terms
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 and moderate income
purposes.
Unrestricted describes the portion of Net Assets which is not restricted to use.
Fund Balances
The Agency does not have a policy identifying a minimum unassigned fund balance.
Because amounts in the nonspendable, restricted, committed, and assigned categories are
subject to varying constraints on their use, the remaining fund balances are otherwise
unassigned.
In accordance with Government Accounting Standards Board 54, Fund Balance Reporting
and Governmental Fund Type Definitions, the Agency classifies governmental fund
balances as follows:
• Non - spendable - includes fund balance amounts that cannot be spent either because it is
not in spendable form or because of legal or contractual constraints.
• Restricted - includes fund balance amounts that are constrained for specific purposes
which are externally imposed by providers, such as creditors or amounts constrained
due to constitutional provisions or enabling legislation.
• Committed - includes fund balance amounts that are constrained for specific purposes
that are internally imposed by the government through formal action of the highest
level of decision making authority and does not lapse at year -end. Committed fund
balances are imposed by the Agency's board of directors.
• Assigned - includes fund balance amounts that are intended to be used for specific
purposes that are neither considered restricted or committed. Fund balance may be
assigned by the Town Manager or the Finance Director.
• Unassigned includes fund balances within the funds which have not been classified
within the above mentioned categories.
27
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
The Agency uses restricted /committed amounts to be spent first when both restricted and
unrestricted fund balance is available unless there are legal documents /contracts that
prohibit doing this, such as a grant agreement requiring dollar for dollar spending.
Additionally, the Agency would first use committed, then assigned, and lastly unassigned
amounts of unrestricted fund balance when expenditures are made.
10, TOWN GRANTS AND COOPERATIVE AGREEMENTS
Public Improvement Grants and Cooperative Agreements
In January of 2011, the Agency entered into a public improvement grant and cooperative
agreement with the Town for the purpose of funding the acquisition of public land and
designing and constructing various public improvements to be owned by the Town provided
that the projects are in accordance with the Agency's five year implementation plan and
redevelopment plan. The improvement plan, as indentified in the agreement, called for
approximately $24 million to be granted to the Town for the following projects:
1. Expansion and improvement of current and new downtown parking
2. Highway 9 improvements from Highway 17 to Monte Sereno
3. Almond Grove Area street, sidewalk and other improvements
4. Downtown Los Gatos gateways, signage, banners and art
5. Storm drain, retaining wall, street and other improvements
6. New Los Gatos library building
During the fiscal year ended June 30, 2011, $6,356,550 was granted to the Town from the
Certificates of Participation Fund.
Affordable Housing Cooperative Agreement
In March of 2011, the Agency entered into an affordable housing cooperative agreement with
the Town for the purpose of funding affordable housing projects and programs to be
developed and/or administered by the Town in accordance with the Agency's five year
implementation plan and redevelopment plan. The improvement plan, as indentified in the
agreement, called for approximately $16 million to be granted to the Town for the following
projects:
1. Development of affordable housing at 224 Main St.
2. Development of affordable housing at Dittos Lane
3. Acquisition of property and development of affordable housing on Knowles Ave
4. Partnership with Senior Housing Solutions for the creation of senior housing in Los
Gatos
5. Partnerships for the conversion of existing residential developments dedicated to
affordable housing
6. Grants to the Santa Clara County Housing Trust for the development of affordable
housing.
28
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
During the fiscal year ended June 30, 2011, $5,721,969 was granted to the Town from the
Housing Set -Aside Fund. $621,969 remained as a grant payable to the Town as of June 30,
2011.
Supplementary Information
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL (GAAP)
REDEVELOPMENT FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Variance
Budgeted Amounts Postive
Original Final Actual (Negative)
REVENUES
Interest $ 25,000 $ 25,000 $ 4,250 $ (20,750)
Total Revenues 25,000 25,000 4,250 (20,750)
EXPENDITURES
Current:
Community development 704,125 704,125 674,654 29,471
Capital outlay 134,117 95,837 95,562 275
Total Expenditures 838,242 799,962 770,216 29,746
Excess (Deficiency) of Revenues Over Expenditures (813,242) (774,962) (765,966) 8,996
OTHER FINANCING SOURCES (USES)
Transfers in 600,000 600,000 600,000 -
Total Other Financing Sources (Uses) 600,000 600,000 600,000 -
Net Change in Fund Balance $ (213,242) $ (174,962) (165,966) $ 8,996
Fund Balance- Beginning 1,409,013
Fund Balance - Ending $ 1,243,047
IM
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL (GAAP)
HOUSING SET -ASIDE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
REVENUES
Interest
Other income
Budgeted Amounts
Original Final
$ 125,000 $ 125,000 $
Variance
Postive
Actual (Negative)
(3,033) $ (128,033)
22 22
Total Revenues
EXPENDITURES
Current:
Community development
Cooperative grant to Town of Los Gatos
Capital outlay
Total Expenditures
125,000 125,000 (3,011) (128,011)
527,548 725,437
638,923
86,514
- 6,200,000
5,721,969
478,031
3,000,000 2,802,111
491,565
2,310,546
3,527,548 9,727,548 6,852,457 2,875,091
Excess (Deficiency) of Revenues Over Expenditures (3,402,548) (9,602,548) (6,855,468) 2,747,080
OTHER FINANCING SOURCES (USES)
Transfers in 1,605,890 1,605,890 1,715,413 109,523
Total Other Financing Sources (Uses) 1,605,890 1,605,890 1,715,413 109,523
Net Change in Fund Balance $ (1,796,658) $ (7,996,658) (5,140,055) $ 2,856,603
Fund Balance - Beginning 5,140,055
Fund Balance - Ending $ -
31
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (GAAP)
CERTIFICATES OF PARTICIPATION FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
OTHER FINANCING SOURCES (USES)
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance- Ending
(2,205,890) (2,205,890) (2,315,413) (109,523)
(2,205,890) (2,205,890) (2,315,413) (109,523)
$ (589,160) $ (6,945,710)
(5,964,910) $ 980,800
7,419,221
$ 2,954,311
32
-
Variance
Budgeted
Amounts
Postive
Original
Final
Actual
(Negative)
REVENUES
Property tax
$ 8,029,440
$ 8,029,440
$ 8,577,062.
$ 547,622
Interest
186,700
186,700
5,991
(180,709)
Rental Income
2,213,470
2,213,470
1,354,882
(858,588)
Total Revenues
10,429,610
10,429,610
9,937,935
(491,675)
EXPENDITURES
Community development
2,294,575
2,294,575
1,438,915
855,660
Cooperative grant to Town of Los Gatos
-
6,356,550
6,356,550
-
Pass through payment
4,154,830
4,154,830
4,287,085
(132,255)
Debt service:
Principal
1,120,000
1,120,000
485,000
635,000
Interest and fiscal charges
1,243,475
1,243,475
1,019,882
223,593
Total Expenditures
8,812,880
15,169,430
13,587,432
1,581,998
Excess (Deficiency) of Revenues Over Expenditures
1,616,730
(4,739,820)
(3,649,497)
1,090,323
OTHER FINANCING SOURCES (USES)
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance- Ending
(2,205,890) (2,205,890) (2,315,413) (109,523)
(2,205,890) (2,205,890) (2,315,413) (109,523)
$ (589,160) $ (6,945,710)
(5,964,910) $ 980,800
7,419,221
$ 2,954,311
32
Other Independent Auditor's Reports
C. G. UHLENBERG LLP
CERTIFIED PUBLIC ACCOUNTANTS
JEFFREY J. IRA, C.P.A. • KATHERINE CHAO, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Members of the Board of the
Town of Los Gatos Redevelopment Agency
Los Gatos, California
We have audited the basic financial statements of the Town of Los Gatos Redevelopment
Agency (the "Agency ") as of and for the year ended June 30, 2011, and have issued our report
thereon dated November 15, 2011. We conducted our audit in accordance with auditing standards
generally accepted in the United States of America and the standards applicable to financial
audits contained in Government Auditing Standards, issued by the Comptroller General of the
United States.
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 over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Agency's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course. of performing their assigned functions, to
prevent, or detect and correct misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control such that there is a reasonable
possibility that a material misstatement of the entity's financial statements will not be prevented,
or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose
described in the first paragraph of this section and was not designed to identify all deficiencies in
internal control over financial reporting that might be deficiencies, significant deficiencies, or
material weaknesses. We did not identify any deficiencies in internal control over financial
reporting that we consider to be material weaknesses, as defined above.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Agency's financial statements are
free of material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts, and grant agreements, noncompliance with which could have a
C. G. UH LL P
CERTIFIED PUBLIC ACCOUNTANTS
JEFFREY J. IRA, C.P.A. s KATHERINE CHAO, C.P.A.
direct and material effect on the determination of financial statement amounts. However,
providing an opinion on compliance with those provisions was not an objective of our audit and,
accordingly, we do not express such an opinion The results of our tests disclosed no instances of
noncompliance or other matters that are required to be reported under Government Auditing
Standards.
This report 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 be used
by anyone other than these specified parties.
dt,4:� 01 46P
November 15, 2011
Redwood City, California.
FINDINGS AND RECOMMENDATIONS
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
SUMMARY OF COMPLIANCE FINDINGS
FOR THE FISCAL YEAR ENDE JUNE 30, 2011
No current year findings.
35
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
SUMMARY OF PRIOR YEAR COMPLIANCE FINDINGS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
No prior year findings.
36
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EXRIBI a
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
LOS GATOS
Beginning Balance $5,140,055
Adjustment to Beginning Balance $0
Adjusted Beginning Balance $5,140,055
Total Tax Increment From PA(s) $1,715,413 Total Receipts from PA(s) $1,712,402
Other Revenues not reported on Schedule A $0
Sum of Beginning Balance and Revenues $6,852,457
Expenditure
Item Subitem Amount Remark
Housing Construction
$441,702
Subtotal of Housing Construction $441,702
Planning and Administration Costs
Administration Costs $436,231
Professional Services $51,410
Subtotal of Planning and Administration Costs $487,641
Property Acquisition
Relocation Payments $51,144
Subtotal of Property Acquisition $51,144
Subsidies from the LMIHF
Other $5,871,970 Low Moderate COOP
Grant
($5,721,969.88)and
Affordable Housing to
Housing Trust
($150,000.00)
Subtotal of Subsidies from the LMIHF $5,871,970
Total Expenditures $6,852,457
Net Resources Available $0
Page 1 of 3 12114111
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
LOS GATOS
Indebtedness For Setasides Deferred $0
Other Housing Fund Assets
Category Amount Remark
SERAF Total Receivable $0
Total Other Housing Fund Assets $0
Total Fund Equity $
200612007 $1516456
200712008 $1614435 sum of Previous Years' Tax Prior Year Ending Excess Surplus for
200812009 $1714850 Increment for 201012011 Unencumbered Balance 201012011
200912010 $1804573 $6650314 $5,140,055 $0
Sum of Current and 3 Previous Years' Tax Increments
$6,849,271
Adjusted Balance
$0
Excess Surplus for next year
$0
Net Resources Available
$0
Unencumbered Designated
$0
Unencumbered Undesignated
$0
Total Encumbrances
$0
Unencumbered Balance
$0
Unencumbered Balance 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 Households
Income Level Low Very Low Moderate Total
Land Held for Future Development
Site Name Num Of Zoning Purchase Estimated
Acres Date Start Date Remark
224 W Main St. .25 C2 0712712009 0712712014
Page 2 of 3 12114111
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
LOS GATOS
Land Held for Future Development
Site Name Num Of Zoning Purchase Estimated
Acres Date Start Date Remark
20 Dittos Lane 1.28 RID 1213112009 1213112014
Use of the Housing Fund to Assist Mortgag
Income Adjustment Factors I Requirements Completed
Home $ Hope $
Non Housing Redevelopment
Funds Usage
Resource Needs
LMIHF Deposits/Withdrawls
Document Document Custodian Custodian Copy
Name Date Name Phone Source
Achievements
Description
Page 3 of 3 12114111
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California Redevelopment Agencies- Fiscal Year 201012011
Project Area Contributions to Low and Moderate Income Housing Fund
SchA Project Area Financial Information
Agency LOS GATOS
Address 110 E. Main Street
Los Gatos CA 95030
ojectArea CENTRAL LOS GATOS PROJECT
Type: Inside Project Area
Status: Active
Plan Adoption: 1991
Plan Expiration Year:
2031
Amount
Gross Tax Calculated
Amount Amount
Suspended
Total % Cumulative
Increment Deposit
Allocated Exempted
and /or Deferred
Deposited Def.
$8,577,063 $1,715,413
$1,715,413 $0
$0
$1,715,413 20.00% $0
Repayment $0
Category
Interest Income - $3,033
Other Revenue1 $22
Total Additional Revenue - $3,011
Total Housing Fund Deposits for Project Area $1,712,402
Agency Totals For All Project Areas:
Amount
Gross Tax Calculated Amount Amount Suspended Total % Cumulative
Increment Deposit Allocated Exempted and /or Deferred Deposited Def.
$8,577,063 $1,715,412.6 $1,715,413 $0 $0 $1,715,413 20% $0
Total Additional Revenue from Project Areas: - $3,011
Total Deferral Repayments: $0
Total Deposit to Housing Fund from Project Areas: $1,712,402
Page 1 of 1 12114111
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O O
CALCULATION OF AVAILABLE REVENUES
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
CENTRAL PROJECT AREA
TAX YEAR 2011 -12
RECONCILIATION DATES: July 1, 2010 to June 30 , 2011
1. Beginning Balance, Available Revenues
2. Tax Increment Received -Gross
All Tax Increment Revenues , to include any Tax Increment
pass through to other local taxing agencies
3. All Other Available Revenues Received
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
6. Total amounts paid against indebtedness
in previous year. (D + E on Reconciliation Statement)
12, 979,126
9,316,795
79 „498
22, 375,419
15,525,404
7. Available Revenues, End of Year (5 -6) $ 6,850,015
FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS,
COVER PAGE, LINE 4
NOTES
Tax Increment Revenues:
The only amount(s) to be excluded as Tax Increment Revenue are any amounts pass through to other local taxing
agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in the Low and
Moderate Income Housing Fund will be washed in the above calculation, and therefore omitted from Available
Revenues at 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 on the Reconciliation Statement
as fully repaid under the "other” column (Col 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 ",
This Page
Intentionally
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Redevelopment Agency for the Town of Los Gatos
Annual Report
Fiscal Statement FY 2010/11
(Health & Safety Code Section 33080.5)
A) Amount of outstanding indebtedness of the Agency for the Los Gatos project area:
Location - Form A, Grand Totals line, from the Statement of Indebtedness reporting forms which
were filed with the County of Santa Clara prior to October 1, 2011 which is contained in Exhibit
D of this Annual Report.
Total Indebtedness of the Agency as of June 30, 2011 was $181,700,250.
B) Amount of gross tax increment generated in the Los Gatos project area:
Location - Statement of Income and Expenditures- Revenues, Tax Increment Gross line, from the
Financial Transactions Report which is contained in Exhibit C of this Annual Report.
Total gross tax increment for the Los Gatos Project Area was $8,577,062.
C) Amount of tax increment revenues paid to, or spent on behalf of, a taxing agency, other than a
school or community college district, pursuant to subdivision (b) of Section 33401 or Section
33676:
Location - Statement of Pass - Through / School District Assistance from the Financial
Transactions Report which is contained in Exhibit C of this Amival Report,
Los Gatos Project Area: County - $1,260,236
Cities - $137,593
Special Districts - $262,397
D) The financial transaction report required pursuant to section 53891 of the Govermnent Code:
Location - See attached copy of Annual Report of Financial Transactions — Exhibit C
E) Amount allocated to school or community college districts pursuant to each of the following
provisions: (1) Section 33401; (2) Section 33445; Section 33445.5; (4) paragraph (2) of
subdivision (A) OF Section 33676; and (5) Section 336821:
Location - Statement of Pass - Through / School District Assistance from the Financial
Transactions Report which is contained in Exhibit C of this Amival Report.
Los Gatos Project Area: School - $2,787,628 and College - $121,629
F) Amount of existing indebtedness, as defined in Section 33682, and the total amount of payments
required to be paid on existing indebtedness for that fiscal year:
Location —This relates to indebtedness that was issued prior to fiscal year 1992-93.
Los Gatos Project Area: Total Debt - $200,000 Payment - $0.00
G) Any other fiscal information which the Agency believes useful to describe its programs:
EXRIBIT E
TIIIS PAGE
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