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Resolution No. 2010 -238
11th
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
REGULAR MEETING AGENDA
WEDNESDAY, DECEMBER 15, 2010
7:00 P.M.
Moorpark Community Center 799 Moorpark Avenue
1. CALL TO ORDER:
2. ROLL CALL:
3. PUBLIC COMMENT:
4. REORDERING OF, AND ADDITIONS TO, THE AGENDA:
5. CONSENT CALENDAR: (ROLL CALL VOTE REQUIRED)
A. Consider Minutes of Regular Meeting of November 17, 2010. Staff
Recommendation: Approve the minutes.
B. Consider Replacement Housing Plan for 112 and 124 First Street. Staff
Recommendation: Adopt Replacement Housing Plan for 112 and 124 First
Street. (Staff: David Moe)
All writings and documents provided to the majority of the Agency regarding all open - session agenda items are available for
public inspection at the City Hall public counter located at 799 Moorpark Avenue during regular business hours. The agenda
packet for all regular Redevelopment Agency meetings is also available on the City's website at www.ci.mooroark.ca.us.
Any member of the public may address the Agency during the Public Comments portion of the Agenda, unless it is a Public
Hearing or a Presentation /Action/ Discussion item. Speakers who wish to address the Agency concerning a Public Hearing or
Presentations /Action/Discussion item must do so during the Public Hearing or Presentations /Action/ Discussion portion of the
Agenda for that item. Speaker cards must be received by the City Clerk for Public Comment prior to the beginning of the Public
Comments portion of the meeting; for a Presentation/Action/Discussion item, prior to the Chair's call for speaker cards for each
Presentation /Action/ Discussion agenda item; and for a Public Hearing item, prior to the opening of each Public Hearing, or
beginning of public testimony for a continued hearing. A limitation of three minutes shall be imposed upon each Public Comment
and Presentation /Action/Discussion item speaker. A limitation of three to five minutes shall be imposed upon each Public
Hearing item speaker. Written Statement Cards may be submitted in lieu of speaking orally for open Public Hearings and
Presentation /Action/Discussion items. Any questions concerning any agenda item may be directed to the City Clerk's office at
517 -6223.
Redevelopment Agency Agenda
December 15, 2010
Page 2
5. CONSENT CALENDAR: (continued)
C. Consider Relocation Plan for 112 and 124 First Street and Resolution
Amending the Fiscal Year 2010/11 Budaet to Fund the Relocations. Staff
Recommendation: 1) Approve Relocation Plan for 112 and 124 First Street;
and 2) Adopt Resolution No. 2010- ROLL CALL VOTE REQUIRED
(Staff: David Moe)
D. Consider Annual Financial Report for the Fiscal Year Ended June 30, 2010
for the Moorpark Redevelopment Agency. Staff Recommendation: Accept
the Annual Financial Report and receive and file the report. ROLL CALL
VOTE REQUIRED (Staff: Ron Ahlers)
6. CLOSED SESSION:
A. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Significant exposure to litigation pursuant to Subdivision (b) of Section
54956.9 of the Government Code: (Number of cases to be discussed - 4)
B. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Initiation of litigation pursuant to Subdivision (c) of Section 54956.9 of the
Government Code: (Number of cases to be discussed - 4)
C. CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Pursuant to Government Code Section 54956.8)
Property: 61 East High Street (APN 512 -0- 091 -070)
Agency Negotiator: Redevelopment Agency of the City of Moorpark - Steven
Kueny, Executive Director
Negotiating Parties: Kirk Aiken
Under Negotiation: Price and terms of sale
7. ADJOURNMENT:
In compliance with the Americans with Disabilities Act, if you need special assistance to review an agenda or
participate in this meeting, including auxiliary aids or services, please contact the City Clerk's Division at (805)
517 -6223. Upon request, the agenda can be made available inappropriate alternative formats to persons with a
disability. Any request for disability - related modification or accommodation should be made at least 48 hours
prior to the scheduled meeting to assist the City staff in assuring reasonable arrangements can be made to
provide accessibility to the meeting (28 CFR 35.102 - 35.104; ADA Title II).
Redevelopment Agency Agenda
December 15, 2010
Page 3
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss
CITY OF MOORPARK )
AFFIDAVIT OF POSTING
I, Maureen Benson, declare as follows:
That I am the City Clerk of the City of Moorpark and that a notice for a Regular Meeting of
the Redevelopment Agency of the City of Moorpark to be held Wednesday, December 15,
2010, at 7:00 p.m. in the Council Chambers of the Moorpark Community Center, 799
Moorpark Avenue, Moorpark, California, was posted on December 10, 2010, at a
conspicuous place at the Moorpark Community Center, 799 Moorpark Avenue, Moorpark,
California.
I declare under penalty of perjury that the foregoing is true and correct.
Executed on December 10, 2010.
Maureen Benson, Assistant City Clerk
CITY OF MOORPARK, CALIFORNIA
Redevelopment Agency Meeting
ITEM 5.A.
of /.2 -/3-
ACTION: ot
MINU ES OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
BY: --Aee November 17, 2010
A Regular Meeting of the Redevelopment Agency of the City of Moorpark was held on
November 17, 2010, in the Community Center of said City located at 799 Moorpark
Avenue, Moorpark, California.
1. CALL TO ORDER:
Chair Parvin called the meeting to order at 7:32 p.m.
2. ROLL CALL:
Present: Agency Members Mikos, Millhouse, Pollock, Van Dam, and
Chair Parvin.
Staff Present: Steven Kueny, Executive Director; Joseph Montes, General
Counsel; Hugh Riley, Assistant Executive Director; Deborah
Traffenstedt, Deputy City Manager; Ron Ahlers, Agency
Treasurer; and Maureen Benson, Agency Secretary.
3. PUBLIC COMMENT:
None.
4. REORDERING OF, AND ADDITIONS TO, THE AGENDA:
None.
5. CONSENT CALENDAR: (ROLL CALL VOTE REQUIRED)
MOTION: Agency Member Van Dam moved and Agency Member Mikos seconded a
motion to approve the Consent Calendar. The motion carried by unanimous roll call
vote.
A. Consider Minutes of Special Meeting of November 3, 2010. Staff
Recommendation: Approve the minutes.
B. Consider Minutes of Reaular Meetinq of November 3, 2010. Staff
Recommendation: Approve the minutes.
C. Consider Award of Bid and Project Approval for the Retaining Wall at 81
First Street Retainina Wall and Resolution Amending the Fiscal Year
2010/11 Budget to Fund the Project. Staff Recommendation: 1) Approve
the construction of the retaining wall at 81 First Street; 2) Award bid to
Malibu Pacific Tennis Courts, Inc. and authorize execution of the
1
Minutes of the Redevelopment Agency
Moorpark California Page 2 November 17, 2010
Agreement by the Executive Director, subject to final language approval
by the Executive Director and Agency Counsel; 3) Authorize the Executive
Director to approve change orders for the project up to the 10%
contingency amount; and 4) Adopt Resolution No. 2010 -237. ROLL CALL
VOTE REQUIRED
6. CLOSED SESSION:
None was held.
7. ADJOURNMENT:
Chair Parvin adjourned the meeting at 7:33 p.m.
Janice S. Parvin, Chair
ATTEST:
Maureen Benson
Agency Secretary
P)
CITY OF MOORPARK, CALIFORNIA
Redevelopment Agency Meeting
of - IA -/S -,?c / o
ACTION:
BY:
MOORPARK REDEVELOPMENT AGENCY
AGENDA REPORT
To: Honorable Agency Board of Directors
From: David C. Moe II, Redevelopment Manag
By: Jessica Sandifer, Management Anal
Date: December 3, 2010 (Agency Meeting of 2/15/10)
ITEM 5.13.
Subject: Consider Replacement Housing Plan for 112 and 124 First Street
BACKGROUND
The Redevelopment Agency of the City of Moorpark ( "Agency ") recently acquired the
properties at 112 and 124 First Street. These sites will be aggregated to produce a site
for a future affordable housing project.
DISCUSSION
The property located at 112 First Street is improved with one, two bedroom single family
dwelling, which is unoccupied, and an un- permitted two bedroom unit which was
occupied by a very-low income household. According to Section 33413.5 of the
California Redevelopment Law (Health and Safety Code, Section 33000 et seq.),
whenever the Agency executes an agreement for acquisition of real property, or an
agreement for the disposition and development of property which would lead to the
destruction or removal of dwelling units from the low and moderate income housing
market, Agency is required to adopt a replacement housing plan ( "Plan ").
The attached Plan ( "Attachment I ") identifies the impacts the redevelopment project will
have on the community's supply of very-low, low and moderate income housing and
details the measures that the Agency will take to ensure that the appropriate
replacement housing is produced within the four year time limit. The replacement
dwelling units must have an equal or greater number of bedrooms from the removed
units and shall be located within the redevelopment project area or within the territorial
jurisdiction of the Agency (city limit). The replacement units shall also be made
affordable to the same income level of very-low income, low income and moderate
income households, as the persons displaced from those destroyed or removed units.
The Agency has several options available to provide replacement housing to mitigate
the loss of the units at 112 and 124 First Street, including acquisition, rehabilitation, new
3
Honorable Agency Board
December 15, 2010
Page 2
construction, and the allocation of "banked" dwelling units from prior development
activity. The Agency's banked dwelling units /bedrooms are sufficient to satisfy the
required very-low income replacement housing obligation. Therefore, the Agency's
surplus number of very-low income units will be reduced by two units and four
bedrooms in order to satisfy the Agency's replacement housing obligation.
RECOMMENDATION
Adopt Replacement Housing Plan for 112 and 124 First Street.
Attachment I: Replacement Housing Plan
ri
ATTACHMENT 1
REPLACEMENT HOUSING PLAN
FOR THE
AFFORDABLE HOUSING PROJECT
112 FIRST STREET AND 124 FIRST STREET
Prepared for
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
By
OVERLAND, PACIFIC & CUTLER, INC.
3750 SCHAUFELE AVE., SUITE 150
LONG BEACH, CALIFORNIA 90808
(800) 400 -7356
September 30, 2010
5
I. INTRODUCTION ...................................................................................................... ..............................1
II. PROJECT DESCRIPTION AND LOCATION ........................................................ ..............................3
111. UNITS TO BE REPLACED ................................................................................... ..............................5
IV. ANNUAL INCOME RESTRICTIONS .................................................................. ..............................7
V. LOCATION OF REPLACEMENT HOUSING ....................................................... ..............................8
VI. FINANCING THE REPLACEMENT 14OUSING ................................................. ..............................9
VII. NON - APPLICABILITY OF ARTICLE XXXIV OF THE CALIFORNIA CONSTITUTION ......... 10
VIII. TIME TABLE FOR REPLACEMENT HOUSING ........................................... ..............................1 1
IX. SUMMARY ........................................................................................................... .............................12
The Redevelopment Agency of the City of Moorpark (the "Agency ") intends to proceed
with its plans for the Affordable Housing Project at 112 First Street and 124 First Street (the
Project) and is acquiring two 7,500 square foot First Street parcels improved with two
single family dwelling units. The Project will require the razing of two affordable housing
units.
Section 33413.5 of the California Redevelopment Law (Health and Safety Code, Section
33000 et seq.) requires a redevelopment agency to adopt a replacement housing plan
whenever the agency executes an agreement for acquisition of real property, or an
agreement for the disposition and development of property which would lead to the
destruction or removal of dwelling units from the low and moderate income housing market.
The plan should identify the impacts that a particular redevelopment project will have on
the community's supply of very-low, low and moderate income housing and detail the
measures that the agency will take to ensure that the appropriate replacement housing is
produced within the four year time limit.
Section 33413(a) of the California Redevelopment Law requires that whenever dwelling
units housing persons and families of very-low, low or moderate income are destroyed or
removed from the very-low, low and moderate income housing market as part of a
redevelopment project, which is subject to a written agreement with a redevelopment
agency or where financial assistance has been provided, the agency shall within four years
of the destruction or removal, rehabilitate, develop, construct, or cause to be rehabilitated,
developed, or constructed, for rental or sale to persons and families of very-low, low or
moderate income, an equal number of replacement dwelling units at affordable housing
cost within the redevelopment project area or within the territorial jurisdiction of the agency.
When dwelling units are removed after January 1, 2002, 100% of the replacement dwelling
units shall replace dwelling units in the same income level of very-low income households,
lower income households and persons and families of low and moderate income, as the
persons displaced from those destroyed or removed units.
Demolished or converted, occupied or vacant occupiable, very-low, low and moderate
income units must be replaced with units of an equal number of bedrooms from the
removed units. The units must be within the agency's jurisdiction, in standard condition,
and designed to remain affordable to very-low, low and moderate income households,
respectively for a minimum of the longest feasible time, as determined by the agency, but
Replacement Housing Plan Page 1
7
for no less than the period of the land use controls established in the redevelopment plan,
unless a longer time period is applicable under the Health & Safety Code §33413(c).
The Redevelopment Plan for Agency's Moorpark Redevelopment Project Area is
scheduled to expire in July 2034. Pursuant to the passage of Assembly Bill No. 637,
however, "affordable" units provided by an Agency post- January 1, 2002 are required to
have affordability covenants for minimum, fixed -time periods irrespective of the life of any
one Project Area or Agency (and the term of applicability of the land use controls).
Specifically, Section 33413(c) established those time limits at 45 years for ownership units
and 55 years for rental housing. The units are anticipated to be removed by June of 2011
and the replacement unit must be provided within a four year time frame. Therefore, the
replacement unit must be available by June of 2015, or four years from the time the
existing units are removed.
This Replacement Housing Plan (the "Plan ") has been prepared by the Agency as a
result of proposed redevelopment of property located in the Project and to satisfy the
requirements for replacement housing contemplated under the California Redevelopment
Law.
This Plan describes the following:
1) Proposed Project,
2) General location of the very-low, low and moderate income dwelling units which
will, or may be, removed or destroyed as a result of the Project,
3) General location and intentions for the development of the replacement housing,
4) Means of financing such development,
5) Schedule for the construction of the replacement housing, and
6) Period for which these units will remain affordable.
Replacement Housing Plan Page 2
M.
PROJECT DESCRIPTION
The Redevelopment Agency of the City of Moorpark is in a process of acquiring two
separate 7,500 square foot parcels improved with two single family dwelling units at 112
First Street and 124 First Street in Moorpark. It is the intent of the Agency to acquire the
parcels and demolish the current structures and build two houses per site to be sold for
affordable housing (the Project). To effectuate the development of the Project, the Agency
must permanently relocate two residential households and raze two affordable units. The
households currently occupy small, two- bedroom units in need of extensive repair.
The Agency plans to develop the site as an affordable housing development. The Agency
intends to fully replace the two existing very low income units that will be removed, totaling
four bedrooms. Preparation of this replacement housing plan outlines the Agency's
timetable, funding and methods for the replacement of the units and bedrooms.
PROJECT LOCATION
The proposed Project will take place in the City of Moorpark (the City) which is located in
the southeastern portion of Ventura County, approximately 40 miles northwest of
downtown Los Angeles. Moorpark is easily accessible from State Routes 23 and 118 with
neighboring communities of Simi Valley, Thousand Oaks, Camarillo, Somis, Santa Paula,
and Fillmore. (See Attachment 1, Figure 1).
The specific Project site is located just west of the SR -118 Ronald Reagan Freeway, near
the southwest corner of First Street and Flory Avenue. (See Attachment 1, Figure 2).
Replacement Housing Plan Page 3
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Replacement Housing Plait
Page 4
10
A personal survey was conducted with residents of the occupied units and information
obtained from publicly available sources was made available in order to verify the number
of bedrooms for the Project dwelling units.
This Replacement Housing Plan analysis will consider two occupied single - family
dwellings.
Per the California Redevelopment Law, 100% of the very low to moderate income dwelling
units shall be replaced with dwelling units having an equal number of bedrooms available
at the respective very low to moderate income levels.
Bedroom Survey by Income Level
Table 1 defines the number of dwelling units and bedrooms that will be displaced and the
100% requirement for replacement by income level. The numbers under each household
income category indicate the total households displaced (the number of dwelling units) and
the numbers in parenthesis indicate the total number of bedrooms displaced for each
income level by bedroom size.
Table 1 further defines the number of bedrooms necessary to meet the requirements of
the 100% replacement criteria.
Replacement Housing Plan Page 5
11
As a result, there are a total of four bedrooms in two residential units that need to be
rehabilitated, developed, or constructed pursuant to Section 33413(a) of the Community
Redevelopment Law. Based on the 100% replacement criteria by income level, it has been
determined that all four replacement bedrooms should be affordable to very-low income
households.
As described in Table 2, following, through July 31, 2010 the Agency has previously
created or has planned for the creation of the following net number of affordable housing
units /bedrooms.
Replacement Housing Plan Page 6
12
California Health and Safety Code Sections 50079.5 and 50105 provide that the moderate,
low and very-low income limits established by the U. S. Department of Housing and Urban
Development ( "HUD ") are the state limits for those income categories. Sections 50079.5
and 50105 direct the Department of Housing and Community Development ( "HCD ") to
publish the income limits. HUD released new income limits in May 2010. Accordingly, HCD
has filed with the Office of Administrative Law, amendments to Section 6932 of Title 25 of
the California Code of Regulations. The amendments contain the new HUD income limits
prepared by HCD pursuant to Health and Safety Code Section 50093 and published on
June 17, 2010.
The following figures, shown in Table 3, are approved for use in the County of Ventura to
define and determine housing eligibility by income level:
30,350
48,300
60,700
72,850
34,700
55,200
69,350
83,250
39,050
62,100
78,050
93,650
43,350
68,950
86,700
104,050
46,850
74,500
93,650
112,350
50,300
80,000
100,550
120,700
53,800
85,500
107,500
129,000
57,250
91,050
114,450
137,350
Replacement Housing Plat: Page 7
13
The Agency has several options available to provide replacement housing to ameliorate
the impact of the Project, including acquisition, rehabilitation, new construction, and the
allocation of "banked" dwelling units from prior development activity. As described in Table
1, earlier, the implementation of the proposed Project will result in the removal of a total of
two "affordable ", residential dwelling units, with the applicable bedroom /room counts and
income affordability levels as indicated.
The Agency's previously funded affordable housing projects provide surplus dwelling units
and bedrooms that can be allocated by the Agency for future housing obligations. The
Agency has a sufficient number of "banked" dwelling units/bedrooms to satisfy the required
very low, lower and moderate income replacement housing obligation for the Project.
Assuming an assignment of the Agency's replacement obligation identified for the subject
Project to the aforementioned "bank" of housing Table 4, following, assigns that allocation
to the appropriate income category and shows the net balance of affordable housing
accruing to the Agency.
Replacement Housing Plan Page 8
14
The Redevelopment Plans that were created for the Moorpark Redevelopment Project
Area authorize the Agency to finance its activities with assistance from actual sources,
including the City of Moorpark, State of California, United States Government, property tax
increment funds, interest income, Agency bonds, or other available sources.
In the acquisition, construction and /or rehabilitation of the affordable housing units
identified in the preceding section, the Agency may utilize a variety of funding sources to
finance these activities. Sources that may be utilized include: State or Federal grants and
loans, including, but not limited to; HUD Community Development Block Grant (CDBG)
funds; HOME grants; various mortgage subsidy or guarantee programs, including Section
202 and programs offered by the California Housing Financing Agency (CHFA), tax
increment funds; below market rate financing through the sale of tax exempt mortgage
revenue bonds; redevelopment twenty percent set -aside funds; and developer funds.
Specific funding for future replacement housing units may be through the use of any
combination of the above described methods and sources.
In addition to the financing methods listed, the Agency may utilize density bonuses in
exchange for covenanted units in the Project area.
Replacement Housing flan page 9
15
Article XXXIV of the California Constitution requires voter approval of all low -rent housing
projects that are developed, constructed, or acquired by public entity. However, under
Section 37001 of the California Health and Safety Code, which implements this
Constitutional mandate, the replacement housing identified in this Plan is not a "low -rent
housing project" as defined in Section 2 of Article XXXIV of the California Constitution. It is
hereby found and determined that the replacement housing to be developed and
constructed under this replacement housing plan does not require approval of the voters of
the City of Moorpark pursuant to Article XXXIV of the California Constitution. Neither
ownership housing, nor rental housing are "low rent housing projects" as described in
Article XXXIV, and Section 37001 (b) of the California Health and Safety Code. All such
replacement housing will be privately owned, and will not be exempt from real property
taxes by reason of public ownership and will not be financed with direct long term financing
from a public body.
In addition, the Agency will not "develop, construct, or acquire" housing as described in
Section 1 of Article XXXIV of the State Constitution because it may provide developers
assistance and monitoring construction by imposition of mandated or authorized
conditions.
Replacement Housing Plan Page 10
UP
The Agency has provided a considerable degree of continuing support in the construction
and /or rehabilitation of replacement housing units sufficient to address the replacement
requirements of affordable housing discussed in this Plan. It is the intent of the Agency to
use "banked" units from previously developed housing units to fulfill its replacement
housing requirement.
The Agency acknowledges that replacement housing units must be affordable in the same,
or lower income categories than those being razed or otherwise removed from the City's
housing inventory and will ensure that this result is realized.
Further, any units developed as replacement housing units will be completed within four
years and will remain income - restricted for the appropriate period as required by law.
Replacement Housing Plan
Page 11
17
In summary, a total of four bedrooms in two dwelling units will be removed as a result of
the Project, as planned.
Based on the 100% replacement criteria by income level, Agency through a variety of
replacement housing options will replace the four bedrooms affordable to very-low income
households by using previously developed housing units. The result of the above actions
will yield the required number of replacement dwelling units as mandated under California
Redevelopment Law and the Housing and Community Development Act.
The Agency recognizes its legal and community responsibilities in this matter and will make
a sincere, good -faith effort to accomplish these goals. The Agency retains its option to use
other approaches and strategies not discussed herein to fulfill its replacement housing
obligations in a timely manner.
Replacement Housing Plan Page 12
"ITY OF MOORPARK, CALIFORNIA
Redevelopment Agency Meeting ITEM
_!A- 5 "oZ o / 0
ACTON:
Je
n
BY.-
RPARK REDEVELOPMENT AGENCY
AGENDA REPORT
To: Honorable Agency Board of Directors
From: David C. Moe II, Redevelopment Manager V'
By: Jessica Sandifer, Management Analy t
Date: December 1, 2010 (Agency Meeting of 12/15/10)
Subject: Consider Relocation Plan for 112 and 124 First Street and Resolution
Amending the Fiscal Year 2010/11 Budget to Fund the Relocations
BACKGROUND
The Redevelopment Agency of the City of Moorpark ( "Agency ") recently acquired 112
and 124 First Street ( "Property "). These two sites will be aggregated to produce a site
for a future affordable housing project ( "Project').
DISCUSSION
The property at 112 First Street is improved with one, two bedroom single family
dwelling, which is vacant, and an un- permitted two bedroom unit, which is occupied by a
very-low income household. The property at 124 First Street is improved with one two
bedroom single family dwelling and is occupied by a very-low income family. In order to
move forward with the Project, the households will need to be permanently relocated.
The displacements trigger relocation assistance obligations under State Relocation
Law, California Government Code Section 7260 et seq. and the State Relocation
Guidelines, California Code of Regulations, Title 25, Chapter 6 et seq.
Whenever all or any portion of a redevelopment project is developed with low or
moderate income housing units and whenever any low or moderate income housing
units are developed with any agency assistance or pursuant to Section 33413, the
agency shall require by contract or other appropriate means that such housing be made
available for rent or purchase to the persons and families of low or moderate income
displaced by the redevelopment project. Since the households occupying both dwellings
are low- income households, they would be eligible to receive priority status in a future
Agency affordable housing project.
Among the various obligations of the State Relocation Law is the requirement to
prepare a relocation plan addressing the circumstances and needs of those persons
potentially displaced by the Project. Attachment I is the Relocation Plan ( "Plan ") that
19
Honorable Agency Board
December 15, 2010
Page 2
has been prepared by Overland, Pacific & Cutler (OPC) in accordance with the specific
requirements set out in Section 6038 of the State Relocation Guidelines concerning
projects that involve the displacement of less than 15 households. This Plan provides
the Project description, the results of a needs assessment survey conducted among
residents, a housing resource study and details of the Agency's proposed relocation
program. No 90 -day notices will be issued prior to the required reviews and approval of
this Plan. Tenants are allowed to leave voluntarily if they locate a relocation unit prior to
the adoption of this plan. The tenant at 112 First Street took advantage of this and has
already relocated.
FISCAL IMPACT
The total cost of permanently relocating the tenant at 112 First Street is $24,359. Since
as mentioned above the tenant at 112 First Street has already relocated, this is the final
cost for that relocation. The total cost of permanently relocating the tenants at 124 First
Street is anticipated to be $54,929, which includes a 10% contingency. The 124 First
Street relocation is more costly than 112 First Street due to the larger size of the family
being relocated from this unit.
Funds totaling $79,288 from the MRA Low /Mod Income Housing Fund (2901) need to
be allocated to cover the cost of these relocations. At this time, the MRA Low /Mod
Income Housing Fund (2901) is projected to have a deficit fund balance of $25,123 at
the end of June 30, 2011 and the additional appropriations will bring the deficit balance
to $104,411. However, the Agency will be receiving funds in December in the amount of
$349,153 from payoff of a Pre - development Loan, which will improve the fund balance
position of this project.
STAFF RECOMMENDATION (ROLL CALL VOTE)
1. Approve Relocation Plan for 112 and 124 First Street, and
2. Adopt Resolution No. 2010 -
Attachment I: Relocation Plan
Attachment II: Resolution 2010-
20
ATTACHMENT 1
RELOCATION PLAN
FOR THE
AFFORDABLE HOUSING PROJECT
112 FIRST STREET AND 124 FIRST STREET
PREPARED FOR
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
BY
OVERLAND, PACIFIC & CUTLER, INC.
3750 SCHAUFELE AVE., SUITE, 150
LONG BEACH, CA 90808
PHONE: (800) 400 -7356
SEPTEMBER 27, 2010
21
INTRODUCTION............................................................................................ ..............................1
A.
PRO.IECT LOCATION ..................................................................... ..............................1
B.
ASSESSMENT OF NEEDS ................................................................ ..............................2
C.
REPLACEMENT HOUSING RESOURCES ................................... ..............................3
D.
CONCURRENT RESIDENTIAL DISPLACEMENT ..................... ..............................3
E.
TEMPORARY HOUSING ................................................................. ..............................3
F.
PROGRAM ASSURANCES AND STANDARDS ............................ ..............................4
G.
RELOCATION ASSISTANCE PROGRAM .................................... ..............................4
H.
CITIZEN PARTICIPATION /PLAN REVIEW ................................ ..............................5
I.
RELOCATION BENEFIT CATEGORIES ...................................... ..............................5
J.
PAYMENT OF RELOCATION BENEFITS .................................... ..............................7
K.
EVICTION POLICY ........................................................................... ..............................7
L.
APPEALS POLICY ............................................................................. ..............................8
M.
PROJECTED DATES OF DISPLACEMENT ................................. ..............................8
N.
ESTIMATED RELOCATION COSTS ............................................. ..............................8
22
INTRODUCTION
The Redevelopment Agency of the City of Moorpark( Displacing Agency orAgency)is in a
process of acquiring two separate 7,500 square foot parcels improved with two single
family dwelling units at 112 First Street and 124 First Street in Moorpark. It is the intent of
the Agency to acquire the parcels and demolish the current structures and build two
houses per site to be sold for affordable housing (Project). To effectuate the development
of the Project, the Agency must permanently relocate two residential households. The
households currently occupy small, two- bedroom units in need of extensive repair. The
displacement triggers relocation assistance obligations under State Relocation Law,
California Government Code Section 7260 et seq. (the Law) and the State Relocation
Guidelines, California Code of Regulations, Title 25, Chapter 6 et seq. (the Guidelines).
Among the various obligations of the Law is the requirement to prepare a relocation plan
addressing the circumstances and needs of those persons potentially displaced by the
Project.
The following Relocation Plan (Plan) has been prepared by Overland, Pacific & Cutler
(OPC) in accordance with the specific requirements set out in Section 6038 of the
Guidelines concerning projects that involve the displacement of fewer than 15 households.
This Plan provides a Project description, the results of a needs assessment survey of the
residential household, a housing resource study and details of the Agency's proposed
relocation program. No displacement activities will take place prior to the required reviews
and approval of this Plan.
A. PROJECT LOCATION
The proposed Project will take place in the City of Moorpark (City) which is located in the
southeastern portion of Ventura County, approximately 40 miles northwest of downtown
Los Angeles. Moorpark is easily accessible from State Routes 23 and 118 with neighboring
communities of Simi Valley, Thousand Oaks, Camarillo, Somis, Santa Paula, and Fillmore.
(See Attachment 1, Map 1).
Overland, Pacific & Cutler, Inc. Page 1
23
The specific Project site is located just west of the SR -118 Ronald Reagan Freeway, near
the southwest corner of First Street and Flory Avenue. (See Attachment 1, Map 2).
B. ASSESSMENT OF NEEDS
On August 19, 2010, survey information for the Plan was obtained from personal, on -site
interviews with both affected residential households.
Both Project households are renting two bedroom single - family units. One household
consists of five members and one has eight members. The eight- member household
began occupancy of the house in July 2006 and their current monthly rent is $1,200 and
the five- member household moved in to the Project unit in December 2009 and their
monthly rent is $600. Both households report their ethnicity as Hispanic, and Spanish as
primary language.
According to income standards for the County of Ventura adjusted for family size, as
published by the United States Department of Housing and Urban Development (HUD) in
May 2010 and by the California Housing Community Development Department in June
2010, one Project household qualifies as extremely low income (less than 30% of area
median) and one household qualifies as very low income (31% to 50% of area median).
The households are not considered senior households (head of household or spouse 62
years or older) and have no reported physical disabilities that could affect the relocation
process.
The standard for housing density allows two persons per bedroom and one person in a
common living area. One Project household requires a two- bedroom replacement unit and
one household requires a four - bedroom unit based on this Agency standard. Replacement
housing referrals to the occupants will reflect the need for appropriately sized
accommodations.
Prevailing HUD income standards as well as general demographic information for the City
are presented in Attachments 2 and 3.
Overland, Pacific & Cutler, Inc.
Page 2
24
Relocation Plan - Affordable Housing Project @ 112 and 124 First Street, Moorpark, California
C. REPLACEMENT HOUSING RESOURCES
A housing resource survey was conducted in September 2010 to determine the availability
of replacement housing within the cities of Moorpark, Santa Paula, Thousand Oaks and
Simi Valley. Two - bedroom and four - bedroom single - family, duplex, condominium,
townhouse and apartment residences were considered as appropriate replacement
dwelling units.
Housing availability survey results are summarized below in Table 1. The data indicate
sufficient availability of needed housing units.
D. CONCURRENT RESIDENTIAL DISPLACEMENT
The City of Moorpark is involved in a public works project that will potentially displace five
households. Based on the preliminary information provided to the Agency those
households will require smaller replacement units; therefore, no conflicts for competing
housing resources are expected.
E. TEMPORARY HOUSING
There is no anticipated need for temporary housing. Should such a need arise, the
displacing entity will respond appropriately and in conformance with all applicable laws and
requirements.
F. PROGRAM ASSURANCES AND STANDARDS
Overland, Pacific £y Cutler, Inc. Page 3
25
Relocation Plan - Affordable Housing Project @ 112 and 124 First Street, Moorpark, California
There are adequate funds available to relocate the two households. Services will be
provided to ensure that displacement does not result in different or separate treatment
based on race, nationality, color, religion, national origin, sex, marital status, familial status,
disability or any other basis protected by the federal Fair Housing Amendments Act, the
Americans with Disabilities Act, Title VI of the Civil Rights Act of 1964, Title VII of the Civil
Rights Act of 1964, Title VIII of the Civil Rights Act of 1968, the California Fair Employment
& Housing Act, and the Unruh Act, as well as any other arbitrary or unlawful discrimination.
No one will be displaced without a 90 day notice and unless "comparable" replacement
housing can be located. "Comparable" housing includes standards such as: decent, safe,
and sanitary (as defined in § 6008(d) of the Guidelines); comparable as to the number of
bedrooms, living space, and type and quality of construction of the acquired unit but not
lesser in rooms or living space than necessary to accommodate the displaced household;
in an area that does not have unreasonable environmental conditions; not generally less
desirable than the acquired unit with respect to location to schools, employment, health
and medical facilities, and other public and commercial facilities and services; and within
the financial means of the displaced household as defined in section 6008, subdivision
(c)(5) of the Guidelines. The relocation program to be implemented by the displacing entity
conforms with the standards and provisions set forth in Government Code section 7260 et
seq., the Guidelines, California Health and Safety Code section 33410 et seq., if
applicable, and all other applicable regulations and requirements.
G. RELOCATION ASSISTANCE PROGRAM
A relocation representative from Overland, Pacific & Cutler, Inc. is available to assist the
displaced households with questions regarding relocation and /or assistance in relocating.
Staff may be contacted by calling (800) 400 -7356 during the hours of 8:00 a.m. to 5:00
p.m., Monday through Friday. The relocation offices are located at:
3750 Schaufele Ave., Suite 150
Long Beach, CA 90808
A comprehensive relocation assistance program, with technical and advisory assistance,
will be provided to the households being displaced and close contact will be maintained
throughout the relocation process. Specific activities will include:
Overland, Pacific & Cutler, Inc.
Page 4
26
Relocation Plan - Affordable Housing Project @ 112 and 124 First Street, Moorpark, California
1. Distribution of informational brochure (see Attachment 4);
2. Timely referrals to at least three comparable replacement units as defined
above and, if necessary, transportation will be provided to inspect potential
replacement units;
3. Assistance with completion and filing of relocation claims, rental applications,
and appeals forms, if necessary.
H. CITIZEN PARTICIPATION /PLAN REVIEW
This Plan will be provided to the household and will be made available to the public for a
mandatory 30 day review period. Comments to this Plan will be included as a Plan
addendum (see Attachment 6) prior to submission for approval before the Agency Board.
A copy of the approved Plan will be forwarded to the California Department of Housing and
Community Development (HCD).
I. RELOCATION BENEFIT CATEGORIES
Relocation benefits will be provided in accordance with the Law, the Guidelines, and all
other applicable regulations and requirements. Benefits will be paid upon submission of
required claim forms and documentation in accordance with approved procedures. The
displacing Agency will provide appropriate benefits for the displaced household as required
by the law.
1. Residential Moving Expense Payments
The subject households will be eligible to receive a payment for moving expenses.
Payments will be made based upon either a fixed room count schedule or an
invoice for actual reasonable moving expenses from a licensed professional mover.
Overland, Pacific & Cutler, Inc.
Page 5
27
Relocation Plan - Affordable Housing Project @ 112 and 124 First Street, Moorpark, California
1) Fixed Payment - A fixed payment for moving expenses based on the
number of rooms containing furniture or other personal property to be
moved. The fixed moving payment will be based upon the most recent
Federal Highway Administration schedules maintained by the
California Department of Transportation (see Fixed Payment Moving
Schedule — Attachment 5).
-OR-
2) Actual Reasonable Moving Expense Payments - The displaced
household may elect to have a licensed, professional mover perform
the move. If an actual move is selected, the displacing entity will pay
for the actual cost of the move up to 50 miles and all reasonable
charges for packing, unpacking, insurance, and utility connection
charges. The payment will be made directly to the mover or as
reimbursement to the displaced household.
2. Rental Assistance /Downpayment Assistance
Residential tenants who have established residency at the Project site for a
minimum of 90 days prior to the initiation of negotiations to purchase the property
and who choose to re -rent, may be eligible to receive a Rental Assistance Payment
in addition to compensation for moving expenses. "Initiation of Negotiations" is
defined as the first written offer by the Agency to buy the property from which the
households will be displaced. In this case, the date of the first written offer to
purchase the property is June 15, 2010.
Rental Assistance Payments will be limited to a maximum of $5,250, based upon
the monthly housing need over a 42 month period, prior to consideration of Last
Resort Housing needs. Eligible households may opt to apply the full amount of their
rental assistance eligibility toward the purchase of a replacement dwelling.
3. Last Resort Housing Payments
Overland, Pacific & Cutler, Inc.
Page 6
Relocation Plan - Affordable Housing Project @ 112 and 124 First Street, Moorpark, California
The displaced persons will be entitled to consideration for supplementary benefits in
the form of Last Resort Housing assistance when the computed total of their rental
assistance eligibility exceeds $5,250.
J. PAYMENT OF RELOCATION BENEFITS
Relocation benefit payments will be made expeditiously. Claims and supporting
documentation for relocation benefits must be filed with the displacing entity within 18
months from: (i) the date the claimant moves from the acquired property; - or - (ii) the date
on which final payment for the acquisition of real property is made, whichever is later. The
Agency representative will inform and assist the displacee with obtaining the necessary
documentation and will assist with the claim preparation.
No household will be displaced until "comparable" housing is located as defined above and
in section 6008, subdivisions (c) and (d) of the Guidelines. Relocation staff will inspect any
replacement units to which referrals are made to verify that they meet all the standards of
decent, safe, and sanitary as defined in section 6008, subdivision (d) of the Guidelines.
However, no household will be denied benefits if it chooses to move to a replacement unit
which does not meet the standards of decent, safe, and sanitary housing.
K. EVICTION POLICY
This displacing Agency recognizes that eviction is permissible only as a last resort and that
relocation records must be documented to reflect the specific circumstances surrounding
any eviction. Eviction will only take place in cases of nonpayment of rent, serious violation
of the rental agreement, a dangerous or illegal act in the unit, or if the household refuses all
reasonable offers to move. Eviction will not affect the eligibility of a person legally entitled
to relocation benefits.
L. APPEALS POLICY
The appeals policy will follow the standards described in section 6150 et seq. of the
Guidelines. Briefly stated, the displaced household will have the right to ask for review
when there is a complaint regarding any of their rights to relocation and relocation
Overland, Pacific & Culler, Inc. Page 7
we]
Relocation Plan - Affordable Housing Project @ 112 and 124 First Street, Moorpark, California
assistance, such as a determination as to eligibility, the amount of payment, or the failure
to provide a comparable replacement housing referral.
M. PROJECTED DATES OF DISPLACEMENT
The household will receive a 90 day notice to vacate before they are required to move.
These notices are expected to be issued by the end of December 2010.
N. ESTIMATED RELOCATION COSTS
Any and all required financial assistance will be provided. The budget estimate for this
Project, based upon two potentially displaced households, is:
$79,288.00
Overland, Pacific & Cutler, Inc.
Page 8
30
TABLE OF ATTACHMENTS
Attachment 1: Project Maps
Attachment 2: HUD Income Category Limits for Ventura County - 2010
Attachment 3: Demographic Information
Attachment 4: Informational Brochure to be given to Displaced Households
Attachment 5: Fixed Payment Moving Schedule
Attachment 6: Public Comments and Response
31
ATTACHMENT I
PROJECT SITE MAPS
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Map 2: Project Site Location —_
32
ATTACHMENT 2
HUD ANNUAL MEDIAN INCOME LIMITA'rIONS -
VENTURA COUNTY
The following figures are approved by the U. S. Department of Housing and Urban
Development (H.U.D.) for use in the County of Ventura to define and determine housing
eligibility by income level.
.Area, Median: $86,700
Family Size
Extremely
Low
Income
Very.Low
Income
Low
Income
Median
Income
Moderate
Income.
1 Person
18,200
30,350
48,300
60,700
72,850
2 Person
20,800
34,700
55,200
69,350
83,250
3 Person
23,400
39,050
62,100
78,050
93,650
4 Person
26,000
43,350
68,950
86,700
104,050
5 Person
28,100
46,850
74,500
93,650
112,350
6 Person
30,200
50,300
80,000
100,550
120,700
7 Person
32,250
53,800
85,500
107,500
129,000
8 Person
34,350
57,250
91,050
114,450
137,350
Figures are per the Department of Housing and Community Development (California),
Division of Housing Policy Development, June 17, 2010.
33
ATTACHMENT
DEMOGRAPHIC INFORMATION
2000 Census Population - City of Moorpark & Tract 76.02
Population
Tract 76.02
%
city
%
Total Population
8,329
100.0%
31,415
100.0%
White
4,659
55.9%
23,378
74.4%
Black or African American
130
1.6%
476
1.5%
American Indian and Alaska Native
53
0.6%
149
0.5%
Asian
337
4.0%
1,770
5.6%
Native Hawaiian and Other Pacific Islander
16
0.2%
46
0.1%
Some Other Race
2,717
32.6%
4,381
13.9%
Two or More Races
417
5.0%
1,215
3.9%
Hispanic or Latino (of Any Race)
4,685
56.2%
8,735
27.8%
Source: U.S. Census Bureau, Race, Hispanic or Latino, and Age: 2000
2000 Census Housing Units - City of Moorpark & Tract 76.02
Type
Tract 76.02
%
city
%
Total Units
2,081
100.0%
9,094
100.0%
Owner- Occupied
1,160
55.8%
7,385
81.2%
Renter -Occupied
889
42.7%
1,609
17.7%
Vacant Housing Units
32
1.5%
100
1.1%
Available for Sale Only (of Total Vacant
Units)
6
18.8%
39
39.0%
Available for Rent - Full Time Occupancy
(of Total Vacant Units)
15
46.9%
20
20.0%
Sold or Rented - Not Occupied
0
0.0%
18
18.0%
Otherwise Not Available (e.g. seasonal,
recreational, migratory, occasional use)
5
15.6%
11
11.0%
Other Vacant
6
18.8%
12
12.0%
Source: U.S. Census Bureau, General Housing Characteristics: 2000
34
ATTACHMENT 4
INFORMATIONAL BROCHURE TO BE GIVEN TO THE DISPLACED HOUSEHOLDS
35
A7°iACHMENT 5
Fixed Payment Moving Schedule
Occupant Owns Furniture
One room
$625.00
Two rooms
$800.00
Three rooms
$1,000.00
Four rooms
$1,175.00
Five rooms
$1,425.00
Six rooms
$1,650.00
Seven rooms
$1,900.00
Eight rooms
$2,150.00
each additional room
$225.00
Occupant Does NOT Own Furniture
First Room
$400.00
each additional room
$65.00
36
ATTACHMENT G
PUBLIC COMMENTS AND RESPONSE
37
ATTACHMENT 2
RESOLUTION NO. 2010 -
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF MOORPARK, CALIFORNIA, AMENDING THE FISCAL
YEAR 2010/11 BUDGET BY APPROPRIATING $79,288 FROM
THE MRA LOW /MOD INCOME HOUSING FUND (2901) TO
FULLY FUND RELOCATION OF TENANTS AT 112 AND 124
FIRST STREET
WHEREAS, on June 16, 2010, the Board of Directors adopted the Operating and
Capital Improvement Project Budget for Fiscal Year 2010/11; and
WHEREAS, the Redevelopment Agency of the City of Moorpark acquired the
properties at 112 and 124 First Street for a future affordable housing project; and
WHEREAS, permanent relocation of the tenants at these properties is required to
facilitate the project; and
WHEREAS, a budget amendment in the amount of $79,288 is needed from the
MRA Low /Mod Income Housing Fund (2901) to fully fund these relocations.
WHEREAS, Exhibit "A ", attached hereto and made a part hereof, describes said
budget amendment and the resultant impact to the budget line item.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
MOORPARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment in the amount of $79,288 from the MRA
Low /Mod Income Housing Fund (2901), as more particularly described in Exhibit "A ",
attached hereto, is hereby approved.
SECTION 2. The Agency Secretary shall certify to the adoption of this resolution
and shall cause a certified resolution to be filed in the book of original Resolutions.
PASSED AND ADOPTED this 15th day of December 2010.
Janice S. Parvin, Chair
ATTEST:
Maureen Benson, Agency Secretary
Attachment: Exhibit A — Budget Amendment
Im
EXHIBIT A
BUDGET AMENDMENT FOR
MRA LOW /MOD INCOME HOUSING FUND (2901) FOR RELOCATION AT 112 AND 124 FIRST STREET
2010/11
FUND ALLOCATION FROM:
Fund
Account Number
Amount
MRA Low /Mod Income Housing Fund 2901
2901 -5500
$ 79,288.00
$ 24,359.00
$ 24,359.00
2901.2420.5083.9285
Total
$ 54,929.00
$ 79,288.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number
Current Budget
Revision
Amended Budget
2901.2420.5082.9285
$ -
$ 24,359.00
$ 24,359.00
2901.2420.5083.9285
$ -
$ 54,929.00
$ 54,929.00
Total
$ -
$ 79,288.00
$ 79,288.00
Approved as to Form:
39
ITEM 5.D.
CITY OF MOORPARK, CALIFORNIA
Redevelopment Agency Meeting
of /e2 - /poi
MOORPARK REDEVELOPMENT AGENWETION;
AGENDA REPORT
TO: Honorable Agency Board of Directors
FROM: Ron Ahlers, Finance Director � "- `
DATE: December 7, 2010 (Agency Meeting of December 15, 2010)
SUBJECT: Consider the Annual Financial Report for the Fiscal Year Ended June
30, 2010 for the Moorpark Redevelopment Agency
SUMMARY
The Annual Financial Report for the Moorpark Redevelopment Agency for June 30,
2010 is hereby submitted for Agency approval.
BACKGROUND
Pursuant to Section 33080.1 of the Health and Safety Code of the State of California,
an annual financial report must be presented and accepted by the Moorpark
Redevelopment Agency by December 31, 2010. This report must include an
independent auditor's report.
DISCUSSION
The firm of Teaman, Ramirez & Smith, Inc., Certified Public Accountants (Independent
Auditors) has been engaged to perform the audit for fiscal year ending June 30, 2010.
A copy of the annual financial report of the Moorpark Redevelopment Agency for June
30, 2010 is hereby submitted. The Agency has received an unqualified opinion on this
Annual Financial Report.
The Agency's financial position is measured by increases or decreases in net assets.
As of June 30, 2010, the Agency has unrestricted net assets of approximately $1.5
million. Redevelopment agencies typically have a deficit in net assets. Redevelopment
agencies typically leverage current property tax increment revenues by issuing long
term debt (including loans from the City of Moorpark) in order to qualify for receipt of
property tax increment revenue and to raise capital to promote economic development
within the project area. The new projects constructed, in turn, generate additional
property tax increment revenues, which again, may only be captured to the extent that
the Agency incurs indebtedness. Indebtedness includes bonded indebtedness, City
loans and advances. The Agency incurs debt based on future property tax increments
HE
Honorable Agency Board of Directors
December 16, 2010
Page 2
to fund redevelopment projects. Once the redevelopment projects are completed, the
asset is transferred to the City; however, the debt remains with the Agency resulting in
deficit net assets.
FISCAL IMPACT
The Agency paid $1,925,000 into the State of California Supplemental Educational
Revenue Augmentation Fund (SERAF) on May 10, 2010.
The assets of the Agency exceeded its liabilities by $8,882,000 (positive net assets).
The Agency's total debt decreased by approximately $484,000 or 1.7 %. This decrease
is due to on -going debt service payments.
Gross property tax increment revenue during the fiscal year decreased by $189,000 to
$6,865,000.
As of the end of June 30, 2010, the governmental funds reported combined ending fund
balances of $33,892,000. This amount is further divided: $1,885,000 Reserve for Debt
Service; $19,429,000 Land held for resale or development; and $12,579,000 available
Fund Balance.
The Low - Moderate Income Housing Fund, a special revenue fund, is used to account
for funds that are set aside for low and moderate income housing, as well as related
expenditures. At the end of the current fiscal year, the fund balance was $7,757,000,
the majority of which is in Land held for resale or development ($7,887,000).
Therefore, there is approximately $131,000 in negative fund balance.
The MRA Operating Fund, a special revenue fund, is the chief operating fund of the
Agency. At the end of the current fiscal year, the fund balance of the MRA Operating
Fund was $8,182,000, the majority of which is in Land held for resale or development
($7,143,000). Therefore, there is approximately $1,040,000 in available fund balance.
The Agency has two Capital Projects Funds which account for the expenditures of the
2001 and 2006 bond proceeds. Their available fund balances are approximately
$11,376,000. This amount is set -aside for the human services center.
Other highlights of the report can be found by reading the Letter of Transmittal (pages i-
iv) and Management's Discussion and Analysis (pages vii -xii).
STAFF RECOMMENDATION (Roll Call Vote)
Accept the Annual Financial Report of the Moorpark Redevelopment Agency and
receive and file this report.
Attachment:
Annual Financial Report of the Moorpark Redevelopment Agency
41
ATTACHMENT
�l
MOORPARK REDEVELOPMENT AGENCY
ANNUAL FINANCIAL REPORT
Year Ended June 30, 2010
Chairperson Janice S. Parvin
Agency Members Roseann Mikos
Keith Millhouse
David Pollock
Mark Van Dam
i
Executive Director Steven Kueny
Assistant City Manager Hugh Riley
Report Prepared by:
Ron Ahlers, Agency Treasurer
hmina. Lumbad, Finance & Accounting Manager
Debbie Burdorf; Accountant I
42
1
' Moorpark Redevelopment Agency
Annual Financial Report
1 Year Ended June 30, 2010
TABLE OF CONTENTS
PAGE
' Letter of Transmittal i - iv
I
1
Independent Auditors' Report v - vi
Management's Discussion and Analysis vii- xii
!
Basic Financial Statements:
Government -wide Financial Statements:
Statement of Net Assets 1
1
' Statement of Activities 2
2
Fund Financial Statements:
Balance Sheet - Governmental Funds 3
3-4
R
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets 5
5
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds 6
6-7
R
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities 8
8
Notes to Financial Statements 9
9-30
Supplementary Information:
Major Fund Budgetary Comparison Schedules:
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual
1999 Tax Allocation Bonds Debt Service Fund 34
2001 Tax Allocation Bonds Debt Service Fund 35
2006 Tax Allocation Bonds Debt Service Fund 36
2001 Bond Proceeds Capital Projects Fund 37
2006 Bond Proceeds Capital Projects Fund 38
Independent Auditors' 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 39-40
43
December 7, 2010
i Honorable Chair and Members
of the Moorpark Redevelopment Agency
City of Moorpark
Moorpark, CA 93021
INTRODUCTION
i
California (State) law requires that all general- purpose local governments publish
within six months of the close of each fiscal year a complete set of financial
statements presented in conformity with accounting principles generally accepted in
the United States of America (GAAP) and audited by a firm of licensed certified
public accountants 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. Pursuant to the requirement, we hereby issue the annual financial report of
the Moorpark Redevelopment Agency (Agency) for the fiscal year ended June 30,
2010.
This report consists of management's representations concerning the finances of the
Agency. Consequently, management assumes full responsibility for the
completeness and reliability of all of the information presented in this report. To
provide a reasonable basis for making these representations, management of the
Agency has established a comprehensive internal control framework that is
designed both to protect the Agency's assets from loss, theft, or misuse and to
compile sufficient reliable information for the preparation of the Agency's financial
statements in conformity with GAAP. Because the costs of internal controls should
not outweigh their benefits, the Agency's comprehensive framework of internal
controls has been designed to provide reasonable rather than absolute assurance
that the financial statements will be free from material misstatement. As
management, we assert that to the best of our knowledge and belief, this financial
report is complete and reliable in all material respects.
i Teaman, Ramirez & Smith, Inc., a firm of certified public accountants, has audited
the Agency's financial statements. The goal of the independent audit was to provide
reasonable assurance that the financial statements of the Agency for the fiscal year
ended June 30, 2010, are free of material misstatement. The independent audit
involved examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; assessing the accounting principles used
and significant estimates made by management; and evaluating the overall financial
statement presentation. The independent auditor concluded, based upon the audit,
that there was a reasonable basis for rendering an unqualified opinion that the
Agency's financial statements for the fiscal year ended June 30, 2010, are fairly
..
presented in conformity with GAAP. The independent auditor's report is presented
as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview, and
analysis to accompany the basic financial statements in the form of Management's
Discussion and Analysis (MD&A). This letter of transmittal is designed to
complement the MD&A and should be read in conjunction with it. The Agency's
MD&A can be found immediately following the report of the independent auditors.
PROFILE OF THE MOORPARK REDEVELOPMENT AGENCY
The Agency was created by the Moorpark City Council Ordinance No. 87, adopted
March 18, 1987. The City Council appointed the Board of Directors and established
bylaws of the Agency on May 20, 1987, by Resolution No. 87 -387. The Agency
was established pursuant to the Community Redevelopment Law of California as
modified in Part I of Division 24 of the State of California Health and Safety Code.
As such, the Agency acts as a legal entity, separate and distinct from the City of
Moorpark (City) even though the City Council has the authority to appoint the
Agency's Governing Board. The Agency has a Redevelopment Plan which was
adopted by the Moorpark City Council Ordinance No. 110, on ,July 5, 1989.
At present, the Moorpark City Council serves as the governing body of the Agency
with the authority to carry out redevelopment activities. The City Manager serves as
Executive Director; the Finance Director serves as the Treasurer of the Agency; the
City Clerk serves as Secretary of the Agency; and the City Attorney serves as
Agency Counsel.
The Agency currently has one project area:
1. The Project Area consists of one large contiguous area consisting of
approximately 1,217 acres. The Project Area is comprised of a mixture of
residential, commercial, industrial and institutional land uses along with parcels
that are undeveloped and /or under - utilized, parking areas, and public rights -of-
way.
The actions of the Agency are. binding, and its appointed representatives routinely
transact business, including the incurrence of long -term debt, in the Agency's name.
The Agency is broadly empowered to engage in the general economic revitalization
and redevelopment of the City through acquisition and development of property in
those areas of the City determined to be in a blighted condition, as defined under
State law.
The Community Redevelopment Law of California provides that, pursuant to the
adoption of a redevelopment plan, the Agency is entitled to a proportional amount
based on tax- sharing agreements for all future incremental property tax revenues
attributable to increases in the property tax base within the Project Area. Property
45
taxes levied for the fiscal year ended on June 30 are payable in equal installments
due on November 1 and February 1 and collectible December 10 and April 10,
respectively.
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is perhaps best understood
when if is considered from the broader perspective of the specific environment within
which the Agency operates.
LOCAL ECONOMY
Economic growth in the City is relatively flat. During the last year, there has been
continued growth in property tax revenue due to continued real estate sales and
healthy values for properties being sold. However, with the recent housing crisis
and lower values for properties being sold, growth in property tax revenue is slowing.
Overall, sales tax revenue was flat to declining due to waning sales activity,
especially for general consumer goods.
AGENCY LOANS
As of June 30, 2010, the Agency's outstanding loan total is $2,053,616. The
Agency's loan to Mission Bell Partners in the amount of $1,704,786 was to fund land
disposition. Principal and interest are due on September 2, 2029. The Agency has
loaned $332,446 to the Area Housing Authority for a low and moderate income
housing project on Charles Street. The Agency operates rehabilitation loan
programs for the renovation of low and moderate income housing; total outstanding
is in the amount of $16,384.
CASH MANAGEMENT POLICIES AND PRACTICES
Cash temporarily idle during the year was invested in the City Treasurer's portfolio,
mainly with the State of California Local Agency Investment Fund (LAIF). The
average yield was 0.50 percent for the fiscal year. Investment income includes
appreciation in the fair value of investments. Increases in fair value during the
current year, however, do not necessarily represent trends that will continue; nor is it
always possible to realize such amounts, especially in the case of temporary
changes in the fair value of investments that the government intends to hold to
maturity.
RISK MANAGEMENT
As a component unit of the City, the Agency is covered under the City's policies for
general liability, property insurance and workers compensation coverage.
Additional information on the Agency's risk management can be found in Note 13 of
the financial statements.
SUMMARY
In conclusion, I would like to take this opportunity to express my appreciation to the
staff of the Finance Department-and Redevelopment Agency, led by the efforts of
the Finance & Accounting Manager, Irmina Lumbad and Accountant 1, Debbie
Burdorf, whose hard work and dedication have made the preparation of this report
possible. I would like to express my appreciation to the Agency Members, Steve
Kueny as Executive Director and Hugh Riley as Assistant City Manager, for their
support and responsible planning of the Agency's financial affairs.
Respectfully submitted,
1
P
RON AHLERS
AGENCY TREASURER
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47
J ���TEAMAN, RAMIREZ & SMrrH, INC.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
The Honorable Chair and Members of the Agency
Moorpark Redevelopment Agency
Moorpark, California
We have audited the accompanying financial statements of the governmental activities and each major fund
of the Moorpark Redevelopment Agency of the City of Moorpark (Agency), a component unit of the City
of Moorpark, California (City), as of and for the year ended June 30, 2010, 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 opinions 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 opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the governmental activities and each major fund of the Agency, as of June 30, 2010,
and the respective changes in financial position thereof 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 December 7,
2010 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.
The information identified in the accompanying table of contents as management's discussion and analysis
and required supplementary information are not a required part of the basic financial statements but is
supplementary information required by accounting principles generally accepted in the United States of
America. We have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the required supplementary
information. However, we did not audit the information and express no opinion on it.
Richard A. Teaman, CPA • Greg W. Fankhanel, CPA • David M. Ramirez, CPA • Javier H. Carrillo, CPA
4201 Brockton Ave. Suite 100, Riveraido CA 92501 • 961.274.9500 • 951 .274.7828 rn • www.trscpas.corn
48
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Agency's basic financial statements. The letter of transmittal and other supplementary
information listed in the table of contents, including additional budgetary comparison schedules are
presented for purposes of additional analysis and are not a required part of the basic financial statements.
The other supplementary schedules, including additional budgetary comparison schedules have been
subjected to the auditing procedures applied in the audit of the basic financial statements and in our
opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a
whole. The letter of transmittal has not been subjected to the auditing procedures applied in the audit of the
basic financial statements and, accordingly, we express no opinion on it
J,,� 4--.7 �,� &"k lokt--e-
December 7, 2010
MOORPARK REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
As management of the Moorpark Redevelopment Agency (Agency), we offer readers of
the Agency's financial statements this narrative overview and analysis of the financial
activities of the Agency for the fiscal year ended June 30, 2010. Readers are highly
encouraged to consider the information presented here in conjunction with the
accompanying basic financial statements which immediately follow this section.
FINANCIAL HIGHLIGHTS
• The assets of the Agency exceeded its liabilities at the close of the most recent fiscal
year by $8,882,000 (net assets).
• The Agency's total debt decreased by $484,000 during the current fiscal year due to
the normal pay down of the principal.
• The Agency's governmental funds reported combined ending fund balances of
$33,892,000, a decrease of $2,446,000 from the prior year.
The Agency's gross property tax increment revenue during the current fiscal year
decreased by $189,000 to $6,865,000.
• The Agency paid $1,925,000 into the State of California Supplemental Educational
Revenue Augmentation Fund (SERAF).
1
• The Agency paid over $3 million in pass - through payments to other government
agencies.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the Agency's
basic financial statements. The Agency's basic financial statements comprise three
components:
1) Government -wide financial statements
2) Fund financial statements
3) Notes to the financial statements
This report also contains other supplementary information in addition to the basic
financial statements themselves.
Government wide financial statements. These statements are designed to provide
readers with a broad overview of the Agency's finances, in a manner similar to a
private - sector business.
The Statement of Net Assets presents information on all of the Agency's assets and
liabilities, with the difference between the two reported as net assets. In time, increases
vii
50
MOORPARK REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
or decreases in net assets may serve as a useful indicator of whether the financial
position of the Agency is improving or deteriorating.
The Statement of Activities presents information on how the Agency's net assets
changed during the fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related
cash flows. Thus, revenues and expenses are reported in this statement for some
items that will only result in cash flows in future fiscal periods; (i.e., uncollected taxes).
The government -wide financial statements include only the Agency itself.
Fund financial statements. A fund is a grouping of related accounts that is used to
maintain control over resources that have been segregated for specific activities or
objectives. The Agency, like other state and local governments, uses fund accounting
to ensure and demonstrate compliance with finance- related legal requirements. All of
the funds can be divided into three categories: governmental funds, proprietary funds
and fiduciary funds. The Agency uses only governmental funds.
Governmental funds. Governmental funds are used to account for essentially the
same functions reported as governmental activities in the government -wide financial
statements. However, unlike the government -wide financial statements, governmental
fund financial statements focus on near -term inflows and outflows of spendable
resources, as well as on balances of spendable resources available at the end of the
fiscal year. Such information may be useful in evaluating a government's near -term
financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the government-
wide financial statements. By doing so, readers may better understand the long -term
impact of the Agency's near -term financing decisions. Both the governmental fund
balance sheet and the governmental fund statement of revenues, expenditures and
changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The Agency maintains seven individual governmental funds and all of them are
considered to be major funds. Information is presented separately in the Governmental
Funds Balance Sheet and in the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances for:
Special Revenue Funds Debt Service Funds Capital Proiects Funds
Low & Moderate Income Housing 1999 Tax Allocation Bond 2001 Bond Proceeds
MRA Operating 2001 Tax Allocation Bond 2006 Bond Proceeds
2006 Tax Allocation Bond
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MOORPARK REDEVELOPMENT AGENCY
MANAGEMENTS DISCUSSION AND ANALYSIS
.TUNE 30, 2010
1 The Agency adopts an annual appropriated budget for each of its governmental funds.
A budgetary comparison statement has been provided for these funds to demonstrate
compliance with the budget.
Notes to the financial statements. The notes provide additional information that is
essential to a full understanding of the data provided in the govemment -wide and fund
financial statements.
Supplementary Information. All of the governmental funds listed above are shown
Budget and Actual for the Schedule of Revenues, Expenditures and Changes in Fund
Balances.
GOVERNMENT -WIDE FINANCIAL ANALYSIS
J
As noted earlier, net assets may serve over time as a useful indicator of a government's
financial position. In the case of the Agency, assets exceeded liabilities by $8.9 million
at the close of the most recent fiscal year. Of the $32.0 million in total liabilities, $28.4
million is outstanding debt for the 1999 Tax Allocation Bonds, 2001 Tax Allocation
Bonds and 2006 Tax Allocation Bonds.
Table 1
Net Assets
Governmental Activities
As of June 30, 2010 and 2009
Assets:
Current and other assets
Capital assets
Total Assets
Liabilities:
Long -term debt outstanding
Other liabilities
Total Liabilities
Net Assets:
Restricted
Unrestricted
Total Net Assets
2010 2009
$ 21,403,711
19,428,853
40,832,564
27,878,410
4,071,921
31,950,331
7,407,798
1,474,435
$ 8,882,233
ix
$ 25,649,579
17,814,168
43,463,747
28,422, 563
4,519,105
32,941,668
6,912,421
3,609,658
$10,522,079
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MOORPARK REDEVELOPMENT AGENCY
MANAGEMENTS DISCUSSION AND ANALYSIS
JUNE 30, 2010
The Agency's net assets decreased by $1.6 million during the 2009 /10 fiscal year. This
includes a prior period adjustment of $400,000 (refer to Note 14, page 30 for details).
Table 2
Changes in Net Assets
Governmental Activities
As of June 30, 2010 and 2009
2010
Revenues
Property tax - Redevelopment Tax Increment $ 6,864,776
Investment income 254,316
Other /Rentals 68,115
County Settlement
Total Revenues, Transfers & Special Items 7,187,207
Expenses
Public Services
7,722,700
Interest on long -term debt
1,504,500
Total Expenses
9,227,200
Increasel(decrease) in net assets
(2,039,993)
Net Assets, beginning
10,522,079
Prior Period Adjustment
400,147
Net Assets, ending
$ 8,882,233
FINANCIAL ANALYSIS OF THE GOVERNMENTAL FUNDS
2009
$ 7,054,432
1,954,274
76,285
1,000,000
10,084,991
6,889,436
1,616,842
8,506,278
1,578,713
8,943,366
$10,522,079
As noted earlier, the Agency uses fund accounting to ensure and demonstrate
compliance with finance- related legal requirements.
Govemmental Funds. The focus of the Agency's governmental funds is to provide
information on near -term inflows, outflows and balances of spendable resources. Such
information is useful in assessing the Agency's financing requirements. In particular,
unreserved fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, governmental funds reported combined ending
fund balances of $33,892,000, with unreserved fund balances of $12,579,000
X
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MOORPARK REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2010
The Low and Moderate Income Housing Fund, a special revenue fund, is used to
account for funds that are set aside for low and moderate income housing, as well as
related expenditures. At the end of the current fiscal year, the fund balance was
$7,757,000, with Land held for resale or development at $7,887,000.
` The MRA Operating Fund, special revenue fund, is the chief operating fund of the
Agency. At June 30, 2010, the fund balance of the MRA Operating Fund was
$8,182,000; the majority is in Land held for resale or development at $7,143,000.
iThe three debt service funds account for the accumulation of resources to be used for
the repayment of Agency debt. Their fund balances are mainly for the contractual
reserves for the bond indentures of the 1999, 2001 and 2006 bond issuances.
The Agency has two Capital Projects Funds which account for the expenditures of the
2001 and 2006 bond proceeds. Their fund balances are approximately $15.8 million,
with Land held for resale or development at $4.4 million.
BUDGETARY HIGHLIGHTS
Capital projects budgeted during the year Human Services Complex, 81 First Street
Building, Granary Station, High Street Streetscape and Metrolink Parking Lot.
Supplemental appropriations were approved during the 2009 /10 fiscal year for the:
State of California SERAF payment, 1083 Walnut Canyon Road property purchase,
Area Housing Authority Loan and Post Office project.
LONG -TERM DEBT
At the end of the current fiscal year, the Agency had total debt outstanding of $28.4
million.
Agency Outstanding Debt
Governmental Governmental
Activities Activities
June 30. 2010 June 30. 2009
1999 Tax Allocation Bonds $ 5,495,000 $ 5,970,000
2001 Tax Allocation Bonds 11,520,000 11,540,000
2006 Tax Allocation Bands 11,407,563 11,396,716
Total $ 28,422,563 $ 28,906,716
The Agency's total debt decreased by $484,000 during the current fiscal year, due to
the normal pay down of the principal.
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MOORPARK REDEVELOPMENT AGENCY
MANAGEMENTS DISCUSSION AND ANALYSIS
JUNE 30, 2010
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET AND RATES
• The Agency, adhering to State law, shall pay $396,000 to the State of California
SERAF.
i
• The Agency shall pay over $3 million in pass- through payments to other
government entities.
• In addition to various Capital Improvement Projects, the Agency budgeted
$239,000 for the High Street Arts Center expenditure in the upcoming fiscal
year. The estimated revenue is approximately $68,000, resulting in a net loss of
approximately $171,000. This loss will be absorbed by the MRA Operating Fund
and is part of the revitalization efforts in the downtown area.
• Assessed property values are expected to have a nominal decrease. Therefore,
property tax increment revenue shall decrease.
• Interest income should decrease, reflecting the decrease in interest rates.
All of these factors were considered in preparing the Agency's budget for fiscal year
2010/11.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the Agency's finances
for all those with an interest in the Agency's finances. Questions concerning any of the
information provided in this report or requests for additional financial information should
be addressed to the Finance Department, Moorpark Redevelopment Agency, 799
Moorpark Avenue, Moorpark, California 93021.
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BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 3% 2010
56
Moorpark Redevelopment Agency
Statement of Net Assets
June 30, 2010
ASSETS
Cash and Investments
Receivables:
Accounts
Interest
Notes
Property Held for Resale/Development
Restricted Cash and Investments
Debt Issuance Costs
Total Assets
LIABILITIES
Accounts Payable and Accrued Liabilities
Interest Payable
Deposits
Due to the City of Moorpark
Noncurrent Liabilities:
Due Within One Year
Due in More Than One Year
Total Liabilities
NET ASSETS
Restricted for:
Low and Moderate Income Housing
Unrestricted
Total Net Assets
The accompanying notes are an integral part of this statement.
1
Governmental
$ 15,417,172
25,894
1,281,499
2,053,616
19,428,853
2,178,925
446,605
40,832,564
3,050,307
341,025
11,750
124,686
544,153
27,878,410
31,950,331
7,407,798
1,474,435
$ 8,882,233
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Moorpark Redevelopment Agency
Statement of Activities
Year Ended June 30, 2010
Program Revenues
Charges Operating Capital Net
for Grants and Grants and (Expense)
Functions/Programs Expenses Services Contributions Contributions Revenue
Governmental Activities:
Public Services $ 7,722,700 $ - $ - $ - $ (7,722,700)
Interest on Long -Term Debt 1,504,500 - - - (1,504,500)
Total Governmental
Activities $ 9.227.200 $ - $ - $ - (9.227.200)
General Revenues:
Taxes:
Property Tax, Redevelopment Agency Tax Increment
Investment Income
Other
Total General Revenues
Change in Net Assets
Total Net Assets, Beginning
Prior Period Adjustment
Total Net Assets, Ending
The accompanying notes are an integral part of this statement.
2
6,864,776
254,316
68,115
7,187,207
(2,039,993)
10,522,079
400,147
$ 8,882,233
S
Moorpark Redevelopment Agency
Balance Sheet
Governmental Funds
June 30, 2010
ASSETS
Cash and Investments
Imprest Cash
Cash with Fiscal Agent
Receivables
Accounts
Interest
Notes
Due from Other Funds
Property Held for Resale,/Development
Total Assets
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LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable
Accrued wages and withholdings
Due to the City of Moorpark
Due to other Funds
Deferred Revenue
Deposits
Total Liabilities
Fund Balances:
Reserved for:
Debt Service
Property Held for Resale/Development
Unreserved
Total Fund Balances
Total Liabilities and
Fund Balances
The accompanying notes are an integral part of this statcmcnt.
Special Revenue Funds
Debt Service Funds
Low and
13,720
29,701
61,233
Moderate
1999 Tax
2001 Tax
Income
MRA
Allocation
Allocation
Housing
Operating
Bonds
Bonds
S 258,092
$ 4,113,664
$
$
1,500
1,065,302
584,675
5,179
20,715
1,263,869
348,830
I,704,786
7,887,425
7,142,622
S 8,526 $ 14,247,156 $ 1,065,302 $ 584,675
$ 927
$ 3,031,849 $
1,690
13,720
29,701
61,233
350,000
348,830
2,957,967
11,750
742,898
6,064,769
771,100 584,675
7,887,425 7,142,622
(130,797) 1,039,765 294,202
7,756,628 8,182,387 1,065,302 584,675
$ 8,499,526 $ 14,247,156 $ 1,065,302 $ 584,675
3
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Moorpark Redevelopment Agency
Balance Sheet
Governmental Funds
June 30, 2010
Debt
Service Fund Capital Projects Funds
2006 Tax
Total
Allocation
2001 Bond
2006 Bond
Governmental
Bonds
Proceeds
Proceeds
Funds
$
$ 1,379,365
$ 9,664,551
$ 15,415,672
1,500
528,948
2,178,925
25,894
2,329
15,301
1,281,499
2,053,616
350,000
350,000
4,398,806
19,428,853
$ 528,948 $ 61130,500 $ 9,679,852 $ 40,735,959
$ $ 2,081 $ 40 $ 3,034,897
15,410
33,752 124,686
350,000
3,306,797
11,750
35,833 40 6,843,540
528,948 1,884,723
4,398,806 19,428,853
12695,861 9,679,812 12,578,843
528,948 6,094,667 9,679,812 33,892,419
$ 528,948 $ 6,130,500 $ 9,679,852 $ 40,735,959
The accompanying notes are an integral part of this statement. 4
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Moorpark Redevelopment Agency
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2010
Fund balances of governmental funds $ 33,892,419
Amounts reported for governmental activities in the Statement of Net Assets
are different because:
Capital assets used in governmental activities are not current financial
resources. Therefore, they were not reported in the Governmental
Funds Balance Sheet. -
Long -term loans and notes receivable are not current financial resources.
Therefore, they are deferred in the govemmental funds. 3,306,797
Other long -term assets are not available to pay for current period expenditures
and, therefore, are deferred in the funds. -
Interest expenditures are recognized when due, and therefore, interest
payable is not recorded in the governmental funds. (341,025)
Long -term liabilities are not due and payable in the current period and,
therefore, are not reported in the governmental funds.
Bonds Payable (28,710,000)
Less: Issuance Discount 287,437
Issuance costs net of accumulated amortization were recorded as
expenditures in the governmental funds. 446,605
Net assets of governmental activities $ 8,882,233
The accompanying notes are an integral part of this statement.
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Moorpark Redevelopment Agency
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Fiscal Year Ended June 30, 2010
The accompanying noes are an integral part of this statement. 6
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Special Revenue Funds
Debt Service Funds
Low and
Moderate
1999 Tax
2001 Tax
Income
MRA
Allocation
Allocation
Housing
Operating
Bonds
Bonds
I REVENUES
Taxes
$ 1,372,988
$ 3,771,651
$ 603,507
$ 608,468
Use of Money and Property
30,781
100,607
37,573
Other Revenues
68,115
Total Revenues
1,403,769
3,940,373
641,080
608,468
EXPENDITURES
Current:
Public Services:
Pass -Thru Agreements
3,015,105
SERAF Payment to State
1,925,105
Administration
585,256
1,711,531
Capital Outlay
11,337
4,219
Debt Service:
Principal Retirement
475,000
20,000
Interest on Bonds
30,208
279,460
588,467
Interest on Short -term Loan from City
76,500
Total Expenditures
626,801
6,732,460
754,460
608,467
Excess (Deficiency) of Revenues
over Expenditures
776,968
(2,792,087
(113,380)
1
OTHER FINANCING SOURCES (USES)
Transfers In
1,857,500
150,952
Transfers Out
(150,952)
(1,857,500)
Total Other Financing Sources (Uses) (150,952)
-
150,952
-
Net Change in Fund Balances
626,016
(2,792,087)
37,572
1
Fund Balances, Beginning of Year
6,928,805
10,974,474
1,027,730
584,674
Prior Period Adjustment
201,807
Fund Balances, End of Year
$ 7,756,628
$ 8,182,387
$ 1,065,302
$ 584,675
r
The accompanying noes are an integral part of this statement. 6
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Moorpark Redevelopment Agency
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Fiscal Year Ended June 30, 2010
Debt
Service Fund Capital Projects Funds
2006 Tax
Total
Allocation
2001 Bond
2006 Bond
Governmental
Bonds
Proceeds
Proceeds
Funds
$ 508,162
$
$
$ 6,864,776
21,102
64,253
254,316
508,163
68,115
508,162
21,102
64,253
7,187,207
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3,015,105
1,925,105
4,705
38,589
2,340,081
746,492
12,807
774,855
495,000
508,163
1,406,298
76,500
512,868
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785,081
12,807
10,032,944
(4,706)
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(763,979)
51,446
(2,845,737)
1,857,500
3,865,952
(1,857,500)
(3,865,952)
(4,706)
(763,979)
51,446
(2,845,737)
533,654
6,660,306
9,628,366
36,338,009
198,340
400,147
$ 528,948
$ 6,094,667 $
9,679,812
$ 33,892,419
The accompanying notes are an integral part of this
statement
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Moorpark Redevelopment Agency
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances
of Governmental Funds to the Statement of Activities
Year Ended June 30, 2010
Net change in fund balances -total governmental funds
$ (2,845,737)
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 allocated over their estimated useful lives
as depreciation expense or are allocated to the appropriate functional expense when
the cost is below the capitalization threshold. This activity is reconciled as follows:
Cost of Assets Capitalized
Depreciation
Governmental funds report revenues when notes receivable are repaid and expenditures
when new notes are funded. These changes in notes receivable are not reflected in
the Statement of Activities. This amount represents the current year change in
notes receivable.
Revenues in the Statement of Activities that do not provide current financial
resources are not reported as revenues in the funds.
The issuance of long -term debt (e.g., bonds, leases) 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. Neither
transaction, however, has any effect on net assets. Also, governmental funds
report the effect of issuance costs, premiums, discounts, and similar items when
debt is first issued, whereas these amounts are deferred and amortized in the
Statement of Activities. The detail of these differences in the treatment of
long -term debt is as follows:
Debt Issued or Incurred:
Principal Repayments
Amortization of Issuance Costs
Amortization of Bond Discounts
Accrued Interest for Tax Allocation Bonds. This is the net change in accrued
interest for the current period.
Change in Net Assets of Governmental Activities
The accompanying notes are an integral part of this statement
8
332,446
495,000
(16,852)
(10,84')
5,997
$ (2,039,993)
M
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30,'2010
NOTE
DESCRIPTION
PAGE
1
Reporting Entity and Summary of Significant
Accounting Policies
10-14
2
Cash and Investments
15-18
3
Notes Receivable
18
4
Property Held for Resale/Development
19
5
Interfund Activity
20
6
Due To/Due From the City of Moorpark
20
7
Long -term Debt
21-24
8
Short Term Debt
24
9
Classification of Net Assets and Fund Balance
24-25
10
Agreements with Various Taxing Agencies
25-26
11
Low and Moderate Income Housing Set Aside
27
12
Retirement Plan
27
13
Risk Management
28-29
14
Prior Period Adjustment
30
15
New Pronouncement
30
16
Contingencies/Subsequent Events
30
0
65
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
1) REPORTING ENTITY AND SUMMARY OF SIGNII� ICANT ACCOUNTING POLICIES
The accounting policies of the Moorpark Redevelopment Agency (Agency) conform to accounting
principles generally accepted m the United States of America as applicable to governments. The
Governmental Accounting Standards Board (GASB) is the accepted standard setting body for
governmental accounting and financial reporting principles. The following is a summary of the
significant policies.
A) Reporting Entity
The Agency is a separate governmental entity created in 1987, pursuant to the Community
Redevelopment Law of the State of California Health and Safety Code. It has been included as a
component unit of the City of Moorpark (City) for purposes of the City's annual financial report.
The Agency has responsibility for elimination of blight within the limits of the project area by
preparing and carrying out redevelopment plans for area improvements and rehabilitation.
The Agency's primary source of revenue comes from property taxes (tax increment), referred to in
the accompanying financial statements as "taxes ". The assessed valuation of all property within the
project area is determined on the date of adoption of the Redevelopment Plan. Property taxes
related to the incremental increase in assessed values after the adoption of the Redevelopment Plan
are allocated to the Agency; all taxes on the "frozen" assessed valuation of the property are
allocated to the City and other districts.
The Agency has no power to levy and collect taxes and any legislative property tax de- emphasis
might reduce the amount of tax revenues that would otherwise be available to pay the principal and
interest on debt. Broadened property tax exemptions could have a similar effect. Conversely, any
increase in the tax rate or assessed valuation, or any reduction or elimination of present exemptions
would increase the amount of tax revenues that would be available to pay principal and interest on
debt.
Members of the City Council act as the governing body of the Agency. The Agency is also staffed
by employees of the City.
B) Basis of Presentation
Goverment -Wide Financial Statements
The government-wide financial statements (i.e. the Statement of Net Assets and the Statement of
Activities) report information on all of the nonfiduciary activities of the primary government and its
component units. For the most part, the effect of interfund activity has been removed from these
10
M.
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
1) REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
Continued
B) Basis of Presentation - Continued
statements. Governmental activities, which normally are supported by taxes and intergovernmental
revenues, are reported separately from business -type activities, which rely to a significant extent on
fees and charges for support. All Agency activities are governmental; no business -type activities
are reported in these financial statements.
The Statement of Activities demonstrates the degree to which the direct expenses of given
functions or segments are offset by program revenues. Direct expenses are expenses that are clearly
identifiable with a specific program, project, function or segment_ Program revenues of the Agency
include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or segment; and 2) grants and contributions that
are restricted to meeting the operational or capital requirements of a particular function or segment.
Taxes and other items that are not properly included among program revenues are reported instead
as general revenues.
Fund Financial Statements
Separate financial statements are provided for governmental funds. Major individual governmental
funds are reported as separate columns in the fund financial statements.
C) Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes
are recognized as revenues in the year for which they are levied Grants and similar items are
recognized as revenue as soon as all eligibility requirements imposed by the providers have been
met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are
collected within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the Agency considers revenues to be available if they are collected
11
67
Moorpark Redevelopment Agency
Notes to financial Statements
Year Ended June 30, 2010
1) REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
Continued
C) Measurement Focus, Basis of Accounting, and Financial Statement Presentation - Continued
within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a
liability is incurred as under accrual accounting. However, debt service expenditures are recorded
only when payment is due.
Interest associated with the current fiscal period is considered to be susceptible to accrual, and is
therefore recognized as revenue of the current fiscal period.
The Agency reports the following major governmental funds:
Special Revenue Funds
Low and Moderate Income Housing Fund - To account for housing set aside required under
redevelopment laws of the State of California
MRA Operating Fund - To account for monies received and expended within the project area in
accordance with the Redevelopment Plan of the Agency made pursuant to redevelopment laws of
the State of California.
Debt Service Funds
1999 Tax Allocation Bonds Fund - To accumulate monies for the payment of interest and principal
of the 1999 Tax Allocation Refunding Bonds. Debt service is financed via the incremental
property tax from the Agency.
2001 Tax Allocation Bonds Fund - To accumulate monies for the payment of interest and principal
of the 2001 Tax Allocation Bonds. Debt service is financed via the incremental property tax from
the Agency.
2006 Tax Allocation Bonds Fund - To accumulate monies for the payment of interest and principal
of the 2006 Tax Allocation Bonds. Debt service is financed via the incremental property tax from
the Agency.
Capital Projects Funds
2001 Bond Proceeds Fund - Development fund for the 2001 Tax Allocation Bonds proceeds.
2006 Bond Proceeds Fund - Development fund for the 2006 Tax Allocation Bonds proceeds.
12
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
1) REPORTING ENTTTY AND SUMMARY OF SIGNFICANT ACCOUNTING POLICIES -
Continued
C) Measurement Focus, Basis of Accounting, and Financial Statement Presentation - Continued
As a general rule, the effect of inter -fund activity has been eliminated from the government -wide
financial statements. Direct expenses have not been eliminated from the functional categories;
indirect expenses and internal payments have been eliminated, if any.
When both restricted and unrestricted resources are available for use, it is the Agency's policy to
use restricted resources first, and then use unrestricted resources as they are needed.
D) Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that effect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.
E) Investments
The Agency has adopted the provisions of GASB Statement No. 31, "Accounting and Financial
Reporting for Certain Investments and External Pools ", which require governmental entities to
report certain investments at fair value in the balance sheet and recognize the corresponding change
in the fair value of investments in the year in which the change occurred. In accordance with
GASB Statement No. 31, the Agency has adjusted certain investments to fair value (when material).
F) Property Held for Resale/Development
Property held for resale /development represents land and buildings (properties) purchased by the
Agency. Such properties are valued at the lower of cost or estimated net realizable value (as
determined by a disposition and development agreement between the Agency and a developer) and
has been offset by a reservation of fiord balance to indicate that assets constitute future capital
projects and are not available spendable resources. The balance outstanding at June 30, 2010 was
$19,428,853.
13
.•
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
1) REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
Continued
G) Capital Assets
Capital assets, if any, are reported in Governmental Activities column of the Government -wide
Financial Statements. Capital assets are defined by the Agency as vehicles, computers and
equipment with an initial individual cost of more than $5,000. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed Donated or annexed capital
assets are recorded at estimated market value at the date of donation or annexation.
H) Property Taxes
The Agency receives incremental property taxes on property within its project area over a base -
assessed valuation on the date the project area was established.
The duties of assessing and collecting property taxes are performed by the Ventura County
Assessor and Tax Collector, respectively. Tax levies cover the period from July 1 to June 30 of
each year. All tax liens attach annually on the first day in January preceding the fiscal year for
which the taxes are levied. Taxes are levied on both real and personal property, as it exists on that
date.
Secured property taxes are levied against real property and are due and payable in two equal
installments. The first installment is due on November 1 and becomes delinquent if not paid by
December 10. The second installment is due on February 1 and become delinquent if not paid by
April 10. Unsecured personal property taxes are due on July 1 each year. These taxes become
delinquent if not paid by August 31.
1) Relationship to the City of Moorpark
The Agency is an integral part of the reporting entity of the City. The funds of the Agency have
been blended within the financial statements of the City because the City Council of the City is the
governing board of the Agency and exercises control over the operations of the Agency. Only the
funds of the Agency are included herein; therefore, these financial statements do not purport to
represent the financial position or the results of operations of the City.
14
70
i
1 Moorpark Redevelopment Agency
Notes to Financial Statements
l Year Ended June 30, 2010
2) CASH AND INVESTMENTS
Cash and investments as of June 30, 2010 are classified in the accompanying financial statements as
follows:
Statement of Net Assets:
Cash and Investments $
15,417,172
Restricted Cash and Investments
2,178,925
Total Cash and Investments $
17,596,097
Cash and investments as of June 30, 2010, consist of the following:
Unrestricted:
Demand Deposits $
323,738
Cash on Hand
1,500
Investments
15,091,934
' Total Unrestricted Cash and Investments
15,417,172
Restricted Cash and Investments (Held by Fiscal Agent)
Money Market Funds
1,594,251
CDC Investment Agreement
584,674
Total Restricted Cash and Investments
2,178,925
Total Cash and Investments $
17,596,097
Investments Authorized by the Agency's Investment Poli cy
The Agency's investment policy only authorizes investment in the Local Agency Investment Fund
(LAIF) administered by the State of California and pooled cash and investments with the City. The
Agency's investment policy also identifies certain provisions of the California Government Code that
address interest rate risk, credit risk, and concentration of credit risk. Detailed information concerning
the City's pooled cash and investments can be found in the City's Comprehensive Annual Financial
Report (CAFR) for the year ended June 30, 2010.
15
71
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND INVESTMENTS - Continued
Investments Authorized by Debt Agreements
Investment of debt proceeds held by the bond trustees are governed by provisions of the debt
agreements, rather than the general provisions of the California Government Code or the Agency's
investment policy. The table below identifies the investment types that are authorized for investments
held by bond trustees. The table also identifies certain provisions of these debt agreements that address
interest rate risk, credit risk, and concentration of credit risk.
Authorized Investment Type Maximum Maturity
U.S. Treasury Obligations
None
U.S. Agency Securities
None
Banker's Acceptances
180 Days
Commercial Paper
270 Days
Money Market Mutual Funds
N/A
Investment Contracts
30 years
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair
value to changes in market interest rates. As of year end, the weighted average maturity of the
investments contained in the LAW investment pool was less than one year.
Information about the sensitivity of the fair values of the Agency's investments to market interest rate
fluctuations is provided by the following table that shows the maturity of each investment:
Investment Type
State Investment Pool
Money Market Funds
CDC Investment Agreement
Total
Value
$ 15,091,934
1,594,251
584,674
$ 17,270,859
16
Maturity
Less than One Year
Less than One Year
October 1, 2031
72
i
i
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND INVESTMENTS - Continued
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the
holder of the investment. This is measured by the assignment of a rating by a nationally recognized
statistical rating organization. The Agency's investment in LAIF, investment contracts, and money
market fiord do not have a rating provided by a nationally recognized statistical rating organization.
Concentration of Credit Risk
The investment policy of the Agency contains no limitations on the amount that can be invested in any
one issuer beyond that stipulated by the California Government Code. The Agency did not have
investments that represent more than 5% of the Agency's total investments (other than LAY).
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial
institution, a government will not be able to recover its deposits or will not be able to recover collateral
securities that are in the possession of an outside parry. The California Government Code and the
Agency's investment policy do not contain legal or policy requirements that would limit the exposure
to custodial credit risk for deposits, other than the following provision for deposits: The California
Government Code requires that a financial institution secure deposits made by state or local
governmental units by pledging securities in an undivided collateral pool held by a depository regulated
under state law (unless so waived by the governmental unit). The market value of the pledged
securities in the collateral pool must equal at least 110 percent of the total amount deposited by the
public agencies. California law also allows financial institutions to secure public agency deposits by
pledging first trust deed mortgage notes having a value of 150 percent of the secured public deposits.
All of the Agency's $323,739 demand deposits with financial institutions are covered by Federal
depository insurance limits.
The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty
(e.g., broker - dealer) to a transaction, a government will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. The California
Government Code and the Agency's investment policy do not contain legal or policy requirements that
would limit the exposure to custodial credit risk for investments. With respect to investments,
custodial credit risk generally applies only to direct investments in marketable securities. Custodial
credit risk does not apply to a local government's indirect investment in securities through the use of
mutual funds or government investment pools (such as LAIF).
17
73
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
2) CASH AND INVESTMENTS - Continued
Investment in State Investment Pool
The Agency is a voluntary participant in the LAIF that is regulated by the California Government Code
under the oversight of the elected Treasurer of the State of California. The fair value of the Agency's
investment in this pool is reported in the accompanying financial statements at amounts based upon the
Agency's pro -rated share of the fair value provided by LAIF for the Agency LAIF portfolio (in relation
to the amortized cost of that portfolio). The balance available for withdrawal is based on the
accounting records maintained by LAIF, which are recorded on an amortized cost basis.
LAIF is a governmental investment pool managed and directed by the California State Treasurer and is
not registered with the Securities and Exchange Commission. An oversight committee comprised of
California State officials and various participants, provide oversight to the management of the fund.
The daily operations and responsibilities of LAY fall under the auspices of the State Treasurer's Office.
3) NOTES RECEIVABLE
Mission Bell Note
On August 2, 1995, the Agency entered into an agreement with Mission Bell Partners whereby in return
for land disposition, the Agency received seven promissory notes totaling $3,934,500. The notes bear
simple interest rates ranging from 4 percent to 6 percent per annum from August 29, 1995 until August
29, 2029. In June 2004, the Agency, per a settlement agreement, discharged three of the remaining six
of the original seven promissory notes totaling $500,000. In September of 2006, notes number 2 and 6
were paid off. The balance of the remaining note (note no. 7) outstanding at June 30, 2010 was
$1,704,786. Principal and interest are due on September 2, 2029.
Rehab Loans
The Agency operates a rehabilitation loan program for the renovation of low and moderate income
housing. The total balance outstanding at June 30, 2010 was $16,384.
Other Notes Receivable
The Agency has entered into an agreement to loan the County of Ventura Area Housing Authority
(AHA) up to $350,000 to assist in developing residential rental units on Agency owned property. As of
June 30, 2010, the AHA has drawn down $332,446 on the available loan. The outstanding principal
balance and interest are expected to be paid during the 2010 /11 fiscal year.
18
74
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
4) PROPERTY HELD FOR RESALUDEVELOPMENT
Fiscal Year Acquired
' 1992 -93
i 1993 -94
1993 -94
1999 -00
2000-01
1 2000 -01
2000 -01
2001 -02
1. 2001 -02
2001 -02
2002 -03
2002 -03
2003 -04
2004-05
1 2005 -06
2005 -06
2006-07
2006-07
2006-07
2006-07
2006-07
2007 -08
2007 -08
2007 -08
2007 -08
2007 -08
2007 -08
2007 -08
2007 -08
2008 -09
2008-09
2008-09
2008-09
2009 -10
2009 -10
2009 -10
Location
High Street/Moorpark Avenue SE Corner
18 High Street
661 Moorpark Avenue
SW Terminus of Millard Street
285 High Street
500 Spring Road
782 Moorpark Avenue
798 Moorpark Avenue
83 High Street
Fitch Avenue Cul- de-sac
467 E High Street
47 -51 High Street
81 Charles Street
81 First Street
347 Moorpark Avenue
45 High Street
1095 Walnut Canyon
250 E Los Angles Avenue
460 Charles Street
765 Walnut Street
Lots 69 -82 Princeton Avenue
1113 Walnut Canyon
1123 Walnut Canyon
1293 Walnut Canyon
1331 Walnut Canyon
18 High Street
33 High Street
450 Charles Street
484 Charles Street
1063 Walnut Canyon
1073 Walnut Canyon
512 Los Angeles Avenue
780 Walnut street
112 First Street
1083 Walnut Canyon Road
100 W High Street
Total Property Held for Resale/Development
Z,
Carrying Value
$ 334,000
425,162
119,363
170,100
110,737
1,741,861
115,271
225,854
883,244
1,022,164
451,439
352,645
823,787
215,000
668,713
1,250,880
374,464
578,814
450,860
518,026
574,837
411,800
488,732
535,103
397,974
107,800
960,609
531,329
498,291
474,534
301,073
1,869,200
251,041
12,940
703,202
478,004
$ 19,428,853
75
Moorpark Redevelopment ,Agency
Notes to Financial Statements
Year Ended June 30, 2010
5). INTERFUND ACTIVITY
Interfund Transfers
With the Agency Board approval, resources may be transferred from one fund to another. Transfers
between individual funds during the fiscal year ended June 30, 2010 are presented below:
The transfers between the 2001 Bond Proceeds Fund and the MRA Operating Fund were to transfer
land held for resale to the 2001 Bond Proceeds Fund and to reimburse the MRA Operating Fund for the
cost of the land transferred.
The Low and Moderate Income Housing Fund transfen-cd fiords to the 1999 Tax Allocation Bonds
Fund to pay the 20% debt service on the 1999 Tax Allocation Refunding Bonds.
lnterfund Balances
During the prior fiscal year, the 2001 Bond Proceeds Fund advanced the Low and Moderate Income
Housing Fund $350,000. This advance is expected to be paid back in the 2010 /11 fiscal year.
6) DUE TO/DUE FROM THE CITY OF MOORPARK
The City's General Fund has advanced $29,701, $1,233, and $33,752 to the Low and Moderate
Income Housing, MRA Operating, and 2001 Bond Proceeds funds respectively. These advances are
expected to be paid back to the City's General Fund in 2010/11. The City's Capital Projects Fund
advanced $60,000 during the fiscal year to the MRA Operating Fund. This advance is expected to be
paid back to the City's Capital Projects Fund in 2010/11.
20
76
TRANSFERS FROM
Low and Moderate MRA
2001 Bond
Income Housing Operating
Proceeds
Total
TRANSFER MRA Operating
$
$ 1,857,500
$ 1,857,500
TO 1999 Tax Allocation Bonds
150,952
150,952
2001 Bond Proceeds
1,857,500
1,857,500
Total
$ 150,952 1,857,500
$ 1,857,500
$ 3,865,952
The transfers between the 2001 Bond Proceeds Fund and the MRA Operating Fund were to transfer
land held for resale to the 2001 Bond Proceeds Fund and to reimburse the MRA Operating Fund for the
cost of the land transferred.
The Low and Moderate Income Housing Fund transfen-cd fiords to the 1999 Tax Allocation Bonds
Fund to pay the 20% debt service on the 1999 Tax Allocation Refunding Bonds.
lnterfund Balances
During the prior fiscal year, the 2001 Bond Proceeds Fund advanced the Low and Moderate Income
Housing Fund $350,000. This advance is expected to be paid back in the 2010 /11 fiscal year.
6) DUE TO/DUE FROM THE CITY OF MOORPARK
The City's General Fund has advanced $29,701, $1,233, and $33,752 to the Low and Moderate
Income Housing, MRA Operating, and 2001 Bond Proceeds funds respectively. These advances are
expected to be paid back to the City's General Fund in 2010/11. The City's Capital Projects Fund
advanced $60,000 during the fiscal year to the MRA Operating Fund. This advance is expected to be
paid back to the City's Capital Projects Fund in 2010/11.
20
76
1
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
7) LONGTERM DEBT
Changes in long -term debt for the year ended June 30, 2010 are as follows:
1999 Tax Allocation Bonds
In 1999, the Agency issued $9,860,000 aggregated principal amount of Moorpark Redevelopment
Project 1999 Tax Allocation Refunding Bonds (1999 Bonds). The purpose of the 1999 Bonds was to
advance refund the Agency's previously issued $10,000,000 Moorpark Redevelopment Project, 1993
Tax Allocation Bonds (1993 Bonds). The purpose of the 1993 Bonds was to finance a portion of the
costs of implementing the Redevelopment Plan, including low and moderate income housing projects.
The 1999 Bonds bear interest at rates ranging from 3.05 percent to 4.875 percent per annum, payable
semi - annually on April 1 and October 1 of each year, commencing on October 1, 1999 and are subject
to mandatory sinking fund redemption commencing on October 1, 2009 and on each October 1
thereafter. The 1999 Bonds are payable from and secured by the tax revenues to be derived from the
project area.
The 1999 Bonds are secured by all property tax increment revenues, which are deposited in the 1999
Tax Allocation Bonds Debt Service Fund. Cash and investments in the custody of the fiscal agent are
restricted by the bond resolutions for payment of principal and interest on the 1999 Bonds. In addition,
the bond resolutions require retention of funds held by the fiscal agent prior to use for other than debt
service.
The Agency is in compliance with the covenants contained in debt indentures, which require the
establishment of certain specific accounts for the 1999 Bonds.
21
77
Balance
Balance
Due
Beginning
End
Within
of Year Additions
Reductions
of Year
One Year
1999 Tax Allocation Bonds
$ 5,970,000 $
$ (475,000)
$ 5,495,000
$ 500,000
2001 Tax Allocation Bonds
11,540,000
(20,000)
11,520,000
15,000
2006 Tax Allocation Bonds
11,695,000
11,695,000
40,000
Discount on Bonds
(298,284)
10,847
(287,437)
(10,847)
Totals
$ 28,906,716 $ -
$ (484,153)
$ 28,422,563
$ 544,153
1999 Tax Allocation Bonds
In 1999, the Agency issued $9,860,000 aggregated principal amount of Moorpark Redevelopment
Project 1999 Tax Allocation Refunding Bonds (1999 Bonds). The purpose of the 1999 Bonds was to
advance refund the Agency's previously issued $10,000,000 Moorpark Redevelopment Project, 1993
Tax Allocation Bonds (1993 Bonds). The purpose of the 1993 Bonds was to finance a portion of the
costs of implementing the Redevelopment Plan, including low and moderate income housing projects.
The 1999 Bonds bear interest at rates ranging from 3.05 percent to 4.875 percent per annum, payable
semi - annually on April 1 and October 1 of each year, commencing on October 1, 1999 and are subject
to mandatory sinking fund redemption commencing on October 1, 2009 and on each October 1
thereafter. The 1999 Bonds are payable from and secured by the tax revenues to be derived from the
project area.
The 1999 Bonds are secured by all property tax increment revenues, which are deposited in the 1999
Tax Allocation Bonds Debt Service Fund. Cash and investments in the custody of the fiscal agent are
restricted by the bond resolutions for payment of principal and interest on the 1999 Bonds. In addition,
the bond resolutions require retention of funds held by the fiscal agent prior to use for other than debt
service.
The Agency is in compliance with the covenants contained in debt indentures, which require the
establishment of certain specific accounts for the 1999 Bonds.
21
77
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
7) LONG -TERM DEBT - Continued
Debt service payments on the 1999 Bonds payable will be made from the 1999 Tax Allocation Bonds
Debt Service Fund. Annual debt service requirements to maturity are as follows:
Year Ended
Tax Allocation Bonds
June 30,
Principal
Interest
Total
2011
$ 500,000
$ 255,694
$ 755,694
2012
525,000
230,709
755,709
2013
550,000
204,506
754,506
2014
580,000
176,962
756,962
2015
605,000
148,078
753,078
2016 -2019
2,735,000
274,827
3,009,827
Total
$ 5,495,000
$ 1,290,776
$ 6,785,776
2001 Tax Allocation Bonds
In December 2001, the Agency issued $11,625,000 of Tax Allocation Parity Bonds (2001 Bonds). The
proceeds of the 2001 Bonds are to be used to fimd redevelopment activities within the Moorpark
Redevelopment Project area. Interest on the 2001 Bonds is payable semi - annually on April I and
October 1, commencing April 1, 2002, at rates ranging from 2.85 percent to 5.13 percent per annum.
The 2001 Bonds maturing October 2031 are subject to mandatory sinking fund redemption. The 2001
Bonds are payable from and secured by the tax revenues to be derived from the project area.
The 2001 Bonds are secured by all property tax increment revenues, which are deposited in the 2001
Tax Allocation Bonds Debt Service Fund. Cash and investments in the custody of the fiscal agent are
restricted by the bond resolutions for payment of principal and interest on the 2001 Bonds. In addition,
the bond resolution requires retention of funds held by the fiscal agent prior to use for other than debt
service.
The Agency is in compliance with the covenants contained in debt indentures, which require the
establishment of certain specific accounts for the 2001 Bonds.
22
S
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
7) LONGTERM DEBT - Continued
Debt service payments on the 2001 Bonds payable will be made from the 2001 Tax Allocation Bonds
Debt Service Fund. Annual debt service requirements to maturity are as follows:
Year Ended Tax Allocation Bonds
June 30, Principal Interest
2011
2012
2013
2014
2015
2016 -2020
2021 -2025
2026 -2030
2031 -2032
Total
2006 Tax Allocation Bonds
$ 15,000
15,000
20,000
15,000
20,000
720,000
3,705,000
4,755,000
2,255,000
$ 11,520,000
$ 587,743
587,098
586,319
585,525
584,711
2,893,470
2,289,046
1,211,422
116,978
Total
$ 602,743
602,098
606,319
600,525
604,711
3,613,470
5,994,046
5,966,422
2,371,978
$ 9,442,312 $ 20,962,312
In 2006, the Agency issued an $11,695,000 aggregated principal amount of Moorpark Redevelopment
Project 2006 Tax Allocation Bonds (2006 Bonds). The purpose of the 2006 Bonds was to finance
redevelopment activities within the Moorpark Redevelopment Project Area. The 2006 Bonds bear
interest at rates ranging from 3.625 percent to 4.375 percent per annum, payable semi - annually on April
I and October 1 of each year, commencing on April 1, 2007, and are subject to mandatory sinking fund
redemption commencing on October 1, 2016, and on each October 1 thereafter. The 2006 Bonds are
payable from and secured by the tax revenues to be derived from the project area_
The 2006 Bonds are secured by all property tax increment revenue, which is recorded in the 2006 Tax
Allocation Bonds Debt Service Fund. Cash and investments in the custody of the fiscal agent are
restricted by the bond resolutions for payment of principal and interest on the 2006 Bonds.
The Agency is in compliance with the covenants contained in the debt indenture, which require the
establishment of certain specific accounts for the 2006 Bonds.
23
79
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
7) LONGTERM DEBT -Continued
Debt service payments on the 2006 Bonds payable will be made from the 2006 Tax Allocation Bonds
Debt Service Fund. Annual debt service requirements to maturity are as follows:
Year Ending
Tax Allocation Bonds
June 30,
Principal
Interest
Total
2011
$ 40,000
$ 507,437
$ 547,437
2012
40,000
505,987
545,987
2013
35,000
504,628
539,628
2014
40,000
503,269
543,269
2015
40,000
501,819
541,819
2016 -2020
235,000
2,483,919
2,718,919
2021 -2025
295,000
2,431,187
2,726,187
2026 -2030
355,000
2,361,781
2,716,781
2031 -3035
4,270,000
2,028,031
6,298,031
2036 -2039
6,345,000
570,172
6,915,172
Total
$ 11,695,000
$ 12,398,230
$ 24,093,230
8) SHORT TERM DEBT
At the beginning of the fiscal year, the Agency borrowed $5,000,000 from the City for cash flow
purposes throughout the year. The Agency repaid the balance before June 30, 2010.
9) CLASSIFICATION OF NET ASSETS AND FUND BALANCE
Net Assets
Net assets are the differences between assets and liabilities. Net assets invested in capital assets, net of
related debt are capital assets, less accumulated depreciation and any outstanding debt related to the
acquisition, construction or improvement of those assets. Net assets are reported as restricted when
there are legal limitations imposed on their use by Agency legislation or external restrictions by other
governments, creditors or grantors.
24
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l
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Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
I
9) CLASSIFICATION OF NET ASSETS AND FUND BALANCE - Continued
Fund Balance
Under accounting principles generally accepted in the United States of America a governmental entity
may set up `5reserv&' of fund equity to segregate fund balances, which are not appropriable for
expenditure in future periods, or which are legally set aside for a specific future use. Fund
"designations" also may be established to indicate tentative plans for financial resources utilization in a
future period.
10) AGREEMENTS WITH VARIOUS TAXING AGENCIES
The Agency has entered into four (4) agreements for allocation and distribution of tax increment
revenues:
The first agreement is with the County of Ventura, County Library District, Ventura County Fire
Protection District, and Ventura Flood Control District (collectively, the "County Taxing Entities "),
which provides for the Agency to retain 100 percent of the County Taxing Entities' share (55.82
percent) of annual tax increment revenues up to $1,750,000. For annual tax increment revenue in
i excess of $1,750,000, the Agency shall distribute 55.82 percent of such revenues to the County on
behalf of the County Taxing Entities. The County Taxing Entities have agreed to defer payments in the
initial years of the Redevelopment Plan, and consequently, the parties agree that the County Taxing
Entities may receive payments in any single fiscal year in excess of the amount of tax revenues the
County Taxing Entities would otherwise be entitled to, but for the adoption of the Redevelopment Plan.
With respect to the first paragraph, 4.2 percent of the County Taxing Entities' share is allocated to the
County Library District (County Free Library System). The City has withdrawn from the County Free
Library System and now operates the Moorpark Library. Pursuant to the Memorandum of
Understanding governing the County Free Library System, upon withdrawal, a city is entitled to all
property taxes allocated to library purposes from within the corporate boundaries of such city. The
County has agreed that the City is entitled to the share of annual tax increment previously allocated to
the County Library District under the first agreement.
The second agreement is with the Moorpark Unified School District (MUSD), and states that the
MUSD shall receive, after the Agency has satisfied debt service payments to bond or note holders or to
the holder of any other instruments of Agency indebtedness (provided such indebtedness is not
reasonably foreseeable to impair the Agency's obligation under the agreement), the MUSD's
25
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
10) AGREEMENTS WITH VARIOUS TAXING AGENCIES - Continued
share (33.41 percent) of tax increment revenues generated by an annual 2 percent increase in assessed
valuation, and beginning in fiscal year 1995/96, 14 percent of the MUSD's share of annual tax
increment revenue.
Per the agreement between the MUSD and the Agency, the distributions to the MUSD shall be
expended for the following purposes at school sites in the incorporated boundaries of the City:
1. Telephone systems for new buildings;
2. Computer hardware and educational systems;
3. Land acquisition;
4. Books; and
5. School buildings and facilities and related capital improvements and modernization projects
(collectively "public works "); such public works may include design, inspection and administration
costs, but not MUSD overhead or salary/benefits for regular MUSD employees.
The Agency may pre - approve other proposed expenditures that are submitted in writing by the MUSD.
The third agreement is with the Ventura County Community College District (the VCCCD), and states
that the VCCCD shall receive, after the Agency has satisfied debt service payments to bond or note
holders or to the holders of any other instruments of agency indebtedness (provided such indebtedness
is not reasonably foreseeable to impair the Agency's obligation under the agreement), the VCCCD's
share (5.81 percent) of tax increment revenues generated by an annual 2 percent increase in assessed
valuation, and beginning in fiscal year 1993/94, 14 percent of the VCCCD's share of annual tax
increment revenue.
An agreement, dated May 1, 2008, between the City and the VCCCD redirects the VCCCD's tax
increment allocation. The Agency shall transfer to the City the VCCCD's tax increment allocations,
up to One Million Dollars ($1,000,000), beginning with fiscal year 2006/07 and for every fiscal year
thereafter through and including the 2024/25 fiscal year for the purpose of constructing certain public
improvements near Moorpark College.
The fourth agreement is with the Ventura County Superintendent of School Office (Superintendent),
and states that the Superintendent shall receive its share (2.49 percent) of tax increment revenues
generated by an annual 2 percent increase in assessed valuation.
26
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Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
11) LOW AND MODERATE INCOME HOUSING SET ASIDE
The California Health and Safety Code Section 33334.2 requires a redevelopment agency to use at
least 20 percent of tax increment revenues generated by a redevelopment project area to increase and
1 improve the supply of low and moderate income housing in the community. Accordingly, the
Agency's unspent commitment for its low and moderate income housing program (if any) is
reflected as unreserved fund balance in the Agency's Low and Moderate Income Housing Special
Revenue Fund.
12) RETIREMENT PLAN
A) Plan Description
Employees of the Agency are all City employees. The City contributes to the California Public
Employees Retirement System (CaIPERS), a cost- sharing multiple- employer public employee
defined benefit pension plan. CaIPERS provides retirement and disability benefits, annual cost-of-
living adjustments, and death benefits to plan members and beneficiaries. CaIPERS acts as a
common investment and administrative agent for participating public entities within the State of
California. Benefit provisions and all other requirements arc established by state statute and city
ordinance. Copies of CaIPERS' annual financial report may be obtained from their executive
office: 400 P Street, Sacramento, California 95814.
B) Funding Policy
Active plan members are required to contribute 7% of their covered salary. The City makes the
contribution required of the City employees on their behalf. The City is also required to make an
additional contribution at an actuarially determined rate. The required employer contribution rate
for the fiscal year 2009/10 was 10.990 %. The contribution requirements for plan members are
established by State statute and the employer contribution rate is established and may be amended
by Ca1PERS.
The following represents the required contributions of the City for the past three fiscal years:
Fiscal
Required
Percent
Year
Contributions
Contributed
2007/08
$ 448,187
100%
2008/09
$ 491,357
100%
2009/10
$ 566,161
100%
27
MR
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
13) RISK MANAGEMENT
A) Description of Self - Insurance Pool Pursuant to Joint Powers Agreement
The City (which includes the Agency) is a member of the California Joint Powers Insurance
Authority (Authority). The Authority is composed of over 100 California public entities and is
organized under a joint powers agreement pursuant to California Government Code 6500 et seq.
The purpose of the Authority is to arrange and administer programs for the pooling of self - insured
losses, to purchase excess insurance or reinsurance, and to arrange for group - purchased insurance
for property and other coverages. The Authority's pool began covering claims of its members in
1978. Each member government has an elected official as its representative on the Board of
Directors. The Board operates through a nine- member Executive Committee.
B) Self Insurance Programs of the Authority
General Liability: Each member government pays a primary deposit to cover estimated losses for a
fiscal year (claims year). Six months after the close of a fiscal year, outstanding claims are valued.
A retrospective deposit computation is then made for each open claims year. Costs are spread to
members as follows: the first $30,000 of each occurrence is charged directly to the member; costs
from $30,001 to $750,000 are pooled based on a member's share of costs under $30,000; costs
from $50,001 to $5,000,000 are pooled based on payroll. Cost of covered claims above $5,000,000
are currently paid by reinsurance. The Protection for each member is $50,000,000 per occurrence
and $50,000,000 annual aggregate.
Workers' Compensation: The City also participates in the workers compensation pool
administered by the Authority. Members retain the first $50,000 of each claim. Claims are pooled
separately between public safety and non - public safety. Loss development reserves are allocated by
pool and by loss layer ($0 to $100,000 allocated by retained amount and $100,000 to $2,000,000 by
payroll). Losses from $50,000 to $100,000 and the loss development reserve associated with losses
up to $100,000 are pooled based on the member's share of losses under $50,000. Losses from
$100,000 to $2,000,000 are pooled based on payroll. Costs in excess of $50,000,000 are pooled
among the Members based on payroll. Administrative expenses are paid from the Authority's
investment earnings.
28
• E
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
13) RISK MANAGEMENT - Continued
C) Purchased Insurance
The City participates in the all-risk property protection program of the Authority. This insurance
protection is underwritten by several insurance companies. The City property is currently insured
according to a schedule of covered property submitted by the City to the Authority. Total all-risk
property insurance coverage is $38,504,423. There is a $5,000 per loss deductible. Premiums for
the coverage are paid annually and are not subject to retroactive adjustments.
D) Earthquake and Flood Insurance
The City purchased earthquake and flood insrranCe on a portion of its property. The earthquake
insurance is part of the property protection insurance program of the Authority. The City property
currently has earthquake protection in the amount of $34,531,896. There is a deductible of 5
percent of the value with a minimum deduction of $100,000. Premiums for the coverage are paid
annually and are not subject to retroactive adjustments.
E) Adequacy of Protection
During the past three fiscal (claims) years none of the above program of protection have had
settlements or judgments that exceeded pooled or insured coverage. There have been no significant
reductions in pooled or insured liability coverage from coverage in the prior year.
F) Claims and Judgments
The City accounts for uninsured, material claims and judgments and associated legal and
administrative costs when it is probable that the liability claim has been incurred and the amount
of the loss can be reasonably estimated. Included therein are claims incurred but not reported,
which consists of (a) known loss events expected to be presented as claims later, (b) unknown
loss events that are expected to become claims, and (c) expected future development on claims
already reported. This is based upon historical actual results that have established a reliable pattern
supplemented by specific information about current matters. Small dollar claims and judgments are
recorded as expenditures when paid.
29
M.
Moorpark Redevelopment Agency
Notes to Financial Statements
Year Ended June 30, 2010
14) PRIOR PERIOD ADJUSTMENTS
The prior period adjustments of $400,147 in the Statement of Activities and the Statement of
Revenues, Expenditures and Changes in Fund Balances consists of $125,514 in revenue which
should have been deferred in the Low and Moderate Income Housing Special Revenue Fund in the
prior year but was not and $525,661 of land held for resale expenditures which should have been
classified as an asset but was expensed in the prior year ($327,321 and $198,340 in the Low and
Moderate Income Housing Special Revenue and the 2001 Bond Proceeds Capital Projects Funds,
respectively).
15) NEW PRONOUNCEMENT
The provisions of Governmental Accounting Standards Board (GASB) Statement No. 54, Fund
Balance Reporting and Governmental Fund Type Definitions, will be required to be adopted and
implemented by the City for the fiscal year 2010 -11.
16) CONTINGENCIES /SUBSEQUENT EVENTS
There are certain legal actions currently pending against the Agency arising in the normal course of the
Agency's operations. In the opinion of management and the Agency Attorney, the ultimate resolution
of such actions is not expected to have a significant effect upon the financial statements of the Agency.
Subsequent to June 30, 2010, the City loaned $600,000 to the Agency's Low and Moderate Income
Housing Special Revenue Fund_ The Agency has since then loaned the $600,000 to the County of
Ventura Area Housing Authority for development of residential housing units for the Charles Street
project.
30
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1
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1
REQUIRED SUPPLEMENTARY INFORMATION
H
M.
Moorpark Redevelopment Agency
Schedule of Revenues, Expenditures, and Changes in Fund Balances
Low and Moderate Income Housing Special Revenue Fund
Budget and Actual
Year Ended June 30, 2010
Revenues
Taxes
Use of Money and Property
Total Revenues
Expenditures
Current:
Public Services
Administration
Capital Outlay
Debt Service:
Principal
Interest on Bonds
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Other Financing Sources (Uses)
Transfers In
Transfers Out
Total Other Financing
Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Prior Period Adjustment
Fund Balance, End of Year
Budgeted Amounts
Original Final
Variances with
Actual Final Budget
Amounts Positive (Negative)
$ 1,340,000
$ 1,407,000
$ 1,372,988
$ (34,012)
31,000
31,000
30,781
(219)
1,371,000
1,438,000
1,403,769
(34,231)
345,833
578,040
585,256
(7,216)
95,735
157,322
11,337
145,985
36,000
36,000
30,208
5,792
477,568
771,362
626,801
144,561
893,432
666,638
776,968
110,330
(152,000)
(152,000)
(150,952)
1,048
(152,000)
(152,000)
(150,952)
1,048
741,432
514,638
626,016
111,378
6,928,805
6,928,805
6,928,805
-
201,807 201,807
$ 7,670,237 $ 7,443,443 $ 7,756,628 $ 313,185
31
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1 Moorpark Redevelopment Agency
Schedule of Revenues, Expenditures, and Changes in Fund Balances
i MRA Operating Special Revenue Fund
i
Budget and Actual
r I Year Ended .Tune 30, 2010
Variances with
1
Budgeted Amounts Actual Final Budget
Original Final Amounts Positive (Negative}
1
Revenues
Taxes $ $ 3,908,000 $ 3,771,651 $ (136,349)
1 Use of Money and Property 47,000 230,000 100,607 (129,393)
Other Revenue 68,000 68,000 68,115 115
Total Revenues 115,000 4,206,000 3,940,373 (265,627)
Expenditures
Current:
Public Services
Pass -Thru Agreements
3,200,000
3,015,105
184,895
ERAF Payment to State
1,925,105
1,925,105
-
Administration
1,513,852
1,546,905
1,711,531
(164,626)
Capital Outlay
5,494,934
5,884,670
4,219
5,880,451
Debt Service:
Principal
-
Interest
i
150,000
76,500
73,500
Total Expenditures
7,008,786
12,706,680
6,732,460
5,974,220
Excess (Deficiency) of Revenues
over Expenditures
(6,893,786)
(8,500,680)
(2,792,087)
5,708,593
Other Financing Sources (Uses)
Transfers In
1,857,500
1,857,500
-
Transfers Out
(11,000)
(11,000)
(1,857,500)
(1,846,500)
Total Other Financing
Sources (Uses)
(11,000)
1,846,500
-
(1,846,500)
Net Change in Fund Balance
(6,904,786)
(6,654,180)
(2,792,087)
3,862,093
Fund Balance, Beginning of Year
10,974,474
10,974,474
10,974,474
-
Fund Balance, End of Year
$ 4,069,688
$ 4,320,294
$ 8,182,387 $
3,862,093
32
• •
Moorpark Redevelopment Agency
Notes to Required Supplementary Information
Year Ended June 30, 2010
BUDGETS AND BUDGETARY ACCOUNTING
The Agency adopts an annual budget using the modified - accrual basis of accounting, consistent with
accounting principles generally accepted in the United States of America. Budgetary controls are
established at the department level. At year end, unexpended appropriations lapse.
The Agency Executive Director may transfer budget appropriations between major categories within a fund
in conformance with the policies set by the Agency Board Any major changes or amendments must be
approved by the Agency Board. The adopted budget and budget amendments made during the year are
reflected in the accompanying financial statements.
A budgetary comparison schedule is presented as part of the required supplementary information for the
major special revenue funds as provided for by GASB Statement No. 34. The budgetary comparison
schedules for the remaining major funds are presented to aid in additional analysis and are not a required
part of the basic financial statements.
33
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SUPPLEMENTARY INFORMATION
m
Moorpark Redevelopment Agency
Schedule of Revenues, Expenditures, and Changes in Fund Balances
1999 Tax Allocation Bonds Debt Service Fund
Budget and Actual
Year Ended June 30, 2010
Revenues
Taxes
Use of Money and Property
Total Revenues
Expenditures
Current:
Public Services
Debt Service:
Principal
Interest
Budgeted Amounts Actual
Original Final Amounts
$ $ 603,507 $ 603,507
30,953 37,573
- 634,460 641,080
475,000 475,000
279,460 279,460
Variances with
Final Budget
Positive (Negative
6,620
6,620
Total Expenditures
- 754,460
754,460
-
Excess (Deficiency) of Revenues
over Expenditures
- (120,000)
(113,380)
6,620
Other Financing Sources (Uses)
Transfers In
152,000
150,952
(1,048)
Transfers Out
-
Total Other Financing
Sources (Uses)
- 152,000
150,952
(1,048)
Net Change in Fund Balance
- 32,000
37,572
5,572
Fund Balance, Beginning of Year
1,027,730 1,027,730
1,027,730
-
Fund Balance, End of Year $
1,027,730 $ 1,059,730
$ 1,065,302
$ 5,572
34
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92
1
Moorpark Redevelopment Agency
Schedule of Revenues, Expenditures, and Changes in Fund Balances
i 2001 Tax Allocation Bonds Debt Service Fund
Budget and Actual
Year Ended June 30, 2010
Variances with
Budgeted Amounts Actual Final Budget
Original Final Amounts Positive (Negative)
Revenues
Taxes $
$ 608,468
$ 608,468 $
-
Use of Money and Property
-
Total Revenues
- 608,468
608,468
-
Expenditures
Current:
Public Services
-
Debt Service:
Principal
20,000
20,000
-
Interest
588,468
588,467
1
Total Expenditures
- 608,468
608,467
1
Excess (Deficiency) of Revenues
over Expenditures
Other Financing Sources (Uses)
Transfers In
-
Transfers Out
-
Total Other Financing
Sources (Uses)
- -
-
-
Net Change in Fund Balance
Fund Balance, Beginning of Year
584,674 584,674
584,674
-
j Fund Balance, End of Year $
584,674 $ 584,674
$ 584,675 $
1
35
93
Moorpark Redevelopment Agency
Schedule of Revenues, Expenditures, and Changes in Fund Balances
2006 Tax Allocation Bonds Debt Service Fund
Budget and Actual
Year Ended June 30, 2010
Revenues
Taxes
Use of Money and Property
Total Revenues
Variances with
Budgeted Amounts Actual Final Budget
Original Final Amounts Positive (Negative)
$ $ 508,162 $ 508,162 $
508,162 508,162
Expenditures
Current:
Public Services
4,705
(4,705)
Debt Service:
i
Principal
-
Interest
i
508,162
508,163
(1)
Total Expenditures
- 508,162
512,868
(4,706)
l�
I Excess (Deficiency) of Revenues
over Expenditures
- -
(4,706)
(4,706)
Other Financing Sources (Uses)
Transfers In
-
i Transfers Out
-
Total Other Financing
Sources (Uses)
- -
-
-
Net Change in Fund Balance
- -
(4,706)
(4,706)
Fund Balance, Beginning of Year
533,654 533,654
533,654
-
Fund Balance, End of Year $
533,654 $ 533,654
$ 528,948
$ (4,706)
i
1
.,
I I
1
Moorpark Redevelopment Agency
i
Schedule of Revenues, Expenditures, and Changes in Fund Balances
2001 Bond Proceeds Capital Projects Fund
Budget and Actual
Year Ended June 30, 2010
37
95
Variances with
Budgeted Amounts
Actual
Final Budget
Original
Final
Amounts
Positive (Negative)
i
Revenues
Use of Money and Property
$ 182,000
$ 182,000
$ 21,102
$ (160,898)
Other Revenue
-
Total Revenues
182,000
182,000
21,102
(160,898)
i
Expenditures
Current:
Public Services
Administration
45,000
38,589
6,411
Capital Outlay
1,867,508
2,051,512
746,492
1,305,020
Total Expenditures
1,867,508
2,096,512
785,081
1,311,431
Excess (Deficiency) of Revenues
over Expenditures
(1,685,508)
(1,914,512)
(763,979)
1,150,533
Other Financing Sources (Uses)
Transfers In
1,857,500
1,857,500
Transfers Out
(42,000)
(3,802,500)
(1,857,500)
1,945,000
Total Other Financing
Sources (Uses)
(42,000)
(3,802,500)
-
3,802,500
Net Change in Fund Balance
(1,727,508)
(5,717,012)
(763,979)
4,953,033
Fund Balance, Beginning of Year
6,660,306
6,660,306
6,660,306
-
Prior Period Adjustment
198,340
198,340
Fund Balance, End of Year
$ 4,932,798
$ 943,294
$ 6,094,667
$ 5,151,373
37
95
Moorpark Redevelopment Agency
Schedule of Revenues, Expenditures, and Changes in Fund Balances
2006 Bond Proceeds Capital Projects Fund
Budget and Actual
Year Ended June 30, 2010
Revenues
Use of Money and Property
Total Revenues
Expenditures
Current:
Public Services
Administration
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Other Financing Sources (Uses)
Transfers In
Budgeted Amounts
Original Final
Variances with
Actual Final Budget
Amounts Positive (Negative)
$ 173,000
$ 173,000 $
64,253
$ (108,747)
173,000
173,000
64,253
(108,747)
9,112,521
9,298,126
12,807
9,285,319
9,112,521
9,298,126
12,807
9,285,319
(8,939,521)
(9,125,126)
51,446
9,176,572
Total Other Financing
Sources (Uses) - - - -
Net Change in Fund Balance (8,939,521) (9,125,126) 51,446 9,176,572
Fund Balance, Beginning of Year 9,628,366 9,628,366 9,628,366 -
Fund Balance, End of Year $ 688,845 $ 503,240 $ 9,679,812 $ 9,176,572
38
1
7*F?,STEAMAN, RIIFIIRPU8LIC A C08NI INC.
CEPTIFIEO PUBLIC ACCOENIANiS
Report on Internal Control Over Financial Reporting and on Compliance and
Other Matters Based On an Audit of uncial Statements Performed
in Accordance With GovernmentAudidng Standards
The Honorable Chair and Members of the Agency
Moorpark Redevelopment Agency
Moorpark, California
J
We have audited the financial statements of the governmental activities and each major fund of the
Moorpark Redevelopment Agency (the "Agency") as of and for the year ended June 30, 2010, which
collectively comprise the Agency's basic financial statements and have issued our report thereon dated
December 7, 2010. 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 our auditing procedures for the purpose of expressing our opinions on
the 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 direct and material effect on the
Richard A. Teaman, cPA • Greg W. Fankhanel, CPA • David M. Ramirez, cQA • Javier H. Carrillo, CPA
4201 Brockton Ave. Suite 100, Riverside CA 925o1 • 951.274.9500 • 951.274.7828 FAx • www.trscpas.com
}
determination of financial statement amounts. Such provisions include those provisions of laws and 1
regulations identified in the Guidelines for Compliance Audits of California Redevelopment Agencies,
issued by the State Controller. However, providing an opinion on compliance with those provisions was
not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under ,
Government Auditing Standards.
We noted certain matters that we reported to management in a separate letter dated December 7, 2010.
This report is intended solely for the information and use of management, Board of Directors, others
within the entity, and the State Controller's Office, and is not intended to be and should not be used by
anyone other than these specified parties.
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December 7, 2010
40
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