RPVCCA_CC_SR_2012_01_17_D_FY10-11_Annual_Report_Of_The_Redevelopment_AgencyCITY OF
MEMORANDUM
RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
Project Manager:
HONORABLE MAYOR &CITY COUNCIL MEMBERS
DENNIS McLEAN,DIRECTOR OF FINANCE &~
INFORMATION TECHNOLOGY
JANUARY 17,2012
FY10·11 ANNUAL REPORT OF THE
REDEVELOPMENT AGENCY
CAROLYN LEHR,CITY MANAGE~~rC:L
Kathryn Downs,Deputy Director of Finance &Information
Technology
RECOMMENDATION
Receive and file the annual report of the Rancho Palos Verdes Redevelopment Agency.
EXECUTIVE SUMMARY
As required by California Health and Safety Code Sections 33080.1 through 33080.8,the
Redevelopment Agency ("Agency")is required to submit an annual report to the City
Council within six months of the end of the Agency's fiscal year (or December 31 8t).This
annual report was originally sent to City Council via email on December 23,2011,and is
presented on the City Council's agenda to enter the report into the public record.
DISCUSSION
In addition to the information presented below,the annual report must include the
following,which have been attached to this Staff Report:
~Agency Financial Statements with Independent Audit Report;
~Fiscal Statement;
~Annul Report of Financial Transactions;and
~Housing Activities Report.
D-1
FY1 0-11 Annual Report of the Redevelopment Agency
January 17;2012 1 :,"'I Illdlll_.,;-,:11;<:1>,1>,
Page 2 of3
Blight Progress Report
The Agency incurred expenditures for a single landslide mitigation project within the
Agency's Project Area during FY10-11.The landslide area grading project along Palos
Verdes Drive South was completed for a total of $255,616 (including permits and other
related fees).The Agency accepted a Notice of Completion for this project on its
October 5,201 °agenda.No other expenditures were made to alleviate blight (the
landslide)in the Project Area.
Defaulted Loans Report
During FY1 0-11,there were no loans made by the Agency that were in default,or not in
complian,ce with the terms of the loan approved by the Agency.
Property Report
As of June 30,2011,the Agency owned the following property:
~6 vacant lots on Cherry Hill in the landslide area -total combined acreage of 2.58
acres;and
~5 parcels that comprise Abalone Cove Shoreline Park -total combined acreage
of 124.41 acres.
On March 3,2011,the Agency sold a condominium on Ravenspur previously acquired
for affordable housing purposes.
Time Limits
The Agency expects the following time limits to expire during the fiscal years noted:
~The time limit for the commencement for eminent domain proceeds to acquire
property within the Project Area expired in FY96-97;
~The time limit for the establishment of loans,advances,and indebtedness to
finance the redevelopment project expired in FY04-05;
~The time limit for effectiveness of the redevelopment plan is expected to expire
in FY24-25;and
~The time limit to repay indebtedness with the proceeds of property taxes is
expected to expire in FY34-35.
,}~,\t ':,.;~.;;'!
Amounts Paid To Other Taxing Agencies
The following amounts of tax increment were paid to,or spent on behalf of,the
following other taxing agencies:
~The State of California -$67,967 for the FY10-11 Supplemental Educational
Revenue Augmentation Fund payment required by law;
~Los Angeles County -$686,076 for principal and interest payments on the
Agency's debt to the County;
D-2
FY10-11 Annual Reporfofthe Redevelopment Agency
January 17,2012
Page 3 of3
~Los Angeles County -$21,951 for property tax administration fees;
~Los Angeles County Fire Protection District -$192,232 for pass thru payments of
17%of tax increment pursuant to a Reimbursement and Settlement Agreement
dated October 27,1987 in connection with the Horan Lawsuit;
~Klondike Canyon Landslide Abatement District -$10,968 for assessments on
Agency owned parcels;and
~Abalone Cove Landslide Abatement District -$6,225 for assessments on Agency
owned parcels.
FISCAL IMPACT
There is no fiscal impact of receiving and filing this annual report.
Attachments:
A -Agency Financial Statements with Independent Audit Report
B -Fiscal Statement
C -Annul Report of Financial Transactions
D -Housing Activities R~port
,';;"~,",.r •
D-3
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
COMPONENT UNIT FINANCIAL STATEMENTS
WITH REPORT ON AUDIT
BY INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
JUNE 30,2011
Attachment A
D-4
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
TABLE OF CONTENTS
June 30,2011
Independent Auditors'Report
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Assets
Statement ofActivities
Fund Financial Statements:
Balance Sheet -Governmental Funds
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Assets
Statement of Revenues,Expenditures and Changes in
Fund Balances -Governmental Funds
Reconciliation ofthe Statement of Revenues,Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement ofActivities
Notes to Financial Statements
Required Supplementary Information:
Budgetary Comparison Schedule:
Housing Set-Aside Special Revenue Fund
Note to Required Supplementary Information
Supplementary Information:
Schedules of Revenues,Expenditures and Changes in
Fund Balance -Budget and Actual:
Debt Service Fund
Abalone Cove Capital Projects Fund
Portuguese Bend Capital Projects Fund
Computation of Housing Set-Aside Excess Surplus
Independent Auditors'Report on Compliance and on
Internal Control Over Compliance
Attachment A
Page
Number
1
3
5
6
9
10
12
13
31
32
33
34
35
36
37
D-5
Attachment A
INDEPENDENT AUDITORS'REPORT
Agency Board Members
Rancho Palos Verdes
Redevelopment Agency
Rancho Palos Verdes,California
We have audited the accompanying financial statements of the governmental activities and each major
fund of the Rancho Palos Verdes Redevelopment Agency (the Agency),(a component unit of the City
of Rancho Palos Verdes,California),as of and for the year ended June 30,2011,which collectively
comprise the Agency's basic financial statements as listed in the table of contents.These basic
financial statements are the responsibility of the Agency's management.Our responsibility is to
express opinions on these basic 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 basic financial statements are
free of material misstatement.An audit includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances,but not for
the purpose of expressing an opinion on the effectiveness of the Agency's internal control over
fmancial reporting.Accordingly,we express no such opinion.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 basic financial statement presentation.We believe that our audit
provides a reasonable basis for our opinions.
In our opinion,the basic financial statements referred to above present fairly,inal1 material respects,
the respective financial position of the governmental activities and each major fund of the Rancho
Palos Verdes Redevelopment Agency as of June 30,2011,and the respective changes in financial
position thereof for the year then ended in conformity with accounting principles generally accepted in
the United States ofAmerica.
As describes in Note 1 to the basic financial statements,the Agency has implemented the provisions of
Governmental Accounting Standards Board Statement Number 54,"Fund Balance Reporting and
Governmental Fund Type Definitions",for the year ended June 30,2011.
As explained further in Note 5,the California State Legislature has enacted legislation that is intended
to provide for the dissolution of redevelopment agencies in the State of California.The effects of this
legislation are unceliain pending the result of certain lawsuits that have been initiated to challenge the
constitutionality of this legislation.
2875 Michelle Drive,Suite 300,Irvine,CA 92606 •Tel:714.978.lJOO •Fax:714.978.7893
O!fic:es low ted in Orange and San Diego Counties
D-6
Attachment A
In accordance with Government Auditing Standards,we have also issued our report dated
December 21,2011 on our consideration of the Rancho Palos Verdes Redevelopment Agency's internal
control over financial reporting and 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 the 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 budgetary comparison schedule and related note,identified as required supplementary information
in the table of contents,are not a required part of the basic financial statements but are supplementary
information required by the accounting principles generally accepted in the United States of America.
This information is an essential part of financial reporting for placing the basic financial statements in
an appropriate operational,economic or historical context.The budgetary comparison schedule and
related note have been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures,including comparing and reconciling such information
directly to .the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves,and other additional procedures in accordance with
auditing standards generally accepted in the United States ofAmerica.In our opinion,the information
is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Management has omitted the management's discussion and analysis information that accounting
principles generally accepted in the United States of America require to be presented to supplement the
basic financial statements..Such missing information,although not a part of the basic financial
statements is considered to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational,economic,or historical context.Our opinion on the basic
financial statements is not affected by this missing information.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Agency's basic financial statements.The individual fund schedules and
computation of housing set-aside excess surplus,identified as supplementary information in the table
of contents,are presented for purposes of additional analysis and are not a required part of the basic
financial statements of the Agency.Such information is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the
financial statements.The information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and certain additional procedures,including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare
the basic financial statements or to the financial statements themselves,and other additional procedures
in accordance with auditing standards generally accepted in the United States of America.In our
opinion,the information is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
'!JIM ~/JiJJ ~t£/J.J
December 21,2011
Irvine,California
2
D-7
BASIC FINANCIAL STATEMENTS
Attachment A
D-8
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Attachment A
D-9
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
STATEMENT OF NET ASSETS
June 30,2011
Governmental
Activities
ASSETS:
Cash and investments $949,725
Receivables:
Taxes 14,659
Interest 2
Notes 6,895,779
Prepaid ite~s 591,192
TOTAL ASSETS 8,451,357
LIABILITIES:
Accounts payable 3,731
Interest payable 20,086
Due to City of Rancho Palos Verdes 20,391,606
Unearned revenue 3,467,453
Long-term liabilities:
Due within one year 100,000
Due beyond one year 5,863,602
TOTAL LIABILITIES 29,846,478
NET ASSETS (DEFICIT):
Restricted for:
Low and moderate income housing 7,244,611
Unrestricted (28,639,732)
TOTAL NET ASSETS (DEFICIT)$(21,395,121)
See independent auditors'report and notes to financial statements.
3
D-10
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4
Attachment A
D-11
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
STATEMENT OF ACTIVITIES
For the year ended June 30,2011
Attachment A
Governmental
Activities
Net (Expenses)
Revenues and
Changes in
Net Assets
Functions/programs Expenses
Governmental Activities:
Administration $21,951
Public works 292,046
Community development 94,017
Pass through to other agencies 192,232
SERAF payment 67,967
Interest on long-term debt 887,073
Total governmental activities $1,555,286
$
$
Charges
for
Services
Program Revenues
Operating
Grants and
Contributions
$
$
Capital
Grants and
Contributions
$
$
$(21,951)
(292,046)
(94,017)
(192,232)
(67,967)
(887,073)
(1,555,286)
General revenues:
Property tax increment
Investment income
Total general revenues
Change in net assets
Net assets (deficit)-beginning of year
Net assets (deficit)-end of year
See independent auditors'report and notes to financial statements.
5
1,121,837
2,060
1,123,897
(431,389)
(20,963,732)
$(21,395,121)
D-12
Attachment A
RANCHO PALOS VERDES
REDEVELQPMENTAGENCY
BALANCESHEET-GOVERNMENTALFUNDS
June 30,2011
Special
Revenue
Housing Debt
Set-Aside Service
ASSETS
Cash and investments $589,736 $44,646
Receivables:
Taxes 14,659
Interest 2
Notes 6,640,825
Prepaid items 573,216
TOTAL ASSETS $7,245,222 $617,862
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable and accrued liabilities $611 $675
Deferred revenue 3,593,773
TOTAL LIABILITIES 3,594,384 675
FUND BALANCES:
Nonspendable:
Prepaid items 573,216
Long term receivable 2,990,000
Restricted for:
Housing set-aside 660,838
Debt service 43,971
Capital projects
TOTAL FUND BALANCES 3,650,838 617,187
TOTAL LIABILITIES AND FUND BALANCES $7,245,222 $617,862
See independent auditors'report and notes to financial statements.
6
D-13
Capital Proj ects Total
Abalone Portuguese Governmental
Cove Bend Funds
$6,216 $309,127 $949,725
14,659
2
254,954 6,895,779
17,976 591,192
$6,216 $582,057 $8,451,357
Attachment A
$$2,445
254,954
257,399
$3,731
3,848,727
3,852,458
17,976 591,192
2,990,000
660,838
43,971
6,216 306,682 312,898
6,216 324,658 4,598,899
$6,216 $582,057 $8,451,357
7
D-14
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8
Attachment A
D-15
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET ASSETS
June 30,2011
Fund balances -total governmental funds
Amounts reported for governmental activities in the Statement of Net Assets are different because:
Interest expenditures are recognized when due,and therefore,interest payable is not recorded in
the governmental funds.
Long-term notes receivable are not current available resources and,therefore,are offset by deferred
revenue in the governmental funds.
Long-term liabilities are not due and payable in the current period and,therefore,are not reported
in the governmental funds.
Net assets (deficit)of governmental activities
See independent auditors'report and notes to financial statements.
9
Attachment A
$4,598,899
(20,086)
381,274
(26,355,208)
$(21,395,121)
D-16
See independent auditors'report and notes to financial statements.
10
D-17
Capital Projects Total
Abalone Portuguese Governmental
Cove Bend Funds
$$$1,121,837
13 896 2,060
50,004 50,004
13 50,900 1,173,901
21,951
292,046 292,046
172,811
192,232
67,967
422,701
887,404
292,046 2,057,112
13 (241,146) (883,211)
1,022,728
350,000
1,372,728
13 (241,146)489,517
6,203 565,804 4,109,382
$6,216 $324,658 $4,598,899
11
Attachment A
D-18
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the year ended June 30,2011
Attachment A
Net change in fund balances -total governmental funds
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures.However,in the Statement of Activities,
the cost of those assets is allocated over their estimated useful lives as depreciation expense.
In addition,immaterial losses on the sale of those assets are reported as an expense in the function
reporting 'the related depreciation expense.The current period activity is as follows:
Depreciation expense
Loss on sale of capital assets
Increases in long-term liabilities provide current financial resources to governmental funds as other
financing sources.Conversely,repayments of long-term liabilities are reported as expenditures.
This activity is not reflected in the Statement of Activities:
Advances received from the City of Rancho Palos Verdes
Repayments of long-term liabilities
Interest expenditures are recognized when paid in governmental funds.Interest expense on the
Statement of Activities is reported based on interest incurred.This amount represents the change
in interest payable.
Governmental funds report certain long-term loans made as expenditures and repayments of those loans
as revenues.However,these transactions have no effect in the Statement of Activities.
The loan activity for the current period is as follows:
Loans made
Loan repayments
Change in net assets of governmental activities
See independent auditors'report and notes to financial statements.
12
$
$
489,517
(17,283)
(380,243)
(1,022,728)
422,701
331
126,320
(50,004)
(431,389)
D-19
NOTES TO FINANCIALSTATEMENTS
Attachment A
D-20
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Attachment A
D-21
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
June 30,2011
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Attachment A
The accounting policies of the Rancho Palos Verdes Redevelopment Agency (the Agency)conform
to accounting principles generally accepted in 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.
Reporting Entity:
The Agency is a separate legal governmental entity created on July 31,1984,pursuant to the
Community Redevelopment Law of the State of California Health and Safety Code;however,it has
been included as a component unit of the City of Rancho Palos Verdes (the City)for purposes of
the City's annual fmancial report.The Agency has responsibility for elimination of blight within
the limits of the project areas by preparing and carrying out redevelopment plans for area
improvements and rehabilitation.
The Agency's primary source of revenue comes from property taxes,referred to in the
accompanying financial statements as "tax increment revenue",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 Agency 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.
Measurement Focus,Basis of Accounting and Financial Statement Presentation:
The basic financial statements of the Agency are composed of the following:
•Government-wide financial statements
•Fund financial statements
•Notes to financial statements
See independent auditors'report.
13
D-22
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Measurement Focus,Basis of Accounting and Financial Statement Presentation (Continued):
Government-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 activities of the Agency.For the most part,the effect of
interfund activity has been removed from these 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.The
Rancho Palos Verdes Redevelopment Agency has no business-type activities.
The statement of activities demonstrates the degree to which the direct expenses of a given
function are offset by program revenues.Direct expenses are those that are clearly identifiable
with a specific function.Program revenues include 1)charges to customers who purchase,use,or
directly benefit from goods,services,or privileges provided by a given function and 2)grants and
contributions that are restricted to meeting the operational or capital requirements of a particular
function.Other items not properly included among program revenues are reported,instead,as
general revenues.
Fund Financial Statements:
Fund financial statements for the Agency's governmental funds are presented after the
government -wide financial statements.These statements display information about major funds
individually for governmental funds.
The accounting system of the Agency is organized an.d operated on the basis of separate funds,
each of which is considered to be a separate accounting entity.Each fund is accounted for by
providing a separate set of self -balancing accounts that constitute its assets,liabilities,fund equity,
revenues,and expenditures.
The Agency reports the following major governmental funds:
The Housing Set-Aside Special Revenue Fund is used to account for the receipt of 20 percent of
the gross tax increment allocation,which is restricted for use on projects that increase or preserve
the supply of low and moderate income housing in accordance with Health and Safety Code
Section 33334.
The Debt Service Fund is used to account for the accumulation of resources for and the payment of
principal and interest on the Agency's debt and other long-term obligations.
See independent auditors'report.
14
D-23
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Measurement Focus,Basis of Accounting and Financial Statement Presentation (Continued):
Fund Financial Statements (Continued):
Major Funds (Continued)
The Ab~one Cove Capital Projects Fund is used to account for all project expenditures,including
acquisition of properties,cost of site improvements,and other costs within the Abalone Cove
project area.
The Portuguese Bend Capital Projects Fund is used to account for all project expenditures,
including acquisition of properties,cost of site improvements,and other costs within the
Portuguese Bend project area.
Measurement Focus:
Measurement focus is a term used to describe "which"transactions are recorded within the various
financial statements.
In the government-wide statement of net assets and the statement of activities,activities are
presented using the economic resources measurement focus.Under the economic resources
measurement focus,all (both current and long-term)economic resources and obligations of the
government are reported.
In the fund financial statements,all governmental funds are accounted for on a spending or
"financial flow"measurement focus.This means that only current assets and current liabilities are
generally included on the balance sheets.The reported fund balances (net current assets)are
considered a measure of "available spendable resources".Governmental fund operating statements
present increases (revenues and other financing sources)and decreases (expenditures and other
financing uses)in net current assets.Accordingly,they are said to present a summary of sources
and uses of available spendable resources during a period.Revenues,expenses,gains,losses,
assets,and liabilities resulting from nonexchange transactions are recognized in accordance with
the requirements of GASB Statement No.33.
See independent auditors'report.
15
D-24
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Measurement Focus,Basis of Accounting and Financial Statement Presentation (Continued):
Measurement Focus (Continued):
Because of the spending measurement focus,expenditure recognition for governmental fund types
excludes amounts represented by noncurrent liabilities.Since they do not affect net current assets,
such long-term amounts are not recognized as governmental fund type expenditures or fund
liabilities.Amounts expended to acquire capital assets are recorded as expenditures in the year that
resources were expended,rather than as fund assets.The proceeds of long-term debt are recorded
as other financing sources rather than as a fund liability.Amounts paid to reduce long-term debt
are reported as fund expenditures.
When both restricted and unrestricted resources are available for use,it is the Agency's policy to
use restricted resources first,then unrestricted resources as they are needed.
Basis of Accounting:
Basis of accounting refers to "when"transactions are recorded,regardless of the measurement
focus applied.
In the government-wide statement of net assets and statement of activities,the governmental
activities are presented using the accrual basis of accounting.Under the accrual basis of
accounting,revenues are recognized when earned,and expenses are recorded when the liability is
incurred or economic asset used,regardless of the timing of related cash flows.Revenues,
expenses,gains,losses,assets,and liabilities resulting from exchange and exchange-like
transactions are recognized when the exchange takes place.
In the fund financial statements,governmental funds are presented using the modified-accrual basis
of accounting.Revenues are recognized when they become measurable and available as net
current assets.Measurable means that the amounts can be estimated or otherwise determined.
Available means that the amounts were collected during the reporting period or soon enough
thereafter to be available to finance the expenditures accrued for the reporting period.Revenue
recognition is subject to the measurable and available criteria for the governmental funds in the
fund financial statements.The Agency considers tax increment revenue and investment earnings to
be available if they are collected within 60 days of the end of the current fiscal period.
See independent auditors'report.
16
D-25
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Measurement Focus,Basis of Accounting and Financial Statement Presentation (Continued):
Basis of Accounting (Continued):
Exchange transactions are recognized as revenues in the period in which they are earned (i.e.,the
related goods or services are provided).Locally-imposed derived tax revenues are recognized as
revenues in the period in which the underlying exchange transaction upon which they are based
takes place.Imposed nonexchange transactions are recognized as revenues in the period for which
they were imposed.If the period of use is not specified,they are recognized as revenues when an
enforceable legal claim to the revenues arises or when they are received,whichever occurs first.
Government-mandated and voluntary nonexchange transactions are recognized as revenues when
all applicable eligibility requirements have been met.
Investments:
Investments are stated at fair value.
Governmental Fund Balance Classifications:
The Agency has implemented Governmental Accounting Standards Board Statement No.54,
"Fund Balance Reporting and Governmental Fund Type Definitions",for the year ended
June 30,2011.The fund balances reported on the fund statements now consist of the following
categories:
Nonspendable Fund Balance -This classification includes amounts that cannot be spent because
they are either (a)not in spendable form or (b)legally or contractually required to be maintained
intact.
Restricted Fund Balance -This classification includes amounts that can be spent only for specific
purposes stipulated by constitution,external resource providers or through enabling legislation.
Committed Fund Balance -This classification includes amounts that can be used only for the
specific purposes determined by a formal action of the government's highest level of
decision-making authority.
Assigned Fund Balance -This classification includes amounts to be used by the government for
specific purposes but do not meet the criteria to be classified as restricted or committed.In
governmental funds,other than the general fund,assigned fund balance represents the remaining
amount that is not restricted or committed.
See independent auditors'report.
17
D-26
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Attachment A
Measurement Focus,Basis of Accounting and Financial Statement Presentation (Continued):
Governmental Fund Balance Classifications (Continued):
Unassigned Fund Balance -This classification includes the residual balance for the government's
fund balance and includes all spendable amounts not contained in other classifications.In other
funds,·the unassigned classification is used only to report a deficit balance resulting from
overspending for specific purposes for which amounts had been restricted,committed or assigned.
When an expenditure is incurred for purposes for which both restricted and unrestricted fund
balances are available,the Agency's policy is to apply restricted fund balance first.
When an expenditure is incurred for purposes for which committed,assigned or unassigned fund
balances are available,the Agency's policy is to apply committed fund balance first,then assigned
fund balance,and finally unassigned fund balance.
Use of Estimates:
The preparation of basic financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the basic financial statements and the reported amounts of revenues and
expenditures during the reporting period.Actual results could differ from those estimates.
2.CASH AND INVESTMENTS:
Cash and Investments:
Cash and investments at June 30,2011,consisted of the following:
Cash and investments pooled with
the City of Rancho Palos Verdes $949,725
The Agency pools its cash and investments with the City.More information on the City's cash and
investments can be found in the City's Comprehensive Annual Financial Report.
See independent auditors'report.
18
D-27
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
2.CASH AND INVESTMENTS (CONTINUED):
Investments Authorized by the California Government Code and the Agency's Investment
Policy:
The table below identifies the investment types that are authorized for the Agency by the California
Government Code (or the Agency's investment policy,where more restrictive).The table also
identifies certain provisions of the California Government Code (or the Agency's investment
policy,where more restrictive)that address interest rate risk,credit risk,and concentration Of credit
risk.This table does not address investments of debt proceeds held by bond trustee that are
governed by the provisions of debt agreements of the Agency,rather than the general provisions of
the California Government Code or the Agency's investment policy.
Authorized Investment Type
United States Treasury Obligations
Certificates of Deposit
Repurchase Agreements
Money Market Mutual Funds
Local Agency Investment Fund (LAIF)
Money Market Savings/Demand Deposits
N/A Not Applicable
Disclosures Relating to Interest Rate Risk:
Maximum
Maturity
3 years
N/A
7 days
N/A
N/A
N/A
Maximum
Amount or
Percentage
of Portfolio
None
None
15%
15%
None
$5 million
Maximum
Investment
in One Issuer
None
None
None
15%
None
15%
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.One of the ways that the Agency manages its
exposure to interest rate risk is by pooling its cash and investments with the City of Rancho Palos
Verdes.The Agency purchases a combination of shorter term and longer term investments and by
timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to
maturity evenly over time,as necessary,to provide the cash flow and liquidity needed for the
Agency's operations.
See independent auditors'report.
19
D-28
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
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.
Concentration of Credit Risk:
The investment policy of the Agency contains no limitations on the amount that can be invested in
anyone issuer beyond that stipulated by the California Government Code.
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 party.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 deposits or investments,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%of the total
amount deposited by the public agencies.California law also allows financial institutions to secure
the Agency's deposits by pledging first trust deed mortgage notes having a value of 150%of the
secured public deposits.
Additional Information:
Information regarding the exposure of the Agency's investment pool to interest rate risk,credit
risk,concentration of credit risk and custodial risk is available in the City of Rancho Palos Verdes,
California's Comprehensive Annual Financial Report.
Allocation of Interest Income Among Funds:
Interest income from pooled investments is allocated to those funds which are required by law or
administrative section to receive interest.Interest is allocated on a quarterly basis based on the
monthly ending cash balances in each fund receiving interest.
See independent auditors'report.
20
D-29
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
3.NOTES RECENABLE:
Portuguese Bend Club Homeowners'Association:
Attachment A
In August 1999,the Agency entered into an agreement with a Homeowners Association (the
Association),whereby the Agency agreed to advance the Association up to $750,000 in connection
with a capital project undertaken by the Association.The terms of the agreement specify that the
Association is to repay the Agency in equal monthly installments of $4,167 beginning twelve
months'after completion of the project.The project was completed during the 2001-02 fiscal year.
The balance is to be repaid over a 15-year period without interest.During the 2010-11 fiscal year,
the Agency received principal repayments of $50,004.The balance of the note receivable at
June 30,2011,was $254,954.
AMCAL Mirandela Fund L.P.:
In March 2009,the Agency entered into a Disposition and Development Agreement (DDA)with
AMCAL Mirandela Fund LP (AMCAL).Under the DDA,the Agency would provide financial
assistance to AMCAL in an amount up to $6,790,000 to develop a thirty-four unit senior housing
project.Thirty-three of the units would be restricted to families of Low or Moderate Income
Senior Households and one unit would be offered at market rate rental for an on-site manager.
The loans accrue simple interest at a rate of 3%per annum on the amounts disbursed.The terms of
the DDA specify that the Agency loans should be repaid annually from the net available cash as
defined by the DDA.Unless paid in full earlier,the remaining balance of the Agency loans should
be due and payable in full fifty-five years from the date of the Certification of Completion.
As of June 30,2011,the Agency has disbursed $3,280,543 in cash loans to, and taken back a
$2,990,000 note receivable for the sale of Agency land held for development from,AMCAL
pursuant to the DDA.Accrued interest on outstanding loans totals $243,962 at June 30,2011.The
balance of notes receivable from AMCAL including accrued unpaid interest at June 30,2011 was
$6,514,505.
Ravenspur Condominium:
In March 2011,the Agency sold an affordable housing condominium to an individual for
$350,000.In connection with the sale,the Agency took back a secured promissory note from the
buyer in the amount of$126,320.The note bears no interest and principal is payable upon default
by the owner (or any successors'owner)under a regulatory agreement that requires the
condominium to be occupied by persons or families of moderate income.If no such default has
occurred by February 22,2056,the principal will be forgiven.As a result of the nature of these
terms,the balance of this note has been offset by deferred revenue in the governmental fund
financial statements.
See independent auditors'report.
21
D-30
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
4.LONG-TERM LIABILITIES:
A summary of changes in long-tenn liabilities for the year ended June 30,2011,is as follows:
The Agency has entered into an agreement with the City of Rancho Palos Verdes,whereby the City
has agreed to provide the Agency operating funds and staff assistance,supplies,technical and other
services and facilities of the City as the Agency may require in carrying out its function under the
community redevelopment law.The Agency will repay the resulting indebtedness,plus interest,
from incremental property tax revenues arising from the project area,as such revenue becomes
available.Variable interest was accrued at a rate of approximately 3.495%during the fiscal year
ended June 30,2011.Of the $18,568,186 remaining indebtedness,$14,035,490 relates to the
Portuguese Bend portion of the Agency,while $4,532,696 relates to the Abalone Cove portion.
During the year ended June 30,2011 accrued interest of $473,964 was added to the balance of the
advance to the Portuguese Bend Fund,while principal of $346,483 and accrued interest of
$153,064 was added to the balance of the advance to the Abalone Cove Fund.
In connection with the development of the senior affordable housing project discussed in Note 3,
the City agreed to advance funds to the Agency for use in providing financial assistance to the
developer in the fonn of a construction loan.The balance of this advance at June 30,2011 was
$1,823,420.During the year ended June 30,2011,accrued interest of $49,217 was added to the
balance of this advance.
As of June 30,2011,no revenue was available to the Agency to repay the advances due to the City,
nor are sufficient revenues expected to be available to repay advances in the immediate future.
Accordingly,there is no fixed payment schedule for this indebtedness.
See independent auditors'report.
22
D-31
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
4.LONG-TERM LIABILITIES (CONTINUED):
Tax Increment Bond and Deferred Interest Payable:
In July 1991,the Agency received $10,000,000 in loan proceeds (the Loan)from the County of Los
Angeles (the County)upon the County's issue of Abalone Cove Improvement Bonds 2651-M
pursuant to a Reimbursement and Settlement Agreement (the Agreement),dated October 27,1987,
in connection with the Horan Lawsuit.The Loan was made for the purpose of abating the Abalone
Cove hmdslide.The settlement loan was secured by property assessment liens in the Abalone Cove
project area.
As stipulated by the parties to the Agreement,a portion of the Loan proceeds was used to repay a
tax allocation and revenue anticipation promissory note issued to the County in the principal
amount of $1,450,000,plus accrued interest equal to $179,244.A second portion of the proceeds
was used to repay expenses advanced by the County in the amount of $135,614.A third portion
was used to repay certain loans from the City to the Agency in the amount of $787,340.
Per the terms of the Agreement,$1,000,000 of the proceeds was deposited in the Abalone Cove
Maintenance Permanent Fund of the Joint Powers Improvement Authority (the JPIA).The
remainder of the proceeds were accounted for in the Agency's Abalone Cove Capital Projects
Fund.Concurrent with the execution of the Agreement,the County deeded its title in the Abalone
Cove Beach Park to the Agency.
As part of the Agreement,the Agency is required to transfer 17%of tax increment revenue to the
Consolidated Fire Protection District of the County and 50.9%of tax increment revenue for debt
repayment to the County.In accordance with the Agreement,the Agency was to pay the loan
principal plus interest at 7.7654%over a 30-year period that began in 1992.However,these debt
payments were to be deferred 10 years until the fiscal year ended June 30,2002.
As part of the deferral arrangement,the accrued interest from the inception of the loan through
June 30,2002,in the amount of $7,314,944,was scheduled to be paid over a 20-year period
beginning in the fiscal year ended June 30,2003,with no additional interest.The remaining
balance of $1 0,274,119 was scheduled to be paid to the County over a 20-year period beginning in
the fiscal year ended June 30,2002,with interest at 7.7654%.
See independent auditors'report.
23
D-32
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
4.LONG-TERM LIABILITIES (CONTINUED):
Tax Increment Bond and Deferred Interest Payable (Continued):
On November 1,1997,the City,the Agency and the County entered into a Memorandum of
Understanding (MOU)agreeing to restructure the repayment schedule of the debt owed the County
by the Agency.In accordance with the terms of the MOU,the $10,000,000 loan principal owed the
County was cancelled.As consideration for the loan cancellation,the Agency made a lump sum
payment to the County in the amount of $4,545,000 and issued a $5,455,000 tax increment bond to
the County (the Agency bond).Of the $4,545,000 lump sum payment,$2,000,000 was paid from
tax increment revenue and interest earnings accumulated in the Debt Service Fund.The remaining
$2,545,000 was funded by a combination of a loan from the General Fund of the City to the
Agency for $1,545,000 and a net operating transfer from the Agency's Abalone Cove Capital
Projects Fund to the Debt Service Fund of $1,000,000.The private property liens resulting from
the formation of the bond assessment district in connection with the Agreement in 1987 were
discharged in accordance with the terms of the MOU.
The Agency bond was issued as a conduit through the JPIA to the County.No issuance costs were
incurred.One hundred percent (100%)of net future tax increment revenue will fund the payment
of the Agency bond debt and the deferred interest from the original Loan until paid in full.In
December 1997,the County began withholding payment of the Agency's net tax increment revenue
(net of the 17%payment to the Consolidated Fire Protection District of the County and the 20%
housing set-aside amount)to offset the annual principal and interest charges.The principal of the
Agency bond will mature in installments each December 2nd ,commencing December 2,2004.
Interest accrues at a rate of 5%per annum and is payable in arrears each June 2nd and
December 2nd•
Additionally,both the accrued interest and deferred interest on the $10,000,000 Loan previously
owed the County was retroactively recalculated from the Loan origination date at a rate of
approximately 5%compared to 7.7654%per the original Agreement.The recalculated deferred
interest is $3,111,400.In accordance with the MOU,the recalculated deferred interest does not
accrue additional interest.As of June 30,2011,a total of $2,3 12,798 in accumulated tax increment
has been applied against this balance,including $337,701 applied during fiscal year 2010-11.The
remaining balance at June 30,2011,was $798,602.The accumulated amount of tax increment
withheld over the scheduled principal and interest payment made during the life of the Agency
bond is recorded in the Debt Service Fund as a prepaid item at June 30,2011.
See independent auditors'report.
24
D-33
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
4.LONG-TERM LIABILITIES (CONTINUED):
Tax Increment Bond and Deferred Interest Payable (Continued):
After payment of the deferred interest,the Agency may elect to further defer payment to the
County for the 50.9%of tax increment revenue in order to extinguish any other indebtedness of the
Agency.This deferral would allow the tax increment to be available for the repayment of advances
made t?the Agency by the City.
In the event the deferral is elected,and the debt owed the City is fully extinguished and no other
Agency indebtedness exists,the Agency will transfer all subsequent tax increment revenue to the
County to fund prior deferrals and current payments of the 50.9%of tax increment revenue
required to be paid per the Agreement.
The debt service schedule below summarizes all fixed principal and interest payments for the term
of the Agency bond.Because the payback period for the deferred interest amount will fluctuate
depending on the availability of excess tax increment revenues,no amounts have been included in
the following schedule for repayment of the deferred interest.
Year Ending
June 30,Principal Interest
2012 $100,000 $255,750
2013 120,000 250,250
2014 135,000 243,875
2015 155,000 236,625
2016 180,000 228,250
2017 -2021 1,275,000 972,875
2022 -2026 2,085,000 557,875
2027 -2028 1,115,000 56,875
Totals $5,165,000 $2,802,375
Total
$355,750
370,250
378,875
391,625
408,250
2,247,875
2,642,875
1,171,875
$7,967.375
See independent auditors'report.
25
D-34
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
5.CONTINGENCIES:
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's attorney,the ultimate
resolution of such actions is not expected to have a significant effect upon the component unit
financial statements of the Agency.
Recent Changes in Legislation Affecting California Redevelopment Agencies:
AB Xl 26,which was signed by the Governor of California on June,29,2011,added Parts 1.8
and 1.85 to the Community Redevelopment Law.Part 1.8 immediately suspended most
redevelopment agency activities and,among other things,prohibited redevelopment agencies from
incurring indebtedness or entering into or modifying contracts.Part 1.85 provided that on
October 1,2011,all existing redevelopment agencies and redevelopment agency components of
community development agencies were dissolved,and successor agencies are designated as
successor entities to the former redevelopment agencies.Part 1.85 imposed numerous requirements
on the successor agencies and subjected successor agency actions to the review of oversight boards
established under Part 1.85.
AB Xl 27 was signed by the Governor concurrently with AB Xl 26 and added Part 1.9 to the
Community Redevelopment Law.Part 1.9 established a Voluntary Alternative Redevelopment
Program (VARP)whereby a redevelopment agency will,notwithstanding Parts 1.8 and 1.85,be
authorized to continue to exist and carry out the provisions of the Community Redevelopment
Law.Failure to make these payments would require the redevelopment agency to be terminated
under AB Xl 26.
On July 18,2011,the League of California Cities and the California Redevelopment Association
filed a lawsuit on behalf of cities,counties and redevelopment agencies petitioning the California
Supreme Court to overturn AB Xl 26 and AB Xl 27.On August 11,2011,the Supreme Court of
California decided to hear the case and set a briefing schedule designed to allow the Court to
decide the case before January 15,2012,which is the date the first half of the FY1l-l2 VARP
payment is due (the second half is due May 15,2012).On August 11,2011,the Court also issued a
stay order,which was subsequently modified on August 17,2011.Pursuant to the modified stay
order,the Supreme Court granted a stay of all of AB Xl 27 (Part 1.9),except for Health and Safety
Code Section 34194(b)(2)(relating to the determination of cities'FYll-12 remittance amounts),
and a partial stay of AB Xl 26.With respect to AB Xl 26,Part 1.85 was stayed in its entirety,but
Part 1.8 was not stayed.
See independent auditors'report.
26
D-35
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
5.CONTINGENCIES (CONTINUED):
Recent Changes in Legislation Affecting California Redevelopment Agencies (Continued):
The granting of the stay means that all agencies are subject to the prohibitions in Part 1.8,including
the prohibition against entering into new contracts,during the time the stay is in effect.The
Supreme Court will consider adjusting the dates and deadlines in AB Xl 26 and AB Xl 27 if the
Supreme Court ultimately upholds those statutes to take into account the period of time the stay
was hi effect,but the Supreme Court's decision is not likely to occur until January of20l2.
On August 16,2011,the City adopted Ordinance No.524 to participate in the VARP,thereby
agreeing to make specified annual payments to the County Auditor-Controller for allocation to
special districts and educational entities and authorizing its redevelopment agency (Agency)to
continue to exist pursuant to Part 1.9.
The remittance amount to be paid by the City in FYll-12 is the Agency's proportionate share of
$1.7 billion,as determined by the State Department of Finance pursuant to a formula specified in
AB Xl 27.The Department of Finance notified the City that its FYll-12 remittance amount is
$91,320.The City appealed its FYll-12 amount on August 10,2011 on the basis that AB Xl 26
and AB Xl 27 are unconstitutional.
This payment obligation under AB Xl 27 is an ongoing obligation of the City in subsequent years.
Commencing in FY12-13,the City's remittance amount is expected to be based on the Agency's
proportionate share of $400 million (with adjustments based on growth or decline in tax increment
revenues);however,the amount has not yet been determined by the state legislature.
In addition,AB Xl 27 provided that agencies will pay additional pass through payments to school
entities ("Additional Pass-Through")on account of any "new debt."New debt is indebtedness that
is listed on a statement of indebtedness ("SOl")filed after the SOl that was required to be :filed on
October 1,2011,and that was not displayed on that SOL
On August 24,2011,the Agency adopted an Enforceable Obligations Payment Schedule (EOPS)
as required by AB Xl 26.Enforceable obligations include bonds,loans and payments required by
the federal or state government;as well as legally binding and enforceable agreements or contracts.
The Agency prepared the initial Recognized Obligation Payment Schedule (ROPS)that was
presented to City Council on September 6,2011,when the City adopted Resolution 2011-66
making an election to serve as the successor agency pursuant to Part 1.85.
See independent auditors'report.
27
D-36
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
5.CONTINGENCIES (CONTINUED):
Recent Changes in Legislation Affecting California Redevelopment Agencies (Continued):
Pursuant to AB Xl 27 (specifically,Health and Safety Code Section 34194.2)a city and agency
can enter into a transfer agreement to provide for the agency to transfer to the city each year a
portion of the agency's tax increment.Amounts transferred must be used for the purpose of
financing activities in the redevelopment area that are related to accomplishing the redevelopment
agency'project goals.For FYll-12 only,the tax increment may be transferred from the Agency's
20%tax increment set aside for affordable housing.The amount of the annual transfer under this
type of agreement cannot exceed the amounts of a city's annual remittances under the VARP.On
September 20,2011,the City and the Agency entered into such a transfer agreement.The transfer
agreement presented to the Agency Board and City Council provides that it will only become
effective on the date that the Supreme Court lifts or modifies the stay in connection with AB Xl 26
and AB Xl 27 in a manner such that the prohibitions in Part 1.8 do not apply to the Agency.
In the event that AB Xl 26 is upheld and becomes applicable to the City,the interagency
receivables recognized by the General Fund and the Affordable Housing Fund of the City that had
previously advanced money to the Agency may become uncollectable resulting in a loss
recognized by the City funds.
6.CAPITAL ASSETS:
Change in capital assets for the year ended June 30,2011 were as follows:
Capital assets,being depreciated:
Buildings and improvements
Less accumulated depreciation
Capital assets,net
Balance at
July 1,2010
As Restated Balance at
(See Note 7)Additions Deletions June 30,2011
$432,094 $-$(432,094)$
<34.568)(17,283)51,851
$397,526 $(17,283)$(380,243)$
See independent auditors'report.
28
D-37
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
June 30,2011
Attachment A
7.RESTATEMENT OF NET ASSETS -GOVERNMENT-WIDE FINANCIAL STATEMENTS:
Net assets at the beginning of the year in the government-wide financial statements have been
restated as follows:
Governmental
Activities
Net.assets (deficit)as previously reported
To record the net book value of an affordable
Housing unit that was sold in March 2011
That had previously not been capitalized.
Net assets (deficit)as restated
$(21,361,258)
397,526
$(20,963,732)
This restatement has not effect on the governmental fund financial statements.
See independent auditors'report.
29
D-38
This page left blank intentionally.
30
Attachment A
D-39
REQUIRED SUPPLEMENTARY INFORMATION
Attachment A
D-40
This page left blank intentionally.
Attachment A
D-41
Attachment ARANCHOPALOSVERDES
VERDES REDEVELOPMENT AGENCY
BUDGETARY COMPARISON SCHEDULE
HOUSING SET-ASIDE SPECIAL REVENUE FUND
For the year ended June 30,2011
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES:
Tax increment $222,300 $222,300 $224,367 $2,067
fuvestment income 3,600 3,600 1,151 (2,449)
TOTAL REVENUES 225,900 225,900 225,518 (382)
EXPENDITURES:
Current:
Community development 278,957 727,396 172,811 554,585
EXCESS (DEFICIENCY)OF REVENUES
OVER (UNDER)EXPENDITURES (53,057)(501,496)52,707 554,203
OTHER FINANCING SOURCES:
Advances received from
City of Rancho Palos Verdes 49,217 49,217
Sale of capital assets 350,000 350,000
TOTAL OTHER FINANCING SOURCES 399,217 399,217
NET CHANGE IN FUND BALANCE (53,057)(501,496)451,924 953,420
FUND BALANCE-BEGlNNING OF YEAR 3,198,914 3,198,914 3,198,914
FUND BALANCE -END OF YEAR $3,145,857 $2,697,418 $3,650,838 $953,420
See independent auditors'report and note to required supplementary information
31
D-42
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
June 30,2011
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 function/program level.At year-end,unexpended appropriations lapse.
The Agency's Executive Director may transfer budget appropriations between major categories within
a fund in conformance with the policies set by the Agency's Board.Any major changes or
amendments must be approved by the Agency's Board.
See independent auditors'report.
32
D-43
SUPPLEMENTARY INFORMATION
Attachment A
D-44
This page left blank intentionally.
Attachment A
D-45
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE ~BUDGET AND ACTUAL
DEBT SERVICE FUND
For the year ended June 30,2011
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES:
Tax increment $889,200 $889,200 $897,470 $8,270
EXPENDITURES:
Current:
Administration 17,000 17,000 21,951 (4,951)
Pass through to other agencies 189,000 189,000 192,232 (3,232)
SERAF payment 67,967 (67,967)
Debt service:
Principal 456,560 456,560 422,701 33,859
Interest and fiscal charges 881,055 881,055 887,404 (6,349)
TOTAL EXPENDITURES 1,543,615 1,543,615 1,592,255 (48,640)
EXCESS (DEFICIENCY)OF REVENUES
OVER (UNDER)EXPENDITURES (654,415)(654,415) (694,785)(40,370)
OTHER FINANCING SOURCES:
Advances received from the
City of Rancho Palos Verdes 620,680 620,680 973,511 352,831
NET CHANGE IN FUND BALANCE (33,735)(33,735)278,726 312,461
FUND BALANCE -BEGINNING OF YEAR 338,461 338,461 338,461
FUND BALANCE ~END OF YEAR $304,726 $304,726 $617,187 $312,461
See independent auditors'report.
33
D-46
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
ABALONE COVE CAPITAL PROJECTS FUND
For the year ended June 30,2011
Attachment A
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES:
Investment income $30 $30 $13 $(17)
FUND BALANCE -BEGINNING OF YEAR 6,203 6,203 6,203
FUND BAL~NCE-END OF YEAR $6,233 $6,233 $6,216 $(17)
See independent auditors'report.
34
D-47
Attachment A
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
SCHEDULE OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
PORTUGUESE BEND CAPITAL PROJECTS FUND
For the year ended June 30,2011
Variance with
Final Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES:
Investment income $1,520 $1,520 $896 $(624)
Other revenues 50,004 50,004
TOTAL REVENUES 1,520 1,520 50,900 49,380
EXPENDITURES:
Current:
Public works 31,366 293,813 292,046 1,767
EXCESS (DEFICIENCY)OF REVENUES
OVER (UNDER)EXPENDITURES (29,846)(292,293)(241,146)51,147
FUND BALANCE -BEGINNING OF YEAR 565,804 565,804 565,804
FUND BALANCE -END OF YEAR $535,958 $273,511 $324,658 $51,147
See independent auditors'report.
35
D-48
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
COMPUTATION OF HOUSING SET-ASIDE
EXCESS SURPLUS
July 1,2010
OPENING FUND BALANCE -JULy 1,2010
Attachment A
Project
Area
$3,198,914
LESS UNAVAILABLE AMOUNTS:
Long-term loan receivable
TOTAL UNAVAILABLE AMOUNTS
AVAILABLE HOUSING SET-ASIDE FUNDS
LIMITATION (GREATER OF $1,000,000 OR FOUR YEARS SET·ASIDE):
Set-aside for last four years:
2009·2010
2008 -2009
2007 -2008
2006 -2007
TOTAL SET·ASIDE FOR LAST FOUR YEARS
Base limitation
GREATER AMOUNT
COMPUTED EXCESS SURPLUS -JULY 1,2010
See independent auditors'report.
36
$2,990,000
$215,652
220,201
199,645
181,730
$817,228
$1,000,000
2,990,000
208,914
1,000,000
$
D-49
Attachment A
INDEPENDENT AUDITORS'REPORT ON COMPLIANCE
AND ON INTERNAL CONTROL OVER COMPLIANCE
Agency Board Members
Rancho Palos Verdes
Redevelopment Agency
Rancho Palos Verdes,California
Compliance
We have audited the Rancho Palos Verdes Redevelopment Agency's (the Agency)compliance with the
California Health and Safety Code as required by Section 33080.1 for the year ended June 30,2011.Compliance
with the requirements refelTed to above is the responsibility of the Agency's management.Our responsibility is
to express an opinion on the Agency's compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United
States of America;the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States;and Guidelines for Compliance Audits of California
Redevelopment Agencies,June 2011,issued by the State Controller and as interpreted in the Auditing
Procedures for Accomplishing Compliance Audits qf California Redevelopment Agencies,August 2011,issued
by the Governmental Accounting and Auditing Committee of the California Society of Certified Public
Accountants.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
noncompliance with the compliance requirements refelTed to above that could have a material effect on the
Agency has OCCUlTed.An audit includes examining,on a test basis,evidence about the Agency's compliance
with those requirements and performing such other procedures as we considered necessaJy in the circUlllstances.
We believe that our audit provides a reasonable basis for our opinion.Our audit does not provide a legal
determination of the Agency's compliance with the requirements referred to in the first paragraph.
37
2875 Michelle Drive,Suite 300,Irvine,CA 92606 •Tel:714.978.1300 •Fax:714.978.7893
Offices located in Omnge and San Diego Counties
D-50
Compliance (Continued)Attachment A
As described below,the Agency did not comply with the California Health and Safety Code as required by
Section 33080.1.Compliance with such requirements is necessary,in our opinion,for the Agency to comply
with the requirements referred to above.
Health and Safety Code Section 33080.l(b)requires Redevelopment Agencies to submit a fiscal
statement for the previous fiscal year that contains the information required pursuant to Section
33080.5.
MANAGEMENT'S RESPONSE:
Although there was no separate report titled "Fiscal Statement"filed as part of the Agency's
Annual Report for the fiscal year ended June 30,2010,all information required by Health &
Safety Code Section 33080.5 was included in the various documents comprising the Annual
Report.The Agency's Annual Report was submitted to both the Agency Board and the State
Controller's Office in December 2010.A separate Fiscal Statement has been prepared for
inclusion in the Annual Report for the fiscal year ended June 30,2011,and will be prepared for
future Annual Reports as a matter of routine.
In our opinion,except for the noncompliance described in the preceding paragraph,the Agency complied,in all
material respects,with the compliance requirements referred to above that are applicable for the year
ended June,30,2011.
Internal Control Over Compliance
Management of the Agency is responsible for establishing and maintaining effective internal control over
compliance with the compliance requirements referred to above.In planning and performing our audit,we
considered the Agency's internal control over compliance to determine the auditing procedures for the purpose
of expressing our opinion on compliance,but not for the purpose of expressing an opinion on the effectiveness
of internal control over compliance.Accordingly,we do not express an opinion on the effectiveness of the
Agency's internal control over compliance.
A deficiency in internal control over compliance 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,noncompliance on a timely basis.A material weakness in internal control over compliance is a
deficiency,or combination of deficiencies in internal control over compliance,such that there is a reasonable
possibility that material noncompliance with a compliance requirement will not be prevented,or detected and
corrected,on a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control that might be
deficiencies,significant deficiencies,or material weaknesses in internal control over compliance.We did not
identify any deficiencies in internal control over compliance that we consider to be material weaknesses,as
defmed above.
The Agency's response to the noncompliance identified in our a,udit is described above.We did not audit the
Agency's response,and accordingly,we express no opinion on the response.
This report is intended for the information and use of the Agency's Board Members,management,others within
the entity,and the State Controller's Office,Division of Accounting and Reporting and is not intended to be and
should not be used by anyone other than these specified parties.
December 21,2011
Irvine,California
38
D-51
Rancho Palos Verdes Redevelopment Agency
Fiscal Statement
FY10·11
Amount of outstanding indebtedness
Gross tax increment generated
Tax increment revenue paid to,or on behalf of,taxing agencies
Amount allocated to school or community college districts
Total Debt
Payments required
Project Area 1
24,531,787.35
1,121,836.94
982,418.73
24,531,787.35
683,076.32
Attachment 8
The Annual Financial Transactions Report is attached to this Fiscal Statement.
D-52
.·R~ti(:h~~alosiyerdes>R~deve!<>,prnel'ltAg~ncy
.'"~".,'.•i:,:~ed~~~l,epl'l1erlfAge~~ie~'Fi l1ancial-Transactiol1s~elJort"
General Information
Fiscal Year 2011
,..--...-_.....~-"""-'"-~_._.__._-~'"_.._------_._._"_.-..-.-------..-....-...-.•"""'"':"Agency-Officiais'--~-------'~""-'----.'-..-------.--..-----...------------··..·....·..-·..···..r
Members of the Governing Body Middle I
Middle Last Name First Name I T I Phone
Last Name First Name Initial m la 1
Chairperson ILong IIThomas I EJ Executive Director ILehr I ICarolyn I D 1(310)377-0360 I
Member IMisetiCh IIAnthony 1 EJ Fiscal Officer IMcLean I IDennis I D 1(310)377-0360 I
Member IStern ..IIDouglas I ~I Secretary IMorreale I ICarla I D 1(310)544-5208 I
Member IWoloWICZ Iistefan I D i Report Prepared By Independent Auditor
Member Campbell IIBrian D Firm Name IWhite Nelson Diehl Evans,LLP I
Member II D Last ICalianan I ICalianan I
Member I I D First IRobert I IRobert I
Member II D Middle Initial ~IJ I
M.mb.,I i..D I Street 12875 Michelle Drive,Suite 31 :=12=8=75='=M=icl...h-e-lIe-D-riV-e-,-s-u-it-e-3-0-0---1
Member I I D City I'rvine 1 Ilrvine I
r--·-:":----------·.--.----..--....=;;:::::---=====:.-----:--State ICA I ~
I Mailing Address ===L _
Zip Code 192606-I 192606-IIStreet1130940HawthorneBoulevardIPhone1(714)978-1300 I 1(714)978-1300 IIStreet2II I ------.----.----------.------.-,,--..'--.---.--.-,,--.-------..
'I City IRancho Palos veri State ~Zip 190275-I I
I Phone 1(310)377-0360 I ~.~~dress Changed?I
General Information Page 1 12/15/2011
~or
()
:::T
3
CD
::J.-..
()
D
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3
Audit Information
Fiscal Year 2011
Was the Report Prepared from Audited Financial Data,
and Did You Submit a Copy of the Audit?
I Yes I If compliance opinion includes exceptions,
state the areas of non-compliance,and
describe the agency's efforts to correct.
[!
__I
I I
I Yes IWasaComplianceAuditPerformedinAccordancewith
Health and Safety Code Section 33080.1 and the State
Controller's Guidelines for Compliance Audits,and Did
You Submit a Copy of the Audit?
Indicate Financial Audit Opinion
If Financial Audit is not yet Completed,What is the
Expected Completion Date?
If the Audit Opinion was Other than Unqualified,State
Briefly the Reason Given
Indicate Compliance Audit Opinion
If Compliance Audit is not yet Completed,What is the
Expected Completion Date?
IUnqualified I
I I
Audit Information Page 1 12/12/2011
D
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4
···Rancho:~~ajps~Verdes~Redevelor)~entOAgenC!y
Project Area Report
Fiscal Year 2011 Project Area Name Iproject Area No.1 I
1 4.01
I 2034 1
I 2024 1
I 2009 1
1 1,100 I
1 96.01
I 01
A =Administrative Fund
M =Mortgage Revenue Bond Program
S =Proposed (Survey)Project Area
I Yesl
1 7/21/19841
I I
I I
I 1
1 Yes I
(MM-DD-YY)
Percentage of Land Developed at the Inception of the Project Area
Health and Safety Code Section 33320.1 (xx.x%)
Objectives of the Project Area as Set Forth in the Project Area Plan
(Enter the Appropriate eode(s)in Sequence as Shown)
. R =Residential I =Industrial C =Commercial P =Public 0 =Other
Will this Project Area be Carried Forward to Next Year?
Established Time Limit:
Repayment of Indebtedness (Year Only)
Effectiveness of Plan (Year Only)
New Indebtedness (Year Only)
Size of Project Area in Acres
Percentage of Land Vacant at the Inception of the Project Area
Health and Safety Code Section 33320.1 (xx.x%)
Most Recent Date Project Area was Amended
Did this Amendment Add New Territory?
Most Recent Date Project Area was Merged
Date Project Area was Established
Forwarded from Prior Year?
Enter Code for Type of Project Area Report
P =Standard Project Area Report
L =Low and Moderate Income Housing Fund
o =Other Miscellaneous Funds or Programs
Does the Plan Include Tax Increment Provisions?
Please Provide a Brief Description of
the Activities for this Project Area
During the Reporting Year.
-Fees relating to the sale of a
condominium on Ravenspur
previously acquired for affordable
housing purposes.
The Agency incurred expenditures
for a single landslide (blight)
mitigation project.The landslide
area grading project along Palos
Verdes Drive South was completed
for a total of $255,616 including
permits and other related fees.No
other expenditures were made to
alleviate blight (the landslide)in the
Project Area during FY 10-11.
-Membership dues to the Abalone
Cove Landslide District and Klondike
Canyon Geologic Hazard Abatement
District.
The rest of the expenditures were
limited to:
-The annual financial statement audit.
..~?tiyity.~e;.IJ.?rt.J
The Agency incurred yearly regular
maintenance of dewatering wells.
Project Area Report Page 1 12/12/2011
D
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5
5
'>.Rari(;ho"Palos"Verde$Red~yel()pn'lenfAgency
RedeveloprnentAgehciesrl7ioanct~t"ransacti()ns:'R..•·ep()(t
..,"",_.•':.,',,_..-.._._.,,_c-,-,'..-"j .."'-.''.:....',-'.,,:'.,•.....,.:..;,....»....,.,..:-.,'"..':....-.-,.-.."'-",>"',_:"0-':'"
Assessed Valuation Data
Fiscal Year
Project Area Name
2011
IProject Area No.1 I
Frozen Base Assessed Valuation
Increment Assessed Valuation
Total Assessed Valuation
Assessed Valuation Data Page 1
I 20,930,956 1
f'114:40'7,706
I 135,338,662 1
12/12/2011
D
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6
Fiscal Year
Project Area Name
",:",RanctlC)'Palo~VerqesRedevelopmenfAgency'""
R~deVelOpmEmt A~~ndi:~~':FimihCiaITran~actions,R~p~'rt
,;-,',.'.,,'".",,.,--"',::L:'..~..·;".."--"'-'~'\-.:--.~"'-'>"'-'.-;•.,'-"-'-~.,";~'.,.,:.".-.-'--,..","--'"....:':.,.•.>".,'.-',,':...-".',"0 ....,
Pass-Through I School District Assistance
12011 I
Iproject Area No.1 I
Tax Increment Pass Through Detail Other Payments
Amounts Paid To Taxing
Agencies Pursuant To:
H &S Code
Section 33401
H &S Code
Section 33676
H &S Code
Section 33607
Total H &S Code H & S Code
Section 33445 Section 33445.5
County
Cities
School Districts
Community College Districts
Special Districts
Total Paid to Taxing
Agencies
Net Amount to Agency
Gross Tax Increment
Generated
I I ,Id""'dio'!;"w:;.,{,,,'\';,1',"",I
I I I ·1-'--,-,$0--,1·",;-:d-","1
I I I :1 -'-",'$01 I I
1 I I ii',-,$0 '1 I 1
I 190,0121 1 :1-$'190,01i'l-.~'(':.!;':,;ii'"'@,;;il:"','-':;,1r"'$190;012--'11 ".'-"=-m $0'.1"'"$0 :1 $190,012'r ..'-=$O~'-'$0',
Pass-Through 1 School District Assistance Page 1 12/12/2011
D
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7
Fiscal Year
','.:>lRanCiioPalos Ver~es :~edevelopme'nt Agency .":~~"
....Red~Y~I:o~~enf:Age~.~,i~~:Fi,t1a:~gi~,~!ransac!l~~~·~~P'art'.··,
Summary of the Statement of Indebtedness -Project Area
2011
Project Area Name
Tax Allocation Bond Debt
Revenue Bonds
Other Long Term Debt
City/County Debt
Low and Moderate Income Housing Fund
Other
Total
Available Revenues
Net Tax Increment Requirements
5,165,000 1
1============1
20,391,606 1
============1
798,602 1
~$26,355,208
1 573,216 1r...$25:781 :992
Summary of the Statement of Indebtedness -Project Area Page 1 12/12/2011
D
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8
Fiscal Year
Project Area Name
Forward from Prior Year
..'~.·,Redevelopment J!.ge~~iesc~il1Cincial Transactions'Report
Agency Long-Term Debt
12011 1
IProject Area N~.1 I
IVes";:1
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
ICity/County Debt 1
I
1984
1
I 20,391,606 1
I 20,391,606 1
IProject Funding 1
I 1991 1
1 20341r''$19:368,878
I I
I I
I I
I 1,022,728 1
I 1
I 1
~$20:391 ;606 .
I I
II
Bond Types Allowed:
Tax Allocation Bonds;Revenue Bonds;Certificates of Participation;Tax Allocation Notes;Financing Authority Bonds;City/County Debt;US;State;
Loans;Lease Obligations;Notes;Deferred Pass-Throughs;Deferred Compensation;Other
Agency Long-Term Debt Page 1 12/12/2011
D
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9
Fiscal Year
Project Area Name
Forward from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
":·Rancho PalosVerdes~~edevelopment'Agency
.,,-j~i ~',-:,-<:::'."-,·s",''--':::;>:'_;,_!''-.~.~':»;i'::<_;,:',::'>-;':;-,.,':--,".-_~'<_:-""':',:.;'-"i
';Re~~velopment Agencies financial Transaptions Report
Agency Long-Term Debt
12011 I
IProject Area No.1 I
IYes ·~••·••I
lather I
I 20031
I 3,111,4001
I 3,111,4001
Deferred Interest Payable On Loan
Restructure
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
I 2004/
I 2028 1r$1,136,303 --
I I
I I
I I
I I
I 337,701 I
I I
]..-$798:602
I 1
I I
Bond Types Allowed:
Tax Allocation Bonds;Revenue Bonds;Certificates of Participation;Tax Allocation Notes;Financing Authority Bonds;City/County Debt;US;State;
Loans;Lease Obligations;Notes;Deferred Pass-Throughs;Deferred Compensation;Other
Agency Long-Term Debt Page 2 12/12/2011
D
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0
Fiscal Year
Project Area Name
Forward from Prior Year
Rancho Palos Verde~eRedevelopmentAgency
RtH:levelopmenf Ag~n.Cie!;fir1ancial Transactions.Report
Agency Long-Term Debt
12011 1
IProject Area No.1 I
'Yes .•..•..1
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
ITax Allocation Bonds 1
1
1997
1
I 5,455,000 1
,5,455,000 I
Iproject Funding I
,19971
,2034 1I..'$5,250,000 ...
I I
I I
I I
I I
1 85,000 I
1 1
J·--$5~165-,OOO
I I
I 1
Bond Types Allowed:
Tax Allocation Bonds;Revenue Bonds;Certificates of Participation;Tax Allocation Notes;Financing Authority Bonds;City/County Debt;US;State;
Loans;Lease Obligations;Notes;Deferred Pass-Throughs;Deferred Compensation;Other
Agency Long-Term Debt Page 3 12/12/2011
D
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1
Statement of Income and Expenditures -Revenues
Fiscal Year
Proiect Area Name
12011--'
Iproject Area No.1 I
Capital Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds Total
I I I I 'I $0
1 50,0041 I I r ------$50,004
r------$-50,91-3 r---n$897:470--r--$575;518 rm--------$O r --$1,523:901
1 1 I I il $01 1 1 I r ____u -$0
I I 1 I r o
-----$0
I I .I I 11------$0
I 9091 1 1,151 11----$2,060
I I 1 I .,I d_---$0I 1 I I I 0 -----------$0
I I I 350,000 I .rOd -$350,000I I I I r-------$0·······
1 I I I r---·$0
[I I '1-------$0
Tax Increment Gross
(/nc/ude All Apportionments)
Special Supplemental Subvention
Property Assessments
Sales and Use Tax
Transient Occupancy Tax
Interest Income
Rental Income
Lease Income
Sale of Real Estate
Gain on Land Held for Resale
Federal Grants
Grants from Other Agencies
Bond Administrative Fees
Other Revenues
Total Revenues
I 1 897,4701 224,367[l r $1,121,837
Statement of Income and Expenditures -Revenues Page 1 12/12/2011
D
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2
:..Rancho PalosVerdest Redevelopment Agency·.C
.,~ed~~eIOPn1e~{~~~n~'ies'Fi~:~pcial Trans~~tf~~sRep9rt'
Statement of Income and Expenditures -Expenditures
Fiscal Year
Project Area Name
12011 I
IProject Area No.1 I
Capital Project
Funds
Debt Service Low/Moderate Special
Funds Income Housing Revenue/Other Total
Administration Costs I 21,951 I I II ._.$21·,95T·..
Professional Services 292,046 I I r $292:046·
Planning,Survey,and Design 172,811 I if ·····$·172,811
Real Estate Purchases I ir ......'·'·'$0"
Acquisition Expense II········...=.$0'··
Operation of Acquired Property :1····$0
Relocation Costs I I ,I $0
Relocation Payments I If········-$0
Site Clearance Costs I I I [··_=····$0··
Project Improvement /Construction Costs I I I I :1 $0·
Disposal Costs
Loss on Disposition of Land Held for
Resale
I I I I 11"···············$0··
I I I I f············"$"O····
Statement of Income and Expenditures -Expenditures Page 1 12/12/2011
D
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3
··.•.Bancho·Palos.\I~rde$R~d~velopment Agency
..·····~.~d~~~,o~~e~t:~g~·~·~i~~··.Fi~-~~~i~,·T~~f1~~~lr()ns···.·Report
Statement of Income and Expenditures·Expenditures
Fiscal Year
Project Area Name
12011 I
IProject Area No.1 I
Capital Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Special
Revenue/Other Total
Decline in Value of Land Held for Resale
Rehabilitation Costs
Rehabilitation Grants
Interest Expense
Fixed Asset Acquisitions
Subsidies to Low and Moderate Income
Housing
Debt Issuance Costs
Other Expenditures Including Pass-
Through Payment(s)
Debt Principal Payments:
Tax Allocation Bonds and Notes
Revenue Bonds,Certificates of
Participation,Financing Authority
Bonds
City/County Advances and Loans
All Other Long-Term Debt
Total Expenditures
Excess (Deficiency)Revenues over
(under)Expenditures
I I I I r",_'0 ·····,··,$0''7
I I I I II ··········$0'·
I I I 1 r ."$0 -,
I I 887,4041 If'$887,404'
I I I I f"'""'$0'"
I I I I .r·"....$0',.
I I I I r'"'-"'$0"
I I 260,1991 I r".,.$260J99 ,
I 1 85,000 I I I"-$85,000'-'
I I I I 1""""$0'
I·I I I .f'··..·'..=--'$O"?
I I 337,701 I I .1'".-$337-:701 ~
[I'"-$292,046 ["-'-$1,592,255[''''$172,811 r--_'····..$0·:1 $2,05-7,112"r ($24'1:133)11--($694,785)r ..'$402:707'r '$01'($533,211)
Statement of Income and Expenditures -Expenditures Page 2 12/12/2011
D
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4
Fiscal Year
Project Area Name
Rancho Palos:N~r~es-Bedeveloprrumt -AgeQcy
,h/:';:';~~c,.n·:,:-:,..~_--~"_c -~--"'~,>;-"o}-',-,:,
~edevelopment Ageh6ies Financi.ai -Transactions RI:lnnrt
·i~<.:.;~:::.>.:".'-".::,::~.-.:~,):,-:-?~,,:'-:>:.:";":_o_::~~.::>;_:~,f:;,i:'-::~':{>_-'.:'-""f_<~~_/_";:C-:r''::.'--::_':~---':--,-,":
Statement of Income and Expenditures -Other Financing Sources
12011 I
IProject Area No.1 I
Capital Project
Funds
Debt Service
Funds
Low/Moderate Special
Income Housing Revenue/Other Total
Proceeds of Long-Term Debt
Proceeds of Refunding Bonds
Payment to Refunded Bond Escrow Agent
Advances from City/County
Sale of Fixed Assets
Miscellaneous Financing Sources (Uses)
Operating Transfers In
Tax Increment Transfers In
Operating Transfers Out
Tax Increment Transfers Out
I I I I if $0
I I I I '1
u
$O -
I I I 11-----------$,0--'
I 973,511 I 49,2 17 1 1----$1,022;728 .
I I I [1---...----$0--
I .I I I -----$0
I I I if -$0
I I :1 -$0I I I I if--...-....-....---$0--
I I I r----m_·_--$O·
(To the Low and Moderate Income Housing Fund)
Total Other Financing Sources (Uses)--$0·II p.$973,511-r----$49:21-7 r-·-----------$O f --$1:022,7211"
Statement of Income and Expenditures -Other Financing Sources Page 1 12/12/2011
D
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5
Redevelo'pment;Agenci~s:Financi~lI Transactions Report
.:---,_",_,'.-,'~','."""""i<~<_:;~:-~'"',';,'0.:
Ran~!l()e~lps Ve~.~esRed~yel~PrhentAgency,
Statement of Income and Expenditures -Other Financing Sources
Fiscal Year
Project Area Name
12011 1
!Project Area No.1 I
Capital Project
Funds
Debt Service Low/Moderate Special
Funds Income Housing Revenue/Other Total
Excess (Deficiency)of Revenues and r '('$241:'133)f ..$:278,726":l'
Other Financing Sources over
Expenditures and Other Financing Uses
$451 :924 [1"$0 J'"$489:517·
Q
$4,109,382$0..$572~007""r"$338,461':1"'"$3,19S:9'14"r'"
.1 "_,~1:1 $0I I .I
Equity,Beginning of Period
Prior Period Adjustments
Residual Equity Transfers Iii I J $0
Equity,End of Period
r ····'''T'..
;.$330,874 ~$617,187 $3,650,838 :1"..···$0·r $4,598,899'"
Statement of Income and Expenditures -Other Financing Sources Page 2 12/12/2011
D
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6
CRat'lcI19RaIO§Nert.te,s Red~v~19pmentAgEmcy.,<:~l"0,~'
RedevelopnientA~~hcies Financial transactions Report,.-.--'''',....<'.,':~{.>·.·.·:','.•>·,·c ....,.-·:co ..",,-':'"-,-,,,',-.''.,-',._:.....:.",-:.,.'..<','-'.":.-":.',,:,,"',':.'
Balance Sheet -Assets and Other Debits
Fiscal Year 2011
Assets and Other Debits
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special'
Revenue/Other,
Funds
General Long-
Term Debt
General Fixed
Assets Total
Cash and Imprest Cash
Cash with Fiscal Agent
Tax Increments Receivable
Accounts Receivable
Accrued Interest Receivable
Loans Receivable
Contracts Receivable
Lease Payments Receivable
Uneamed Finance Charge
Due from Capital Projects Fund
Due from Debt Service Fund
Due from Low/Moderate
Income Housing Fund
Due from Special
Revenue/Other Funds
1 315,343 1 44,6461 589,736 1 I 'i'':,J"..":,.,;':',,'1'"$949':725'
1 I 1,',>,,':,1,1""'$0
I 14,659 I",';1,.'"if"""","$14:659
1 I',,01 'r """"$0'"
I 2 I <,";1 ",,"r',$2
I 254,954 1 6,640,825 1';1 ;'?:'",J"""'$6:895,'7'79'
I I I I ' ,''-:1>",f ",:J'-""----,$0"
I I I I I "',;",J $0'
1 1 1 I I 1,,3,;"'<::;1 ","$0
I I I 1 I,<;j ';,<n'dl:;,;(/','""',',1 "",""$0'
I I I I 1,,"",,";~n,'0;,;,,f)""",,-$0
I I I I I,;;,e/,k ,I """"$0
I I I I I:.._?,>0"~;I'.'""/1'"""'$0
Balance Sheet -Assets and Other Debits Page 1 12/12/2011
D
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7
I[-,,',H",I .'«~ll 1:('1 r $0
It;,,;/,:;,1:,/,;;,c ":1,,'I I >,1 f"io
I;:,;,';~,"y/I;,;'01;1 1 617,862 If'''$617,862
I 1 1 1 1'1 'r $0
I 17,9761 573,2161 I V ,','I ;r""$591~1'92
I I>'DI I 1 "I '"J''"".$0
I I ';Y,,',}'I I 1°"<'">of'".',$0
,RaI1ChC?~~I~~:;yerdes'Redev~lopment Agency
Total
General Fixed
Assets
General Long-
Term Debt
Special
Revenue/Other
Funds
Low/Moderate
Income Housing
Funds
Debt Service
Funds
Ft~d~V~I~pm~~t~A~~~npi,es'FinanCial'Transactions••,Report
Balance Sheet -Assets and Other Debits
Capital Projects
Funds
Fiscal Year 2011
Equipment
Amount Available In Debt
Service Fund
Investments
Allowance for Decline In Value
of Land Held for Resale
Fixed Assets:Land,
Structures,and Improvements
Other Assets
Investments:Land Held for
Resale
Amount to be Provided for
Payment of Long-Term Debt
Total Assets and Other
Debits
(Must Equal Total Liabilities,
Other Credits,and Equities)
l;c,i,:::;:>";'J,:,;"'i'i.'.'t~;l,~i/;',1 1 25,737,3461 'I ''''$2'5:737,3'46'
r'"$588,273'f '",,""'$617,862 II '---$7,245,222 If """'$0",I $26,355,208 r"'"''--'''$0 1----"$34,806;565"
Balance Sheet -Assets and Other Debits Page 2 12f12f2011
D
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8
:Ran~ho:Paio~[Ver~es Reci~veiopl11ent Agerlcy ,'.'.'..".
.Redevelopm&l1f A~eI1CiesFi~a~.ciaj·Tta~~~ction~·Report'',,'
"--t.",.;~__,__>:":/::s~:,<_,,-0j-k",~::<:'~-.-!<_·:-:.'-',-.'.,.'.-,,_---:__<~.::-.'<,,:','.--;,:,._-:c.""-_.e.'
Balance Sheet -Liabilities and Other Credits
Fiscal Year 2011 Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
General Long-
Term Debt
General Fixed
Assets Total
Liabilities and Other Credits
Accounts Payable
Interest Payable
Tax Anticipation Notes Payable
Loans Payable
Other Liabilities
Due to Capital Projects Fund
Due to Debt Service Fund
Due to Low/Moderate
Income Housing Fund
Due to Special
Revenue/Other Funds
Tax Allocation Bonds Payable
Lease Revenue,Certificates of
Participation Payable,
Financing Authority Bonds
All Other Long-Term Debt
Total Liabilities and Other
Credits
1 2,4451 6751 611 I>,;I'''Y,'I $3,731 rI I I I I .'J""·····,·$0'
I I I 1222:!(;)..../)1.,',,'',1 $0
I I 1 1;·~,:i'·,;·~~I.:·.ji;f;;:".:,r $0
I 254,954 1 I 3,593,773 1/'.,,;iil ti ,.
H <'f $3,848,727
I I I I I:''iirj;1 :>;...'J"""$0
I I I I I;\·,,!I"$0
I 1 I I 1:,1;•.i'1"....,....$'0"
I I 1 I I·>,i}>1"'H $0
<;'.,,;::,:I 5,165,000 Ie-I $5,165,000
1<;:,:;'"iJ ..">;:~,',',I;,''I I 21,190,2081 ,'P::J;i,yr'$21,190'-208
,1$257:399 :,".'.$675 f'"$3;594:384 11 '..........''$o}$26,355,208"1 .'>',..r"'$30,207:666"
Balance Sheet -Liabilities and Other Credits Page 1 12/12/2011
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9
·Rahchc:)R(ilosl"erc:l~s Ref,levelQpment Agency
RedeY;I~p~~ntA~~nCieSFin~~ciiarTran~actionS·•.Rep()rt·
Balance Sheet -Liabilities and Other Credits
Fiscal Year
Equities
2011 Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
General Long-
Term Debt
General Fixed
Assets Total
Investment In General Fixed
Assets
Fund Balance Reserved
Fund Balance
Unreserved-Designated
Fund Balance
Unreserved-Undesignated
Total Equities
I'i :,-I ::.,"..'L'I"•.•'I I'"'1 :1--...$0
I 17,976 1 573,2161 2,990,0001 ~'.•."'1;11'$3,581,192
1 312,89 8 1 43,971 I 660,8381 1 ;.:[:'...r·-·--$1:i')1·7·,707
1 1 I 1 I'ie --;~I ..'.."r-$0
[I""-'$330,874 r-$617,187 ~$3,650,838[1 ·····$01·,"fl'"--.....$0-r"$4:598,899
Total Liabilities,
Other Credits,and
Equities
$588,273
----..--~r ·..··--··..----........--~.l-"-------..---
$617,862 l $7,245,222 l $01 $26,355,208;1 $0 $34,806,565
Balance Sheet -Liabilities and Other Credits Page 2 12/12/2011
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0
Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Revenues -Consolidated
Fiscal Year 2011
Captial Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds Total
Tax Increment Gross
Special Supplemental Subvention
Property Assessments
Sales and Use Tax
Transient Occupancy Tax
Interest Income
Rental Income
Lease Income
Sale of Real Estate
Gain on Land Held for Resale
Federal Grants
Grants from other Agencies
Bond Administrative Fees
Other Revenues
Total Revenues
[I --..io r -..-$897,470 1$224,367'if 7$0 r -$1';121;837-.
II -..-$oJ ....'$0 J'..-==$n=---=="-'ZZ====""~$o=tt'1~F==="ZZ-=7===-'ZZ'$~0="-"
r'-'..'i'o 'f $0 I --'io-~···---$0 r """$0
~...--..-...-~~~r .-..-~~..}~,{.:'......"..'~~f'l·~-.:"···~'1~--ll··'n.._"'-••:"'••~~.0/
r '::-:..:'~~~"J'~:::_--:~r:--··':--·$1'~-:'~'·ll·-".~:···"'··'~~F-·····-:·~~'~~?·~
f'.,.•."-1.n:~l ZZ"':~1-:-'-'''$~50.,~~~--:r::·.:w n_.~~:~n'F'~:",-~'~~:=~~','r
[f--"""$'0 'r"-'--.--"'$0 ...:1 ..,-..,""-$Ol""'"""""--$o""r .....M'M'•$0"
,I""$0 I -'$0 l'--"-$o'l"""_.$0"r $0J---.-=---=.$0 l---n·tt""$0 I'--'---...-$0 ·r.,··"n'--$0 r·'········$O
J'"$0 I..·······..'$0'"J ..,..$0 f'...."'....·····$0':1 ..-.....--$0
iI .--$50,004 I".."$oj '-"$O'f $()-r .'---$50,004
il-'",$50:913 f'$897,470 'r ,-'$575,518 r "'io'l"'$1,523.901""'
Revenues -Consolidated Page 1 12/12/2011
D
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1
Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures -Consolidated
Fiscal Year 2011
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds Total
Administration Costs '1------------$0 ~-$21.951--r----..--------$-O--I .------------$0 r----------$21;951
Professional Services r "$29£046 f-'-.----.'$0 -.J -.-··-----$0-:1---.'---sO-l ----$292,046 --
Planning,Survey,and Design r---------$0 f-----$O---r---$172,81-1 r-----------$0-11 -$172:811--
Real Estate Purchases 11 -.-------$0 r---------$0 ]------$0 11------$-0-11--------------$0 --
Acquisition Expense r--rr ...-.---$0"""11 =---$0--]----------$0 -if----------$0 11---------$0-
Operation of Acquired Property If --$0 r-----------$0-1--------$Ol--$0 f-----$0'--
Relocation Costs J ..-----$0:1 ------$0]-------$0 1 ---$0'r---$0-7
Relocation Payments [I ----...--$0 J -=0------$0·1'--------·$0 r -------------$-O---il"--------$0-
Site Clearance Costs r---------$0 cr-------···-----$-0 J--------$0--
1
1---------$O-ll------$0 ~
Project Improvement /Construction r---$0 r -$01---------$0'-,-----$0 -.J------------·$0----
Costs ""'
Disposal Costs f --rt $0 !lm ---$0 r -----$0-T ----$0 r $0
Loss on Disposition of Land Held [I .---------$0 J =-$0 --,I --------$0·1---$0 lr------····---$0 --
for Resale
Expenditures -Consolidated Page 1 12/12/2011
D
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2
Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures -Consolidated
Fiscal Year 2011
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/other
Funds
Total
A B C D E
;1 ---..$0 r'---$OH r $0 if $()',I-'-H -U -$0
~_,i .II ------.$0 ,I --$0 f =--=$0 ..:1-------$O--r----·---_·----=----$O --.r------------$0 r ---$887:,io'4I----·---$0 f -------_H --$0 r -"-$887:404-
if------------$().r----------$0--1'------$0 11------·--$0 .]-.-$0
\1 ----.--~;o ]-------$0 ".I $0 :1--------------$0 .-J---uu _$-0--
$0
$0 ,r---'"-$0 :I
$0 ,1----..$0-r--
--_.",--._--_._.•
$0
$0
$260,199
$0$0
$0 :I
$260,199 J
$0 ~
r--'--.-$0 il ...
r------------.$0--r-Other Expenditures Including Pass
Through Payment(s)
Debt Issuance Costs
Rehabilitation Costs
Rehabilitation Grants
Decline in Value of Land Held for
Resaie
Interest Expense
Fixed Asset Acquisitions
Subsidies _to Low and Moderate
Income Housing Fund
Debt Principal Payments:
Tax Allocation Bonds and Notes
Revenue Bonds and
Certificates of Participation
ru
••-••••••u.$0 [I'----is5,ooo'r--....'$or--Hio-l-'$85,000
:1 --_n --.$-0 .f ..------$0 -r $0 .-:1--__U --$0 11----.----$0-
City/County Advances and Loans:1 -$0 -~---------$0 -:1--$0 r----------$O--f-----n.$0---
U.S.,State and Other Long-Term Debt r-----------=-$0 -r ---n--$337,701 r----$0 --r--------------$-OT ------$337:701-
Total Expenditures 1I ------$292,046 :.1 ---$1;592,255 --1 ------$172,81-1--If ---------$0 r ---=$2:057,11-2
Excess (Deficiency)Revenues ~--($24i1-33)-J---..($694;785-)-]-'-'-$402:,707 r"-'".---$0 J ($533-;211)
Over (Under)Expenditures
Expenditures -Consolidated Page 2 12/12/2011
D
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3
Fiscal Year 2011
Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses)-Consolidated
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds Total
Proceeds of Long-Term Debt
Proceeds of Refunding Bonds
r .'$0·r",$0'~...,..$O"r "'io 'f $0
""r u
,-"•$0·r.$0 1"...M$O r'····-'$0 ,I ...$0
r··....··..$0 f···....$o·Hr $0 .r $0 J $0PaymenttoRefundedBondEscrow
Agent
Advances from City/County r .Siol'"$97·3,51'1 tf $49,217 J $0 II $1,022,728
Sale of Fixed Assets I $0"r'"·-·.··'·'···$O···~_..$0·"r··"········$0 :1"$0
Miscellaneous Financing Sources (Uses)J ··$0 ..:1 ·..$0 1 .$0"r······"'$0 .,I'·····..$0·····
Operating Transfers In J···········..···_·io···f····$0 .~··..$O!·······io ',1·...$0·
Tax Increment Transfers In r····'·$0'·..··,1··············~;o····
Operating Transfers Out $o·J $0 1·····..·$01····$0
Tax Increment Transfers Out .$0 t,.,·..···..,·,·,.-:;...
(To the Low and Moderate Income
Housing Fund)
Total Other Financing Sources (Uses)
Other Financing Sources (Uses)-Consolidated
$0 $973,511 :1
Page 1
$49,217 ·r .....············$0··r·..··$1,022,728-·
12/12/2011
D
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4
Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses)-Consolidated
Capital Projects
Funds
A
Debt Service
Funds
B
Low/Moderate
Income Housing
Funds
c
Special
Revenue/Other
Funds
D
Total
E
Excess (Deficiency)of Revenues and r-($241;133)f'..."$278,726'1
Other Financing Sources over '
Expenditures and Other Financing Uses
$451,924 '1 ---.--$0""--·--··-$489:517··
Equity Beginning of Period
Prior Year Adjustments
Residual Equity Transfers
Other (Explain)
Equity,End of Period
f'--""$572;007 11 =-=$338,461":1='-$3:191i~914 T .,.-----,----$0"'--;1'"--$4,109,382
-:<,,
J -,....$0 i"'--"""-'$0 11·$0·'--·---".$0'J ..---'$0
J.------$o'r .'$0'r -,$0'1'--..-.-'$0[1 --·--·$0
r··--'··----·.$0 r'-""'""--"'$0'"f ..--.--..$O"r--··-'''''''''$O--r··-·.-.--.·--·$·0·
f -"$330,874 il'$617,187 .~-"$'3,650:'838'1",H -'-$0 r $4,598~'899
Other Financing Sources (Uses)-Consolidated Page 2 12/12/2011
D
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5
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G Back·..L1 !;D~ear~h [~~jitmJ·
Addre$s I~ftp://ftp.sco.ca.gov/:,~IJ Go
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·Ra:hChQPal()$JVerdes:RedeveloPinentAgency·
'-.".'.',.;'-To .:<"._:....,_,,_,"'...",',....,,<.C",,',-"._~',r:..:.._-'_'_.C,'•.•).....~:,.,- -....'•
..Red~.y~IRPfri~~fAa·~h~ie§'F:i na.nci~lITransacti()Qir~eport·..
General Information
~Zip 190275-I
~.~~dress Change~
IRanCho Palos veri State
1(310)377-0360 I
Member
Member
Member
rM;;;ing ;~~~~_.--------.-....--•.,--.--....-.---.--.
I Street 1 130940 Hawthorne Boulevard 1
I Street 2 I I
i City ,--
I Phone
I
Fiscal Year 2011
rM~~;;;;;~fth~-Go~;;;;;i~gB~dY----·~·---_·_-·--_··'-·--Agency ·c)fflclcils.-----·---·.-----··----·---~·;ddl:-~---·-.....-.·-f
!Middle I Last Name First Name I T I Phone I
I Last Name First Name Initial.m laIChairpersonILongIIThomasEJExecutiveDirectorILehr1ICarolynID 1(310)377-0360 I
I Member IMisetich IIAnthony ~Fiscal Officer IMcLean I IDennis I D 1(310)377-0360 I
I Member IStern IDouglas ~Secretary IMorreale I Icarla 1 D 1(310)544-5208 I
Member IWolOWiCz IStefan 0 .------------Rep~rt Prep;~~dB;-------I-;;d~-~~·~tA;:jit~~----_·_--·----·..··
Member ICampbell Brian D Firm Name IWhite Nelson Diehl Evans,LLP I
Member I D Last 'callanan 1 ICalianan I
Member I 0 First 'Robert 1 IRobert 1
I D Middle Initial II:::::J IJ 1
I 0 Street 12875 Michelle Drive,Suite 31 '2=8=7=5=M=iC-he-I-le-D-n-'v-e-,-S-u-ite-30-0---1
I ..__......__g_City Ilrvine I 'Irvine I
State ICA I ~
Zip Code 192606-I 1=92=60=6-=----1
Phone 1(714)978-1300 1 1(714)978-1300 I
General Information Page 1 12/15/2011
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Audit Information
Fiscal Year 2011
Was the Report Prepared from Audited Financial Data,
and Did You Submit a Copy of the Audit?
Indicate Financial Audit Opinion
If Financial Audit is not yet Completed,What is the
Expected Completion Date?
If the Audit Opinion was Other than Unqualified,State
Briefly the Reason Given
Was a Compliance Audit Performed in Accordance with
Health and Safety Code Section 33080.1 and the State
Controller's Guidelines for Compliance Audits,and Did
You Submit a Copy of the Audit?
I Yes I
I I
I I
..I
If compliance opinion includes exceptions,
state the areas of non-compliance,and
describe the agency's efforts to correct.
IUnqualified I
II I
Indicate Compliance Audit Opinion
If Compliance Audit is not yet Completed,What is the
Expected Completion Date?
Audit Information Page 1 12/12/2011
D
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8
Project Area Report
Fiscal Year 2011 Project Area Name !project Area NO.1'
1 01
I 20341
1
2024
1
1 20091
1 1,100 I
1 96.01
I 4.01
['<i'''<''(esj
1 pI
A =Administrative Fund
M =Mortgage Revenue Bond Program
S =Proposed (Survey)Project Area
I Yesl
7/21/19841
1
I====1
Yesl
(MM-DD-YY)
Percentage of Land Developed at the Inception of the Project Area
Health and Safety Code Section 33320.1 (xx.x%)
Objectives of the Project Area as Set Forth in the Project Area Plan
(Enter the Appropriate Coders)in Sequence as Shown)
, R =Residential I =Industrial C =Commercial P =Public 0 =Other
Will this Project Area be Carried Forward to Next Year?
Established Time Limit:
Repayment of Indebtedness (Year Only)
Effectiveness of Plan (Year Only)
New Indebtedness (Year Only)
Size of Project Area in Acres
Percentage of Land Vacant at the Inception of the Project Area
Health and Safety Code Section 33320.1 (xx.x%)
Date Project Area was Established
Most Recent Date Project Area was Amended
Did this Amendment Add New Territory?
Most Recent Date Project Area was Merged
Forwarded from Prior Year?
Enter Code for Type of Project Area Report
P =Standard Project Area Report
L =Low and Moderate Income Housing Fund
o =Other Miscellaneous Funds or Programs
Does the Plan Include Tax Increment Provisions?
The rest of the expenditures were
limited to:
~c;t~vity..~.eJ).?_r:!."
-Membership dues to the Abalone
Cove Landslide District and Klondike
Canyon Geologic Hazard Abatement
District.
-Fees relating to the sale of a
condominium on Ravenspur
previously acquired for affordable
housing purposes.
-The annual financial statement audit.
Please Provide a Brief Description of
the Activities for this Project Area
During the Reporting Year.
The Agency incurred expenditures
for a single landslide (blight)
mitigation project.The landslide
area grading project along Palos
Verdes Drive South was completed
for a total of $255,616 including
permits and other related fees.No
other expenditures were made to
alleviate blight (the landslide)in the
Project Area during FY 10-11.
The Agency incurred yearly regular
maintenance of dewatering wells.
Project Area Report Page 1 12/12/2011
D
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9
·····Rancho Palos"\ierdes RedevelopmentAgency
Redeyelopment Agencies Firianci~ITransaction~;Report
Assessed Valuation Data
Fiscal Year 2011
Project Area Name
Frozen Base Assessed Valuation
Increment Assessed Valuation
Total Assessed Valuation
IProject Area No.1 I
I 20,930,956 1r-----114,407,706
I 135,338,662 1
Assessed Valuation Data Page 1 12/12/2011
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0
Fiscal Year
Project Area Name
~ancho,Pcalo~Verq'~s Redevelopm~ntAgenty ","';"
..••.:,:~edeveloJme~t~~)endi,~~'Fi~ah~i~iTr~n~'acti~ns·R~P~rt.'."
.:.',:::.,,.',::(.;.:,--..',.:':--,."•-.l'_••:':;'~,.::.',,-:,-',',i<,,:.._'·:L,~r<::->'-:.:,.i\<~-/{.,;:~_:-<.-~--.,--,:",,,,:,,.':<:;;,~\:._.',"_~<::'.c.'..::'_;-_~":'-
Pass-Through I School District Assistance
12011 I
Iproject Area No.1 I
Tax Increment Pass Through Detail Other Payments
Amounts Paid To Taxing
Agencies Pursuant To:
H &S Code
Section 33401
H &S Code
Section 33676
H &S Code
Section 33607
Total H & S Code H & S Code
Section 33445 Section 33445.5
County
Cities
School Districts
Community College Districts
Special Districts
Total Paid to Taxing
Agencies
Net Amount to Agency
Gross Tax Increment
Generated
I I I r'q···..·$O·jYi,·2,·.1>:.,;};I'I;:':.;-;1
I I I r '..-..-"-$0">.<,,''.'..,;:I';"..c·'1
I I I :1'-··..$0 1 I I
1 1 1 II"-n "'$0'1 1 I
I 190,0121 I r"""$190:012 '1 -.•c·•S,"··t.~'l ::!C:";'C .;Ir=-$190'-012'II ....$0'r .,,$0 r'··$19·0,0'1'2·(.--$0-r -----""'$0"
Pass-Through /School District Assistance Page 1 12/12/2011
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1
Fiscal Year
·...,{Rahcllopalos ve:rdes~edeyejopmentAgency """::'.".;
-.'Redey~lbprj1ent-Agei'1~ies;Fi nanci~FTransactibnsR(;port:'
<,'.:;h:::~<~;»·::~~:--:~«·,;.'-,,':::-;--;)i·-·:'.:'C::~\~,~::_--~>,:":::;::>,,:-,:-i::-:__';1~h1t-;~)::~,.--:-.-:~:->,__',;>.>.-,:;~:"<-_i~__~-':;>.-.::~
Summary of the Statement of Indebtedness -Project Area
2011
Project Area Name
Tax Allocation Bond Debt
Revenue Bonds
Other Long Term Debt
City/County Debt
Low and Moderate Income Housing Fund
Other
Total
Available Revenues
Net Tax Increment Requirements
I 5.1.65.000 1
1 1
I 1
I 20.391.606 1
I 1
I 798.602 1r"'"$26:355:208"'"
I 573,216 1
.1 ·········$25.781:992··
Summary of the Statement of Indebtedness -Project Area Page 1 12/12i2011
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2
,RedevelopITIentAge,r\cie~~~in.~ncial'Trahsactions',Report .,."
Agency Long-Term Debt
Fiscal Year
Project Area Name
12011 I
IProject Area N~.1 I
Forward from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
ICity/County Debt I
1
1984
1
I 20,391,606 1
I 20,391,606 1
'Project Funding 1
I 1991 1
I 20341r·"·$19;368',878'
,1
1 I
I I
,1,022,728 1
I 1
I Ir·'$20,39'1,606 '
1 1
II
Bond Types Allowed:
Tax Allocation Bonds;Revenue Bonds;Certificates of Participation;Tax Allocation Notes;Financing Authority Bonds;City/County Debt;US;State;
Loans;Lease Obligations;Notes;Deferred Pass-Throughs;Deferred Compensation;Other
Agency Long-Term Debt Page 1 12/12/2011
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3
".'.•.•.•','RanchoPalos Verd·es'J~edevelopmenf.L\gency'.
':;~,"-i;~..:/';'..'--:..:,.;;'",~->:-';::(:r,>,:-,;/!;j;::'-_~,,~>:":~:_:-~:'::;:::,:>-::/j:y:-",.':,<--':~,',::<:;''.'----"',:.':<::/,-.,;\,',/,,:<-"'.
•,.JRe.~~velopment Age~cies Einancial:Transa~tioris Report
Agency Long-Term Debt
Fiscal Year
Project Area Name
Forward from Prior Year
12011 I
IProject Area No.1 I
IYesl
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
lather I
I 20031
I 3,111 ,400 I
I 3,111,4001
Deferred Interest Payable On Loan
Restructure
I 2004 1
I 2028 1r"$1,136,'303 ..
I I
I I
I I
I I
I 337,701 1
I IJ""$798:60'2 =
1 I
1 I
Bond Types Allowed:I
Tax Allocation Bonds;Revenue Bonds;Certificates of Participation;Tax Allocation Notes;Financing Authority Bonds;City/County Debt;US;State;
Loans;Lease Obligations;Notes;Deferred Pass-Throughs;Deferred Compensation;Other
Agency Long-Term Debt Page 2 12/12/2011
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4
Fiscal Year
Project Area Name
Forward from Prior Year
Rancho Palos Verdes RedeYelopmentAgency
·RedevelopmentAg~nciesFir1anciaIJral"lsciction.sRep()rt."....,","""."'.
Agency Long-Term Debt
12011 I
IProject Area No.1 I
IYes I
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
ITax Allocation Bonds \
I 1997\
I 5,455,000 I
I 5,455,000 I
Iproject Funding \
I
1997
1
I
2034
1I$5,250,000
I \
I I
I 1
\ I
I 85,000 I
I I
;1--$5,165~OOO'
I I
\\
Types Allowed:
Allocation Bonds;Revenue Bonds;Certificates of Participation;Tax Allocation Notes;Financing Authority Bonds;City/County Debt;US;State;
Lease Obligations;Notes;Deferred Pass-Throughs;Deferred Compensation;Other
Agency Long-Term Debt Page 3 12/12/2011
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5
,':;Ranbho Pai6sVerdeS Red~velopmenf'AgEmcy ,
c ~:,;./;:::;;;~~;:;.,.,•.,,~..".,','"i._',"':;:;,.:>;:--",:':.:::::"':~_;--,.-.:;:'""'''.~~'t "~:~-;<-E;'J~:~;::-"'::-;----~~:--~--:;-~;-~:~:':Jf~-'t.::,}~-'-."'.'--_,,;>?,::,;";:..,,:
Statement of Income and Expenditures -Revenues
Fiscal Year
Proiect Area Name
~Jt11 um,nJ
Iproject Area No.1 I
Capital Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds Total
Tax Increment Gross
(Include All Apportionments)
Special Supplemental Subvention
Property Assessments
Sales and Use Tax
Transient Occupancy Tax
Interest Income
Rental Income
Lease Income
Sale of Real Estate
Gain on Land Held for Resale
Federal Grants
Grants from Other Agencies
Bond Administrative Fees
Other Revenues
Total Revenues
I I 897,470 I 224,367 li,;"r-_.$1,121:837
I I I I r $0I I I I r'-'-"--$0 0
I I I I 'I········',···---'$0·-
I .I i'-'.-,.$0
909 1,151 I ,r"-'-,$£060"
====I·r ..-'-'$0--"
I 11-·---'----$0'
350,000 I .r'-,$35():o66'..
j I r'$0I I I I r '..',.'$0
1 1 1 1 ~__0_',-$0'
I I 1 I r""-..-,,$0-
I 50,0041 I I r ·-----$50,004--r-'..--$50','9'1-3 __0 if .--,-$897,4 70 -I $575:518-J ,----,-'$Or'-'--$'1,523:'901'-
Statement of Income and Expenditures -Revenues Page 1 12/12/2011
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6
Statement of Income and Expenditures -Expenditures
Fiscal Year
Project Area Name
12011 1
IProject Area No.1 I
Capital Project
Funds
Debt Service
Funds
Low/Moderate Special
Income Housing Revenue/Other Total
Administration Costs I I 21,951 I il $21,951
Professional Services 1 292,0461 r--"$292',046
Planning,Survey,and Design I I 172,811 If ---$172,811'
Real Estate Purchases I I If-$0
Acquisition Expense I I r-,-----$0--
Operation of Acquired Property I I :1 ,,-$0
Relocation Costs I I I I r--$0-
Relocation Payments I I I I r ..,.----=-'io'.
Site Clearance Costs 1 I I I ~'---,---,--"$'0"
Project Improvement /Construction Costs I I I I r -,-.--,--$0·,--
Disposal Costs
Loss on Disposition of Land Held for
Resale
I I I I r"P',--$0
I I I I II''$0'
Statement of Income and Expenditures -Expenditures Page 1 12/12/2011
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7
·.....Rancho Pal()sJ'erdes'R~d~velopmert Agency
"R~d~~~lo~~e~f~g~~~ieSFi~a~~ial····Trarl;adii~ns·Report .
Statement of Income and Expenditures -Expenditures
Fiscal Year
Project Area Name
12011 I
IProject Area No.1 I
Capital Project
Funds
Debt Service Low/Moderate Special
Funds Income Housing Revenue/Other Total
$260,199
$887,404
I ,----1 I .---11---11 ..'-"'-"""'$0"
I .I : 'il"-"""'$0'
I I 887,4041 :I:~.."'.~..n$?:~-
I I I I r".."'~;o'
1 I ,1 r·····'io·
:,I =====il-------rl---·r"..··..··········-..·..·~L-_.J2~60~,199991 I '1---.....---.~~$~..~Other Expenditures Including Pass-
Through Payment(s)
Debt Issuance Costs
Decline in Value of Land Held for Resale
Interest Expense
Fixed Asset Acquisitions
Subsidies to Low and Moderate Income
Housing
Rehabilitation Costs
Rehabilitation Grants
Debt Principal Payments:
Tax Allocation Bonds and Notes
Revenue Bonds,Certificates of
Participation,Financing Authority
Bonds
I I 85,000 I I :1"..$85,000''''-
I 1 I I ~..'$0'
City/County Advances and Loans
All Other Long-Term Debt
Total Expenditures
Excess (Deficiency)Revenues over
(under)Expenditures
I·I I I .f'...,.""'$0'"
I I 337,701 I I ir .,.'$337:'701"
1I ··$292,046 r-""$1';592,2'551""'$172.811 '1 ,$0':I $2,05'7,1 :Ii'"
f'($241,133):1 ($694,785)1'''$402;7071 .."$0 T'($533,211)
..,,,
Statement of Income and Expenditures ..Expenditures Page 2 12/12/2011
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8
Rancho j:)a'o~",Verdes,Redevelopl11ent AgelJcy
..:;~";..'__::~~/._~:.--.:<~\-,/~:>'::;~,--':;-::.O'.::"::;>c'f:'~':-'<-·-<----::>:;---::~:-::;o:__:'.:?:<'/-••_-~.-'-,.'--·:,..-;j:.f.:;:/;:';7.-;:~'---,_-,.:-::_c::.'
;':•:;,'~~de,!el~lln1ent.~g~h~i~iFinanciaiTrahsactions Report
Statement of Income and Expenditures -Other Financing Sources
Fiscal Year
Project Area Name
12011 I
IProject Area No.1 I
Capital Project
Funds
Debt Service Low/Moderate Special
Funds Income Housing Revenue/Other Total
$0
$0
'--'0"'-'--._"0 ._.....$0
Proceeds of Long-Term Debt
Proceeds of Refunding Bonds
Payment to Refunded Bond Escrow Agent
Advances from City/County
Sale of Fixed Assets
Miscellaneous Financing Sources (Uses)
Operating Transfers In
Tax Increment Transfers In
Operating Transfers Out
Tax Increment Transfers Out
If'....$0'
f····"'$0
__________-'-----',1...·······$,0
973,511 49,217 I '$1,022:728I$0 .
~=======:======~=========:-:======~l ......·$0 ..
---,..---....-,.--,'---
'I
II
I I I I ilI I I !'i=1=....=.......=....$0
(To the Low and Moderate Income Housing Fund)
Total Other Financing Sources (Uses)r·....·..·._..-$0'1'=....$973~511"1'"......_-$49:217..·r ....$011-"'-$1:022,728-'7
,'.I .I
Statement of Income and Expenditures -Other Financing Sources Page 1 12/12/2011
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9
·Rancho.Palos ver~esRed~veI9P~ent Agency.".
"...:,.•·.·.RedevelopmenfAgEmci~s FiriancialTransactiohs Report
"i':';_~~..;:.\;:>;:.,::"-~-~-..·:>t~~:>x;;-~,0-;;-1/--",
Statement of Income and Expenditures -Other Financing Sources
Excess (Deficiency)of Revenues and:1 ($241:'133)II"$278.726 .j .$451.924 .:1 _.......$0 .J $489,517
Other Financing Sources over
Expenditures and Other Financing Uses
Equity.Beginning of Period ~.-···$572.007-r········$33i461 1·······$3-:198:g-14-··r··$0 r ..$4:109:382-
Prior Period Adjustments I I I I r-···········$0 ...
Residual Equity Transfers I i I I \..........$0
!Project Area No.1 I
Total
Debt Service Low/Moderate Special
Funds Income Housing Revenue/Other
Capital Project
Funds
12011 1FiscalYear'
Project Area Name
Equity,End of Period r .$33Q,874 r ·······$617.187..
$3,650,838 $0 :I '··_$4,598,899
Statement of Income and Expenditures -Other Financing Sources Page 2 12/12/2011
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0
"'\>'Redev~lbPment Ag~hcies Financial Transactions Report"-;";·:<.....:."'':,'.'.,,.,:.<:c~·::~:-':-:·,·,··''··;-..'.....:'-..•..':.."...:-'-"/',.,',,.._,::.:,...'..,-.....•"'0""'_"'.",.':~.:':.'}.,'..'"
Rancho PalosVerde,s Redev~lopment Agency
~.__.:_..;":_:",-:'->",....<...-:'';::'.:",:'r::,"-"jiii_:'.'__>;:,'.._,'.:"".."-"...:.::....<.''c.......'--:'<,",'",:;,,:,,:':'_,"',,:""._-.._..,....'.--""__,,,.:._..:._:_:.c·....>...
Balance Sheet -Assets and Other Debits
Fiscal Year 2011 Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special'
Revenue/Other,
Funds
General Long-
Term Debt
General Fixed
Assets Total
Assets and Other Debits
Loans Receivable
Accounts Receivable
Contracts Receivable
Cash with Fiscal Agent
Due from Special
Revenue/Other Funds
Due from Debt Service Fund
1 315,3431 44,6461 589,736 I::;')t,I';::~l"-m'$949,725
I I I jf7>"il <r $0
I I I 14,659 1<,If--$14,659
I I I 1\:-;If --u-----$O
I I 21 I ';,-:1"r''$2
I 254,9541 6,640,825 I>,:,'-',I ,';>,'.r ---'$6:895'-779
I I I:"-":l</J"m-----'-om -'$0--
Lease Payments Receivable I I I I,>r-$0
Unearned Finance Charge I I I I :""'$0
Due from Capital Projects Fund I I I',--,O"'-,c'}I'!"--,-r "$0
1 I 1 I I';,"sl:"'"""r $0
1 I 1 I I:ie,",!;jc<"J ---$0
I I I I Ii'e">·t'~1 '''r--'.,-$0
Due from Low/Moderate
Income Housing Fund
Tax Increments Receivable
Accrued Interest Receivable
Cash and Imprest Cash
Balance Sheet -Assets and Other Debits Page 1 12/12/2011
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1
Total
General Fixed
Assets
General Long-
Term Debt'
Special
Revenue/Other
Funds
Low/Moderate
Income Housing
Funds
Balance Sheet·Assets and Other Debits
Debt Service
Funds
Rancho Pal()~~Verdes Redevelc,pment Agency
~>:'-'._"--(:'/<"-..',-,-----_......-,--,'",
.~ed!.Z,E!I()PITl,~6t·A~~nciesFinanCial;T"ansac~ions.Report
....-!._,,"c'--,....'~'L.:j'~-.Y ':.,".......:~.......'.."',':'"
Capital Projects
Funds
Fiscal Year 2011
Investments I I 1 1 III $0
Other Assets I 17,9761 573,2161 I 1<'l,t ,"er''-$591,1'92
Investments:Land Held for I 1 >;';;"'<I 1 I~I r"""""'$0'
~~,
Allowance for Decline In Value 1 1,,:<,','1 1 I'':''1,'>:""$0
of Land Held for Resale '
Fixed Assets:Land,
Structures,and Improvements
I::,:~J;:;:'I :",,';';~I<':t ,j "."~:1 r"-,-,---'$0
Equipment $0
Amount Available In Debt I'.::,;~;,;,1,;:<;;i;:';;["'''/1 1 617,862 1;-",r"-'$617,862
Service Fund .
Amount to be Provided for I,<:·~:\c/I·:"','::I,.?,:.';;.;""I 25,737,3461 'r"'$25:737:346
Payment of Long-Term Debt
TDotb~1 Assets and Other ~'",--,$5-88:273-'r $617,862 II $7,245',222 -~.'C -,--$'0'.1'-'$26:355':208 f ,,-----$0'r'-$34;S()6:565
e Its
(Must Equal Total Liabilities,
Other Credits,and Equities)
Balance Sheet -Assets and Other Debits Page 2 12/12/2011
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2
.)~,,;...Rancho palo~Yerdes RE!developmel1t Agellcy,'
.~..•.'Redevelopmt:!nt Ag&ncies Finan~iai~Ttansactio'ns Report",~:-.'>~"';-"-;~<-:·;:-:,,·:F<-::<·:"'-"·<,:,,{>r;·-"'·_'-:-,'.",:-:<>,,.;;.,',--::::;':,.:-,-":----:~::,..
Balance Sheet·Liabilities and Other Credits
Fiscal Year 2011 Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
General Long-
Terin Debt
General Fixed
Assets Total
Liabilities and Other Credits
Accounts Payable
Interest Payable
Tax Anticipation Notes Payable
Loans Payable
Other Liabilities
Due to Capital Projects Fund
Due to Debt Service Fund
Due to Low/Moderate
Income Housing Fund
Due to Special
Revenue/Other Funds
Tax Allocation Bonds Payable
Lease Revenue,Certificates of
Participation Payable,
Financing Authority Bonds
1 2,4451 675 6111 I :,':1".:<'1 $3,731
I I I I I .r-""""'$0"
I I I ~?«';:1>,1''$0
I I I I;:·:'.:;1:1"'::.::,,::,,/;;.r'$0
1 254,9541 3,593,7731 I ";i)::!";""q ......$3;848,727
I I I I I.'.i;~~il'2>/d,m ,,'..."$0"'
I I I I I "":'L".,I .$0
I I I I 1/';«'d"',r"""'$0""
I I I I k .....,".1-'-"'1 .$0
I·>~.~~·I·"!,/'~»:h .'.-,','::I I 5,165,0001·-',-I $5,165,000
All Other Long-Term Debt
Total Liabilities and Other
Credits
I:·',:::<;l';""'"-.>,··:,1:I I 21,190,2081':::,,:r '$21;'1'90,208
J $257,399'I ',$675 f'""$'3:594:384'11 '""$01"$26:355:268"1".;,..,I"$30,207,666
,u _."
Balance Sheet -Liabilities and Other Credits Page 1 12/12/2011
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3
..'Ra~gh9f?CJloi,~(er(Je!:j~~g~,,~,I~l3m~nt Ag~ncy •.....
Rede"el~p~~nt-Ag~ncies'FirtanciaITransactionsR.ee()rt·
Balance Sheet -Liabilities and Other Credits
Fiscal Year 2011 Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
General Long-
Term Debt
General Fixed
Assets Total
Equities
Investment In General Fixed
Assets
Fund Balance Reserved
Fund Balance
Unreserved-Designated
11;'I:il«I II r·...$0
I 17,9761 573,216 1 2,990,000 I 1'1 i:ll $3,581,192
I 312,898 1 43,971 I 660,8381 I ..,tl'r''--'-$1:o1'i,707
[I'"'$330:S74'r'"'$6'1'7,187 -~"'-$3:65():838 II ···········$0-I····~r·-········-$()··r····$4:598,899
Fund Balance
Unreserved-Undesignated
Total Equities
Total Liabilities,
Other Credits,and
Equities
I I I I I,"."I ·11
r'-$588:Z73-f'"$617,862 r---$7:245:222 r ,.-$0'f ----$26,355,208-r-----------$0
$0
$34,806,565
Balance Sheet -Liabilities and Other Credits Page 2 12/12/2011
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4
Revenues -Consolidated
Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Tax Increment Gross r----------$0 r------$897,4-70T ---$2-24,367 r---------$0 -r -~1;1,1i1;837-,
Special Supplemental Subvention [I $0 J r -=$01 ----------$Ol e-_=n-$0 r=-=-=-$-0-·
Property Assessments ~-------$-0 -r $01 ---$0 :1 ---------$ci-f ------$0--
Sales and Use Tax II _--$0 [I $OT $0 -11------"$0--1-------.-$0
Transient Occupancy Tax r ------$0;1 ----$0-J ----or $0 [I ----$O-*J----=--------$0
Interest Income r ---------$909--r------$0 -1--=$1,151-[I --==$0 II ----$2,06-0
Rentallncome :1-$0 if ---------$0-J --------$0 [I -----$Oll---$O
Lease Income r--0 ,--$0;1 --$0"_d --$0 11----rr_$()--r----$0
Sale of Real Estate II -------$0 r $01--.-.----$350,000 -r------$0-11-----$350:000 _r
Gain on Land Held for Resale r--------$0 ~I---------------$O ---r--------$0 -f---------$0-~==""""=-----'":$~O=----
Federal Grants r -$0 _1$0--_1--$0 r-$O--r----$0
Grants from Other Agencies r --=---$0 r _rr -------$0-J-------$0 1-----=-$0"r---------$0
Bond Administrative Fees r-$0 r --------$0-r ------$0 ru
---$()--!!-----------$-0
Other Revenues I H $50,()()4 r----$()]-$0 r --$()-r---$50,004
Total Revenues r--$50.913-f---$897,470 --r--------$575,518--r=--------$(;==1 =-$1,523:901
Total
Special
Revenue/Other
Funds
Low/Moderate
Income Housing
Funds
Debt Service
Funds
Captial Project
Funds
Fiscal Year 2011
Revenues -Consolidated Page 1 12/12/2011
D
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Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures -Consolidated
Fiscal Year 2011
\1 ....."'$0 J "$21.951"J $0 if ······$iJ 'li"$21~951 .
J·······$292.046 [I d·.·.····$0··,1·····························$0 J ""io'f ····$29·2:046 .
11············$0 J'""""$0"r ..$172.811 f·············'$o":r $172:81'1'".
II ..,.......$0 if..··''''''$'oT '.,.......$0 f',..·,·..··~$·O f····"'$0'
\1 .,-"=$0 r '--'$0--.1 _..-$0 ..iI""".$'0 r ·······..··$0·..····
[1''''··········$0 .f···..············$0·,1 .$Of ,.............$0"ii'--.····..$ct·!·
r ,....$0 iI'.'''$0 r $0 I"$0'f'..-$0"-
ll""'-'"io rtf ·..·--io"'..'$0 f'-"$0 ..1·····_.._,n,.$0'"''r .·······'·$0 r'.$0 '''r '$0:1 ·····$0·'[..$0
II ····..·$0 :1"""""$0 T ,....$0 il······························io r ········..·$0···
II ,'.,'$0 !J"-"'$0 :I .$0 i"$0"if ,"'$0'
~.."$0 =f ,.$0 ,I''''$0 r -""'''''io'1f "--$0 -.
Administration Costs
Professional Services
Planning,Survey,and Design
Real Estate Purchases
Acquisition Expense
Operation of Acquired Property
Relocation Costs
Relocation Payments
Site Clearance Costs
Project Improvement /Construction
Costs
Disposal Costs
Loss on Disposition of Land Held
for Resale
Expenditures -Consolidated
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Page 1
.Special
Revenue/Other
Funds Total
12/12/2011
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Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures -Consolidated
Fiscal Year 2011
Decline in Value of Land Held for
Resale
Rehabilitation Costs
Rehabilitation Grants
Interest Expense
Fixed Asset Acquisitions
Subsidies .to Low and Moderate
Income Housing Fund
Capital Projects Debt Service Low/Moderate Special Total
.Funds Funds Income Housing Revenue/Other
Funds Funds
ABC D E
.$0 ~..····$0·'··$0 a'i ..$0 I $0
r ..$0 r h._.$od r'$0 f·$o·"il··$0
•_i ,r··············$0 r --..-..-··$o····r·····$0-·1'$0 ,I .--.·_·'······"····$0··'
~._.=--··'·'··$0'-r··..*$887.404-·'01 -$0 r ·$0 f'.--·_·$887:404'r --········$0 lid...-$()...1"..$0 r·-$().J....$0
J $0 r··'··-··$0 I ..-=$0':1 -....-..··--··$-01 $'0_,
Debt Issuance Costs
Other Expenditures Including Pass
Through Payment(s)
i\$0 [I $0 :\r-·········-···_·$0 [I·······$26-0.1 99-1-'···
.""1"OJ .$0 '.if
---"~~..._."__._.~-_.__.--------_..••.'~_.._,...-_..•.~...,---
$0 il $0 ~
$0
$260.199
Debt Principal Payments:
Tax Allocation Bonds and Notes
Revenue Bonds and
Certificates of Participation
r··$()r ···-$85.000 ,I $0 r .···$()'I··$85:00()r·.._io J._"....$0-"....$0 r ......$Of _.....$0
City/County Advances and Loans r····$0'II .$()l····$0 .j.'."..-·io··r···········$0
U.S.,State and Other Long-Term Debt r"w$D ~$337.701 .1-··'$0 if···········$0··r····--$337:i01·
Total Expenditures if $292.046 x r ..$1;59£255 .1 .....$172.811 ·[r···...:-..io·-·r =$2.057:1-12·
Excess (Deficiency)Revenues ~..-($24~1.133)J .($694;785)·,1'.---$402.707 :r·_····_·io···f ($533:211)··'
Over (Under)Expenditures
Expenditures -Consolidated Page 2 12/12/2011
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Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses)-Consolidated
Total
$0 ;1 $0
$0 [I $0
$0 ,I $0
.-------.-~.•...._.._.-.-
Special
Revenue/Other
Funds
$0 .I
$0 I
$0 I
Low/Moderate
Income Housing
Funds
Debt Service
Funds
Capital Projects
Funds
r--------$0 r---$6r.1 $0 [I $0[1
r'_'m ..-.$0 lid .--.--$O-~
2011
Proceeds of Long-Term Debt
Payment to Refunded Bond Escrow
Agent
Advances from City/County ]d-$O .r --..$973,511 r---$49,:217-T --------$0-;r-=-h022,728
Sale of Fixed Assets r ------$0 f----------$o'--~-------"$0-r""-------$0-:1----..-$0'
Miscellaneous Financing Sources (Uses)1---------·-------$0 :1 -----------.-----$O-r--------------$0 ]I --------------$0"';1-----·-----·--$0-
Operating Transfers In ,1-----------------$011 ----------------$0 'tI------·····$0-,..-----------$0"'--------'---$0-
Tax Increment Transfers In r-------------.--$O-----·}-r-·-------$0----
Operating Transfers Out $0 II ---$Onr----$0-,,1 --------$0 }------------$0
Tax Increment Transfers Out -------.----'--$0-.r .----$0 t;~.-7--"1-"------.
Proceeds of Refunding Bonds
Fiscal Year
(To the Low and Moderate Income
Housing Fund)
Total Other Financing Sources (Uses)$0 'I $973,511 $49,217 .1$0:1 $1,022,728
Other Financing Sources (Uses)-Consolidated Page 1 12/12/2011
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Rancho Palos Verdes Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses)-Consolidated
Capital Projects
Funds
A
Debt Service
Funds
B
Low/Moderate
Income Housing
Funds
C
Special
Revenue/Other
Funds
D
Total
E
Excess (Deficiency)of Revenues and 1·'··-'($241',133)f·--$278;726 '1··-$451,924'r --'m=$O l .,.,..-$489;5-17.7
Other Financing Sources over ,.
Expenditures and Other Financing Uses
Equity Beginning of Period 1-·.'.-$'572;007 :r--·-$338;461 T $3~198,914 1---'-···-·-··-··--·'$0 r--$4-;109,382'·-
Prior Year Adjustments 1······--,,.$0 ,I ·'--·"'$0 ~$oJ-·--··,----$0 j ...'-$()-
Residual Equity Transfers l'-·'·~o :1 $0 fH ---$0 r m
••••--$()'r·"$0 ..
,,";.
Other (Explain)r ..-.....---.--·--$0 ,I ··------,·-·-$0 11·-·'·'---$0 r·'······-,·"$0-'----$0
Equity,End of Period 1-..,'$330,874 :1'$'61-7,187 il----'$3,650,838 I .'-...,"$0 -I'-$4,598,899
•,">;
Other Financing Sources (Uses)-Consolidated Page 2 12/12/2011
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California Redevelopment Agencies-Fiscal Year 201012011
Project Area Contributions to Low and Moderate Income Housing Fund
Sch A Project Area Financial Information
Attachment D
Agency
Address
RANCHO PALOS VERDES
30940 Hawthorne Blvd.
Rancho Paios Verdes RDA
Rancho Palos Verdes CA 90275-5351
rojectArea PROJECT AREA 1
Type:Inside Project Area
Pian Adoption:1984
Status:Active
Pian EKPiratlon Year:2024
Amount
Amount Amount Suspended Jjg!J.
Allocated Exempted and/or Deferred Deposited
Gross Tax
Increment
$1,121,837 ••
Calculated
Deposit
$224,367 $224,367 $0 $0 $224,367 20.00%
Cumulative
Def.
$0
Repayment
Category
Interest Income
Other Revenue 1
Saie ofReal Estate
Total Additional Revenue
Total Housing Fund Deposits for Project Area
Agency Totais For All Project Areas:
$0
$1,151
$49,217
$350,000
$400,368
$624,735
Gross Tax
Increment
$1,121,837
Calculated
Deposit
$224,367.4
Amount
Allocated
$224,367
Amount
Amount Suspended
d/I D d Jjg!J.Exempted an or eferre Deposited
$0 $0 $224,367 20%
Cumulative
Def.
$0
Total Additional Revenue from Project Areas:
Total Deferral Repayments:
Total Deposit to Housing Fund from Project Areas:
$400,368
$0
$624,735
Page 1 of 1 12/20/11
D-100
California Redevelopment Agencies-Fiscal Year 201012011
Project Area Contributions to Low and Moderate Income Housing Funds
Sch A Project Area Summary Report
RANCHO PALOS VERDES
Amount Taxlncr.Percent Total
Project Area 100%ofTax 20%Set Aside Taxlncrement Amount Suspended Deposited to .of Tax Repayment Other Deposited to
Increment Requirement Allocated Exempted and/or Deferred HsngFund ·lncrDep Deferrals Income Housing
PROJECT AREA 1 $1,121,837 $224,367 $224,367 $0 $0 $224,367 20.00%$0 $400,368 $624,735
Agency Totals:$1,121,837 :$224,367 $224,367 $0 $0 $224,367 20.00%$0 $400,368 $624,735
Note:Print this report In Landscape OrIentation (Use the Print Icon just above,then Properties then Landscape)
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California Redevelopment Agencies.Fiscal Year 201012011
Sch AlB Project Area Program Information
RANCHO PALOS VERDES
Attachment D
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D-102
California Redevelopment Agencies -Fiscal Year 201012011
Status ofLow and Moderate Income Housing Funds
Sch C Agency Financial Summary
RANCHO PALOS VERDES
Adjusted
Beginning
Balance
Project
Area
Receipts
Agency
Other
Revenue
Total
Expenses
Net
Resources
AvaNabie
Other
Housing
FundAssets
Total
Housing
FundAssets
Encum-
brances
*Unen-
cumbered
Balance
Unen-Unen-
cumbered cumbered
Designated Not Dsgntd
$3,198,914 $624,735 $0 $172,812 $3,650,837 $0 $3,650,837 $2,990,000 $660,837 $660,837 $0
L'
Expenses Housing Other Planning and Total
Construction Administration
Costs
1201012011 -$8,547 $126,320 $55,039 $172,812
*The Unencumbered Balance is equal to Net Resources Available minus Encumbrances
Note:Print this report in Landscape Orientation (Use the Print Icon just above,then Properties then Landscape)
Page 1 of 1 12120/11
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California Redevelopment Agencies·Fiscal Year 201012011
Status ofLow andModerate Income Housing Funds
Sch C Agency Financial and Program Detail
RANCHO PALOS VERDES
Attachment D
Total Tax Increment From PArs)$224,367
Beginning Balance
Adjustment to Beginning Balance
Adjusted Beginning Balance
Total Receipts from PArs)
Other Revenues not reported on Schedule A
Sum ofBeginning Balance andRevenues
$3,198,914
$0
$3,198,914
$624,735
$0
$3,823,649
Expenditure
!1!m ..•Subltem Amount Remark
Housing Construction
Subtotal ofHousing Construction
-$8,547
-$8,547
Other
Subtotal of Other
$126,320
$126,320
Raven~pur Unit
Property Sale -Notes
Receivable
Planning and Administration Costs
Professional Services
Subtotal ofPlanning and Administration Costs
Total Expenditures
$55,039
$55,039
$172,812
Net Resources Available $3,650,837
Indebtedness For Setasldes Deferred $0
Remark
$0
AmountlOtherHousingFundAssets
Category
ERAF Total Receivable
I Total Other Housing Fund Assets $0L-.-=-==:...=.:==:...:.:.==~~==:..:...::::.:..::.:::....:....__'
Total Fund Equity $3,650,837
Page 1 of 4 12/20111
D-104
California Redevelopment Agencies •Fiscal Year 201012011
Status ofLow andModerate Income Housing Funds
Sch C Agency Financial and Program Detail
RANCHO PALOS VERDES
Attachment D
200612007
200712008
200812009
200912010
$181730
$199645
$220200
$215652
sum of4 Previous Years'Tax
Increment for 201012011
$817227
Prior Year Ending
Unencumbered Balance
$4,973,117
Excess Surplus for
201012011
$3,973,117
Sum of Current and 3 Previous Years'Tax Increments
AdjustedBalance
Excess Surplus for next year
Net Resources Available
$859,864
$660,837
$0
$3,650,837
Unencumbered Designated
Unencumbered Undesignated
Total Encumbrances
Unencumbered Balance
Unencumbered Balance Adjusted for Debt Proceeds
Unencumbered Balance Adjusted for Land Sales
Excess Surplus Expenditure Plan
Excess Surplus Plan Adoption Date
$660,837
$0
$2,990,000
$660,837
$0
$0
No
Site Improvement Activities Benefiting Households
Income Level !:mY:
Construction 0
Rehabilitation 0
Health andSafety Hazard 0
Very Low
o
o
o
Moderate
o
o
o
Total
o
o
o
Land Held for Future Development
Site Name Hum Of Zoning Purchase Estimated
Acres ~S~rl~te Remark
JRequirementsCompleted1.
Hope 1_$I
Non Housing Redevelopment I --------,Funds Usage L.---'.
Use oithe Housing Fund to Assist Mortgagors
Income Adjustment Factors IL--J
Home I_$----J
Page 2 of 4 12120/11
D-105
California Redevelopment Agencies -Fiscal Year 2010/2011
Status of Low andModerate Income Housing Funds
Sch C Agency Rnancial and Program Detail
RANCHO PALOS VERDES
Resource Needs
Attachment D
LMIHF DepositslWithdrawls
Document
Name
Achievements
Document
.Q!1!
Custodian
!1Ml!l
Custodian
Phone
Description
Agency Information:
Project 1yP!J:'New Construction to Rent
Agency Name:Rancho Palos Verdes Redevelopment Agency
Agency Contact:Gregory Pfost,Deputy Community Development Director;(310)544-5228;gregp@rpv.com
Description:
Project Name:Mirandela Senior Apartments
General Description:During FY 2010-2011,construction ofthe CIty?s first affordable housing project since the
City's incorporation in 1973 was completed and opened to new residents.The Mirandela project is a 34 unit rental
project where 33 units have been made available to seniors 62 years ofage and older at affordable rates (7
Extremely Low Income Units,9 Very Low Income Units,9 Low Income Units,and 8 Moderate Income Units).The
remaining unit Is a market rate unit reserved for an on-slte manager.The SUbject site is very unique as It was a fit
site used to create neighboring arterial roadways and thus necessitated approximately 15,000 cubic yards of
grading operations to prepare the site for development.Additionally,the subject site has an Institutional Land
UselZonlng Designation,thus necessitating the City to amend its Zoning Code to accommodate senior housing in
an Institutional Zone prOVided that such housingincluded amenities to provide services to the subject use.The
completed project includes additional amenities such as transportation to neighboring shopping areas,common
community room,computer room,exterior amenities (BBQ,benches,picnic tables),and an educational program
for the resident seniors.The subject site is located on a hillside with panoramic views ofthe Los Angeles Basin
and distant mountain ranges.The project was financed through the Rancho Palos Verdes Redevelopment
Agency?s LMIHF and TCAClFederal Award.Total Development cost was $11,988,441.
History,Agency Role andImplementation:
The coastal City ofRancho Palos Verdes,which Is located on the Palos Verdes Peninsula,Is one of the most
affluent cities in Los Angeles County.Of the 88 cities In Los Angeles County,Rancho Palos Verdes has the 11th
highest median household Income,which is almost double the median income for the County Itself.Additionally,
property values and rental rates In the City are amongst the highest In the County.Almost 33%of the City's
population is age 55 and older.Ofthe lower income households overpaying for housing,54%are seniors that own
their home and 21%are seniors that rent their home.Relatively small (42,000 pop.),the City is primarily built out
with single-family residential land uses,with most ofits vacant infill parcels zoned residential and a majority of
other vacant parcels dedicated to Open Space preserves for the protection ofnatural habitat through the City?s
Natural Communities Conservation Planning efforts.Recognizing that the City is a very affluent community
comprised primarily ofsingle-family residences with very high property vaiues,limited available vacant parcels te
develop,and a constituency that is naturally very involved in land use decisions,the City?s Planning Division
recognized that strong opposition and NIMBY-Ism would result from any affordable housing project proposed to
meet the requirements ofState Housing Law.The Implementation/educational efforts provide an example of the
ability for an affluent community to overcome inherit challenges in meeting its affordable housing obligations in
the region.
ImplementationlEducational Efforts -Recognizing the requirements ofState Housing Law,the implementation and
educational efforts that led to the develoDment of the Mirandela molect first beaan in 1998 with the adootion ofthe
Page 3 of 4 12/20/11
D-106
Achievements
California Redevelopment Agencies -Fiscal Year 2010/2011
Status ofLow and Moderate Income Housing Funds
Sch C Agency Rnanclal and Program Detail
RANCHO PALOS VERDES
Attachment D
Description
City?s Incluslonary Housing Ordinance,and working with SCAG in preparing its RHNA for the 2000 Housing
Element;eventually getting the RHNA reduced to a level that was Implementable for the City and securing the
City?s first ?certified?Housing Element from HCD.It is during this time that the Planning Division began Issuing
Informational papers to the public to address the NIMBY issues common to affordable housing.In 2000,the
Redevelopment Agency purchased the SUbject vacant parcel,which Included steep slopes,un-compactedfill and
primarily non-native vegetation,for the Intended use ofdeveloping affordable housIng using Its LMIHF that it had
collectedsince the Agency was set up In 1984.Between 2000 and 2006,the Clty?s Planning Division Staff
conductedregular InformationaVeducational sessions during City Council meetings wherein the purpose of these
sessions was to not only obtain direction on the Clty?s affordable housing efforts,but to educate the Council and
the public about affordable housing,the City?s responsibility (RHNA)to plan for affordable housing,and devising a
strategy to develop the RDA 1s vacant property and use ofits LMIHF,all In a forum that alloWed residents the
opportunity to voice their issues and concerns pertaining to an ultimate project.
Mlrandela 1 Success In Implementation -As a result of the program Implementation and educational efforts,in
2008 the City Council directed Staff to release an RFP and find a developer that could meet the Clty?s affordable
housing needs,utilize the Agency?s LMIHF,while addressing NIMBY Issues of the community.AMCAL Multi-
Housing Inc.was selected andan ENA WaS entered Into.The City Council formed a 2-member ad-hoc Council
committee to work with Planning StaffIn meeting with the neighboring community on the project to address their
NIMBY Issues.In March 2009,after hearing a 1-hour presentation by Staffthat focused on the NIMBY Issues and
the needs of the community related to affordable senior housing,the City Council approved the M Irandela comple~
Injust one meeting.At the meeting,the City andRDA committed to funding halfof the project andafter
successfully being awarded Tax Credits form TCAC to brIdge the funding gaA construction broke ground in
January 2010 and the complex saw Its new residents move Into their units In December 2010.While developing a
34-unlt affordable housing project may not seem to be a slgnmcant milestone for many communities that have
built affordable housing,In a smaN affluent community such as Rancho Palos Verdes,the communlty?s perceived
issues (NIMBY-ism)associated with affordable housing could be Insurmountable?leading to a daunting process
where the odds ofsuccess are minimal.However,the planning efforts to ensure that the City Council and
community understood the purpose and specmc needs ofaffordable housing In the City led to the success in the
approval of the project by the City Council andresulting acceptance by the community?thereby resulting in the
first affordable housing project developed In the City while also ensuring that the City met its entire RHNA
affordable housing obligation for the 2006-2014 RHNA planning period and the expenditure ofthe Agency?s
lidIHF.it should be noted that without the assistance of the LMIHF,an affordable housing project such as this
could not have been developed especially considering the lack ofavaRable developable land,the very high
DrOlJ8rtv values In this affluent communitY.and the difficult site conditions.
';.."I
Page 4 of 4 12/20/11
D-107
California Redevelopment Agencies.Fiscal Year 2010/2011
Sch D General Project Information
RANCHO PALOS VERDES
Project Area Name:OUTSIDE PROJECT AREA
Attachment 0
Project Name:First Time Homebuyers Unit
Address:5700 Ravenspur,Unit#104 Rancho Palos Verdes 90275
LlPJI7"IPJ\lE:~7"()~),--------------------------------------------------------------------------------------------
Very Low !:2!!Moderate Above Mod Became ~
Ineligible
Other Provided with LMIHF
UnIt
Other Assistance
Non-Agency Owner Non-Elderly 0 0 1 0 0 1
Unit To~1 0 0 1 0 0 1
1p~()JE:C7"FCJN"mG S()U~CE:-.-------------------------------------------------------------------------------
Funding Source
Redevelopment Funds
ProJectName:Mlrandela Senior Aft,Apts.
Address:5555 Crestridge Road Rancho Palos Verdes 90275
Owner Name:AMCAL Multi-Housing Inc.
LIm7"1~\lE:~7"()~),
Amount
$437,775
Very Low !:2!!Moderate Above Mod Became ~
Ineligible
Other Provided with LMIHF
Unit
New Construction
!Agency Rental Elderly 16 9 8 0 1 33
Unit Total 16 9 8 0 1 33
IPR()JE:C7"FLI~DmG S()LI~CE:---------·-._.---.---------------------------------------------------------------
FUnding Source
Redevelopment Funds
Private Funds
TCAClFederal Award
Page 1 of 1
Amount
$6,270,544
$689,000
$5,028,897
12/20/11
D-108
..Attachment D
SCHEDULE HCD E
CALCULA TION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(fhis Form is Information Only:Actual Obligation is based on Implementation Plan)
Report Year:2010/2011
California RadawlcpmentAgencies -Fiscal Y_201~11
SChedUeE(11101)
'Tolals maybe Irrpacted byroundlrg
Page 1 of1
12120/2011
D-109