FINAL REPORT - San Bernardino Superior Court

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Section 2: Inter-fund Loans and Use of Restricted Funds Outstanding Inter-fund Loans Exceed $69 Million As shown in Table 2.1 below, the City had at least $69,666,316 in outstanding inter-fund loans as of June 30, 2011, including original loan amounts and accrued interest. The inter-fund loans included in Table 2.1 are those transactions included in the City’s FY 2010-11 financial statements as “Advances to/other funds,” which should have had loan documentation executed by June 30, 2011. Note that all of the loans below were executed on or after June 30, 2009 because, according to City management, this is when the City began to formalize inter-fund loans from one entity to another in response to independent auditors’ feedback. 2-5 Harvey M. Rose Associates, LLC
Section 2: Inter-fund Loans and Use of Restricted Funds Table 2.1 Inter-fund Loans for the City of Victorville as of June 30, 2011 Borrowing Fund 1 SCLAA SCLAA SCLAA Lending Fund Original Amount Date of Loan Balance as of 6/30/11 RDA - Project Area Bear Valley $10,000,000 9/15/2009 $10,114,922 RDA - Low and Moderate Housing 1,700,000 10/20/2009 1,715,210 General Fund 2,314,851 3 6/30/2011 2,314,851 SCLAA VMUS 1,230,671 6/30/2011 1,230,671 Wastewater Enterprise SCLAA Fund 589,949 6/30/2011 589,949 Subtotal for SCLAA 15,835,471 15,965,603 VMUS VWD 20,000,000 6/30/2009 20,229,844 VMUS VWD 2,700,000 11/09/2009 1,878,724 Subtotal for VMUS 22,700,000 22,108,568 RDA - Low and Moderate Housing SCLAA 6,906,148 7/21/2009 6,978,386 VWD SCLAA 20,000,000 7/23/2009 22,711,781 General Fund /Development Impact Fund SCLAA 1,895,090 9/21/2010 1,901,978 Total $67,336,709 $69,666,316 Source: City of Victorville Financial Statements Purpose Redevelopment activities on SCLA, 2 such as the fuel farm Redevelopment activities on SCLA, prior years' capital improvements, and project expenses Inter-fund borrowing due to negative cash balances Inter-fund borrowing due to negative cash balances Inter-fund borrowing due to negative cash balances Capital improvements, general administrative and operating expenditures from prior years Capital improvements, general administrative and operating expenditures from prior years Land acquisitions associated with the Old Town Project Area Wastewater Treatment Facility on SCLA Land acquisitions associated with the public library 1 Borrowing/lending funds include: Southern California Logistics Airport Authority (SCLAA), Victorville Redevelopment Agency (RDA), Municipal Utility Services (VMUS), and Victorville Water District (VWD). 2 Southern California Logistics Airport (SCLA) is the physical airport property. 3 The City Manager had stated that these funds were provided to SCLAA as “a short term advance” and have since been repaid. The City Manager has further stated that this amount “may exist again at the end of this fiscal year.” 2-6 Harvey M. Rose Associates, LLC
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FINAL REPORT COUNTY OF SAN BERNARDI
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EDITORIAL COMMITTEE From left to ri
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Honorable Ronald M. Christianson, P
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2011-2012 GRAND JURY SAN BERNARDINO
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TABLE OF CONTENTS 2011-2012 GRAND J
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CITIES/SPECIAL DISTRICTS COMMITTEE
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2011‐2012 San Bernardino County G
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Page 23 and 24: May 15, 2012 Ted Burgnon, Foreman a
Page 25 and 26: Executive Summary Harvey M. Rose As
Page 27 and 28: Executive Summary year to prevent b
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Page 33 and 34: Introduction Harvey M. Rose Associa
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Page 41 and 42: Introduction The SCLAA operated und
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Section 5: SCLAA Bond Expenditures
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2011-2012 San Bernardino County Gra
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COUNTY COMMITTEE Back row: Darrell
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HUMAN SERVICES COMMITTEE Back row:
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LAW AND JUSTICE COMMITTEE COUNTY OF
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RESPONSE ACCOUNTABILITY COUNTY OF S
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FINAL REPORT - San Bernardino Superior Court

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