Financial Report - Moreno Valley

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COMMUNITY REDEVELOPMENT AGENCY CITY OF MORENO VALLEY NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Note 4: Notes and Loans Receivable Notes and Loans receivable of $20,519,937 consisted primarily of loans and advances to developers for various projects. A summary of amounts owed to the Agency at June 30, 2011 follows: Note 5: Capital Assets Cottonwood Properties $ 3,862,034 Rancho Dorado 5,550,000 Sheila Street Rehabilitation 2,651,875 Oakwood 2,250,000 RHDC Properties 1,866,557 CVHC 1,639,450 Ability First 824,917 Bay Family Apartments 755,000 Perris Isle 413,000 Others 707,104 Total $ 20,519,937 A summary of changes in capital: Depreciable Assets: Buildings and Improvements 12,191,837 Furniture and Equipment 352,837 Infrastructure 1,152,231 Total Depreciable Assets 13,696,905 Accumulated Depreciation: Buildings and Improvements 2,193,543 Furniture and Equipment 317,552 Infrastructure 103,702 Total Accumulated Depreciation 2,614,797 Depreciable Assets, Net of Depreciation 11,082,108 Balance July 1, 2010 Additions Deletions Transfers - - - - 487,673 70,567 23,045 581,285 581,285 - - - - - - - - - - - 6,715,437 6,715,437 - - - - 6,715,437 Balance June 30, 2011 Non- Depreciable Assets: Land $ 9,561,919 $ - $ 125,983 $ - $ 9,435,936 Construction in Progress - 8,117,633 - (6,715,437) 1,402,196 Total Non-Depreciated Assets 9,561,919 8,117,633 125,983 (6,715,437) 10,838,132 12,191,837 352,837 7,867,668 20,412,342 2,681,216 388,119 126,747 3,196,082 17,216,260 Total Capital Assets, Net of Depreciation $ 20,644,027 $ 7,536,348 $ 125,983 $ - $ 28,054,392 Depreciation expense was charged to functions/programs of the Agency as follows: Governmental Activities: Community development $ 581,285 17
COMMUNITY REDEVELOPMENT AGENCY CITY OF MORENO VALLEY NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Note 6: Long–Term Liabilities A description of the Agency’s long-term liabilities outstanding is as follows: Note Payable, Price Company The Agency had recorded a long-term payable in the original amount of $2,433,744 under a development and disposition agreement and promissory note with Price Company for the reimbursement of costs of construction of a 130,000 square-foot-retail store. The note bears interest at 8% per annum and is payable solely from 50% of site-generated sales tax. Any remainder payable after September 2015 will be forgiven. The amount outstanding as of June 30, 2011 was $1,736,067. Long-Term Liabilities to the City of Moreno Valley: The Towngate Regional Mall notes (Sears Note), totaling $13,000,000, originated from a participation agreement (as amended) whereby the Agency acquired certain parcels within the mall for subsequent transfer to major tenants. The notes bear interest of 7.25% and are payable solely from available site-generated property tax increment and up to 50% of site-generated sales tax. Furthermore, the Agency had covenanted to use reasonable best efforts to refinance these notes with Tax Allocation Bonds, provided such financing is determined to be fiscally feasible. At June 30, 2011, accrued interest amounted to $2,200,727. During 2003-2004, the City purchased the rights to the notes from the holder. These amounts are now payable to the City and were previously reported in the Project Fund and are now reported as a long-term liability in the government-wide financial statements. In 2005, the Agency purchased improved property from the City – the Conference and Recreation Center. The purchase price was $14,203,946. The loan note was $11,503,946 after the initial payment of $2,700,000. A subsequent principal payment of $29,124 was made in 2004-2005. The term is 20 years with 12% simple interest. The Agency will make partial interest only annual payments with a balloon payment due at the end of the term. At June 30, 2011, the outstanding principal and accrued interest balances are $11,474,822 and $6,596,258, respectively. The Agency owes the City a total of $652,248 in future sales tax revenue for funds borrowed to finance redevelopment activities. $518,520 represents monies borrowed during 2006-2007 by the Agency. $133,728 represents monies borrowed during 2007-2008 by the Agency. The interest rate on the borrowings is 12% and repayment of the long-term payable is made when funds become available. At June 30, 2011, the outstanding accrued interest on these borrowings is $297,030. In November 2007, the Agency issued 2007 Series B, Subordinate Taxable Tax Allocation Bonds in the original issue amount of $22,500,000. These bonds were purchased by the City of Moreno Valley, but were defeased in 2010-11. A summary of amounts owed to the City at June 30, 2011 follows: Borrowing Purpose Principal Interest Towngate Regional Mall (Sears) $ 13,000,000 $ 2,200,727 Conference and Recreation Center 11,474,822 6,596,258 Redevelopment 652,248 297,030 Total $ 25,127,070 $ 9,094,015 18
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Comprehensive Annual Financial Repo
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INTRODUCTORY SECTION City of Moreno
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City of Moreno Valley Comprehensive
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Introductory Section
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City of Moreno Valley Organization
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Brandon W. Burrows, CPA David E. Ha
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Management’s Discussion and Analy
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Fiduciary funds. Fiduciary funds ar
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Charges for services increased $4.5
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Millions As illustrated in the Tabl
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At June 30, 2011, the City’s busi
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While new office and industrial dev
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City of Moreno Valley Statement of
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Net (Expenses) Revenues and Changes
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City of Moreno Valley Balance Sheet
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City of Moreno Valley Reconciliatio
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Debt Service Fund Community Redevel
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Revenues: Taxes: City of Moreno Val
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City of Moreno Valley Budgetary Com
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Assets: Current: Governmental Activ
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City of Moreno Valley Notes to Fina
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Note 3: Cash and Investments (Conti
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Note 3: Cash and Investments (Conti
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Note 5: Capital Assets (Continued)
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Note 6: Long Term Debt (Continued)
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Note 8: Employee Pension Plan (Cont
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Note 13: Commitments and Contingenc
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Non‐Major Governmental Funds
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NONMAJOR GOVERNMENTAL FUNDS (CONTIN
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City of Moreno Valley Combining Bal
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City of Moreno Valley Combining Sta
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Revenues: Taxes City of Moreno Vall
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City of Moreno Valley Combining Sta
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Expenditures Current: City of Moren
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Expenditures Current: City of Moren
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Expenditures: Debt service: City of
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General Liability Insurance Fund IN
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Equipment Equipment Replacement Mai
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Agency Funds
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Deposit Liability Balance Balance 7
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Page 197 and 198: Vehicles Infrastructure Total $ 84,
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Page 201 and 202: 180 City of Moreno Valley Net Asset
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Page 209 and 210: 188 City of Moreno Valley Key Reven
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Page 215 and 216: 194 City of Moreno Valley Legal Deb
Page 217 and 218: 196 City of Moreno Valley Ratio of
Page 219 and 220: 198 City of Moreno Valley Demograph
Page 221 and 222: City of Moreno Valley Full-time and
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Page 225 and 226: COMMUNITY REDEVELOPMENT AGENCY OF T
Page 228 and 229: Brandon W. Burrows, CPA David E. Ha
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Page 232 and 233: Governmental Activities Assets: Poo
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Page 238 and 239: COMMUNITY REDEVELOPMENT AGENCY CITY
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Page 258 and 259: FINANCIAL SECTION City of Moreno Va
Page 260 and 261: Board of Directors City of Moreno V
Page 262 and 263: Functions/Programs Primary Governme
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Page 266 and 267: Revenues: Taxes: City of Moreno Val
Page 268 and 269: City of Moreno Valley, California C
Page 278 and 279: Note 2: Cash and Investments (Conti
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Financial Report - Moreno Valley

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