Financial Report - Moreno Valley

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COMMUNITY REDEVELOPMENT AGENCY CITY OF MORENO VALLEY NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2011 Note 9: California Redevelopment Agency Uncertainty (Continued) CRA and the League contend that AB1X 26 and 27 are unconstitutional because they violate Proposition 22 which was passed by the voters in November, 2010. The effect of the legislation is to achieve a possible unconstitutional result, the use of redevelopment agencies’ tax increment funds to benefit the State and other units of local government, by way of threatening of the dissolution of redevelopment agencies. Therefore, the CRA and the League have requested that the Court issue a stay, suspending the effectiveness of AB1X 26 and 27 until the Court can rule on its constitutionality. CRA and the League also asked the Court to expedite the briefing and hearing of the case so that a decision can be rendered by the Court before January 15, 2012, when the first payments are due. On August 11th, the California Supreme Court agreed to hear the case and granted a partial stay which was subsequently clarified. As of the time of the issuance of this report, the outcome of AB1X 26 and 27 upon the Agency is unknown and consequently the status and even future existence of the Agency is uncertain as such. In accordance with AB1X 27, the Agency has passed a resolution of intent to continue and will be required to make a payment to the State in the estimated amount of $6,122,305, by January 15, 2012 to avoid dissolution. Note 10: Subsequent Events Subsequent events are those events and transactions that occur after the end of the fiscal period but prior to issuance of the financial statements that are important for readers of the financial statements to be aware of. The Agency does not have any subsequent events to report. 23
Community Redevelopment Agency of the City of Moreno Valley Governmental Funds Combining Balance Sheet June 30, 2011 2007 TABS, Series A Low and Administration Capital Capital Moderate Fund Projects Fund Projects Housing Assets: Pooled cash and investments (note 3) Receivables: $ 56,066 $ 161,245 $ 32,600,028 $ 8,173,443 Accounts - - - 48,685 Notes and loans (note 4) - - - 20,519,937 Interest - - - 471,543 Due from other governments - - - - Land held for redevelopment - 3,718,466 - 197,660 Advances to other funds (note 7) - - - 3,386,697 Advances to the City of Moreno Valley - - - - Total Assets $ 56,066 $ 3,879,711 $ 32,600,028 $ 32,797,965 Liabilities and Fund Balances: Liabilities: Accounts payable $ 4,388 $ 78,789 $ 1,682,008 $ 12,527 Accrued liabilities 6,897 1,233 7,478 9,046 Due to other governments (note 8) - - - - Due to the City of Moreno Valley - - - - Deferred revenue - - - 471,543 Advances from other funds (note 7) - - - - Total Liabilities 11,285 Fund Balances: Nonspendable for: Long-term receivables - Land held for redevelopment - Advances - Nonspendable for: Low and moderate housing - Debt service - Assigned to: Capital projects 44,781- Total Fund Balances 44,781 Moreno Valley Redevelopment Project Capital Projects Funds 80,022 - 3,718,466 - - - 81,223- 3,799,689 1,689,486 - - - - - 30,910,542- 30,910,542 493,116 20,519,937 197,660 3,386,697 8,200,555 - - 32,304,849 Total Liabilities & Fund Balances $ 56,066 $ 3,879,711 $ 32,600,028 $ 32,797,965 24
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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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Vehicles Infrastructure Total $ 84,
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Page 201 and 202: 180 City of Moreno Valley Net Asset
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Page 215 and 216: 194 City of Moreno Valley Legal Deb
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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
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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
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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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