Financial Report - Moreno Valley

City of Moreno Valley
Notes to Financial Statements
Year Ended June 30, 2011 (Continued)
Note 7: Interfund Receivables, Payables and Transfers (Continued)
The Community Redevelopment Agency purchased improved property from the City –
the Conference and Recreation Center. The purchase price was $14,203,946. The loan
note is $11,474,822 after the initial payments of $2,700,000 and $29,124. The term is
20 years with 12% simple interest. The Agency will make interest only annual payments
with a balloon payment due at the end of the term. At June 30, 2011, accrued interest
amounts to $6,596,258.
Community Redevelopment Agency 2007 Series B, Subordinate Taxable Tax Allocation
Bonds in the original issue amount of $22,500,000 were issued in November 2007. All of
the bonds were purchased by the General Fund. The proceeds of the bonds were
unspent pending the outcome of litigation between the Agency and the County of
Riverside concerning the interpretation of a pass-through agreement between the Agency
and the County. However, the Agency was unsuccessful in its litigation, and the entire
balance of the loan was repaid as June 30, 2011.
In June 2007, The Community Redevelopment Agency Capital Projects Fund, Low and
Moderate Income Housing, advanced to the Community Redevelopment Agency Debt
Service Fund, Tax Increment, $4,157,976 to finance the purchase of certain properties.
Repayments will be made annually based on the Agency’s approximate average
investment returns on monies. The outstanding balance as of June 30, 2011 is
$3,386,697.
The Community Redevelopment Agency Debt Service Fund advanced $300,000 to the
Electric Fund for construction of electrical infrastructure. The loan has a ten year term
and a five percent annual interest rate. The outstanding balance as of June 30, 2011 is
$189,000.
The Special Districts Administration Fund has loaned $580,657 to the Electric Fund for
start-up costs. The loan will be repaid when revenue becomes available.
c. Interfund Transfers
Transfers In
Community
Redevelopment Nonmajor Electric
General CSD Agency Capital Governmental Enterprinse Internal
Transfers Out Fund Zones Projects Fund Funds Fund Service Funds Total
General Fund
Development Impact
$ - $ 1,471,953 $ - $ 1,133,565 $ - $ - $ 2,605,518
Fees
Community Redevelopment
Debt Service
-
-
- 4,084,493
-
- 4,084,493
Fund
Nonmajor Governmental
-
-
595,863 2,285,357
-
- 2,881,220
Funds
Internal Service
773,051 115,291
- 8,445,984 107,841
- 9,442,167
Funds -
-
-
89,820
- 1,174,505 1,264,325
Total $ 773,051 $ 1,587,244 $ 595,863 $ 16,039,219 $ 107,841 $ 1,174,505 $ 20,277,723
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