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Home My WebLink About; ; 1973 Building Authority Audit Report; 1973-06-30Carlsbad Building Authority AUDIT REPORT June 30, 1973 Cfl&ftOLL & B&flnTL€U, flSSOCIflTES CERTIFIED PUBLIC ACCOUNTANTS Carls.bad Building Authority AUDIT REPORT June 30, 1973 INDEX June 30, 1973 Page Number Auditors' report 1 - 2 Combined statement of financial position 3 Statement of changes in fund balances k Statement of operations 4 Bonded indebtedness 5 CflB&OLL & BRflnTLEM, fl55OCIflT£5 CERTIFIED PU3LIC ACCOUNTANTS W. T. CARROLL, C. P. A. H. W. BRANTLEY, C.P. A. Governing Board of Carlsbad Bu iId ing Authority Carlsbad City Hal 1 Carlsbad, California 175G ORANGE AV £ N U E COSTfl mtSfl, CflLlfOKnifl 92627 AREA CODE 714 MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MEMBERS CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Gentlemen: We have examined the combined statement of financial position of all funds of the Carlsbad Building Authority at June 30, 1973 and the related statement of fund balances and the statement of operations for the fiscal year then ended. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the cir- cumstances. In our opinion, the accompanying statements present fairly the financial position of each of the funds at June 30, 1973 and the results of operations for the fiscal year then ended, in conformity with generally accepted accounting principles. The Authority was created pursuant to Section 6506 of the Government Code of California by a joint powers agreement dated October 1, 1967 between the City of Carlsbad and the County of San Diego. The United States National Bank is the authorized trustee for the various funds and is also the paying agent for the bond interest and principal as coupons and bonds are presented for payment. They disburse only upon written request from the Authority, but are pei— mitted to invest funds in savings accounts and certificates of depos it. Annual rent due the Authority is $36,000 (plus other specific costs) and is payable by the lessee on July 1 and delinquent July 31. The agreement expires in forty years from inception, or sooner if the bonds are retired prior to the lease termination date of September 30, 2007. The ownership of the assets will be vested in the City upon terminat ion. Insurance on the facility is paid for by the City of Carlsbad and is covered for $886,^00 (90% co-insurance) by a package policy written by North American Insurance Co. which does not expire until cancel led. CARROLL & BRANTLEY, ASSOCIATES By X Costa Mesa, California September 26, 1973 WTC/mam -2- Carlsbad Building Authority COMBINED STATEMENT OF FINANCIAL POSITION June 30, 1973 ASSETS Working Fixed Assets Capital Reserve Interest and Bonded Combined Fund Fund Fund Indebtedness Cash wi th Trustee : Commercial accounts (overdrawn) (10,800) Savings accounts 38,004 1,384 23,465 Future basic lease payments to be received Building and improvements LIABILITIES AND FUND BALANCES Accounts payable Matured coupons unpaid Revenue bonds payable Investment in building and improvements Fund balances 415,000 431,635 873,839 1,384 800 *800 1,95.0 415,000 431,635 24,454 584 873,839 1,384 23,465 23,465 23,465 (10,800) 13,155 2,355 1,950 405 2.355 415,000 431.635 846,635 415,000 431,635 846,635 ( ) Denotes deduction * Estimated trust fee for two years, as yet unbilled. -3- Carlsbad Building Authority STATEMENT OF CHANGES IN FUND BALANCES Year Ended June 30, 1973 FUND Reserve Interest Working capital Fund Balances July 1, 1972 Revenues Expenditures Fund Balances June 30. 1973 23,111 (1,109) 450 22,45,2 354 36,710 719 37,783 35,196 585 35,781 23,465 405 584 24,454 Carlsbad Building Authority STATEMENT OF OPERATIONS Revenues : Building lease income Interest Expenses : Audit fees Trustee's fees Interest expense on bonded i ndebtedness Net revenues Transfers in (out) Bonds redeemed Net Additions (Decrease) to Fund Balances fear Ended June 30, 1973 Reserve Combined Fund 36,673 1,110 354 37,783 354 185 400 25,200 25,785 11,998 354 4 (10,000) ) 2,002 354 Interest Fund 36,000 710 36,710 25,200 25,200 11,510 *4 (10,000) _Li]^ Working Capita] Fund 673 46zn 185 400 58£ 134 134 "- Transferred from construction fund which was liquidated during 1972-73. Carlsbad Building Authority BONDED INDEBTEDNESS June 30, 1973 Maturity Annual Date Payments Total December 15, 1973/1976 10,000 40,000 1977 15,000 15,000 1978/1984 20,000 140,000 1985/1989 25,000 125,0001990/1991 30,000 60,000 1992 35,000 35.000 415,000 All bonds bear interest at 6% per annum payable June 15 and December 15 and are secured only by revenues of the Authority. Bonds maturing on or after December 15, 1979 are subject to call and redemption prior to maturity as set forth in the resolution. -5-