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Home My WebLink About; ; 1974 Building Authority Audit Report; 1974-06-30Carlsbad Building Authority AUDIT REPORT June 30, Cfl&fcOLL S, B&flnTL€^, flSSOCIflTtS CERTIFIED PUBLIC ACCOUNTANTS m * Carlsbad Building Authority AUDIT REPORT June 30, INDEX June 30, Page Number Auditors' Report 1 Combined Statement of Financial Position 2 Statement of Changes in Fund Balances 3 Statement of Operations 3 Bonded Indebtedness 4 Cfl&fcOLL & BfcflnTLEy, flSSOCIflT£S CERTIFIED PUBLIC ACCOUNTANTS W. T. CARROLL, C. P. A. H. W. BRANTLEY, C. P. A. 1756 ORANGE AVENUE COST*) rntsfl, Cfliifounifl szsa? AREA CODE 71-4 64S- MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS October 11,MEMBERS CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Governing Board of Carlsbad Building Authority Carlsbad City Hall Carlsbad, California Gentlemen: We have examined the Combined Statement of Financial Position of all funds of the Carlsbad Building Authority at June 30, 197^ and the related State- ment 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 circumstances. In our opinion, the accompanying statements present fairly the financial position of each of the funds at June 30, 197^ 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 of California by a joint powers agreement dated October 1, City of Carlsbad and the County of San Diego. Government Code 1967 between the Crocker 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 permitted to invest funds in savings accounts and certificates of deposit. 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 in 1967 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 termination. Fire and liability insurance on the facility is paid for by the City of Carlsbad and is included in a package policy which is reviewed annually. .. . Carroll & Brantldy, Associates dma -1- Carlsbad Building Authority COMBINED STATEMENT OF FINANCIAL POSITION June 30, 1974 ASSETS Cash with Trustee: Commercial accounts Savings accounts Future basic lease payments to be received Building and improvements Working Fixed Assets Reserve Interest Capital and Bonded Combined Fund Fund Fund Indebtedness 1,950 30,175 405,000 431.635 25,272 868,760 25,272 1,950 3,368 1,535 405,000 431.635 1,535 836,635 LIABILITIES AND FUND BALANCES Accounts payable Matured coupons unpaid Revenue bonds payable Investment in building and improvements Fund balances 424 1,950 405,000 431,635 29,751 25,272 868,760 25,272 1,950 3,368 5,318 424 1,111 1,535 405,000 431,635 836,635 —2— Carlsbad Building Authority STATEMENT OF CHANGES IN FUND BALANCES Year Ended June 30, 1974 FUND Reserve Interest Working capital Fund Balances July 1. 1973 Revenues Expenditures Fund Balances June 30. 1974 23,465 405 58k 24,454 1,807 37,578 1,397 40,782 34,615 870 35 ,485 25,272 3,368 1,111 29,751 Carlsbad Building Authority STATEMENT OF OPERATIONS Revenues: Building lease income Interest Expenses: Audit fees Trustee's fees Interest expense on bonded indebtedness Net Revenues Bonds redeemed Net Additions to Fund Balances ear Ended June Combined 37,329 3,453 40,782 185 700 24,600 25 ,485 15,297 10,000 30, 1974 Reserve Fund 1,807 1,807 - 1,807 Interest Fund 36,000 1,578 37,578 15 24,600 24,615 12,963 10,000 Working Capital Fund 1,329 68 1,397 185 685 870 527 5,297 1,807 2,963 527 -3- Carlsbad Building Authority BONDED INDEBTEDNESS June 30, 1974 Annual Maturity Date Payments Total December 15, 1974/1976 10,000 30,000 1977 15,000 15,000 1978/1984 20,000 140,000 1985/1989 25,000 125,000 1990/1991 30,000 60,000 1992 35,000 35.000 405,000 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.