HomeMy WebLinkAbout; ; 1975 Building Authority Audit Report; 1975-06-30Carlsbad Building Authority
AUDIT REPORT
June 30, 1975
Cfl&&OLL & BftflflTLEiJ, flSSOCIflTfS
CERTIFIED PUBLIC ACCOUNTANTS
Carlsbad Building Authority
AUDIT REPORT
June 30, 1975
INDEX
June 30, 1975
Page
Number
Auditors' Report 1
Combined Balance Sheets 2-3
Statement of Changes In Fund Balances k - 5
Statement of Operations 4-5
Bonded Indebtedness 6
CflfcfcOLL S, BfcflnTL£y, flSSOCIflTES
CERTIFIED PUBLIC ACCOUNTANTS
W. T. CARROLL, C. P. A.
H. W. BRANTLEY, C. P. A.
1756 ORANGE AVENUE
COSTfl ITl€5fl, CflLIFO&nifl 92627
AREA CODE 71"<V
646 -
MEMBERS AMERICAN
INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS
October 10, 1975 MEMBERS CAL1FORNIA
SOCIETY OF CERTIFIED
PUBLIC ACCOUNTANTS
Governing Board of Carlsbad
Building Authority
Carlsbad City Hall
Carlsbad, California
Gentlemen:
We have examined the Combined Balance Sheets of all funds of the Carlsbad
Building Authority at June 30, 1975 and the related Statement of Fund Balances
and 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, 1975 and the results of operations
for the fiscal year then ended, in conformity with generally accepted
accounting principles. The books are kept on an accrual basis.
The Authority was created pursuant to Section 6506 of the Government Code
of California by a joint powers agreement dated October 1, 19&7 between the
City of Carlsbad and the County of San Diego.
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 19&7 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 & Brantley, Assoc'^^es
dma
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Carlsbad Building Authority
COMBINED BALANCE SHEETS
June 30, 1975
Reserve
ASSETS Combined Fund
Cash and investments with Trustee:
Commercial accounts 1,772 72
Savings accounts 9,430 1,440
Treasury bills - at cost --24,650 19,720
Future basic lease payments
to be received 395,000
Building and improvements 431,635
LIABILITIES AND FUND BALANCES
X 862.487 21.232
Accounts payable 424
Matured coupons unpaid 1,650
Revenue bonds payable 395,000
Investment in building and
improvements 431,635
Fund balances 33,778
862.487
^'Market value is substantially the same as cost.
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1
-i
<n
m
Working Redemp- Fixed Assets
Interest Capital Revenue tion and Bonded
Fund Fund Fund Fund Indebtedness
1,651 17 31
218 994 6,743
4,930
1.869 1.011 11.704
1
35
395,000
431,635
3i 826.635
1,650
424
219
1.869
587
1,011
11,704
11,704
36
36
395,000
431 ,635
826.635
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Carlsbad Building Authority
STATEMENT OF CHANGES IN FUND BALANCES
Year Ended June 30, 1975
FUND
Reserve
Interest
Working capital
Revenue
Redemption
Fund Balances
July 1. 197**
25,272
3,368
1,111
Revenues
1,505
272
85
36,739
35
Carlsbad Building Authority
STATEMENT OF OPERATIONS
Year Ended June 30, 1975
Combined
Reserve
Fund
Revenues:
Building
Interest
lease income
Expenses:
Audit fees
Trustee's fees
Interest expense on bonded
indebtedness
Met Revenues (Excess of Expenses)
Transfers in (out)
Bonds redeemed
Net Additions (Reductions)
to Fund Balances
36,000
2.636
38.636
185
424
2*1.000
24.609
14,027
(10.000)
4.027
1.505
1.505
1,505
(5,545)
(4.040)
Expenditures
24,000
609
Transfers
In (Out)
(5,5^5)
20,579
(25,035)
10.001
Fund Balances
June 30. 1975
21,232
219
587
11,704
3i
33.778
Interest
Fund
Working
Capital
Fund
Revenue
Fund
Redemption
Fund
272
272
85
85
36,000
^ 739
36.739
35
35
24.000
24.000
(23,728)
20,579
185
424
609
(524)36,739
(25,035)
35
10,001
(10.000)
(524)11,704
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Carlsbad Building Authority
BONDED INDEBTEDNESS
June 30, 1975
Annual
Maturity Date Payments Total
December 15, 1975/1976 10,000 20,000
1977 15,000 15,000
1978/198^ 20,000 1*10,000
1985/1989 25,000 125,000
1990/1991 30,000 60,000
1992 35,000 35.000
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.
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