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AUDIT REPORT
June 30, 1976
U)flUn€ Cfl&fcOLL
CERTIFIED PUBLIC ACCOUNTANT
Carlsbad Building Authority
AUDIT REPORT
June 30, 1976
INDEX
June 30, 1976
Page
Number
Auditors' Report 1
Combined Balance Sheets 2-3
Statement of Changes in Fund Balances 4-5
Statement of Operations k-5
Bonded Indebtedness 6
(successor to)
Cfl&BOLL & B&flnTL€y, flSSOCIflT€S
CERTIFIEb PUBLIC ACCOUNTANTS
W.T. CARROLL, C. P. A.
M. W. BRANTLEY, C. P. A.
September 28, 1976
1750 ORANGE AVENUE
COSTA mESfl, CflLIFOftnift 926Z7
AREA CODE 71*
MEMBERS AMERICAN
INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS
MEMBERS CALIFORNIA
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, 1976 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, 1976 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, 1967 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 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.
dma
Carlsbad Building Authority
COMBINED BALANCE SHEETS
June 30, 1976
ASSETS
Cash and Investments with Trustee:
Commercial accounts
Savings accounts
Treasury bills - at cost
Future basic lease payments
to be received
Building and improvements
Comb i ned
1,011
40,667
* 34,105
385,000
.635
Reserve
Fund
2,000
19,488
LIABILITIES AND FUND BALANCES
Advance rent received
Accounts payable
Matured coupons unpaid
Revenue bonds payable
Investment in building and
improvements
Fund balances (deficit)
36,000
439
900
385,000
431,635
38.444 21.488
^Market value is substantially the same as cost.
-2-
Interest
Fund
Working
Capital
Fund
Revenue
Fund
Redemp-
tion
Fund
Fixed Assets
and Bonded
Indebtedness
965
22,800
11
1,500
15
4,367
14,617
20
10,000
385,000
431.635
900
439
36,000
22,865
23.765
1,072
1.511
(17,001)
18.999
10,020
10.020
385,000
431 ,635
816.635
-3-
Carlsbad Building Authority
STATEMENT OF CHANGES IN FUND BALANCES
Year Ended June 30, 1976
FUND
Reserve
Interest
Working capital
Revenue
Redemption
Fund Balances
July 1. 1975
21,232
219
587
11,704
36
'8
Revenues
988
875
59
36,583
260
38.765
Carlsbad Building Authority
STATEMENT OF OPERATIONS
Year Ended June 30, 1976
Comb i ned
Reserve
Fund
Revenues:
Building lease income
Interest
Expenses:
Audit fees
Trustee's fees
Interest expense on bonded
indebtedness
Net Revenues (Excess of Expenses)
Transfers in (out)
Bonds redeemed
Net Additions (Reductions)
to Fund Balances
36,000
2.765
38.765
260
439
23.400
14,666
(10.000)
4.666
988
988
988
(732)
-4-
Expenditures
23,400
699
10.000
34.099
Transfers
In (Out)
(732)
45,171
1,125
(65,288)
19.724
Fund Balances
June 30. 1976
21,488
22,865
1,072
(17,001)
10.020
J8
Interest
Fund
875
875
23,400
23.400
(22,525)45,171
Working
Capital
Fund
59
59
260
439
699
(640)
1,125
Revenue
Fund
36,000
583
36.583
-
36,583
(65,288)
Redemption
Fund
260
260
_
260
19,724
(10,000)
22.646
-5-
Carlsbad Building Authority
BONDED INDEBTEDNESS
June 30, 1976
Annual
Maturity Date Payments Total
December 15, 1976 10,000 10,000
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
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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