HomeMy WebLinkAbout; ; 1977 Building Authority Audit Report; 1977-06-30Carlsbad Building Authority
AUDIT REPORT
June 30, 1977
Cflfc&OLL & P€nDL€TOn, flSSOCIflT£S
CERTIFIED PUBLIC ACCOUNTANTS
Carlsbad Building Authority
AUDIT REPORT
June 30, 1977
INDEX
Page
Number
Auditors' Report 1
Combined Balance Sheets 2-3
Statement of Operations and Changes in
Fund Balances 4-5
Bonded Indebtedness 6
CM&OLL & P€llDLETOn, flSSOCIflT€S
CERTIFIED PUBLIC ACCOUNTANTS
W. T. CARROLL, C. R A.
D. L. PENDLETON, C. R A.
October 1^, 1977
I7S6 ORANGE AVENUE
COSTS mtSfl, CflLIFOftnifl 92627
AREA CODE 714
646-4428
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, 1977 and the related Statement of Operations
and Changes in Fund Balances for the fiscal year then ended. Our examina-
tion 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, 1977 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 for material
amounts.
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, as well as other legal investments.
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 & PENDLETON, ASSOCIATES
dma
M | «-
COMBINED BALANCE SHEETS
June 30, 1977
ASSETS
Cash and investments with Trustee:
Commercial accounts
Savings accounts
Treasury bills - at cost
Future basic lease payments
to be received
Building and improvements
LIABILITIES AND FUND BALANCES
Advance rent received
Accounts payable (estimated)
Matured coupons unpaid
Revenue bonds payable
Investment in building and
improvements
Fund balances (deficit)
Comb i ned
161
46,975
34,109
375,000
431.635
887.880
36,000
470
*4*
375,000
431,635
44,775
887.880
Reserve
Fund
16
1,023
19,478
20,517
20.517
-All matured coupons were redeemed during the fiscal year.
—2-
Interest
Fund
41
22,050
22,091
Working
Capital
Fund
11
1,500
1.511
Revenue
Fund
89
7,402
14,631
22T122
Redemp-
tion
Fund
4
15,000
15.004
Fixed Assets
and Bonded
Indebtedness
375,000
431.635
806.635
470
36,000
22.091 1.041 (13.878) 15.004
22.091 1.511 22.122 15.004
375,000
431,635
STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCES
Year Ended June 30, 1977
Combined
Reserve
Fund
Revenues:
Building lease income
Interest
36,000
3.821
39.821
1.^77
1,^7.7
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
Fund balances (deficit):
July 1, 1976
June 30, 1977
220
470
22.800
23.^90
16,331
(10,000)
6,331
(2,^8)
(971)
21,^88
20.517
Interest
Fund
920
920
22JJOO
22,800
(21 ,880)
21,106
(77*0
22,865
22.091
Working
Capital
Fund
60
60
220
470
690
(630)
599
(3D
1,072
1 .041
Revenue
Fund
36,000
1,097
37,097
-
37,097
(33,974)
3,123
(17,001)
(13.878)
Redemption
Fund
267
267
_
267
14,717
(10.000)
4,984
10,020
15,004
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BONDED INDEBTEDNESS
June 30, 1977
Annual
Maturity Date Payments Total
December 15, 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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