AgdaPkt 2011-01-10 - Laserfiche WebLink

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6.1 B The Agency's cash and investments decreased 14.2% as the restricted cash of the Agency pay off the 1997 tax allocation bonds. The Agency's net assets from governmental activities increased 15.7% to net assets of $(3.339) million in 2010 from net assets of $(3.962) million in 2009. Changes in Redevelopment Agency's Net Assets (in Millions) 2010 2009 Variance Revenues $ $ General revenues, Transfers and Contributions: Tax increments 12.731 12.672 0.466% Investrnent earnings 0.268 0.439 -38.952% Other 0.001 0.190 -99.474% Community development revenue 0.156 100.000% Transfer from (to) other City funds 0.527 0.017 3200.000% Total revenues 12.629 13.318 5.173 % Expenses Community development 9.685 7.353 31.715% Interest on long term debt 2.321 2.332 -0.472% Total expenses 12.006 9.685 23.965% Change in net assets 0.623 3.633 -82.852% Net assets - July 1 3.( 962) 7.595 -47.834% Net assets - June 30 3.339 3.962) 15.724% Fiscal Year 2010 Governmental Activities The Agency's fiscal year 2010 revenue came primarily from property tax increments, which amounted to $12.7 million, a slight increase of $.1 million over the prior year. The decrease in investment earnings resulted from declining interest rates, and the decrease in cash balance. Agency expenses of $12 million in fiscal year 2010 were principally for development-related projects amounting to $1.3 million, the amount of $3.6 million taken by the State of California as the State struggled to balance its budget, and school disirict and special district Pass-throughs expense of $1.618 million. The Agency has agreements with the pre-existing school and special districts in its project area under which it passes through a portion of the property tax increments it receives. These agreements are discussed in detail in note 9 to the financial statements. Additionally, the Agency incurred expense for interest on the Tax Allocation Bonds in the amount of $2.3 million. 6