AgdaPkt 2012-01-09 - Laserfiche WebLink

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6.1. B. - Page 162 The Agency's cash and investments increased 23% as the Agency set aside funds to cover future Housing projects. The Agency's net assets from governmental activities decreased 130% to net assets of $(7.678) million in 2011 from net assets of $(3.339) million in 2010. Changes in Redevelopment Agency's Net Assets (in Millions) 2011 2010 Variance Revenues $ $ General revenues, Transfers and Contributions: Tax increments 12.101 12.731 -4.949% Investment earnings 0.192 0.268 -28.358% Other 0.001 0.001 Community development revenue 0.223 0.156 42.949% Transfer from (to) other City funds -0.372 -0.527 -29.412% Total revenues 12.145 12.629 -3.832% Expenses Community development 14.251 9.685 47.145% Interest on long term debt 2.233 2.321 -3.791% Total expenses 16.484 12.006 37.298% Change in net assets -4.339 0.623 796.469% Net assets - July 1 -3.339 -3.962 -15.724% Net assets - June 30 -7.678 -3.339 129.949% Fiscal Year 2011 Governmental Activities The Agency's fiscal year 2011 revenue came primarily from property tax increments, which amounted to $12.1 million, a slight decrease of $.6 million from the prior year. The decrease in investment earnings resulted from declining interest rates. Agency expenses of $16 million in fiscal year 2011 were principally for downtown programs and projects totaling $1.3 million, housing projects totaling $.5 million, development-related projects amounting to $.3 million, the amount of $.7 million taken by the State of California as the State struggled to balance its budget, and school district and special district Pass-throughs expense of $1.5 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 $2.2 million, and a loss on sale to the City of capital assets and land held for redevelopment totaling $6.5 million. 6