CCDA Report FY Ending June 30, 2013City Center Development Agency
Annual Financial Report
For the fiscal year ended June 30, 2013
TIGARD CITY CENTER DEVELOPMENT AGENCY
(A Component Unit of the City of Tigard, Oregon)
ANNUAL FINANCIAL REPORT
For the fiscal year ended June 30, 2013
Prepared by:
City of Tigard – Financial and Information Services Department
1
City Center Development Agency
Table of Contents
List of Officials ................................................................................................................................................... 5
Independent Auditor’s Report ......................................................................................................................... 7
Management’s Discussion and Analysis ....................................................................................................... 11
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position .......................................................................................................................... 19
Statement of Activities ................................................................................................................................20
Fund Financial Statements – Governmental Funds
Balance Sheet ................................................................................................................................................21
Statement of Revenues and Expenditures ............................................................................................... 22
Notes to Basic Financial Statements ............................................................................................................. 23
Required Supplementary Information
Schedules of Revenues and Expenditures – Budget and Actual:
Urban Renewal Agency Capital Projects Fund ....................................................................................... 33
Other Supplementary Information
Schedules of Revenues and Expenditures – Budget and Actual:
Urban Renewal Agency Debt Service Fund ............................................................................................ 37
Schedule of Property Tax Transactions and Outstanding Balances:
Urban Renewal Agency Debt Service Fund ............................................................................................ 38
Independent Auditor’s Report Required by Oregon State Regulations .................................................. 39
3
Tigard City Center Development Agency
Fiscal Year 2012–2013
CITY CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Don Fisher
Melody Graeber
John Cook
Gretchen Buehner
Cathy Hearn
Cameron James
Clifford Rone
Marland Henderson
Jason Snider
Mark Woodard
CITY CENTER DEVELOPMENT AGENCY BOARD
John Cook, Chair
Gretchen Buehner
Mark Woodard
Jason Snider
Marland Henderson
EXECUTIVE DIRECTOR
Marty Wine
COMMUNITY DEVELOPMENT DIRECTOR
Kenny Asher
REDEVELOPMENT PROJECT MANAGER for DOWNTOWN
Sean Farrelly
FINANCE and INFORMATION SERVICES DIRECTOR
Toby LaFrance
CITY CENTER DEVELOPMENT AGENCY
City of Tigard | 13125 Hall Blvd. | Tigard, OR 97223 | 503-639-4171
5
7
8
9
Management's Discussion and Analysis
As part of this Annual Financial Report, the Tigard City Center Development Agency (agency) offers readers
this narrative overview and analysis of the financial activities of the agency for the fiscal year ended June 30,
2013. It focuses on significant financial issues, major financial activities, and resulting changes in financial
position, as well as economic factors affecting the agency. This Management’s Discussion and Analysis
(MD&A) is based on currently known facts, decisions, and conditions that existed as of the date of the
report.
Financial Highlights
• The assets of the agency exceeded its liabilities at the close of the most recent fiscal year by $942,568.
Of this amount, $850,249 is restricted for the repayment of debt and $200,462 is restricted for capital
projects.
• The agency’s net position increased $144,069 over the course of the year, primarily due to property
tax revenue exceeding expenses.
• In the fund financial statements, there were expenditures of $668,866 for FY 2012-13. The payments
in the Capital Projects Fund ($383,710) were for development and design of the downtown area as
well as consulting for potential real estate purchases. The payments in the Debt Service Fund
($285,156) were for principal and interest payments to the City of Tigard.
• Also in the fund financial statements, the agency recognized $298,119 in revenue from property
taxes, miscellaneous revenue and interest earnings.
Overview of the Financial Statements
The following discussion and analysis is intended to serve as an introduction to the agency’s basic financial
statements. The agency’s basic financial statements include three components:
1. Government-wide financial statements,
2. Fund financial statements, and
3. Notes to the financial statements.
Government-wide financial statements
Government-wide financial statements are designed to provide readers with a broad overview of the agency’s
finances, in a manner that is similar to a private-sector business.
The Statement of Net Position presents information on all of the agency’s assets and liabilities, with the
difference between the two reported as net position. Over time, increases or decreases in net position may
serve as a useful indicator of whether the financial position of the agency is improving or deteriorating.
The Statement of Activities presents information on how the agency’s net position changed during the most
recent fiscal year. All changes in net position are reported as soon as the underlying event occurs, regardless
of the timing of related cash flows. Thus, revenues and expenses are reported in the statement for some
items that will result in cash flows in a future period, such as earned but uncollected property taxes.
The government-wide financial statements indicate that the functions of the agency are principally supported
by property taxes and are considered governmental activities. The agency does not have business-type
activities in which costs are covered through user fees or charges.
11
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or functions. The agency uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the agency are considered
governmental funds.
Governmental funds are used to account for agency functions that are supported primarily by taxes and
intergovernmental revenues. These are essentially the same functions that are reported as governmental
activities in the government-wide financial statements. Unlike government-wide financial statements,
governmental fund financial statements focus on the acquisition and use of spendable resources, as well as
balances of available spendable resources at the end of the fiscal year. Such information may be useful in
evaluating the agency’s near-term requirements.
The agency maintains two separate governmental funds consisting of the Urban Renewal Debt Service Fund
and the Urban Renewal Capital Projects Fund. The Capital Projects Fund functions as the agency’s general
operations fund. Information for each fund is presented separately in the governmental funds balance sheet
and in the governmental funds statement of revenues and expenditures.
Notes to the basic Financial Statements
The notes provide additional information that is essential for a full understanding of the data provided in the
government-wide and fund financial statements. They are an integral part of the financial statements and
should be read in conjunction with them.
Government-wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of the agency's financial position. In
the case of the agency, assets increased as revenues, primarily property taxes, exceeded expenses and resulted
in an increase in cash and receivables.
12
Tigard City Center Development Agency
(A Component Unit of the City of Tigard, Oregon)
Statement of Net Position
2013 2012
ASSETS:
Current and other assets 1,127,082$ 1,135,065$
Receivables 14,198 15,546
Capital assets 693,642 456,046
Total assets 1,834,922 1,606,657
LIABILITIES:
Other liabilities 90,569 7,776
Long-term debt 801,785 800,382
Total liabilities 892,354 808,158
NET POSITION:
Investment in capital assets (108,143) (344,336)
Restricted for debt service 850,249 840,563
Restricted for capital projects 200,462 302,272
Total net position 942,568$ 798,499$
Governmental
Activities
June 30,
Tigard City Center Development Agency
(A Component Unit of the City of Tigard, Oregon)
Governmental Activities
Change in Net Position
REVENUES:2013 2012
General revenues:
Property taxes 290,619$ 323,412$
Miscellaneous 1,803 -
Interest earnings 4,320 13,685
Total revenues 296,742 337,097
EXPENSES:
Capital projects 146,114 115,173
Interest on long-term debt 6,559 -
Total expenses 152,673 115,173
Change in net position 144,069 221,924
Net position - beginning 798,499 576,575
Net position - ending 942,568$ 798,499$
For the Year Ended June 30,
13
Capital Assets and Debt Administration
Capital Assets
As of June 30, 2013 the agency had invested $693,642 in capital assets as reflected in the following table:
20132012
Land 256,046$ 256,046$
Infrastructure 200,000 200,000
Construction in progress242,607 -
Accumulated depreciation(5,011) -
Total 693,642$ 456,046$
Capital Assets at June 30
Governmental Activities
The agency invested in land right-of-way purchases in order to construct improvements, such as expanded
sidewalks, signage and road design in the Downtown Tigard area per the Urban Renewal Plan. In addition, a
parking lot was under construction at June 30, 2013.
Debt
Under the Intergovernmental Agreement (IGA) between the agency and the City of Tigard, loans from
Tigard to the agency are repaid in ten equal payments on the principal starting ten years after the loan;
however, interest payments start in the second year after the loan. In FY 2012-13, the agency took its fifth
loan from Tigard General Fund in the amount of $80,000, and also took a loan from the Tigard Sewer Fund
in the amount of $200,000. The Debt Service Fund elected to make an early repayment of $278,597 during
the year.
Budgetary Highlights
The Tigard City Center Development Agency budget consists of two funds: The Capital Projects Fund,
which functions as the agency’s general operations fund, and the Debt Service Fund. The Capital Projects
Fund is supported by loans from the City of Tigard. These loans will be repaid with interest once the agency
begins generating enough tax increment revenue. The focus of the fiscal year 2012-13 budget was parking
lots, signage, continuation of the façade improvement program and real estate consulting. These projects are
on-going and have been carried over into the 2013-14 budget. No budget adjustments were necessary during
the year.
The budget for fiscal year 2013-14 includes continuation of the items listed above, along with funding for
improvements to vacant properties that could house restaurants and targeted retail businesses on Main Street.
In addition, various marketing and development opportunities will be pursued.
Economic Factors
The Tigard City Center Development Agency is a relatively young urban renewal agency. Approved by
voters in 2006, the agency started at the beginning of the recession that has contributed to very slow growth
in property values. Urban renewal agencies always start slow since revenue is generated by incremental
increases in property values, and the timing of the recession is causing the agency to grow at an even slower
pace than originally anticipated. Despite the slow growth, the agency has been able to leverage state, county
and local funds to make major improvements to streets, bicycle and pedestrian paths in the district. In
14
addition, up to $1.7 million of the parks levy approved by voters in November 2010 can be used to purchase
property for parks and make improvements to that property in downtown.
In addition to funding from outside sources, the agency is approaching a funding base that will allow it to
secure private financing. In fiscal year 2013-14 staff will pursue outside funding for any large projects that are
planned in the area.
Requests for Information
This financial report is designed to provide a general overview of the agency’s finances for all those with an
interest in the government’s finances. Questions concerning any of the information provided in this report
or requests for additional financial information should be addressed to the Financial and Information Services
Director, City of Tigard, 13125 SW Hall Blvd., Tigard, Oregon 97223.
15
Basic Financial Statements
17
Tigard City Center Development Agency
Statement of Net Position
Governmental
Activities
ASSETS:
Current and other assets 1,127,082$
Receivables 14,198
Capital assets 693,642
Total assets 1,834,922
LIABILITIES:
Accounts payable and other accured liabilities 90,569
Long-term obligations 801,785
Total liabilities 892,354
NET POSITION:
Net investment in capital assets (108,143)
Restricted for debt service 850,249
Restricted for capital projects 200,462
Total net position 942,568$
June 30, 2013
The accompanying notes are an integral part of the basic financial statements.
19
Tigard City Center Development Agency
Statement of Activities
Net
(Expense)/Revenue
and Change in Net
Program Revenues Assets
Total
Charges Governmental
Functions/Programs Expenses for Services Activities
Governmental activities:
Community development 146,114$ -$ (146,114)$
Interest on long-term debt 6,559 - (6,559)
Total governmental activities 152,673$ -$ (152,673)
General revenues:
Property taxes 290,619
Miscellaneous 1,803
Interest earnings 4,320
Total general revenues 296,742
Change in net position 144,069
Net position - beginning 798,499
Net position - ending 942,568$
Year Ended June 30, 2013
The accompanying notes are an integral part of the basic financial statements.
20
Tigard City Center Development Agency
Balance Sheet - Governmental Funds
Total
Capital Debt Governmental
Projects Service Funds
ASSETS:
Cash and investments 291,031$ 836,051$ 1,127,082$
Property taxes receivable - 14,117 14,117
Other receivables - 81 81
Total assets 291,031$ 850,249$ 1,141,280$
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable and accrued liabilities 90,569$ -$ 90,569$
Unavailable revenues:
Property taxes - 12,738 12,738
Total liabilities 90,569 12,738 103,307
FUND BALANCES:
Restricted for debt service - 837,511 837,511
Restricted for downtown urban renewal 200,462 - 200,462
Total fund balances 200,462 837,511 1,037,973
Total liabilities and
fund balances 291,031$ 850,249$
Capital assets used in governmental activities
are not financial resources and are not reported
in the funds.693,642
Long-term assets are not available
to pay for current-period
expenditures and, therefore, are
deferred in the funds:
Property taxes earned but not available 12,738
Long-term liabilities - not reported
in funds:
Loan from City of Tigard, not due
and payable in the current period (801,785)
Net Position of Governmental Activities 942,568$
June 30, 2013
The accompanying notes are an integral part of the basic financial statements.
21
The accompanying notes are an integral part of the basic financial statements.
Tigard City Center Development Agency
Statement of Revenues and Expenditures - Governmental Funds
Total
Capital DebtGovernmental
ProjectsService Funds
REVENUES:
Taxes -$ 291,996$ 291,996$
Miscellaneous 1,803 - 1,803
Interest earnings 97 4,223 4,320
Total revenues 1,900 296,219 298,119
EXPENDITURES:
Capital projects 383,710 - 383,710
Debt service
Principal - 278,597 278,597
Interest - 6,559 6,559
Total expenditures 383,710 285,156 668,866
Change in fund balance
before other financing sources (uses): (381,810) 11,063 (370,747)
Other financing sources (uses):
Proceeds from borrowing 280,000 - 280,000
Change in fund balance (101,810) 11,063 (90,747)
FUND BALANCE - BEGINNING 302,272 826,448 1,128,720
FUND BALANCE - ENDING 200,462$ 837,511$ 1,037,973$
Net change in fund balances - total governmental funds (90,747)$
Governmental funds report capital outlays as expenditures
while governmental activities report depreciation expense
to allocate those expenditures over the life of the assets.
Expenditures for capitalized assets 242,607
Depreciation reported in the government-wide statements (5,011)
Property taxes that do not provide current financial resources (1,377)
Net transactions reported in the government-
wide statements as a liability (1,403)
Change in Net Position of Governmental Activities 144,069$
Year Ended June 30, 2013
22
Notes to Basic Financial Statements
23
1. Summary of Significant Accounting Policies:
Year Ended June 30, 2013
The financial statements of the Tigard City Center Development Agency (agency) have been prepared in
accordance with accounting principles generally accepted in the United States of America (GAAP) as
applied to government units. GAAP statements include all relevant Governmental Accounting Standards
Board (GASB) pronouncements.
The Agency
The Tigard City Center Development Agency was approved on May 16, 2006 with plans to commence
operations during fiscal year 2009 under the provisions of Oregon Revised Statutes, Chapter 457 (ORS
457), to provide improvements in the downtown area so that it will be economically healthy while
maintaining its “uniquely Tigard” character.
The Tigard City Center Development Agency is a legally separate entity, which is governed by a board
comprised of the City Council, as stipulated in the bylaws. The Council has the ability to impose its will
on the agency as determined on the basis of budget adoption, taxing authority, and funding. The
purpose of the agency is to undertake urban renewal projects and activities pursuant to the city’s
downtown redevelopment plan. The financial results of the agency are reported herein as a debt service
fund and a capital projects fund.
The agency is a blended component unit of the City of Tigard and its financial activities are included in
the basic financial statements of the City. The agency boundaries include primarily the city’s central
business district, general commercial district and professional commercial district.
Basic Financial Statements
The agency’s financial operations are presented at both the government-wide and fund financial levels.
All activities of the agency are categorized as governmental activities.
Government-wide financial statements
The Statement of Net Position and the Statement of Activities display information about the agency as a
whole. These statements include all the financial activities of the agency.
The Statement of Activities presents a comparison between direct expenses and program revenues for
each function of the agency’s governmental activities. Direct expenses are clearly identifiable with a
specific function. All costs are supported by general revenues which include property taxes and interest
earnings.
Fund financial statements
These statements display information at the individual fund level. Each fund is considered to be a
separate accounting entity. Funds are classified and summarized as governmental, proprietary and
fiduciary. Currently the agency has only governmental fund types.
Basis of Presentation
The financial transactions of the agency are recorded in individual funds. Each fund is accounted for by
providing a separate set of self-balancing accounts that comprises its assets, liabilities, fund equity,
revenues and expenditures.
25
1. Summary of Significant Accounting Policies Cont’d:
Professional standards set forth minimum criteria (percentage of the assets, liabilities, revenues or
expenditures/expenses or either fund category or the governmental and enterprise combined) for the
determination of major funds. For purposes of presentation, each of the agency’s funds is presented as a
major fund.
The Urban Renewal Debt Service Fund accounts for the accumulation of resources and payments for
long-term borrowings related to the Tigard City Center Development Agency.
The Urban Renewal Capital Projects Fund accounts for the acquisition and development of capital assets
related to the Tigard City Center Development Agency and serves as the agency’s general operations
fund.
Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe which transactions are recorded within the various
financial statements. Basis of accounting refers to when transactions are recorded, regardless of the
measurement focus.
The government-wide financial statements are reported using the economic resources measurement
focus and the full accrual basis of accounting. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar
items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been
met.
The governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as
they are both measurable and available. Revenues are considered to be available when they are collectible
within the current period or soon enough thereafter to pay liabilities of the current period. For this
purpose, the agency considers revenues to be available if they are collectible within 60 days of the end of
the current fiscal period. The agency considers property taxes subject to accrual. Expenditures generally
are recorded when a liability is incurred, as under accrual accounting. However, payment on long-term
borrowing is recorded only when payment is due.
Since the governmental fund statements are presented on a different measurement focus and basis of
accounting than the government-wide statements, reconciliation is necessary to explain the adjustments
needed to transform the fund-based financial statements into the government-wide presentation. These
reconciliations are presented with the governmental fund statements.
Cash and Investments
The agency considers cash equivalents as all highly liquid debt instruments purchased with maturity of
three months or less. Investments included in cash and cash equivalents are reported at fair value.
Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets (e.g. roads, pathways,
street lights, etc.) are reported in the government-wide financial statements.
Capital assets are charged to expenditures as purchased or constructed in the governmental fund
statements, and capitalized in the government-wide financial statements. Capital assets are recorded at
historical cost or estimated historical cost.
26
1. Summary of Significant Accounting Policies Cont’d:
Capital assets are defined for the agency as assets with an initial, individual cost of $5,000 or more, and an
estimated useful life of greater than one year. Additions or improvements and other capital outlays that
significantly extend the useful life of an asset, or that significantly increase the capacity of an asset are
capitalized. Other costs for repairs and maintenance are expensed as incurred.
Depreciation on exhaustible assets is calculated on the straight-line basis over the following estimated
useful lives:
Asset Years
Buildings and improvements 25-40
Improvements other than buildings 10-20
Infrastructure 20-40
Fund Balance
In the fund financial statements, the fund balance for governmental funds is reported in classifications
that comprise a hierarchy based primarily on the extent to which the government is bound to honor
constraints on the specific purposes for which amounts in those funds can be spent.
Fund balance is reported as restricted when the constraints placed on the use of resources are either: (a)
externally imposed by creditors (such as through debt covenants), grantors, contributors or laws or
regulations of other governments; or (b) imposed by law through constitutional provisions or enabling
legislation. All of the agency’s fund balance is restricted under state law.
Use of Estimates
In preparing the agency’s financial statements, management is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported amounts of revenues and
expenses/expenditures during the reporting period. Actual results could differ from those estimates.
2. Stewardship, Compliance, and Accountability:
Budgets
The agency’s budget is prepared in accordance with Oregon local budget law. All annual appropriations
lapse at fiscal year-end. During the month of February each year, the agency submits requests for
appropriations to the executive director so that a budget may be prepared. In June, the proposed
budget is presented to the agency’s board of directors for approval. The board holds public hearings
and a final budget must be prepared and adopted no later than June 30.
The adopted budget is prepared by fund and function. The legal level of budgetary control, (i.e., the
level at which expenditures may not legally exceed appropriations) is the fund and function level.
3. Cash and Investments:
The agency’s cash and investments reported on the Statement of Net Position and Balance Sheet
represent the agency’s share of the city’s cash and investment pool. The agency’s participation in the
cash and investment pool is involuntary. Interest earnings from this pool are allocated to the agency on
a monthly basis. At June 30, 2013 the agency’s share of the city’s cash and investment pool totaled
$1,127,082. Information about the pooled investments is included in the city’s annual financial report
and may be obtained by contacting the city’s Finance Department at 13125 SW Hall Blvd., Tigard, OR
97223.
27
4. Risk Management:
As a component unit of the city, the agency is exposed to various risks of loss related to torts; theft of,
damage to and destruction of assets; errors and omissions; and natural disasters for which the city carries
commercial insurance. The city has established risk management programs for liability insurance
coverage. The agency is covered under policies and programs insuring the city. There were no
insurance claims attributable to the agency as of June 30, 2013.
5. Receivables and Payables:
Property taxes are levied and become a lien on July 1. Collection dates are November 15, February 15,
and May 15 following the lien date. Discounts are allowed if the amount due is received by November
15 or February 15. Taxes unpaid and outstanding on May 16 are considered delinquent.
6. Capital Assets:
Capital assets include land purchase for the Burnham Street reconstruction, which includes wider
sidewalks, landscaped medians, pedestrian crossings and on-street parking, and a parking lot on
Burnham Street that was under construction at June 30, 2013.
Balance Balance
July 1, 2012AdditionsDeletionsJune 30, 2013
Land 256,046$ -$ -$ 256,046$
Construction in Progress - 242,607 - 242,607
Infrastructure 200,000 - - 200,000
Total cost 456,046 242,607 - 698,653
Depreciation
Infrastructure - (5,011) - (5,011)
Capital assets, net 456,046$ 237,596$ -$ 693,642$
7. Long-term Borrowing:
The agency received an additional amount of $280,000 in the current year under an existing loan
agreement from the City of Tigard for urban renewal projects approved in the Urban Renewal Plan.
The interest rate calculated for the loan is based on the same average rate as that earned on other funds
invested by the city, which is currently 0.6%. Interest-only payments are scheduled to be paid to the city
prior to July 1, 2018. During the fiscal year ending June 30, 2019 the agency will begin making principal
payments to the city. Payments are to be made as tax increment revenue or other funding sources are
available. In no case shall the repayment timeline exceed the life of the agency. Under the
intergovernmental agreement, the city may forgive or reduce the interest and/or principal due from the
agency. The agency may also repay the debt early. In fiscal year 2012-2013 the agency elected to repay
$278,597 of outstanding principal.
28
7. Long Term Borrowing Cont’d:
Tigard City Center Development Agency
Schedule of Long-Term Borrowing Transactions
For the fiscal year ended June 30, 2013
Interest
Outstanding
June 30, 2012 AdditionsPaid
Outstanding
June 30, 2013 Paid
Loan from City of Tigard
for urban renewal projects.
Annual interest only payments
starting June 30, 2012. Annual
principal payments starting
June 30, 2019.800,382$ 280,000$ 278,597$ 801,785$ 6,559$
Borrowing Transactions
Future requirements related to long-term borrowing
are as follows:
Fiscal Year
Ending
June 30PrincipalInterestTotal
2014 -$ 4,410$ 4,410$
2015 - 4,410 4,410
2016 - 4,410 4,410
2017 - 4,410 4,410
2018 - 4,410 4,410
2019-2023 14,855 22,049 36,904
2024-2028 370,422 17,900 388,322
2029-2033 387,875 7,051 394,926
2034 28,633 143 28,776
801,785$ 69,193$ 866,568$
29
Required Supplementary Information
31
Tigard City Center Development Agency
Urban Renewal Agency Capital Projects Fund
Schedule of Revenues and Expenditures - Budget and Actual
For the fiscal year ended June 30, 2013
Variance
ActualOver
OriginalFinalAmounts(Under)
REVENUES:
Interest earnings -$ -$ 97$ 97$
Miscellaneous - - 1,803 1,803
Total revenues - - 1,900 1,900
EXPENDITURES:
Capital projects 540,000 582,000 383,710 198,290
Change in fund balance
before other financing sources (540,000) (582,000) (381,810) 200,190
Other financing sources:
Proceeds from borrowing 280,000 280,000 280,000 -
Change in fund balance (260,000) (302,000) (101,810) 200,190
FUND BALANCE BEGINNING OF YEAR260,000 302,000 302,272 272
FUND BALANCE END OF YEAR -$ -$ 200,462$ 200,462$
Budgeted Amounts
33
Other Supplementary Information
35
Tigard City Center Development Agency
Urban Renewal Agency Debt Service Fund
Schedule of Revenues and Expenditures - Budget and Actual
For the fiscal year ended June 30, 2013
Variance
ActualOver
OriginalFinalAmounts(Under)
REVENUES:
Property taxes 330,000$ 330,000$ 291,996$ (38,004)$
Interest earnings 2,000 2,000 4,223 2,223
Total revenues 332,000 332,000 296,219 (35,781)
EXPENDITURES:
Debt service payment 450,000 450,000 285,156 164,844
Reserve for future expenditure 202,000 202,000 - 202,000
Change in fund balance (320,000) (320,000) 11,063 331,063
FUND BALANCE BEGINNING OF YEAR320,000 320,000 826,448 506,448
FUND BALANCE END OF YEAR -$ -$ 837,511$ 837,511$
Budgeted Amounts
37
Tigard City Center Development Agency
Urban Renewal Agency Debt Service Fund
Schedule of Property Tax Transactions and Outstanding Balances
For the fiscal year ended June 30, 2013
PropertyLevy asInterest,Property
TaxesExtendedDiscounts Taxes
Year ofReceivableby and Receivable
LevyJuly 1, 2012AssessorAdjustmentsTurnoversJune 30, 2013
2012-13$300,940$ (7,308)$ (287,345)$ 6,287$
2011-12 8,256 - (2,353) (2,295) 3,608
2010-11 4,870 - (990) (1,082) 2,798
2009-10 2,237 - 240 (1,118) 1,359
2008-09 183 - 38 (156) 65
15,546$ 300,940$ (10,373)$ (291,996)$ 14,117$
Levy as extended 300,940$
Discounts (10,373)
Revenue 290,567
Included as interest 1,429
Recorded as property tax revenue 291,996$
38
39
40
41