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For the fiscal year ended June 30, 2010
TIGARD CITY CENTER DEVELOPMENT AGENCY
ANNUAL FINANCIAL REPORT
For the fiscal year ended June 30, 2010
Prepared by:
City of Tigard — Financial and Information Services Department
City Center Development Agency
Table of Contents
Mayor and City Council Members 3
Independent Accountant's Review Report 4
Management's Discussion and Analysis 6
Basic Financial Statements
Government -Wide Financial Statements
Statement of Net Assets 11
Statement of Activities 12
Fund Financial Statements — Governmental Funds
Balance Sheet 13
Statement of Revenues and Expenditures 14
Notes to Basic Financial Statements 15
Supplementary Data
Schedules of Revenues and Expenditures — Budget and Actual:
Urban Renewal Agency Debt Service Fund 22
Urban Renewal Agency Capital Projects Fund 23
Schedule of Property Tax Transactions and Outstanding Balances:
Urban Renewal Agency Debt Service Fund 24
Schedule of Future Debt Service Requirements:
Urban Renewal Agency Debt Service Fund 25
Independent Accountant's Review Comments 26
2
Tigard City Center Development Agency
Fiscal Year 2009 -2010
CITY CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Jason Snider Craig Dirksen
Rick Parker Gretchen Buehner
John Bailey Sydney Webb
Dena Struck Marland Henderson
Cameron James Nick Wilson
Dan Goodrich (Alternate)
CITY CENTER DEVELOPMENT AGENCY BOARD
Craig Dirksen, Chair
Gretchen Buehner Nick Wilson
Sydney Webb Marland Henderson
EXECUTIVE DIRECTOR
Craig Prosser
COMMUNITY DEVELOPMENT DIRECTOR
Ron Bunch
REDEVELOPMENT SENIOR PLANNER
Sean Farrelly
FINANCIAL and INFORMATION SERVICES DIRECTOR
Toby LaFrance
CITY CENTER DEVELOPMENT AGENCY
City of Tigard 1 13125 Hall Blvd. Tigard, OR 97223 1503-639-4171
3
II
GROVE, MUELLER & SWANK, P.C.
CERTJE1EDJ UBLICACCQUN IAN I S ANL) CONSUL LAN IS
475 Cottage Street NE, Suite 200, Salem, Oregon 97301
(503) 581 -7788
INDEPENDENT ACCOUNTANT'S REVIEW REPORT
Honorable Mayor and Council Members
Tigard City Center Development Agency
13125 Hall Boulevard
Tigard, Oregon 97223
We have reviewed the accompanying financial statements of the governmental activities and each
major fund of the Tigard City Center Development Agency (the Agency) as of and for the year ended
June 30, 2010, which collectively comprise the Agency's basic financial statements, as listed in the
table of contents. Our review was made in accordance with Statements of Standards for Accounting
and Review Services issued by the American Institute of Certified Public Accountants. All
information included in these financial statements is the representation of the Agency's management.
A review consists principally of inquiries of the Agency's personnel and analytical procedures
applied to financial data. It is substantially less in scope than an audit in accordance with auditing
standards generally accepted in the United States of America, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do
not express such an opinion.
Based on our review, we are not aware of any material modifications that should be made to the
accompanying financial statements of the governmental activities and each major fund of the Agency
in order for them to be in conformity with accounting principles generally accepted in the United
States of America.
Management's discussion and analysis is not a required part of the basic financial statements, but is
supplementary information required by accounting standards generally accepted in the United States
of America. We have applied certain limited procedures that consisted principally of inquiries of
management regarding the methods of measurement and presentation of the supplementary
information. However, we did not audit or review the information and express no opinion or
assurance on it.
4
Our review was made for the purpose of expressing limited assurance that there are no material
modifications that should be made to the basic financial statements in order for them to be in
conformity with accounting principles generally accepted in the United States of America. The
individual fund financial statements and other supplementary information are not required parts of
the basic financial statements, but are supplementary information required by accounting principles
generally accepted in the United States of America. Such information has been subjected to the
inquiry and analytical procedures applied in the review of the basic financial statements and we did
not become aware of any material modifications that should be made to such information.
GROVE, MUELLER & SWANK, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
By:
Charles A. Swank, A Shareholder
January 31, 2011
5
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,
2010. It focuses on significant financial issues, major financial activities, and resulting changes in financial
positions, 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
• There were expenses of $72,613 for FY 2009 -10. The payments were for development and design of
the downtown area.
• The Agency recognized $277,485 in revenue from property taxes, interest earnings and
intergovernmental.
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 Assets presents information on all of the Agency's assets and liabilities, with the
difference between the two reported as net assets. Over time, increases or decreases in net assets 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 assets changed during the most
recent fiscal year. All changes in net assets 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 activities in
which costs are covered through user fees or charges.
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
6
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. Information is presented separately in the governmental fund
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 assets 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.
Tigard City Center Development Agency
Statement of Net Assets June 30,
Governmental
Activities
2010 2009
ASSETS:
Current and other assets $ 455,382 $ 187,553
Property taxes receivable 8,775 3,695
Capital assets 256,046 256,046
Total assets 720,203 447,294
LIABILITIES:
Other liabilities 943 2,977
Long -term debt 393,687 323,616
Total liabilities 394,630 326,593
NET ASSETS:
Investment in capital assets, net of related debt (95,196) (39,603)
Restricted 420,769 160,304
Total net assets $ 325,573 $ 120,701
7
Tigard City Center Development Agency
Governmental Activities
Change Net Assets
For the Year Ended June 30,
REVENUES: 2010 2009
General revenues:
Property taxes $ 259,570 $ 117,744
Intergovernmental 17,020 -
Interest earnings 895 2,898
Total revenues 277,485 120,642
EXPENSES:
Capital projects 72,613 39,603
Excess (defidency) of revenues over expenses 204,872 81,039
Change in net assets 204,872 81,039
Net assets - beginning 120,701 39,662
Net assets - ending $ 325,573 $ 120,701
Capital Assets
As of June 30, 2010 the Agency had invested $256,046 in capital assets as reflected in the following table.
Land $ 256,046
The Agency invested in land right -of -way purchases in order to construct improvements in the Downtown
Tigard area per the Urban Renewal Plan.
Economic Factors and Next Year's Budget
The Tigard City Center Development Agency budget consists of two funds: The Capital Projects 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 District begins generating enough tax increment revenue. The
fund supports portions of two projects: that portion of the Burnham Street project that is directly
attributable to the Agency's plans for downtown, including wider sidewalks and the installation of street
furniture and medians, and the local match to the Metro Green Street grant for the design of the Main Street
Improvements. The Debt Service Fund reflects the revenues anticipated to be generated by the growth in the
assessed value of the urban renewal district. In FY 2010 -11 we expect that increment to be $267,083 which is
reflective of the anticipated growth in the assessed value of the District. This fund also contains a beginning
fund balance of $414,075, which represents the tax increment collected in FY 2007 -08, FY 2008 -09 and FY
2009 -10. Under state law, these revenues may only be used for the repayment of indebtedness.
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 principle starting ten years after the loan;
however, interest payments start in the second year after the loan. In FY 2009 -10, the Agency took its second
loan from Tigard General Fund in the amount of $70,071. Since the IGA with Tigard states that interest
8
payments start in the second year after the loan, no payments will be necessary until FY 2010 -11 and no loan
repayments were budgeted in FY 2009 -10.
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.
9
Basic Financial Statements
10
Tigard City Center Development Agency
Statement of Net Assets
June 30, 2010
Governmental
Activities
ASSETS:
Current and other assets $ 455,382
Property taxes receivable 8,775
Capital assets 256,046
Total assets 720,203
LIABILITIES:
Other liabilities 943
Long -term debt 393,687
Total liabilities 394,630
NET ASSETS:
Investment in capital assets, net of related debt (95,196)
Restricted for debt service 420,769
Total net assets $ 325,573
See independent accountant's review report and notes to financial statements
11
Tigard City Center Development Agency
Statement of Activities
Year Ended June 30, 2010
Net
(Expense) /Revenue
and Change in Net
Program Revenues Assets
Total
Charges for Governmental
Functions /Programs Expenses Services Activities
Governmental activities:
Community development $ 72,613 $ 17,020 $ 55,593
Total governmental activities $ 72,613 $ 17,020 55,593
General revenues:
Property taxes 259,570
Interest earnings 895
Total general revenues 260,465
Change in net assets 204,872
Net assets - beginning 120,701
Net assets - ending $ 325,573
See independent accountant's review report and notes to financial statements
12
Tigard City Center Development Agency
Balance Sheet - Governmental Funds
June 30, 2010
Total
Debt Capital Governmental
Service Projects Funds
ASSETS:
Cash and investments $ 411,994 $ 43,388 $ 455,382
Property taxes receivable 8,775 - 8,775
Total assets $ 420,769 $ 43,388 $ 464,157
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable and accrued liabilities $ - $ 943 $ 943
Deferred revenues:
Property taxes 6,694 - 6,694
Total liabilities 6,694 943 7,637
FUND BALANCES:
Unreserved 414,075 42,445 456,520
Total fund balances 414,075 42,445 456,520
Total liabilities and
fund balances $ 420,769 $ 43,388
Capital assets used in governmental activities
are not finandal resources and are not reported
in the funds. 256,046
Long -term assets not available
to pay for current- period
expenditures and, therefore, are
deferred in the funds:
Property taxes earned but not available 6,694
Long -term liabilities - not reported
in funds:
Loan from City of Tigard, not due
and payable in the current period (393,687)
Net Assets of Governmental Activities $ 325,573
See independent accountant's review report and notes to financial statements
13
Tigard City Center Development Agency
Statement of Revenues and Expenditures - Governmental Funds
Year Ended June 30, 2010
Total
Debt Capital Governmental
Service Projects Funds
REVENUES:
Taxes $ 255,601 $ - $ 255,601
Charges for services - 17,020 17,020
Interest earnings 895 - 895
Total revenues 256,496 17,020 273,516
EXPENDITURES:
Capital projects - 72,613 72,613
Change in fund balance
before other financing sources: 256,496 (55,593) 200,903
Other financing sources:
Proceeds from issuance of debt - 70,071 70,071
Change in fund balance 256,496 14,478 270,974
FUND BALANCE,
BEGINNING OF YEAR 157,579 27,967 185,546
FUND BALANCE,
END OF YEAR $ 414,075 $ 42,445 $ 456,520
Net change in fund balances - total governmental funds $ 270,974
Property taxes reported in the government -wide as revenue. 3,969
Other financing sources reported in the government-
wide statements as a liability. (70,071)
Change in Net Assets of Governmental Activities $ 204,872
See independent accountant's review report and notes to financial statements
14
Notes to Basic Financial Statements
15
Summary of Significant Accounting Policies:
Year Ended June 30, 2010
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 assets 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 and revenues 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 /expenses.
16
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 debt 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.
Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe which transactions are recorded with 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. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, long -term debt and compensated absences are 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.
Cash and Investments
For purposes of the statements of cash flows, 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 applicable governmental type activities columns 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. Donated assets are recorded at estimated fair market value as
of the date of the donation.
17
Summary of Significant Accounting Policies Cont'd:
Capital assets are defined 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 recorded as an allocated expense in the Statement of Activities with
accumulated depreciation reflected in the Statement of Net Assets and is provided on the straight -line
basis over the following estimated useful lives:
Asset Years
Buildings and improvements 25 -40
Improvements other than buildings 10 -20
Utility systems 25 -40
Infrastructure 20 -40
Fund Equity
In the fund financial statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a specific
purpose. Designations of fund balance represent tentative management plans that are subject to change.
The Agency currently has no designations of fund balance.
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.
1. 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 City Manager that a budget may be prepared. In June, the proposed budget is
presented to the City Council for approval. The Council 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.
2. Cash and Investments:
The Agency's cash and investments reported on the statement of net assets 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, 2010 the Agency's share of the City's cash and investment pool totaled $455,382. 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.
18
3. 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, 2010.
4. 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.
5. Capital Assets:
Capital assets include land right -of -way purchases for the Burnham Street reconstruction, which includes
plans for wider sidewalks, landscaped medians, pedestrian crossings and on- street parking.
Balance Balance
July 1, 2009 Additions Deletions June 30, 2010
Land $ 256,046 $ - $ - $ 256,046
6. Long -term Debt:
The Agency received a loan of $70,071 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 1 %.
Tigard City Center Development Agency
Schedule of Long -Term Debt Transactions
For the fiscal year ended June 30, 2010
Debt Transactions Interest
Outstanding Outstanding
June 30, 2009 Additions Paid June 30, 2010 Paid
Loan from City of Tigard
for urban renewal projects.
Annual interest only payments
starting June 30, 2011. Annual
principal payments starting
June 30, 2019. $ 323,616 $ 70,071 $ - $ 393,687 $ -
19
Long Term Debt Cont'd:
Future debt service requirements are as follows:
Fiscal Year
Ending
June 30 Principal Interest Total
2010 $ - $ - $ -
2011 - 3,937 3,937
2012 - 3,937 3,937
2013 - 3,937 3,937
2014 - 3,937 3,937
2015 -2019 37,629 19,685 57,314
2020 -2024 193,868 13,963 207,831
2025 -2028 162,190 4,075 166,265
$ 393,687 $ 53,471 $ 447,158
20
Supplementary Data
21
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, 2010
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Property taxes $ 177,004 $ 177,004 $ 255,601 $ 78,597
Interest earnings 718 718 895 177
Total revenues 177,722 177,722 256,496 78,774
Change in fund balance 177,722 177,722 256,496 78,774
FUND BALANCE BEGINNING OF YEAR 159,979 159,979 157,579 (2,400)
FUND BALANCE END OF YEAR $ 337,701 $ 337,701 $ 414,075 $ 76,374
22
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, 2010
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Intergovernmental $ 150,000 $ 150,000 $ 17,020 $ (132,980)
EXPENDITURES:
Capital projects 177,967 177,967 72,613 105,354
Change in fund balance
before other financing sources (uses) (27,967) (27,967) (55,593) (27,626)
Other finandng sources (uses):
Proceeds from issuance of debt - - 70,071 70,071
Change in fund balance (27,967) (27,967) 14,478 42,445
FUND BALANCE BEGINNING OF YEAR 27,967 27,967 27,967 -
FUND BALANCE END OF YEAR $ - $ - $ 42,445 $ 42,445
23
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, 2010
Property Levy as Interest, Property
Taxes Extended Discounts Taxes
Year of Receivable by and Receivable
Levy July 1, 2009 Assessor Adjustments Turnovers June 30, 2010
2009 -10 $ - $ 267,083 $ (7,463) $ (252,174) $ 7,446
2008 -09 3,695 - (54) (2,312) 1,329
3,695 $ 267,083 $ (7,517) $ (254,486) $ 8,775
24
Tigard City Center Development Agency
Urban Renewal Agency Debt Service Fund
Schedule of Future Debt Service Requirements
For the fiscal year ended June 30, 2010
Future debt service requirements are as follows:
Fiscal Year
Ending
June 30 Principal Interest Total
2010 -
2011 - 3,937 3,937
2012 - 3,937 3,937
2013 - 3,937 3,937
2014 - 3,937 3,937
2015 -2019 37,629 19,685 57,314
2020 -2024 193,868 13,963 207,831
2025 -2028 162,190 4,075 166,265
$ 393,687 $ 53,471 $ 447,158
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TIGARD CITY CENTER DEVELOPMENT AGENCY
INDEPENDENT ACCOUNTANT'S REVIEW COMMENTS
YEAR ENDED JUNE 30, 2010
Oregon Administrative Rules 162 - 040 -000 through 162- 040 -160 of the Minimum Standards for Review of
Oregon Municipal Corporations, prescribed by the Secretary of State in cooperation with the Oregon
State Board of Accountancy, enumerate the financial statements, schedules, comments, and disclosures
required in annual financial reports. Required comments and disclosures related to our review of such
financial statements and schedules are set forth on the following pages.
Significant Accounting Policies
The significant accounting policies followed in preparing the Agency's financial statements are
summarized in the notes to the financial statements.
Organization and Fund Structure
The organization and fund structure of the Agency is documented on the title page and in the notes to
the financial statements.
Internal Accounting Control and Accounting Records
We have reviewed the financial statements of the Tigard City Center development Agency as of and for
the year ended June 30, 2010, and have issued our report thereon dated January 31, 2011. In
accordance with Statements of Standards for Accounting and Review Services issued by the American
Institute of Certified Public Accountants, we performed inquiry and analyzed procedures related to the
accounting records and adequacy of accounting and internal control systems.
Indebtedness
The Agency has no bonded indebtedness. We are not aware of any violations related to other
indebtedness.
Adequacy of Collateral Securing Depository Balances
The Agency has complied with Oregon Revised Statutes Chapter 295 in relation to deposit accounts.
Budget Compliance
We are not aware of any failure to comply with Local Budget Law (ORS 294) in the preparation,
adoption and execution of the budget for the fiscal years ending June 30, 2010 and 2011.
Insurance and Fidelity Bonds
We are not aware of any failure to comply with legal requirements relating to insurance and fidelity
bond coverage at June 30, 2010.
Investments
We are not aware of any failure to comply with ORS 295, as it pertains to investment of public funds,
during the year ended June 30, 2010.
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TIGARD CITY CENTER DEVELOPMENT AGENCY
INDEPENDENT ACCOUNTANT'S REVIEW COMMENTS (Continued)
YEAR ENDED JUNE 30, 2010
Public Contracting and Purchasing
We are not aware of any failure to comply with the legal requirements relating to public contracting,
purchasing procedures and construction of public improvements.
Programs Funded From Outside Sources
We are not aware of any failure to comply with appropriate laws, rules, and regulations pertaining to
programs funded wholly or partially by the other governmental agencies.
Highway Funds
The Agency received no revenue from taxes on motor vehicle fuel.
Schedule of Accountability of Independently Elected Officials
There are no elected Agency officials who collect or receive funds on behalf of the Agency.
This report is intended for the information and use of the board of directors and management of the
Tigard City Center development Agency and is not intended and should not be used by anyone other than
those parties.
GROVE, MUELLER & SWANK, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
By:
Charles A. Swank, A Shareholder
January 31, 2011
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