CCDA Report FY Ending June 30, 2012City Center Development Agency
Annual Financial Report
For the fiscal year ended June 30, 2012
TIGARD CITY CENTER DEVELOPMENT AGENCY
(A Component Unit of the City of Tigard, Oregon)
ANNUAL FINANCIAL REPORT
For the fiscal year ended June 30, 2012
Prepared by:
City of Tigard – Financial and Information Services Department
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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 Assets ............................................................................................................................. 17
Statement of Activities ................................................................................................................................ 18
Fund Financial Statements – Governmental Funds
Balance Sheet ................................................................................................................................................ 19
Statement of Revenues and Expenditures ............................................................................................... 20
Notes to Basic Financial Statements ............................................................................................................. 23
Required Supplementary Information
Schedules of Revenues and Expenditures – Budget and Actual:
Urban Renewal Agency Capital Projects Fund ....................................................................................... 31
Other Supplementary Information
Schedules of Revenues and Expenditures – Budget and Actual:
Urban Renewal Agency Debt Service Fund ............................................................................................ 35
Schedule of Property Tax Transactions and Outstanding Balances:
Urban Renewal Agency Debt Service Fund ............................................................................................ 36
Independent Auditor’s Report on Internal Control Over Financial Reporting
And on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards ........................................................... 37
Independent Auditor’s Report Required by Oregon State Regulations .................................................. 39
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Tigard City Center Development Agency
Fiscal Year 2011–2012
CITY CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Dan Goodrich
Rick Parker
Craig Dirksen
Gretchen Buehner
Christopher Henn
Melody Graeber
Cameron James
Mark Woodard
Marland Henderson
Nick Wilson
CITY CENTER DEVELOPMENT AGENCY BOARD
Craig Dirksen, Chair
Gretchen Buehner
Mark Woodard
Nick Wilson
Marland Henderson
EXECUTIVE DIRECTOR
Marty Wine
COMMUNITY DEVELOPMENT DIRECTOR
Ron Bunch
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
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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,
2012. 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
The assets of the agency exceeded its liabilities at the close of the most recent fiscal year by $798,499.
Of this amount, $840,563 is restricted for the repayment of debt and $302,272 is restricted for capital
projects.
The agency’s net assets increased $221,924 over the course of the year, primarily due to property tax
revenue exceeding expenses.
In the fund financial statements, there were expenditures of $115,173 for FY 2011-12. The payments
were for development and design of the downtown area as well as consulting for potential real estate
purchases.
Also in the fund financial statements, the agency recognized $331,457 in revenue from property taxes
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 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.
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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 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
(A Component Unit of the City of Tigard, Oregon)
Statement of Net Assets
20122011
ASSETS:
Current and other assets 1,135,065$ 544,504$
Receivables 15,546 13,237
Capital assets 456,046 456,046
Total assets 1,606,657 1,013,787
LIABILITIES:
Other liabilities 7,776 11,830
Long-term debt 800,382 425,382
Total liabilities 808,158 437,212
NET ASSETS:
Investment in capital assets (344,336) 30,664
Restricted for debt service 840,563 503,466
Restricted for capital projects 302,272 42,445
Total net assets 798,499$ 576,575$
Governmental
Activities
June 30,
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Tigard City Center Development Agency
(A Component Unit of the City of Tigard, Oregon)
Governmental Activities
Change Net Assets
REVENUES:2012 2011
General revenues:
Property taxes 323,412$ 330,630$
Interest earnings 13,685 1,190
Total revenues 337,097 331,820
EXPENSES:
Capital projects 115,173 80,818
Excess of revenues over expenses 221,924 251,002
Change in net assets 221,924 251,002
Net assets - beginning 576,575 325,573
Net assets - ending 798,499$ 576,575$
For the Year Ended June 30,
Capital Assets and Debt Administration
Capital Assets
As of June 30, 2012 the agency had invested $456,046 in capital assets as reflected in the following table:
20122011
Land 256,046$ 256,046$
Infrastructure 200,000 -
Construction in progress- 200,000
Total 456,046$ 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.
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 principle starting ten years after the loan;
however, interest payments start in the second year after the loan. In FY 2011-12, the agency took its fourth
loan from Tigard General Fund in the amount of $375,000. The Debt Service Fund did not make any
repayments during the year.
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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 2011-12 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 2012-13 budget. No budget adjustments were necessary during
the year.
The budget for fiscal year 2012-13 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
addition, up to $1.7 million of the parks levy approved by voters in November 2010 can be used to purchase
property for parks and make improvements to that property in downtown.
In addition to funding from outside sources, the agency is approaching a funding base that will allow it to
secure private financing. In fiscal year 2012-13 staff will pursue outside funding for any large projects that are
planned in the area.
Requests for Information
This financial report is designed to provide a general overview of the agency’s finances for all those with an
interest in the government’s finances. Questions concerning any of the information provided in this report
or requests for additional financial information should be addressed to the Financial and Information Services
Director, City of Tigard, 13125 SW Hall Blvd., Tigard, Oregon 97223.
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Basic Financial Statements
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Tigard City Center Development Agency
Statement of Net Assets
Governmental
Activities
ASSETS:
Current and other assets 1,135,065$
Receivables 15,546
Capital assets 456,046
Total assets 1,606,657
LIABILITIES:
Other liabilities 7,776
Long-term obligations 800,382
Total liabilities 808,158
NET ASSETS:
Net assets invested in capital assets,
net of related debt (344,336)
Restricted for debt service 840,563
Restricted for capital projects 302,272
Total net assets 798,499$
June 30, 2012
The accompanying notes are an integral part of the basic financial statements.
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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 115,173$ -$ (115,173)$
General revenues:
Property taxes 323,412
Interest earnings 13,685
Total general revenues 337,097
Change in net assets 221,924
Net assets - beginning 576,575
Net assets - ending 798,499$
Year Ended June 30, 2012
The accompanying notes are an integral part of the basic financial statements.
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Tigard City Center Development Agency
Balance Sheet - Governmental Funds
Total
Capital Debt Governmental
Projects Service Funds
ASSETS:
Cash and investments 310,048$ 825,017$ 1,135,065$
Property taxes receivable - 15,546 15,546
Total assets 310,048$ 840,563$ 1,150,611$
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable and accrued liabilities 7,776$ -$ 7,776$
Deferred revenues:
Property taxes - 14,115 14,115
Total liabilities 7,776 14,115 21,891
FUND BALANCES:
Restricted for debt service - 826,448 826,448
Restricted for downtown urban renewal 302,272 - 302,272
Total fund balances 302,272 826,448 1,128,720
Total liabilities and
fund balances 310,048$ 840,563$
Capital assets used in governmental activities
are not financial resources and are not reported
in the funds.456,046
Long-term assets not available
to pay for current-period
expenditures and, therefore, are
deferred in the funds:
Property taxes earned but not available 14,115
Long-term liabilities - not reported
in funds:
Loan from City of Tigard, not due
and payable in the current period (800,382)
Net Assets of Governmental Activities 798,499$
June 30, 2012
The accompanying notes are an integral part of the basic financial statements.
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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 -$ 317,772$ 317,772$
Interest earnings - 13,685 13,685
Total revenues - 331,457 331,457
EXPENDITURES:
Capital projects 115,173 - 115,173
Change in fund balance
before other financing sources (uses): (115,173) 331,457 216,284
Other financing sources (uses):
Proceeds from borrowing 375,000 - 375,000
Change in fund balance 259,827 331,457 591,284
FUND BALANCE,
BEGINNING OF YEAR 42,445 494,991 537,436
FUND BALANCE,
END OF YEAR 302,272$ 826,448$ 1,128,720$
Net change in fund balances - total governmental funds 591,284$
Property taxes that do not provide current financial resources 5,640
Net transactions reported in the government-
wide statements as a liability (375,000)
Change in Net Assets of Governmental Activities 221,924$
Year Ended June 30, 2012
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Notes to Basic Financial Statements
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1. Summary of Significant Accounting Policies:
Year Ended June 30, 2012
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 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.
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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 with in 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.
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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 provided for 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 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,
2012 the agency’s share of the city’s cash and investment pool totaled $1,135,065. Information about
the pooled investments is included in the city’s annual financial report and may be obtained by
contacting the city’s Finance Department at 13125 SW Hall Blvd., Tigard, OR 97223.
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4. Risk Management:
As a component unit of the city, the agency is exposed to various risks of loss related to torts; theft of,
damage to and destruction of assets; errors and omissions; and natural disasters for which the city carries
commercial insurance. The city has established risk management programs for liability insurance
coverage. The agency is covered under policies and programs insuring the city. There were no
insurance claims attributable to the agency as of June 30, 2012.
5. Receivables and Payables:
Property taxes are levied and become a lien on July 1. Collection dates are November 15, February 15,
and May 15 following the lien date. Discounts are allowed if the amount due is received by November
15 or February 15. Taxes unpaid and outstanding on May 16 are considered delinquent.
6. Capital Assets:
Capital assets include land right-of-way purchases for the Burnham Street reconstruction, which includes
wider sidewalks, landscaped medians, pedestrian crossings and on-street parking.
Balance Balance
July 1, 2011AdditionsDeletionsJune 30, 2012
Land 256,046$ - -$ 256,046$
Construction in Progress 200,000 - (200,000) -
Infrastructure - 200,000 - 200,000
Total 456,046$ 200,000$ (200,000)$ 456,046$
7. Long-term Borrowing:
The agency received an additional amount of $375,000 in the current year under an existing loan
agreement from the City of Tigard for urban renewal projects approved in the Urban Renewal Plan.
The interest rate calculated for the loan is based on the same average rate as that earned on other funds
invested by the city, which is currently 0.6%. Interest-only payments are scheduled to be paid to the city
prior to July 1, 2018. During the fiscal year ending June 30, 2019 the agency will begin making principal
payments to the city. Payments are to be made as tax increment revenue or other funding sources are
available. In no case shall the repayment timeline exceed the life of the agency. Under the
intergovernmental agreement, the city may forgive or reduce the interest and/or principal due from the
agency.
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7. Long Term Borrowing Cont’d:
Tigard City Center Development Agency
Schedule of Long-Term Borrowing Transactions
For the fiscal year ended June 30, 2012
Interest
Outstanding
June 30, 2010 AdditionsPaid
Outstanding
June 30, 2011 Paid
Loan from City of Tigard
for urban renewal projects.
Annual interest only payments
starting June 30, 2012. Annual
principal payments starting
June 30, 2019.425,382$ 375,000$ -$ 800,382$ -$
Borrowing Transactions
Future requirements related to long-term borrowing
are as follows:
Fiscal Year
Ending
June 30PrincipalInterestTotal
2013 -$ 4,802$ 4,802$
2014 - 4,802 4,802
2015 - 4,802 4,802
2016 - 4,802 4,802
2017 - 4,802 4,802
2018-2022 314,419 21,196 335,615
2023-2027 403,753 9,763 413,516
2028 82,210 493 82,703
800,382$ 55,462$ 855,844$
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Required Supplementary Information
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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, 2012
Variance
ActualOver
OriginalFinalAmounts(Under)
EXPENDITURES:
Capital projects 464,330 464,330 115,173 349,157
Other financing sources (uses):
Proceeds from borrowing 375,000$ 375,000$ 375,000$ -$
Change in fund balance (89,330) (89,330) 259,827 349,157
FUND BALANCE BEGINNING OF YEAR89,330 89,330 42,445 (46,885)
FUND BALANCE END OF YEAR -$ -$ 302,272$ 302,272$
Budgeted Amounts
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Other Supplementary Information
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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, 2012
Variance
ActualOver
OriginalFinalAmounts(Under)
REVENUES:
Property taxes 300,000$ 300,000$ 317,772$ 17,772$
Interest earnings 3,455 3,455 13,685 10,230
Total revenues 303,455 303,455 331,457 28,002
EXPENDITURES:
Debt service payment 375,000 375,000 - 375,000
Change in fund balance (71,545) (71,545) 331,457 403,002
FUND BALANCE BEGINNING OF YEAR384,818 384,818 494,991 110,173
FUND BALANCE END OF YEAR 313,273$ 313,273$ 826,448$ 513,175$
Budgeted Amounts
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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, 2012
PropertyLevy asInterest,Property
TaxesExtendedDiscounts Taxes
Year ofReceivable by and Receivable
LevyJuly 1, 2011AssessorAdjustmentsTurnoversJune 30, 2012
2011-12 332,048$ (7,895)$ (315,897)$ 8,256$
2010-11 8,022 - 56 (3,208) 4,870
2009-10 2,702 - 122 (587) 2,237
2008-09 633 - 111 (561) 183
11,357$ 332,048$ (7,606)$ (320,253)$ 15,546$
Levy as extended 332,048$
Discounts (7,606)
Revenue324,442
Included as interest (1,030)
Recorded as property tax revenue323,412$