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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2018 <br />I NOTE 15 -JOINTLY GOVERNED ORGANIZATIONS (Continued) I <br />The Authority is governed by the East Bay Dischargers Commission (Commission). The Commission <br />consists of five members, one from each Agency. The ownership of the Joint Facilities is as follows: 18.6 <br />%, City of San Leandro; 29.7% Oro Loma/Castro Valley; 33.0% City of Hayward; and 18.7% Union <br />Sanitary District. The City's share of the expenses are recorded as expenses of the Water Pollution <br />Control Fund. <br />I NOTE 16 -SUCCESSOR AGENCY ACTMTIES <br />A. Cash and Investments <br />Cash and Investments at June 30, 2018, consisted of the following: <br />Statement of net assets: <br />Cash and Investments <br />Cash and Investments held by trustee <br />Total cash and investments <br />$ <br />$ <br />1,904,958 <br />205,153 <br />2,110,111 <br />The Successor Agency pools its cash and investment with the City in order to achieve a higher return on <br />investment. Certain restricted funds, which are held and invested by independent custodians through <br />contractual agreements, are not pooled. These restricted funds include cash with fiscal agents. <br />B. Loan from the City <br />Receivable Fund Payable Fund Amount <br />General Fund Successor Agency $ 1,995,631 <br />$ 1,995,631 <br />Plaza Project Area General Fund Loan: <br />On March 7, 2011, the former San Leandro Redevelopment Agency made a scheduled debt service <br />payment of $171,764 in principal and $128,236 in interest for a loan due to the City of San Leandro <br />General Fund from the Plaza Project Area. Subsequently, on March 7, 2011, the Executive Board of the <br />former Agency authorized a payment of $2,137,273 to the City of San Leandro to retire the full remaining <br />balance of this loan. The loan had an initial balance of $2,887,617 and was secured by a Promissory Note <br />executed on December 5, 2002. Although the loan was made for legitimate redevelopment purposes and <br />the repayment was consistent with the requirements of the Promissory Note, the State Department of <br />Finance has asserted that these payments were not made for an approved enforceable obligation and that <br />the funds must be remitted to the Alameda County Auditor-Controller. The City disputed this finding and <br />initiated litigation to resolve this issue. <br />85 550