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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2019 <br />NOTE 15 – JOINTLY GOVERNED ORGANIZATIONS (Continued) <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 />NOTE 16 – SUCCESSOR AGENCY ACTIVITIES <br />A. Cash and Investments <br />Cash and Investments at June 30, 2019, consisted of the following: <br />Statement of net position: <br />Cash and Investments 5,785,002$ <br />Cash and Investments held by fiscal agents 184 <br />Total cash and investments 5,785,186$ <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 Amount <br />General Fund Successor Agency 1,575,205$ <br />1,575,205$ <br />Payable Fund <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 />86233