"A" = Actual Control "P" = Proposed Control
| CONTROLS | ||||||||||||||||||||||||||||||||||||||||||
| C-1 | C-2 | C-3 | C-4 | C-5 | C-6 | C-7 | C-8 | C-9 | C-10 | C-11 | C-12 | C-13 | C-14 | C-15 | C-16 | C-17 | C-18 | C-19 | C-20 | C-21 | C-22 | C-23 | C-24 | C-25 | C-26 | C-27 | C-28 | C-29 | C-30 | C-31 | C-32 | C-33 | C-34 | C-35 | C-36 | C-37 | C-38 | C-39 | C-40 | C-41 | ||
| The Agency does not commit funds until the funds are available. | The Agency updates its revenue forecast annually or more often as needed, using the expertise of outside consult | The Agency adjusts for changing economic conditions in revising its forecast at least once each year. | The forecast is developed using a computer based model which has been refined and tested over several years. | The forecast is prepared following release of the County's actual tax increment figures. | The report of the actual tax increment for the year establishes the level of tax increment to be received. | The tax increment forecast is reviewed and approved by various levels of management, up to and including the Executive Director. | The time lag between initiation of development activity and receipt of tax revenues. | The Agency updates its revenue forecast model annually using the expertise of staff and outside consultants. | The model has been developed over a period of several years. The inputs to the model, the structure of the model have been tested over time. | Agency staff reports to the Board the results of the annual revenue forecast, generally by the time of the Mid-Year review. | The revenue forecast results are incorporated into the Annual Budget and five-Year CIP, which receives extensive management review. | Agency staff reports to the Board and actual tax increment to be received, upon certification by the County. | The Agency's financial auditors review the amount of tax increment received and report the actual amount in the financial statements. | The County reports actual tax increment to Agency Management at the tax rate area level, including assessed valuation. | Several months prior to receipt of the County report, the Agency obtains a computer tape copy of the tax roll. | Agency staff has experience in the fixed income financial market and receives reports on interest rate trends. | Expenditures in the budget can be adjusted in the event of significant fluctuations in interest income. | In the event of a drop in interest rates, bond rates tend to drop as well, offsetting interest reductions. | The Agency uses an interest revenue formula to budget interest revenues. The formula incorporates beginning and ending balances. | Investment activity is controlled by the City's Finance Department. The Agency receives and reviews weekly investment reports. | Tax allocation bonds payments have first call on Agency tax increment revenues, after the 20% housing set-aside. | After exhaustive review, Standard and Poor's has awarded the Agency's bonds the highest rating given to redevelopment agencies. | All Agency bonds and certificates of participation are protected by reserves equal to one year's debt service. | Most Agency bonds are insured. If the Agency is unable to make debt service payments, the reserves are available. | All tax increment revenues flow to the fiscal agent upon receipt by the Agency. Amounts required to service bonds are withheld. | The Agency's capital budget model allows for Operating Expenditures and the County Agreement. | The Agency prepares cash flow forecasts, and receives monthly cash reports generated by the Financial Management System. | The Agency's tax increment revenue is certified by the County and is Teeterized (that is, not subject to the fluctuation and uncertainty). | The County agreement includes specific language which allows the Agency to forego payment if sufficient funds are not available. | Sizing of Agency Bond issues is based on current revenues, not prospective growth. | The Agency is prevented by safeguards in its bond indentures and agreements from issuing additional debt without additional revenue. | Budgeted expenditures are adjusted in the event of variations from forecast bond rates. | The Agency's budget model is frequently reviewed by economic consultants, financial advisors, fiscal advisors, and staff. | All assumptions and estimates in the Agency's budget model are reviewed at least annually, and more frequently as necessary. | The timing and amount of future bond issues is determined by available tax increment and financial market condition. | The Agency updates its revenue forecast and bonding program assumptions at least annually. | The bonding assumptions are developed using a computer based model which has been refined and tested over several years. | The Agency has the ability to reschedule projects in response to revenue changes. | Bonds are issued on confirmed revenue levels, not on revenue forecasts. | Revenue sources for bonding are documented by County tax increment certification reports, reviews by independent auditors and consultants. | ||
| T-1 | Current tax increment receipts may be significantly less than Agency forecasts. | A | A | A | A | A | A | A | A | |||||||||||||||||||||||||||||||||
| T-2 | The revenue forecasting model may be inaccurate or incomplete. | A | A | A | A | |||||||||||||||||||||||||||||||||||||
| T-3 | Management and the Board may not have timely and adequate information on revenue forecasts and actual receipts. | A | A | A | A | A | A | |||||||||||||||||||||||||||||||||||
| T-4 | Interest income from investments may be significantly less than Agency Projections. | A | A | A | A | A | ||||||||||||||||||||||||||||||||||||
| T-5 | The Agency may not be able to make the Tax Allocation Bond and/or Certificate of Participation payments. | A | A | A | A | A | A | |||||||||||||||||||||||||||||||||||
| T-6 | Insufficient annual cash flow may result in Agency being unable to make the County payment and/or cover annual operating expenses. | A | A | A | A | |||||||||||||||||||||||||||||||||||||
| T-7 | The Agency's inability to meet bond debt service coverage requirements as set forth in the Indenture, the Reimbursement Agreement, and/or the Agency's budget model may preclude the Agency from issuing additional debt. | A | A | A | A | A | A | A | ||||||||||||||||||||||||||||||||||
| T-8 | Bond interest rates in Agency budget model for future bond issues may not be appropriately estimated. | A | A | A | A | A | ||||||||||||||||||||||||||||||||||||
| T-9 | The timing and/or amount of future bond issues may not be appropriately estimated. | A | A | A | ||||||||||||||||||||||||||||||||||||||
| T-10 | The Agency may overcommit funds to capital projects because of incorrect revenue forecasts or the inability to issue additional bonds. | A | A | |||||||||||||||||||||||||||||||||||||||
| T-11 | The Agency may underutilize bonding capacity because of incorrect revenue forecasts. | A | A |