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Alameda Point Made Money in the Last Fiscal Year

According to the audited annual financial report for the Alameda Reuse and Redevelopment Authority (ARRA), the City agency that maintains Alameda Point, the former Navy base, revenue exceeded expenses for the most recent fiscal year, which ended June 30, 2009.

According to the report, obtained by Action Alameda News:

Financial highlights include the following:

o At June 30, 2009, the Authority’s net assets totaled $73.1 million.

o At June 30, 2009, the Authority’s total revenues, including program and general revenues, were $17.4 million while total expenses were $16.1 million; transfers out were $4.5 million.

o Governmental Program Revenues were $14 million in the fiscal year 2008-09.

o Governmental General Revenues were $3.4 million in fiscal year 2008-09.

Revenues exceed expenses by $1.3 million. Leasing from tenants at Alameda Point provided $13.8 million in revenue for the fiscal year 2008-09 and the agency has a cash reserve cushion of approximately $9 million. Building and equipment repair and maintenance at Alameda Point totaled $5.8 million for the year, or 42% of revenue.

Rather than taking taxpayer money, Alameda Point actually contributed $4.4 million to the City of Alameda – “During the fiscal year ended June 30, 2009, ARRA made net cash transfers of $4,478,021 to reimburse the City [of Alameda] for capital expenditures for infrastructure improvements and its prorata share of operating expenditures incurred on behalf of ARRA, as determined by the City’s approved Cost Allocation Plan.”

Here is the full report:

City of Alameda 2009 ARRA Annual Report

4 comments to Alameda Point Made Money in the Last Fiscal Year

  • LocalYokel

    This seems to come down to a few issues. Is Alameda Point currently bleeding the city of money? The audited results seem to say no. In fact, the base is better than breaking even.

    No one is questioning that the infrastructure at the base needs to be improved or replaced. That is not the issue. But SunCal and its sycophants are trying to create a climate of fear that the base is about to spontaneously combust and so we better bring SunCal to the rescue. There is no immediate emergency and no reason to accept SunCal’s bad deal. We shouldn’t be frightened and pressured into signing a bad contract.

    And besides, if the old base was a pile of dreck that was about to explode, SunCal wouldn’t be running a million dollar campaign to get control of it.

  • Exactly! SunCal wants to get their hands on the $10 million to $15 million in lease revenue each year to help subsidize their development. Along the way, they will kick out the tenants that have been subsidizing it….

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  • barb

    The best indicator of an entity will perform in the future, is how it has done in the past. Can anyone point to SUNCAL’s 2 -3 most successful COMPLETED developments (preferably in California) so that we can check those out with the citizens and municipalities that are served by those developments? I’d like to see how SUNCAL has actually performed tax and otherwise. Thanks.

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