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7.1.A. - Page 44 , <br /> Management's Discussion and Analysis <br /> For the year ended June 30, 2014 <br /> Business -Type Activities — Land decreased due to the sale of Block 2 to the Crossing 900 developer. <br /> Construction in progress increased due to the Port construction related to wharves 1 & 2. Improvements <br /> increased due to the completion of water and sewer system replacement projects, water seismic <br /> improvements, along with sewer and pump station rehabilitation projects. Equipment increased due to <br /> equipment purchased for the sewer utility. <br /> Long -Term Debt <br /> Issues described in detail in Notes 6 and 7 to Financial Statements. <br /> Outstanding Debt (in Millions) <br /> Governmental Business -Type <br /> Activities Activities Total <br /> 2014 2013 2014 2013 2014 2013 Variance <br /> $ $ $ $ $ $ <br /> Revenue bonds 80.392 83.038 80.392 83.038 - 3.186% <br /> Refunding lease 3.035 3.360 3.035 3.360 - 9.673% <br /> Loans 0.425 1.758 0.425 1.758 - 75.825% <br /> Accrued sick leave and vacation 9.980 9.536 0.802 0.968 10.782 10.504 2.647% <br /> Total long term debt 13.015 12.896 81.619 85.764 94.634 98.660 - 4.081% <br /> SPECIAL ASSESSMENT DISTRICT DEBT <br /> Special assessment districts in different parts of the City have also issued debt to finance infrastructure <br /> and facilities construction in their respective districts. <br /> At June 30, 2014, a total of $19.675 million in special assessment district debt was outstanding, issued <br /> by three special assessment districts. This debt is secured only by special assessments on the real <br /> property in the district issuing the debt, and is not the City's responsibility, although the City does act as <br /> these Districts' agent in the collection and remittance of assessments. <br /> PRIVATE PURPOSE TRUST FUND DEBT <br /> On February 1, 2012, the Redevelopment Agency of the City of Redwood City was dissolved pursuant to <br /> California State law, and as of that date, the long -term debt associated with the former Redevelopment <br /> Agency was transferred to a private purpose trust fund for the Successor Agency. At June 30, 2014, the <br /> Successor Agency had tax allocation bonds outstanding in the amount of $42,385,210 including <br /> unamortized premium and accreted interest payable. <br /> ECONOMIC OUTLOOK AND NEXT YEAR'S BUDGET <br /> Redwood City, like many cities, relies heavily upon property taxes and sales taxes to finance general <br /> governmental activities with these two revenues accounting for 40% and 20% of general fund revenues <br /> respectively. In FY 2013 -14 the City experienced significant gains in these revenues with property taxes <br /> increasing 8.7% and sales taxes increasing 8 %. We see the increases in each of these revenues, both of <br /> which are sensitive to consumer confidence, reflecting the strength of the local job market. Given the <br /> 16 <br />