AgdaPkt 2016-01-11 Closed and Joint SA PFA

Browse Search

6.1.E. - Page 45 , Management's Discussion and Analysis For the year ended June 30, 2015 Governmental Activities—Land increased due to the purchase of land for the expansion of Jardin de Ninos Park. Streets increased due to the City's acceptance of developer improvements at four sites throughout the City. Equipment increased due to the addition of numerous vehicles through the equipment replacement program. Improvements increased mainly due to the completion of the library counter streamlining project and the upgrade of the police firing range. Traffic signals increased due to developer improvements at 640 Veterans Boulevard, and storm drains increased due to developer improvements at four sites throughout the City. Construction in progress increased primarily due to work being done on the design of the 101/84 Highway interchange,the building of the new dog park,and major improvements at several other City parks. Business-Type Activities—Equipment increased due to the purchase of a forklift for the Port. Increases in the improvements category were caused by improvements at the Port, including the completion of Wharves 1 and 2 and improvements to the rail spur along with seismic improvements to the City's water system, sewer system replacement projects, and the Carson Tank rehabilitation project. The completion of the aforementioned projects accounted for the decrease in construction in progress. Harbor improvements increased due to the Port's dredging project. Long-Term Debt Issues described in detail in Notes 6 and 7 to Financial Statements. Outstanding Debt(in Millions) Governmental Business-Type Activities Activities Total 2015 2014 2015 2014 2015 2014 Variance $ $ $ $ $ $ Revenue bonds 77.749 80.392 77.749 80.392 -3.288% Refunding lease 2.378 3.035 2.378 3.035 -21.647% Loans 0.425 0.425 -100.000% Accrued sick leave and vacation 10.596 9.980 0.855 0.802 11.451 10.782 6.205% Total long term debt 12.974 13.015 78.604 81.619 91.578 94.634 -3.229% SPECIAL ASSESSMENT DISTRICT DEBT Special assessment districts in different parts of the City have also issued debt to finance infrastructure and facilities construction in their respective districts. At June 30, 2015, a total of$17.945 million in special assessment district debt was outstanding, issued by three special assessment districts. This debt is secured only by special assessments on the real property in the district issuing the debt, and is not the City's responsibility, although the City does act as these Districts' agent in the collection and remittance of assessments. PRIVATE PURPOSE TRUST FUND DEBT On February 1, 2012, the Redevelopment Agency of the City of Redwood City was dissolved pursuant to California State law, and as of that date, the long-term debt associated with the former Redevelopment 16