AgdaPkt 2016-01-11 Closed and Joint SA PFA

Browse Search

ATTACHMENT 1 6.1.E. - Page 7 The former Redevelopment Agency issued $34 million of bonds in FY 2003-04 to finance various downtown improvements. On February 1, 2012 the Redevelopment Agency was dissolved and the outstanding debt of $31.5 million was transferred to the successor agency private purpose trust fund. Through FY 2014-15 $8.42 million of principal has been retired, leaving a balance of $23.087 million as of June 30, 2015. This debt will be retired in July 2032. Capital Projects Funds Highlights Capital projects funds are used to account for the resources dedicated to the construction and acquisition of capital facilities, except those capital facilities financed by enterprise funds. The City expended $7.2 million in FY 2014-15 for general capital projects. Highlighted projects on which funds were expended in FY 2014-15 include: the Municipal Energy LED Lights program ($0.2 million), the Red Morton Synthetic Playfields conversion and tennis court renovation ($0.34 million), the Jardin de Nifios park improvements ($0.7 million), the new in-town dog park ($0.2 million), and the Inner Harbor Planning Project ($0.6 million). Enterprise Funds Highlights Water Fund In terms of the City Council's adopted policy to keep total annual revenues and expenses in balance, cash basis revenues of $36.977 million including interest earnings were more than cash operating and capital outlay expenses (including debt service payments) of $31 .487 million. Of the capital outlay expenses, $0.1 million were covered by bond proceeds. The total net working capital available for appropriation in the water fund as of June 30, 2015 was $13.793 million which is $5.436 million more than the target of $8.357 million ($2 million for an emergency reserve and 25% of operation and maintenance expenses for a rate stabilization reserve). Revenues generated from water sales and service fees were $0.4 million or 1.2% more than the projected amount for FY 2014-15. Operating expenses were less than budget by $2.9 million due to a reduction in water sales in response to conservation efforts. Sewer Fund The same Council policy of total annual revenues and expenses in balance applies to the sewer fund as well. Cash basis revenues of $31.897 million were more than cash operating and capital outlays of $26.043 million. This increase is consistent with the Council's goal of accumulating funds for the replacement and upgrade of portions of the City's sewer system. For the fiscal year ended June 30, 2015, the sewer enterprise fund ended with a balance of $21 .669 million in net working capital available for appropriation. Parking Fund Redwood City maintains 1 ,229 on-street and 1,370 off-street parking spaces within the downtown area including the downtown underground parking garage which opened in Page 5 of 7