AgdaPkt 2017-01-09 Closed and Joint

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City of Redwood City Management's Discussion and Analysis For the fiscal year ended June 30, 2016 6.1.D. - Page 43 completion of the new dog park and the Jardin de Ninos Park renovation. Storm drains increased due to the completion of the Seaport pump station and developer improvements at two sites throughout the City. Construction in progress increased primarily due to work being done on the 101/84 Highway interchange and the Red Morton Community Center synthetic turf replacement and other upgrades to the site. Business -Type Activities — Buildings increased due to various building improvements at the Port. Equipment slightly increased due to the purchase of equipment at the Port. Increases in the improvements category were caused by completion of a portion of the replacement of the water distribution system, the sewer collection system, and the sewer rehabilitation program. Construction in progress increased due to the extension of the recycled water main, rehabilitation and/or replacement of three pump stations, and replacement of the parking control system in the downtown area. Long -Term Debt Issues described in detail in Notes 6 and 7 to Financial Statements. Outstanding Debt (in Millions) 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, 2016, a total of $14.755 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 Agency was transferred to a private purpose trust fund for the Successor Agency. At June 30, 2016, the Successor Agency had tax allocation bonds outstanding in the amount of $39,974,921 including unamortized premium and accreted interest payable. 16 Governmental Business -Type Activities Activities Total 2016 2015 2016 2015 2016 2015 Variance Revenue bonds 74.814 77.749 74.814 77.749 -3.775% Refunding lease 1.711 2.378 1.711 2.378 -28.049% Accrued sick leave and vacation 11.067 10.596 0.886 0.855 11.953 11.451 4.384% Total long term debt 12.778 12.974 75.700 78.604 88.478 91.578 -3.385% 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, 2016, a total of $14.755 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 Agency was transferred to a private purpose trust fund for the Successor Agency. At June 30, 2016, the Successor Agency had tax allocation bonds outstanding in the amount of $39,974,921 including unamortized premium and accreted interest payable. 16