AgdaPkt 2002-01-14 - Laserfiche WebLink

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Special Revenue Funds Summary Special revenue funds are used to account for revenue received from specific taxes or other dedicated revenue sources (other than for major capital projects) restricted by law or administrative action to expenditures for specified purposes. Property tax increment revenues received by the Redevelopment Agency totaled $5.48 million in 2000/01 compared to $4.84 million in 1999/00, which represents a 13% increase. The transportation fund receives revenue from the San Mateo County Transportation Authority based on the voter approved (Measure A) countywide one-half of one percent sales and use tax levied for transportation-related programs and projects. In 2000/01, the City received $1,348,000 in "Measure A" revenue compared to $1,302,000 in 1999/00. This represents a 4% increase. Gas tax revenues (received from the state through gasoline taxes paid by motorists) showed a negligible (.04%) increase from $1.460 million to $1.522 million. These funds may only be used for roadway maintenance and construction purposes as defined in sections 2105, 2106, and 2107 of the State Streets and Highway Codes. Debt Service Funds Summary General Fund (Public Finance Authority Bonds and Lease Revenue Refunding Bonds) The City issued bonds in 1991 to refinance (at a lower interest rate) the 1986 bonds (issued to fund construction of the Main Fire Station and Main Library) and to provide funds for constructing the new Police Facility. The total amount issued was $26,715,000. The annual debt service on these bonds is paid from proceeds of the utility user's tax. During 2000/01, $1,285,000 of principal was retired, leaving a balance of $19,370,000 of debt outstanding as of June 30, 2001. All principal will be paid off by 2011. Redevelopment Aqency (Public Finance Authority Series -B- Bonds) The Redevelopment Agency issued $16,950,000 of bonds in 1991 to provide funding for capital projects undertaken by the Agency and to satisfy legal requirements that the Agency have sufficient debt to receive the annual property tax increment revenue from the County. During 2000/01, $890,000 of principal was retired leaving a balance of $12,910,000 of debt outstanding as of June 30, 2001. These bonds are the sole responsibility of the Redevelopment Agency and will be paid off by 2011.