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above revenue and expenditure summary proposes expenditures in excess of revenues, <br />only possible because of beginning fund balances. The various projects are described <br />following: <br /> <br />On-Goinq Expenditures <br /> <br />Debt Service <br />The payments made on the 1997 bond issue. <br /> <br />Administration <br />The costs for direct and indirect staff and supplies and services. These costs are <br />discussed in more detail in the City budget document. <br /> <br />Cinema Land Payment <br />In 1998 the Agency acquired a piece of land from the Redwood City School District in <br />exchange for a parcel of Agency land and an annual payment of $42,3212. This reflects <br />the third annual installment of this payment. <br /> <br />Tax Appo_rtionment <br />This reflects the payments the Agency must make to other taxing agencies under <br />agreements reached in 1989. Redevelopment Law required that the Agency meet and <br />confer with all affected taxing agencies, and allowed the Agency to enter into tax sharing <br />arrangements with such affected agencies. The Redevelopment Agency has such tax <br />sharing agreements with the following agencies: <br /> <br />· San Mateo County Community College District <br />· Sequoia.Union High School District <br />· Redwood City School District <br />· San Mateo County Office of Education <br />· Mid-Peninsula Open Space District <br />· Mosquito Abatement 'District <br />· San Mateo County Harbor District <br />· San Mateo County <br /> <br />Prior to the establishment of the Redevelopment Agency these taxing entities received the <br />following ~ercentage of each property tax dollar collected. <br /> <br /> This payment was to continue for fifteen years. <br /> <br /> 7 <br /> <br /> <br />