AgdaPkt 2006-01-09 - Laserfiche WebLink

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Attachment I Self-Insurance Fund Hiahliahts The self-insurance internal service fund had a deficit net assets balance of $1 ,531 ,358 due to an unfunded increase in workers' compensation claim liabilities. Increased self- insurance premiums and increased medical costs have contributed to the rise of the outstanding workers' compensation claims liabilities. Debt Service Funds Hiahliahts General Fundjpublic F!nance Auttl9.r!!Y....Bonds and_Lease Revenue Refundina Bonds) The City issued $26,715,000 in 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 Police Facility. In 1998, $12,160,000 of these bonds was refunded to realize savings from lower interest rates. In FY 2003/04, the City issued $11,4 75,000 of bonds to refund the balance ($6,725,000) of the 1991 bonds and to provide $4,390,000 for new projects. The annual debt service for both of these bond issues is paid from proceeds of the utility user's tax. During FY 2004/05, a total of$1 ,515,000 of principal for both bond issues was retired, leaving a combined balance of $18,360,000 of debt outstanding as of June 30, 2005. Redevelopment AQency 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. These bonds, which were refunded in 1997 to obtain savings from lower interest rates, will be paid off in 2011. During FY 2004/05, $1,060,000 of principal was retired leaving a balance of $8,940,000 of debt outstanding as of June 30, 2005. Additionally, in FY 2003/04 the Redevelopment Agency issued $33,997,448 of bonds to finance various downtown improvements. These bonds are also the sole responsibility of the Redevelopment Agency and will be paid off by 2032. No principal from the 2003 bonds was paid in FY 2004/05 and will not be paid until FY 2010/11. Capital Projects Funds Hiahliahts 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 over $20.3 million in FY 2004/05 for general capital projects. The more visible projects on which funds were expended in FY 2004/05 were the underground parking garage for the cinema project ($14 million), Schaberg Library renovations ($.7 million) and Fair Oaks School artificial turf ($.9 million). During the year ended June 30,2005, GID 1-64 facilities fee fund revenue was $269,944 compared to $30,185 for the year ended June 30, 2004. 4