AgdaPkt 2007-01-08 - Laserfiche WebLink

Browse Search

Attachment I Debt Service Funds Hiqhliqhts General Fund (Public Financinq Authority Bonds and Lease Revenue Refundinq 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 users' tax. During FY 2005/06, a total of $1,595,000 of principal for both bond issues was retired, leaving a combined balance of $16,765,000 of debt outstanding as of June 30, 2006. 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 2005/06, $1,105,000 of principal was retired leaving a balance of $7,835,000 of debt outstanding as of June 30,2006. 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 2005/06 and will not begin to be paid until FY 2010/11. Capital Projects Funds Hiqhliqhts 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 $8.2 million in FY 2005/06 for general capital projects. The more visible projects on which funds were expended in FY 2005/06 were the Sidewalk Replacement Program ($1.3 million), Island and Median Renovation Program ($.4 million), 5th Avenue/Bay Front Storm Drain ($1 million), Storm Drain Collection System ($.6 million), Redwood Shores Library ($.4 million), and Downtown Plaza/Public Space ($.9 million). During the year ended June 30,2006, General Improvement District 1-64 facilities fee fund revenue was $233,544 compared to $269,944 for the year ended June 30, 2005. 4