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Redevelopment Agency of the City of Redwood City <br /> Management's Discussion and Analysis, Continued <br /> For the fiscal year ended June 30, 2007 <br /> FINANCIAL ACTIVITIES OF THE AGENCY AS A WHOLE,Continued <br /> The Agency's Fund Financial Statements <br /> At June 30,2007, the Agency's governmental funds reported combined fund balances of$14.5 million,which is <br /> a decrease of$1.5 million f rom last year. This decrease resulted primarily f rom the continued expenditure of <br /> previously issued$33.997 million in tax allocation bonds to finance various downtown improvements. <br /> Expenditures decreased due to the one-time expenditure of$0.6 million in fiscal year 2005-2006 to record the <br /> donation of land held for redevelopment to First Community Housing. <br /> The Agency has loaned a total of$4.3 million to developers to assist them in constructing low and moderate <br /> income housing. Interest on these loans is at below market rates. Additionally,the Agency has established <br /> First Time Homebuyer programs under which low-interest rate loans in the amount of$2.1 million have been <br /> made to qualified homebuyers. These loans are explained in detail in Notes 3 and 9 to the financial statements. <br /> CAPITAL ASSETS <br /> Under GASB 34,the Agency is required to record all its capital assets,including infrastructure, at their <br /> historical cost,and to depreciate these assets over their estimated useful lives. At June 30, 2007,the Agency <br /> had$41.4 million of capital assets net of depreciation. <br /> DEBT ADMINISTRATION <br /> Each of the Agency's debt issued is discussed in detail in Note 7 to the financial statements. In July 1997 the <br /> Agency issued$15.43 million of Tax Allocation Refunding Bonds that bear interest at 3.8% to 5.15% and are <br /> due in 2011. The proceeds from these Bonds were used to advance refund the outstanding balance of the 1991 <br /> Redwood City Public Financing Authority Bonds-Series B. <br /> In October 2003 the Agency issued$33,997,448 of Tax Allocation Bonds that bear interest at 3.5% to 5.8% and <br /> are due in 2032. The proceeds of the bonds were used to finance various downtown improvements. <br /> At June 30, the Agency's debt comprised the two Tax Allocation Bond issues and a loan from the Redwood <br /> City School District used to finance a real property purchase, all of which are secured by property tax <br /> increment revenues. <br /> � <br />