AgdaPkt 2007-12-17 - Laserfiche WebLink

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Attachment 4 Setf-Insuwance Fund Hiqhlights The seif-insurance internal service fiund had positive net cash provided by operating activities of $255,736. The net activity includes a $1.i million dollar general fund transfer recommended by the Audit Committee approved in FY 2046/07 to cover the prior year deficit. The deficit was a result of increased workers' compensation claims costs over the past few years. The $1.1 miilion dallar transfer along with the current year decrease in workers' compensation claims costs enabled the City to record the workers' compensation fiability at the higher confidence level of 75% for FY 2006/07. Debt Service Funds Highlights General Fund (Public Financing Aufhority Bonds and �ease Revenue Refundinq Bands) The City issued $26,715,�00 in borids 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 #unds for constructing the Police �acility. In 1998, $12,160,d00 of these bonds was refunded to realize savings from iower interest rates. In FY 2�03i�4, the City issued $11,475,000 of bonds to refund the balance ($6,725,000) of#he 1991 bands and to provide $4,390,000 for new projects. The annual debt service for both of these bond issues is paid by proceeds from the utility users' tax. During FY 2Q06/07, a total of $1,655,000 of principal for both bond issues was retired, leaving a combined balance of $15,110,000 of debt outstanding as of June 30, 2007. The 1998 bonds will be paid off in July of 2011 and the 2003 bonds will be paid aff by July 2018, Redevelopment Agency The Redevelopment Agency issued $16,950,d00 of bonds in 1991 to provide funding for capital projecfis undertaken by the Agency and to satisfy legal requirements that the Agency have sufficient debt to receive the annual property tax increment revenue fram the County. These bonds, which were refunded in 1997 to obtain savings from lower interest rates, will be paid off in 2011. During FY 20Q6/Q7, $1,160,04� of principai was re#ired leaving a balance of $6,675,000 of debt outstanding as of June 30, 2007. Additionally, in FY 2003/04 the Redevelopment Agency issued $33,997,448 of bonds to finance various downtown improvements. These bonds are also the sale responsibifity of the Redevelopment Agency and will be paici off by 2032. No principal from the 2003 bonds was paid in FY 2006/07 and will nof begin to be paid untiE FY 2Q1 Q;11. Capital Projects Fur�ds Hightights Capital projects funds are used to account for the resources dedicated to the canstruction and acquisition of capitai facilities, excep# those capital facilities financed by enterprise funds. The City expended over $11.6 milfion in FY 2006/07 for general capital projects. The more visible projects on which funds were expended in FY 2006/07 are: the Downtown Plaza/Public Space {$4.1 million), Redwood Shores L.ibrary ($2.7 millian), the Sidewa(k Replacement Program ($.7 million), Red Morton Synthetic Turf ($.5 miilion), Parks Renova#ion Program ($.3 million), anct the Storm Drain Collection System ($.5 million). During the year ended June 30, 2007, General lmprovement District 1-64 facilities fee fund revenue was $397,196 compared to $233,544 for the year ended June 30, 2006. 4