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Rele�ant Financial Policies
<br /> In April 1999 the City Council adopted a policy targeting general fund reserves to fall within a range from 15% to
<br /> 20% of anticipated general fund revenues. When the recommended FY 2007/08 budget was presented to Council
<br /> in June 2007, general fund reserves were projected to be about $6.3 million over the upper range of this policy at
<br /> the end of FY 2007/08. Given the uncertainties discussed in the preceding section, Council elected not to reduce
<br /> these reserves at this time.
<br /> Maj or Initiati�es
<br /> Villa Montgomery is a new 58-unit mixed-use affordable housing project located at 1540 El Camino Real. The
<br /> project was made possible by a partnership between the City of Redwood City, the Redwood City Redevelopment
<br /> Agency, and First Community Housing, a non-profit developer. Even before the proj ect has been finished and
<br /> occupied, it is being held up as a model of high-density solutions to the housing affordability challenge in our
<br /> community.
<br /> First Community Housing built 5 8 energy-efficient apartments on the urban infill site, adj acent to the downtown
<br /> core and mass transit. Villa Montgomery consists of studios, one, two, and three bedroom apartments. Amenities
<br /> include a community room, gym, common area, podium-level open space area, private decks, property
<br /> management office, lobby and retail space along the El Camino frontage, and parking below the building on two
<br /> levels. The development benefits Redwood City residents with incomes between $15,840 and $39,600, with rents
<br /> ranging from $375 for a studio unit to $1400 for a three bedroom unit. All the units are wheelchair accessible for
<br /> persons with disabilities and adaptable to persons with vision and hearing impairments. The units will remain
<br /> affordable for 55 years in accordance with the redevelopment and affordability restrictions (deed restrictions).
<br /> The project is located on a 0.62-acre urban infill site and is consistent with the City's zoning and general plan. The
<br /> proj ect is located 1/4 mile from the City's downtown district on State Highway 82, a maj or transit corridor, and
<br /> within 1/3 mile walking distance to the Caltrain Station. It is served by SamTrans with a bus stop near the front of
<br /> the building connecting to the Caltrain station.
<br /> First Community Housing commenced construction of Villa Montgomery in September 2005. A groundbreaking
<br /> celebration was held on October 20, 2005. Construction was substantially completed in August 2007, with the
<br /> exception of open space playground equipment. Villa Montgomery began occupancy September 1, 2007 and was
<br /> fully occupied by September 30, 2007.
<br /> Cash Management
<br /> The City treasurer invests temporarily idle funds in accordance with the state government code and the investment
<br /> policy adopted by the City Council. During the year, funds were invested in certificates of deposits of banks, U.S.
<br /> agency securities, corporate debt securities, U.S. government securities, the Local Agency Investment Fund of the
<br /> State of California, and the County of San Mateo investment pool. Total investment earnings during the fiscal year
<br /> amounted to $9,040,639. The primary difference between this figure and the entity-wide investment earnings is
<br /> the reclassification of certain investment earnings to their respective program revenues. At the end of fiscal year
<br /> 2006/07, the total investments, including cash with fiscal agents, cash at banks, and petty cash, stood at
<br /> $196,023,380.
<br /> Redwood City's investment objectives are to maintain liquidity and to minimize credit and market risks while
<br /> maintaining a competitive yield on its portfolio. Accordingly, deposits were either insured by federal depository
<br /> insurance or collateralized.
<br /> Risl�Management and Self-Insurance Funds
<br /> In July 1990, the City joined the Bay Cities Joint Powers Insurance Authority to meet its general liability insurance
<br /> needs. Bay Cities is a general liability insurance pool consisting of 17 San Francisco Bay Area public agencies.
<br /> The pool provides, through reinsurance, $1,000,000 of coverage in excess of the City's $350,000 self-insurance
<br /> retention. Claims administration and loss control support to member agencies are also provided by the insurance
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