AgdaPkt 2007-12-17 - Laserfiche WebLink

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M��G��'r's D�SC�ss�o��A��,�s�s Outstanding Debt(in Millions) Governmental Business-Type Activities Activities Total 2007 2006 2007 2006 2007 2006 Variance $ $ $ $ $ $ Revenue bonds 24.679 26.794 84.403 70.775 109.082 97.569 11.800% General improvement bonds 0.800 2.305 0.800 2.305 -65.293% Tax increment bonds 45.878 45.780 45.878 45.780 0.214% Loans 0.254 0.296 1.928 1.952 2.182 2.248 -2.936% Accrued sick leave and vacation 7.943 7.958 0.783 0.780 8.726 8.738 -0.137% Total long term debt 79.554 83.133 87.114 73.507 166.668 156.640 6.402% 5��,Ass�ss��vT D�s��T D��T Special assessment districts in different parts of the City have also issued debt to finance infrastructure and facilities construction in their respective districts. At June 30, 2007, a total of $31.2 million in special assessment district debt was outstanding, issued by three special assessment districts. This debt is secured only by special assessments on the real property in the district issuing the debt, and is not the City's responsibility, although the City does act as these Districts' agent in the collection and remittance of assessments. ECONOM�C O�JT�,OOK AND MA.TOR INITIATIVES Redwood City is a 34 square mile community at an elevation of 25 feet which is located on the west shore of the San Francisco Bay peninsula midway between San Francisco (25 miles to the north) and San Jose (17 miles to the s outh). The number of jobs in San Mateo County remains well below the peak levels reached in 2001. As of June 30, 2001 there were an estimated 420,100 jobs in San Mateo County while as of June 30, 2007 there were an estimated 360,500 jobs. All quoted job numbers are from the State of California Employment Development Department and are not seasonally adj usted. Redwood City's sales tax revenue has been significantly affected by local software development firms delivering more of their products electronically. In FY 2006/07 sales tax revenue was still $1.6 million less than the amount received ($20.8 million) in FY 2000/O1. Under California state law, sales and use tax applies to the purchase or consumption of tangible personal property. The State Board of Equalization, the regulatory authority that oversees the state's sales and use tax laws, has adopted a regulation that exempts electronically delivered canned software from the sales and use taxes. Software that is delivered via a tangible medium(CD or tape) is, however, subject to sales and use taxes. According to information published by NAI BT Commercial Real Estate, the vacancy rate for commercial office space in San Mateo County was 11.2% as of September 30, 2007. This compares very favorably to the vacancy rate of 14.2% as of September 30, 2006. Although technology companies (such as Informatica, Bigband Networks, Electronic Arts, Shutterfly, and Oracle) are a substantial component of the City's economy, other sectors provide important economic support. In addition to the technology sector, we have manufacturing (Tyco Electronics), biotechnology (Maxygen, Abbot Vascular Devices, AP Pharma, and Genelabs), auto dealers (both domestic and foreign), building materials, two hospitals (Kaiser and Sequoia), a University of California extension campus, a community college (Canada), a high school (Sequoia), and a variety of retailers (Costco, K-Mart, Mervyns, and Target). The Port of Redwood City is the only deep-water port on the San Francisco Bay south of San Francisco, serving the entire region as a key entry point for 12