AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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Redevelopment Agency of the City of Redwood City Management's Discussion and Analysis, Continued For the fiscal year ended June 30,2008 FINANCIAL ACTIVITIES OF THE AGENCY AS A WHOLE, Continued The Agency's cash and investments increased19.2% as the Agency's tax increment revenue increased. The Agency's net assets from governmental activities decreased 172% to net assets of $(7.595) million in 2008 from net assets of $10.582 million in 2007. This decrease resulted primarily from the transfer out of the public underground parking garage to the City. Changes in Redevelopment Agencts Net Assets (in Millions) 2008 2007 Variance Revenues $ $ General reVenues, Transfers and Contributions: Tax increments 10.904 9.529 14.430% Investment earnings 0.737 0.576 27.951 % Other 0.106 0.056 89.286% Transfer fromj(to) other City funds (21.462) 0.527 172,486% Total revenues (9.715) 10.688 -190.896% Expenses Community development 6.078 5.297 14.744% Interest on long term debt 2.384 2.304 3.472 % Total expenses 8.462 7.601 11.327% Change in net assets (18.177) 3.087 ~688 .824 % Net assets ~ July 1 10.582 7.495 41.187% 'Net assets - June 30 (7.595) 10.582 -171.773% Fiscal Year 2008 Governmental Activities The Agency's fiscal year 2008 revenue came primarily from property tax increments, which amounted to $10.9 million, an increase of $1.4 million over the prior year. The increase in tax increment stenuned from the increase in value of properties in the Agency's project area. The increase in investment earnings resulted from the increase in cash balance as tax increment revenue increased. Agency expenses of $8.5 million in fiscal year 2008 were principally for development-related projects atnounting to $1.6 million, and school district and special district Pass-throughs expense of $1.510 million. The Agency has agreelnents with the pre-existing school and special districts in its project area under which it pa.sses through a portion of the property tax increments it receives. These agreements are discussed in detail in note 9 to the financial statements. Additionally, the Agency incurred expense for interest on the Tax Allocation Bonds in the amount of $2.4 nlillion. {:"