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

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ATTACHMENT 3 Debt Service Funds Highlights General Fund (Public Financina Authoritv Bonds and Lease Revenue Refundina Bonds) The City issued $26.7 million in bonds 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 funds for constructing the Police Facility. In 1998, $12.2 million of these . bonds was refunded to realize savings from lower interest rates. In FY 2003/04, the City issued $11.5 million of bonds to refund the balance ($6.7 million) of the 1991 bonds and to provide $4.4 million for new projects. The annual debt service for both of these bond" issues is paid by proceeds from the utility users' tax and communications users' tax. During FY 2007/08, a total of $1.7 million of principal for both bond issues was retired, leaving a combined balance of $13.4 million of debt outstanding as of June 30, 2008. The 1998 bonds will be paid off in July of 2011 and the 2003 bonds will be paid off by July 2018. . Redevelooment Aaencv The Redevelopment Agency issued $16.9 million of bonds in 1991 to provide funding for capital projects undertaken by the Agency and to satisfy legal requirements that the Agency have sufficient debt to" receive the annual property tax increment revenue from the County. These bonds, which were refunded in 1997 to obtain savings from lower interest rates, will be paid off in 2011. During FY 2007/08, $1.2 million of principal was retired leaving a balance of $5.5 million of debt outstanding as of June 30.2008. Additionally, in FY,2003/04 the Redevelopment Agency issued $34 million of bonds to finance various downtown improvements. These bonds are also the sole responsibility of the Redevelopment Agency and will be paid off by 2032. No principal from the 2003 bonds was paid in FY 2007/08 and will not begin to be paid until FY 2010/11. Capital Projects Funds Highlights Capital projects funds are used to account for the resources dedicated to the construction and acquisition of capital facilities, except those capital facilities financed by enterprise funds. The City expended $12.9 million in FY 2007/08 for general capital projects. The more visible projects on which funds were expended in FY 2007/08 are: the Redwood Shores. Library ($9.4 million), the Sidewalk" Replacement Program ($659,000), Computer Aided Dispatch System ($390,000), and the Fifth .Avenue Bay Front Storm Drain ($100,000). During the year ended June 30, 2008, General Improvement District 1-64 facilities fee fund revenue was $380,000 compared to $397,000 for the year ended June 30, 2007. Enterprise Funds Highlights Water Fund For the fiscal year ended June 30, 2008, the water enterprise fund had retained earnings available for appropriation of $10.9 million, including $8.3 million iOn the water