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<br />'M.Al~AGEMENT'S DISCUSSION AND:ANALYSIS : ...
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<br />Outstanding Debt (in Millions)
<br />
<br />:ReVenuc ::bonds
<br />Genenil improvement bonds
<br />Tax increment bonds '
<br />
<br />: Loans .:.... .' ..-, .
<br />. 'i. ......' Accrued' sick leave and vae.ation'
<br />
<br />Governnrnml
<br />.- Activities .
<br />2008 2007
<br />$ . $
<br />22.493 . 24.679
<br />. : OJ 70 ,o.sex)"
<br />...: 45.998 45;878.
<br />0:212 .i .... .0.254
<br />. 8:451".1. .7.943
<br />
<br />. . Business-Type
<br />. . Activities.
<br />2008 2007.
<br />$ $
<br />. 81.981 >.., 83.748.
<br />
<br />.-3.646%, ..
<br />-78.750%.
<br />0.262%: .
<br />, -3.071%:
<br />"7.220%.
<br />
<br />1.903 . :1.928
<br />0.905 0.783
<br />
<br />2008
<br />: ,$
<br />104.474.
<br />0.170. i
<br />45.998
<br />; : .2..115.
<br />: 9.356
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<br />., Total
<br />2007
<br />$ .,
<br />J 08.427
<br />0.800
<br />.45.878 .
<br />2.182 .:
<br />8.726
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<br />Vari ance
<br />
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<br />T omI:1ong tenn:~bt .
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<br />77 .324. 79,554 .... 84~789 .. 86.459" 162.113
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<br />1 66.013
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<br />-2.349%. .
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<br />., SPECIAL ASSESSMENT DISTR1CT DEBT
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<br />SpeCial assessment districts:in ,different parts: pi the CitY have also: issued ~bt t{) finance 'infrastructure .and facilities
<br />..construction in their respective districts...' ..
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<br />. At" June 30, 2008, a total of $29. mi1lioi1;i~ Spe.cial ~ssess~ent .district debt was outstandi~g. issued by three spe~ial
<br />assessment districts. This debt is secured .only. by. special assessments: on the :real property in the district issuing the .
<br />debt.. and is. not" the City's responsibility, although the City doesact:asthese District~' agent in the ,collection .and
<br />, :remittimce of assessments. .., . .. .
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<br />... : ECONOMIC OUTLOOK AN)) MAJORJNl'fJATrvES.
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<br />R~dwood City is. a,34 sq:uare: mile. c~)minu~ity at an ~levati~nof 25 f~et. which is located on the west shore of the
<br />Sari Fcimcisc~ Bay periinsula:mid\yay b~tween .San,.Prahcisco (2? miles to: the'.north) and: San Jose (17 miles to the .
<br />,south); . .. . . . .
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<br />The i1U~ber of jobs ,in San Mateo:CountY.remains ;wel1 below.the peak levels reached in 2001. As of June 30.2001
<br />there :were..an..estimated.420,100 jobs in San: Mateo County :wpile: as.of June 30,' 200g.there were an:..estimated
<br />370',400 jobs: A1fquotedjob.number~ ar~ from the,Stat~ of California EmploymeI1:tl?evelopmeri"t Department arid
<br />; .are not-seasonally adjusted~... .. . . " .. .., . ".
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<br />:::Red,:"ood..Ci1:Y~s. sales.-tax ~~veti~e .haS b~n signific.antly affected by. local.. software ,de~e1opment firms delivering
<br />..;. more of their products, electronically,. In FY 2007/Q8sales tax .revenue ~s still' $2'~7' million less than the amoUnt
<br />.... .. :.. :receiyed ($20~g million) in.PY 2000/01.: .UnderCaIifomia state1a\\i. sales and use:tax applies to the purchase or
<br />.. ; consumption of tangible personal property. ! The State Board of Eq~lization. the regula~oryauthOrity that overs~es
<br />the state's. sales and use taX laws\ has adopted a regulation that exempts: electrOnically:delivered canned .software
<br />. trom the'sales and USe taxes. Software that is delivered via: a tangible medium (CD or tipeYis,'however, subject to
<br />. . : sales and:use.tilxes.:. :;.'.. ..' . . ,. .
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<br />., >Acc~rdmg tq:.inforrm.tion published ;by. NAI BT Conim~r.ci.al Re~l Estat~, the \racancyrate .for conime~cial office
<br />.:.:' space in San Mateo. County was 15.3% as .of September 30,.2008.'Th1S compares imfayorably to the vacancy rcite of
<br />.. ..
<br />.. , ).1..2% as of September 30,200.7- and:represents the, highest vacancy rate in five quarters.
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<br />Although. techno logy companies . (such, as . Informatic~~ Bigband Nctworks~: E1 cctron ic Arts~ Shutterfly, and, Oracle)
<br />: ..are a substantial cOTl1pon.ent of the City' 5 economy, .other :sectorS provide impOrtant economic support..: In addition
<br />to ,the technologyusectof\ we have man.ufactw'ing (Tyco Electronics), biotechnology (Maxygen, Abbot' Vascular
<br />. Devices, AP Pharma~ and Genelabs);. auto dealers (both domestic and foreign), :buiJding mat~als,tWo.liospitals
<br />(Kaiser and . Sequoia) , a University of California extension campus, a community college (Canada), a high school :
<br />(Sequoia), and:a varietY of retailers (Costco, K-Mart, and Target). The Port ,of Redwood City'is the. only deep- .
<br />water port on the. San Francisco Bay south .of SariFrancis~o,:serving the entire region as a key ~ntry point for many
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