AgdaPkt 2009-12-14 - Laserfiche WebLink

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ATTACHMENT 1 The transportation fund receives revenue from the San Mateo County Transportation Authority based on the voter approved (Measure A} countywide one-half of one percent sales and use tax levied for transportation-related programs and projects. In FY 2008/09, the City received $1.24 million in "Measure A" revenue compared to $1.35 million in FY 2007/08. This represents an 8.3% decrease. Gas tax revenues (received from the State through gasoline taxes paid by motorists} declined 9% to $1.277 million in FY 2�08/09 compared to $1.404 million in FY 2007/08 due to the decline in motor fuel prices. These funds may only be used for roadway maintenance and construction purposes as defined in sections 2105, 2106, and 2107 of the State Streets and Highway Codes. Debt Service Funds Hightights General Fund (Public Financin� Au� thori� Bonds and Lease Revenue Refundinq 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 2403/04, the Ci#y issued $11.5 million of bonds to refund the balance {$fi.7 mi(lion) 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 2008/09, a tota! of $1.8 million of principal for both bond issues was retired, leaving a combined balance of $11.6 million of debt outstanding as of June 30, 2009. The 9 998 bonds will be paid off in July of 2011 and the 2003 bonds will be paid off by July 2018. Redevelopment Aqencv 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. During FY 2008/09, $1.3 million of principal was retired leaving a balance of $4.2 million of debt outstanding as of June 30, 2009. These bonds, which were refunded in 1997 to obtain savings from lower interest rates, were paid off on December 1, 2409. Additionally, in FY 2003/04 the Redevelopment Agency issued $34 million of bonds to finance various downtown improvements. These bonds are a[so the sole responsibility of the Redevelopment Agency and wi11 be paid off by 2032. No principal from the 2043 bonds will be paid until FY 2010111. General Improvement District 1-64 (GID 1-64) All of the remain ni y debt ($170,000)that was issued to finance projects in GID 1-64 was retired in FY 2008109. Seaaort Centre Assessment District All of the remaining debt ($1.8 million} issued by the Seaport Centre Assessment District was retired in FY 2008/09.