AgdaPkt 2009-12-14 - Laserfiche WebLink

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6.1 B - Attachment No. 2 Fiscal Year 2009 Governmental Activities The Agency's fiscal year 2009 revenue came primarily from property tax increments, which amounted to $12.7 million, an increase of$1.8 million over the prior year. The increase in tax increment stemmed from the increase in value of properties in the Agency's project area. The decrease in investment earnings resulted from declining interest rates, and the loss in investment with the San Mateo County investrnent pool due to the Lehman Brothers bankruptcy. Agency expenses of $9.7 million in fiscal year 2009 were principally for development-related projects amounting to $1.2 million, and school district and special district Pass-throughs expense of$1.582 million. The Agency has agreements with the pre-existing school and special districts in its project area under which it passes 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$2.3 million. The Agency's Fund Financial Statements At June 30, 2009, the Agency's governmental funds reported combined fund balances of $20.9 million, which is an increase of$3.8 million from last year. This increase resulted primarily from the growth in tax increment revenue. The Agency has loaned a total of$4.8 million to developers to assist them in constructing low and moderate income housing. Interest on these loans is at below market rates. Additionally,the Agency has established First Time Homebuyer and Housing Rehabilitation loan programs under which low-interest rate loans in the amount of $1.4 million have been made to qualified homebuyers and homeowners. These loans are explained in detail in Notes 3 and 9 to the financial statements. CAPITAL ASSETS Under GASB 34, the Agency is required to record all its capital assets, including infrastructure, at their historical cost,and to depreciate these assets over their estimated useful lives. At June 30,2009,the Agency had$20.4 million of capital assets net of depreciation. DEBT ADMINISTRATION Each of the Agency's debt issued is discussed in detail in Note 7 to the financial statements. In July 1997 the Agency issued$15.43 million of Tax Allocation Refunding Bonds that bear interest at 3.8% to 5.15% and are due in 2011. The proceeds from these Bonds we�e used to advance refund the outstanding balance of the 1991 Redwood City Public Financing Authority Bonds-Series B. In October 2003 the Agency issued $33,997,448 of Tax Allocation Bonds that bear interest at 3.5% to 5.8% and are due in 2032. The proceeds of the bonds were used to finance various downtown improvements. At June 30,the Agency's debt comprised the two Tax Allocation Bond issues and a loan from the Redwood City School District used to finance a real property purchase, all of which are secured by property tax increment revenues. 6