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7. I -C4 <br />Special Revenue Funds Summary <br />Special revenue funds are used to account for revenue received from specific taxes or <br />other dedicated revenue sources (other than for major capital projects) restricted by law or <br />administrative action to expenditures for specified purposes. <br />Property tax increment revenues received by the Redevelopment Agency totaled $7.9 <br />million in 2001/02 compared to $5.48 million in 2000/01, which represents a 44% increase. <br />The transportation fund receives revenue from the San Mateo County Transportation <br />Authority based on the voter approved (Measure A) countywide one -half of one percent <br />sales and use tax levied for transportation - related programs and projects. In 2001/02, the <br />City received $1,119,000 in "Measure A" revenue compared to $1,348,000 in 2000/01. <br />This represents a 17% decrease. <br />Gas tax revenues (received from the state through gasoline taxes paid by motorists) <br />showed a minor decrease (1.4 %) from $1.522 million in 2000/01 to $1.501 million. These <br />funds may only be used for roadway maintenance and construction purposes as defined in <br />sections 2105, 2106, and 2107 of the State Streets and Highway Codes. <br />Debt Service Funds Summary <br />General Fund (Public Finance Authoritv Bonds and 1998 Lease Revenue Refundinq <br />Bonds <br />The City issued bonds in 1991 to refinance (at a lower interest rate) the 1986 bonds <br />(issued to fund construction of the Main Fire Station and Main Library) and to provide funds <br />for constructing the new Police Facility. The total amount issued was $26,715,000. The <br />annual debt service on these bonds is paid from proceeds of the utility user's tax. During <br />2001/02, $1,345,000 of principal was retired, leaving a balance of $18,025,000 of debt <br />outstanding as of June 30, 2002. All principal will be paid off by 2011. <br />Redevelopment Aoencv (1997 Tax Allocation Refundina Bonds) <br />The Redevelopment Agency issued $16,950,000 of bonds in 1991 to provide funding for <br />capital projects undertaken by the Agency and to satisfy legal requirements that the <br />Agency have sufficient debt to receive the annual property tax increment revenue from the <br />County. During 2001/02, $930,000 of principal was retired leaving a balance of <br />$11,980,000 of debt outstanding as of June 30, 2002. These bonds are the sole <br />responsibility of the Redevelopment Agency and will be paid off by 2011. <br />rd <br />