AgdaPkt 2011-01-10 - Laserfiche WebLink

Browse Search

6.1 B The Agency's Fund Financial Statements ATTf�I�CIE At June 30, 2010, the Agency's governmental funds reported combined fund balances of $18.8 million, which is a decrease of $2.1 million from last year. This decrease resulted primarily from the aforemeniioned raid on redevelopment agency funds by the State of California. The Agency has loaned a total of $4.8 million to developers to assist them in consiructing 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 $1.2 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 infrastruciure, at their historical cost, and to depreciate these assets over their estimated useful lives. At June 30, 2010, the Agency had $19.9 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%. The proceeds from these Bonds were used to advance refund the outstanding balance of the 1991 Redwood City Public Financing Authority Bonds - Series B. During the current fiscal year the bonds were fully paid. 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 2003 Tax Allocation Bond issue 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. ECONOMIC OUTLOOK AND MAJOR INITIATIVES The Agency adopted a new five year Implementation Plan in 2009 which will cover the period from 2010- 2014. It outlines the Agency's major initiatives, including upgrading public improvements and linkages in and to the downtown, rehabilitaiion of aging commercial and residential structures, assemblage of sites for affordable housing as well as support for business expansion and retention. 7