AgdaPkt 2011-01-10 - Laserfiche WebLink

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Arr,ac�nAr�r 1 Page 5 retained in the general fund to be used to provide time to the City to financially reposition itself. S ecial Revenue Funds Hi hli hts p J 9 Special revenue funds are used to account for revenue received from specifrc taxes or other dedicated revenue sources (other than for major capital projects) restricted by law or administrative action to expenditures for specified purposes. Property tax increment revenues received by the Redevelopment Agency totaled $12.7 million in FY 2009/10 which is equal to the amount received in FY 2008/09. 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 2009/10, the City received $1.21 million in "Measure A" revenue, almost equivalent to the $1.24 million in FY 2008/09. This represents a 2.4% decrease. Gas tax revenues (received from the State through gasoline taxes paid by motorists) increased 2% to $1.306 million in FY 2009/10 compared to $1.277 million in FY 2008/09 due to an increase in statewide motor vehicle fuel consumption. 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 Highlights General Fund fPublic Financinq Authoritv Bonds and Lease Revenue Refundinq Bonds) The City issued $26.7 milfion 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 2003/04, the City issued $11.5 million of bonds to refund the balance ($6.7 million) 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 2009/10, a total of $1.8 million of principal for both bond issues was retired, leaving a combined balance of $9.8 million of debt outstanding as of June 30, 2010. The 1998 bonds will be paid off in July of 2011 and the 2003 bonds will be paid off by July 2018. Redevelopment Agency , The Redevelopment Agency issued $16.9 mi[lion 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 properly tax increment revenue from the County. These bonds, which were refunded in 1997 to obtain savings from lower interest rates, were paid off on December 1, 2009. Additionally, in FY 2003/04 the Redevelopment Agency issued $34 million of bonds to finance various downtown improvements. These bonds are also the sole responsibility of the Redevelopment Agency and will be paid off by 2032. No principal from the 2003 bonds will be paid until FY 2010/11.