AgdaPkt 2005-01-24 - Laserfiche WebLink

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Special Revenue Funds Highlights Special revenue funds are used to account for revenue received from specific 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 $8 million in FY 2003/04 compared to $7.7 million in FY 2002/03, which represents a 4.2% increase. 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 2003/04, the City received $1,051,894 in "Measure A" revenue compared to $1,047,081 in FY 2002/03. This represents a 0.5% increase. Gas tax revenues (received from the state through gasoline taxes paid by motorists) showed a minor decrease (0.2%) from $1.478 million in FY 2002/03 to $1.474 million. 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 Public Finance Authorit Bonds and Lease Revenue Refundin Bonds The City issued $26,715,000 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 new Police Facility. In 1998, $12,160,000 of these bonds was refunded to realize savings from lower interest rates. In FY 2003/04, the City issued $11,475,000 of bonds to refund the balance ($6,725,000) ofthe 1991 bonds and to provide $4,390,000 for new projects. The annual debt service for both of these bond issues is paid from proceeds of the utility user's tax. During FY 2003/04, a total of $1 ,485,000 of principal for both bond issues was retired, leaving a combined balance of $19,875,000 of debt outstanding as of June 30, 2004. Redevelopment AQencv The Redevelopment Agency issued $16,950,000 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. These bonds, which were refunded in 1997 to obtain savings from lower interest rates, will be paid off in 2011. During FY 2003/04, $1,010,000 of principal was retired leaving a balance of $1 0,000,000 of debt outstanding as of June 30, 2004. Additionally, in FY 2003/04 the Redevelopment Agency issued $33,997,448 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 was paid in FY 2003/04 and will not be paid until FY 2010/11. 3