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ATTACHMENT1 6.1. B. - Page 6 estimated deficits of future years, staff recommends that these funds be retained in the general fund. 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 $12.1 million in FY 2010/11 which is $.6 million less than the amount received in FY 2009/10. 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 2010/11, the City received $1.34 million in "Measure A" revenue, representing a 10.8% increase over the $1.21 million in FY 2009/10. Gas tax revenues (received from the State through gasoline taxes paid by motorists) decreased 5.2% to $1.238 million in FY 2010/11 compared to $1.306 million in FY 2009/10 due to a decrease 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. In FY 2010/11, the State added section 2103 motor vehicle fuel excise tax that replaces the previous Proposition 42 revenue allocation. The City received $.744 million in section 2103 revenue for FY 2010/11. The outcome of this new revenue is that additional funds are available in the City's special gas tax street improvement fund for roadway maintenance and construction, and the previous Proposition 42 revenue in the transportation grants fund has been eliminated. Debt Service Funds Highlights General Fund (Public Financinq Authoritv Bonds and Lease Revenue Refundinq Bonds) The City issued $26.7 million 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 2010/11, a total of $1.9 million of principal for both bond issues was retired, leaving a combined balance of $7.89 million of debt outstanding as of June 30, 2011. The 1998 bonds will be paid off in July of 2011 and the 2003 bonds will be paid off by July 2018. Redevelopment Aaencv The Redevelopment Agency issued $34 million of bonds in FY 2003/04 to finance various downtown improvements. During 2010/11, $1.2 million of principal was retired, leaving a balance of $32.8 million as of June 30, 2011. These bonds are the sole responsibility of the Redevelopment Agency and will be paid off by 2032.