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ATTACHMENT1 6.1.F. - Page 7 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 2011/12, a total of $2 million of principal for both bond issues was retired, which fully paid off the 1998 bonds and left $5.88 million of the 2003 bonds outstanding as of June 30, 2012. Redevelopment Aqency The Redevelopment Agency issued $34 million of bonds in FY 2003/04 to finance various downtown improvements. During 2011/12, $1.265 million of principal was retired, leaving a balance of $31.5 million as of January 31, 2012. On February 1, 2012 the Redevelopment Agency was dissolved and the outstanding debt of $31.5 million was transferred to the Successor Agency Private Purpose Trust Fund. Capital Projects Funds Highlights Capital projects funds are used to account for the resources dedicated to the construction and acquisition of capital facilities, except those capital facilities financed by enterprise funds. The City expended $5.6 million in FY 2011/12 for general capital projects. The more visible projects on which funds were expended in FY 2011/12 are: the Sidewalk Replacement Program ($.8 million), storm drain related projects ($.6 million), Library Materials Handling Upgrade ($.4 million), and Marlin Beach Park Renovation ($.2 million). Enterprise Funds Highlights Water Fund In terms of the City Council's adopted policy to keep total annual revenues and expenses in balance, cash basis revenues of $27.865 million including interest earnings were less than cash operating and capital outlay expenses (including debt service payments) of $30.478 million. Of the capital outlay expenses, $1 million were covered by bond proceeds. The total net working capital in the water fund as of June 30, 2012 was $7.6 million which is $1.6 million more than the target of $6 million ($2 million for an emergency reserve and 20% of operation and maintenance expenses for a rate stabilization reserve). Based on the adopted FY 2011/12 budget, the total net working capital as of June 30, 2012 was estimated to be $7.5 million. Revenues generated from water sales and service fees were $1.5 million or 5.8% more than the projected amount at the end of FY 2011/12. Operating expenses were more than budget by $.07 million. Sewer Fund The same Council policy of total annual revenues and expenses in balance applies to the sewer fund as well. Cash basis revenues of $24.2 million were more than cash operating and capital outlays of $21.833 million.