AgdaPkt 2014-01-13 Interview, Closed and Regular

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ATTACHMENT 1 7.1.G. - Page 7 Bank in the amount of $3,360,000 to refund the 2003 bonds to realize savings from lower interest rates. This debt will be retired in July 2018. Successor Agency The former Redevelopment Agency issued $34 million of bonds in FY 2003/04 to finance various downtown improvements. 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. During FY 2012/13 $2.48 million of principal was retired, leaving a balance of $29 million as of June 30, 2013. This debt will be retired in July 2032. 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 $10.2 million in FY 2012/13 for general capital projects. The more visible projects on which funds were expended in FY 2012/13 are: the Sidewalk Replacement Program ($0.4 million), the FEMA Grant funded fire boat ($1 million), and the Middlefield storm culvert realignment ($2.3 million), and storm drain related projects ($0.8 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 $32.852 million including interest earnings were more than cash operating and capital outlay expenses (including debt service payments) of $32.289 million. Of the capital outlay expenses, $0.3 million were covered by bond proceeds. The total net working capital available for appropriation in the water fund as of June 30, 2013 was $7.9 million which is $0.7 million more than the target of $7.2 million ($2 million for an emergency reserve and 20% of operation and maintenance expenses for a rate stabilization reserve). Revenues generated from water sales and service fees were $3.6 million or 12.3% more than the projected amount at the end of FY 2012/13. Operating expenses were more than budget by $0.4 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 $28.275 million were more than cash operating and capital outlays of $21.237 million. This increase is consistent with the Council's goal of accumulating funds for the replacement and upgrade of portions of the City's sewer system. For fiscal year ended June 30, 2013, the sewer enterprise fund ended with a balance of $12.617 in net working capital available for appropriation.