Title
Recommendation to Accept the 2013 Local Library Bond Measure Annual Report. (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
Accept the 2013 Local Library Bond Measure Annual Report. In Fiscal Year (FY) 2023-24, annual levies produced tax revenues of $624,204 and an investment gain of $39,664. Expenditures during the fiscal year totaled $663,868, which represent debt service on the cost of the improvements made in prior years at the three libraries and bond administration charges.
BACKGROUND
Government Code section 53410 et seq. requires that any local bond measure subject to voter approval that would provide for the sale of bonds by a local agency shall provide certain accountability measures for those local bonds approved after January 1, 2001. The specific purpose, the amount of funds collected and expended, and the status of the project being funded by the proceeds of the local bond measure must be reported annually to the governing body. The City of Alameda’s (City) Measure O Library Bonds are subject to this compliance requirement.
DISCUSSION
The Measure O Library Bonds are general obligation bonds approved by the voters and issued in March 2003 to finance the acquisition and construction of the new main library and improvements to two branch libraries. In FY 2013-14, the City issued the 2013 General Obligation Refunding Bonds to refund the 2003 General Obligation Bonds. These monies are accounted for in Fund 410. FY 2023-24 annual levies produced tax revenues of $624,204 and an investment gain of $39,664. The expenditures during the fiscal year related to the use of these funds totaled $628,769, which represents debt service on the cost of the improvements made at the three libraries and bond administration charges. As of June 30, 2024, the ending fund balance was $1,134,384. The tax rate for FY 2023-24 has been set at $3.50/100,000 of assessed value to cover the cost of next year’s principal and interest payment with partial offset by the accumulated fund balance.
ALTERNATIVES
• Accept the report.
• Request additional information from staff.
FINANCIAL IMPACT
There is no financial impact from acceptance of these reports.
MUNICIPAL CODE/POLICY DOCUMENT CROSS REFERENCE
This action is consistent with the Alameda Municipal Code.
ENVIRONMENTAL REVIEW
This action does not constitute a “project” as defined in California Environmental Quality Act (CEQA) Guidelines Section 15378 and therefore no further CEQA analysis is required.
CLIMATE IMPACT
There are no identifiable climate impacts or climate action opportunities associated with acceptance of this report.
RECOMMENDATION
Accept the 2013 Local Library Bond Measure Annual Report.
Respectfully submitted,
Margaret O’Brien, Finance Director
By,
Krista Gan, Accountant II
Financial Impact section reviewed,
Margaret O’Brien, Finance Director
Exhibit:
1. Annual Report