Title
Recommendation to Accept the Special Tax and Local Bond Measure Annual Report. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: John A. Russo, City Manager
Re: Accept the Special Tax and Local Bond Measure Annual Report
BACKGROUND
The California Government Code requires the reporting of special tax and local bond measure accountability for those special taxes or 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 special tax or local bond measure must be reported to the governing body. The City of Alameda has two issues that require compliance: the Bayport Special Assessment District and the Measure O Library Bonds.
DISCUSSION
The Bayport Community Facilities District (District) (CFD03-1, Fund 278) was formed by Resolution No. 13644, dated November 5, 2003, for the purpose of funding the ongoing operation and maintenance of public facilities and public safety services within the Bayport neighborhood. Proceeds from the special assessment are accounted for in Fund 278. FY13-14 annual levies produced revenues of $752,419 and interest income of $22,133. The expenditures during the fiscal year totaled $784,382. Although expenditures were slightly more than revenues this past year, the Fund has a significant fund balance. This fund balance has grown in order to build reserves to fund future maintenance and capital replacements/improvements, thereby limiting the need to raise assessments in the future.
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 FY13-14, the City issued the 2013 General Obligation Refunding Bonds to refund the 2003 General Obligation Bonds. These monies are accounted for in Fund 421 and 421.1. Fisca...
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