Title
Recommendation to Accept the Local Bond Measure Annual Report. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Accept the Local Bond Measure Annual Report
BACKGROUND
The California Government Code requires the reporting of local bond measure accountability 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 to the governing body. The City of Alameda's 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 Fiscal Year (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 421.1. FY 2015-16 annual levies produced tax revenues of $764,538 and interest income of $5,259. The expenditures during the fiscal year related to the use of these funds totaled $627,469, which represent debt service on the cost of the improvements made at the three libraries. As of June 30, 2016, the ending fund balance was $841,274, which was sufficient to cover August bond principal and interest payment of $485,809. The tax rate for FY 2016-17 has been set to reflect increases in next year principal and interest payment with partial offset by the accumulated fund balance.
FINANCIAL IMPACT
There is no budget or financial impact to the General Fund or any other Fund City Fund as a result of receiving this report.
MUNICIPAL CODE/POLICY DOCUMENT CROSS REFERENCE
This action does not affect the Municipal Code.
ENVIRONMENTAL REVIEW
This action is not a project for the purposes of California Environmental...
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