Title
Recommendation to Accept the 2013 Local Library Bond Measure Annual Report. (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
In Fiscal Year (FY) 2021-22, annual levies produced tax revenues of $605,426 and an investment loss of $13,105. Expenditures during the fiscal year totaled $626,244, 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 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 of Alameda (City) issued the 2013 General Obligation Refunding Bonds to refund the 2003 General Obligation Bonds. These monies are accounted for in Fund 410. FY 2021-22 annual levies produced tax revenues of $605,426 and a loss of investments of $13,105. The expenditures during the fiscal year related to the use of these funds totaled $626,244, which represent debt service on the cost of the improvements made at the three libraries and bond administration charges. As of June 30, 2022, the ending fund balance was $1,037,558. The tax rate for FY 2021-22 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 a...
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