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2009-02-07 Packet~---- fp ~ , ~,.~ ti ~~ 21r -..- fi __ ;.L a F ~.~. J ?x ~~u _~ , 1 ~ L~ jr~. ~ , qt ~1~1 lV Jn~~~l~~~r CITY OF ALAMEDA • CALIFORNIA REVISED SPECIAL MEETING OF THE CITY COUNCIL SATURDAY - - - FEBRUARY 7, 2009 - - - 8:30 A.M. Time: Saturday, February 7, 2009, 5:30 A.M. Location: Community Meeting Room 1~3, Alameda Free Library, career of Lincoln Avenue and Oak Street. NOTE: Prior to 1D:D~ a.m., please enter the meeting raom through the garden gate off the parking lot close to Times Way Public Participation Anyone wishing to address the Council on agenda items or business introduced by the Council may speak for a maximum of 3 minutes per agenda item when the subject is before the Council. Please file a speaker's slip with the City Clerk if you wish to speak. Arr~nrla 1. Roll Call - City Council 2. Recommendation to accept the Financial Report for the Second Fiscal Quarter - October, November and December 2~~8 3. 4. 5. 6. 7. Discussion of draft General Financial Policies and Guiding Principles; no action required Recammendatian to accept Budget Program and Format for FY ~oo9-la Consider various funding options for cost recovery of Internal Service Fund deficits Consider various financing and pre-funding options for Other Public Employee Benefit ~OPEB} Adjournment - City Gounci~ Revised: 2/4/09, 3:00 p.m. CITY OF ALAMEDA Memorandum To: Honorable Mayor and Members of the City Council From: Debra Kurita City Manager Date: February 3, 2009 Re: Accept the Financial Report for the Second Fiscal Quarter - actober, November, and December 2008 BACKGRQUND The second quarter, mid-year financial repork on all City funds has been completed, based upon actual revenues and expenditures through December 31, 2008. Effective FY05-09, quarterly reports will be prepared in the same format and content as that introduced to the City Council at FYOl-08 year-end. Quarterly reports will include financial information for a[1 City funds presented as follows: • Af~acl~ment A outlines by fund the revenues, expenditures, changes in, and projected net fund balance for all City funds at June 30, 2009. • Aitachmenf B summarizes by major category actual revenues and actual expenditures for the General Fund, as of December 31, 2008, and projected Genera[ Fund revenues and expenditures at June 30, 2009. • Aftachmen~ C details General Fund actual revenues by source at December 31, 2008, and projected revenues by source at June 30, 2009. • a~tachmerrf D details General Fund actual expenditures by program at December 31, 2008, and projected expenditures by program, at June 30, 2009. • A#fachment E graphs FY08-09 budgeted General Fund revenues by major category, including actuals as of December 31, 2005. • Affachmenf F graphs budgeted General Fund expenditures by major category, including actuals, as of December 31, 2005. • Aitacf~men~ G summarizes by fund actual revenues and expenditures at December 31, 2008, and projected revenues and expenditures for all remaining, non-Genera[ Fund City funds, at June 30, 2009. Quarterly reports provide the City Council with timely updates on the financial status of the City funds, comparing budget projections in revenue and expenditures to actual receipts and expenses each 90 days. In addition, each quarterly report includes a projection of revenues and expenditures at fiscal year end, based upon actual experience, changes in revenue forecasts, or other variables such as changes in State subventions or reimbursements, which can affect the approved budget in each fund. City Council Agenda Item #6-H D2-03-49 Honorable Mayor and February 3, 2009 Members of the City Council Page 2 of 6 !t is important to note, however, that projections are based upon the information, data, and assessment of market conditions at the time the projection is made. In this volatile econamic environment, projections cannot be guaranteed to reflect final results at year- end. However, including such information in the City's quarterly reports each 90 days is a critical tool in gauging fund performance, and thereby anticipating any major revenue or expenditure impacts that would affect the City's annual financial position at fiscal year-end. Genera! Funaf The FYOS-09 annual budget was balanced at the time of adoption in June 2008 with total appropriations of $75,894,891. However, the downturn in both the national and the state economies, which affected the City's budget so dramatically in FYOl-08, continues to affect its FY08-09 budget, despite significant budget reductions implemented to balance the General Fund in this fiscal year. The Genera[ Fund, and related funds, will continue to contend with considerable revenue shortfalls due to declines in retail sales, home sales, and State budget subventions. As of December 31, 2008, revenue in the General Fund is projected to be $911,139 less at June 30, 2009, than budgeted. Lesser revenues reflect lower than anticipated receipts in local taxes, interest, and fees for service, all of which are revenues directly affected by loss of consumer confidence in the economic markets, as well as certain conditions unique to the City such as the recent, unanticipated loss of auto dealerships. As a result of cost controls, including a freeze on vacancies, a deferral of certain equipment purchases, reducing overtime used, and a careful reallocation of certain expenditures to other funds, General Fund expenditures at fiscal year-end are projected to be more than budgeted by $44,890. However, this is merely a projection, and this nominal overage will undoubtedly dissipate with revised revenue and expenditure projections at third quarter. Any excess revenues over expenditures, which may be realized at fiscal year-end, must be applied to negative cash fund balances in the General Fund's Internal Services funds, which have accumulated cash deficits in providing services for which the Genera[ Fund was not charged, but for which it is responsible in its operating budgets. The General Fund fund balance, projected at June 30, 2009, is $15,429,156, which represents 21 % of FY08-09 budgeted expenditures. This is below the 25°/o goal, but above the 20% floor included in the City Council's policy. General Fund actual revenues as of December 31, 2008, were $32,356,621, or 43°/° of FY08-09 budget; actual expenditures were $31,692,430 or 50% of FYOS-09 budget. General Fund major revenue categories are summarized in Attachment B, with,details on revenues by source in Attachment C. The City derives a significant ortion of its p General Fund revenues from economically sensitive sources such as property tax, sales tax, utility users' tax, and construction-related permits and fees. When one or more of these key revenues decline significantly below projections, program and service Honorable Mayor and Members of the City Council February 3, 2009 Page 3 of 6 operational levels are placed in jeopardy. Despite extremely conservative revenue projections for FY09-10 based upon FY07-08 trends, a General Fund revenue shortfall is projected in FY08-09. General Fund expenditures by major department are summarized in Attachment D, which includes actual expenditures at December 31, 2008, including General Fund transfers to other funds such as debt service in the amount of $899,550; the Planning and Building fund transfer of $1,317,069; Library Fund transfer of $1,500,000; and the tither Post Employment Benefit ~GPEB} transfer of $1,968,000. Special Revenue Funds The Special Revenue Fund group includes such individual funds as redevelopment, gas tax, library fund, various assessment districts, and the athletic fund. The FYOS-09 actual receipts at December 31, 2008, for this fund group totaled $20,370,350; actual expenses totaled $29,973,209. Projections at June 30, 2009, are $74,619,250 and $69,255,709, respectively. The vast majority of these special revenue funds operate within budget projections, utilizing available fund balances only strategically. A number of these funds are grant funds or capital project driven funds, which generate revenues and expenditures in patterns different than that of the City's General Fund or other operating funds, such as Enterprise Funds or Internal Service Funds. Sufficient reserves in each fund are always maintained to ensure completion of projects or programs. At June 30, 2009, the projected net fund balance for the Special Revenue Fund Group is $55,263,042. Capita! Project Funds The Capital Project Fund Group, which includes such individual funds as general capital projects, construction funds, assessment districts, impact fee funds and urban runoff, had aggregate actual revenues of $5,171,043 and expenditures of $6,730,011, at December 31, 2008. Projections at June 30, 2009 are $13,277,410 and $14,211,435 respectively. This major decrease in year-end projections compared to budget is a direct reflection of revised estimates in those development-driven funds, such as impact fees, which have been affected by the economic climate in California. No individual fund is operating in negative cash. All assessment districts are fully funded, with sufficient cash fund balances. The fund balance in this fund group is projected to be $21,908,333. Debt Service Funds The Debt Service Fund Group includes individual funds established to account for the long-term debt of the City and its redevelopment agency. The year-end fund balance of all debt service funds is projected to be $10,370,917 at June 30, 2009, a decrease of Honorable Mayor and February 3, 2049 Members of the City Council Page 4 of 6 $111,393 or 6% from the prior fiscal year. This decrease can be attributed to the use of fund balance for the police building debt and the Library bond in order to reduce the transfers in revenues} to these debt service funds from the General Fund. Enterprise Funds The Enterprise Funds Group, comprised of City business-like operations such as the golf course, ferry services, and the sanitary sewer system, requires fund balance reporting that includes cash, reserves, and asset valuation of the enterprise such as buildings, equipment, and infrastructure. Attachment A includes detail in cash, reserves, and assets for each of~these individual funds. The ag re ate fund balance at 9g June 30, 2009 for all enterprise funds is projected to be $60,496,316. internal Service Funds The Internal Services Fund Group includes those funds created for programs andlor services provided citywide to all departments. Optimally, revenues to these funds are the result of administrative cost recovery} charges to the other funds, principally the General Fund. The projected fund balance at FY08-09 year-end reflects negative cash of $2,668,419, which indicates that charges to departments for such services as Information Technology services, vllorker's Compensation, and Unemployment Insurance have been insufficient to fund the cost of these support services. Funds operating in negative cash have, in essence, utilized cash from other funds to pay expenses. Although nominal negative cash balances can often be anticipated in Internal Service Funds due to the often inexactness of charge-back formulas ar unanticipated liabilities, significant negative cash balances in excess of $100,000 are fiscally imprudent. Cost recovery issues for these funds and their requisite reserves will be discussed at the February 7, 2009, City Council Financial Policy Workshop. Reducing these negative cash balances must be accomplished by recovering any excess General Fund revenues available to offset these negative cash balances in this fiscaE year. Absent General Fund savings this fiscal year, full cost recovery rates for Internal Service Funds, including budgeted contingencies and reserves, must be addressed in the FY09-10 budget, and will significantly affect departmental expenditures in the General Fund, requiring further reduction of departmental program expenditures, or utilization of General Fund fund balance. Trust and Agency Funds The Trust and Agency Fund Group includes bond reserve funds for the various City long-term debt obligations, as well as variaus funds established for the payment of the City's pension and retirement obligations, such as the 1079 and 1082 Pension Plans, and Other Post-Employment Benefits ~OPEB}. Fund balance in this fund group is projected to be $48,499,188. Honorable Mayor and Februa 3, 2009 rY Members of the City Council Pa e 5 of 6 g FINANCIAL IMPACT The FY08-09 mid-year report includes several exhibits that detail the variances between budget and actual for revenues, expenditures, and changes in fund balance bud et at .. g December 31, 2008. Exhibits were developed to facilitate review of this detailed financial information, and to create a fully disclosed and clear presentation of the Cit 's Y budget and cash position for each City fund at the close of the second fiscal uarter. . q Projections for year end can be affected by numerous variables; however, continued revenue monitoring due to market conditions and maintained diligence in expenditure cost controls through June 30, 2009, will ensure that FY08-09 does not require an .. Y util~zat~on of General Fund fund balance. The FY09-10 budget adoption schedule has been accelerated. Staff be an re oration 9 p p in mid-September, anticipating that a major change in budget structure was needed to address the policy direction of the City Council, the fiscal realities facing government in the immediate future, and public demands for a more transparent disclosure of the City's financial condition. City management has initiated several major studies and J analyses, completed by both staff and independent experts, which target the more significant revenue and expenditure factors that must be evaluated in pre arin the p 9 C~tys annual financial document. These include a multi-year propert tax anal sis; a . Y Y multi-year sales tax analysis; amulti-year analysis of property transfer tax pro'ections; revised 1019 and 1082 actuarials, including updates on annual required fixed contributions; revised ~PEB actuarials, as required by Governmental Accountin . 9 Standards Board ~GASB} ruling 45, including updates on annual re uired fixed . q contributions, a public safety staffing analysis, which will quantify costs and qualif Y service levels; a refunding and debt analysis of all long term obligations of the Cit , . Y including calculation of potential cash savings; and, a revised cost allocation plan, which will calculate requisite levels for charges to departments for internal and administrative services provided to operating funds. Reports on these analyses will be presented at the City Council Financial Policy vvorkshop on February 7, 2009„ in conjunction with a discussion on strategic financial policy decisions required for this fiscal ear and for Y subsequent annua! budgets. Honorable Mayor and Members of the Ci#y Council RECGMMENDATI4N February 3, 2009 Page 6 of 6 Accept the quarterly financial report for the period ending December 31, 2005. Respectfully submitted Ann Mari allant Interim Fi nce Director AMGIdI Attachments: Attachment A-Projected Fund Balance Unaudited} of All Funds at June 30, 2009 Attachment B -General Fund Projected Revenues and Expenditures at June 30, 2009 Attachment C -General Fund Projected Revenues by Source at June 30, 2009 Attachment D -General Fund Expenditures by Program at June 30, 2009 Attachment E - Budget to Actual General Fund Revenues by Major Category as of December 31, 2008, Attachment F - Budget to Actual General Fund Expenditures by Major Category as of December 31, 2005 Attachment G -Projected Revenues and Expenditures for Non-General Fund City Funds at June 30, 2009 ^~ V a W~ Wz V~ Z~ aJ ~J (a~ Q 1~I~i O Z C ~ ~ 0 0 ~ ~ ~ h ~ r r M ~ Os m ~ ~ o a7 ~1 c~ ~ u 'i ~ (Dp o~p v ~ ^ N N fpr ~ O~ a7 ~ r ~ O N~ N '~f' G ~m ~ ~ ~ r N D M LL a C ~ ~~„ r 0 r ~} r 7 ~ ~a WG)~0 u7hrfl0 ~3rr(p m h(y c~ (Q O oD O ~ ~ N N O C~ O a0 r '~ r r M ~ O M L'7 ~ h ~- r 00 00 M DO N ~ 'b' ~ N ~ oD (Q N ~ N N ~~ ~ c rn ~ a~ ~ vvvo O~n oDOO Oooo vo 00 ooov ooN u~ m ono ~ ~rD 4 ~ 0 ~ o = Oh oN ~oo~ = our Oom o rn ~ v ~ o~= N ~ ~ m o c~ v ~ ~~~ ~ M No rn ao cv~im r h (D ti h o - N Gov o cv ~ N cOh h0)N r ~ N ~a ~ ~ r r N z O~~ 0 ~ ~ D ~ D o00o ~~ vooo O 00 OD 0000 D^N 0 O o O r•~ o~ H ~ o o v .-r ~ m ~ 0 vu~ Darn o h oaNo ~ ~ '~ N ~ ~ ~ ~ '~t~ o h 000 ~h 0 u~ c~ ~~N c~ N ,~ O ui h ~ ~ ~ NN dW ~ ~ ~ M `-N r N ,~M ~ ~ d ~ D ~ LQ o 0000 ~0 0000 0000 OD 00 OODO O u7 ^ rd. o~ ~ ~ G o D r O N~ 000 OO O ^ O (D h OON (app } 0~ ~ ~ r O hM N Od'(Dd' oDrn p~ N r N ~ N Gh0 ~ N N q p N N d ~ tD ti ~ ~ r M r d' [4 d~ .., p ~ p M o N DO d' C~ N OMQ~O Gb ~t h oNMrn ~ Q~ O~ N o0r ~ ~D hcQrO u~ h N {'7 u7 ~p ~ Nh 0 ~ 1ti C _ ~~M (D4O~ ~ d?~- ~~~ r Op ~r 00 + + r o ~ N ~ ~ a3 r Q3 r r {~ e- cD r 0 h ' " o ~~ V M d- ~ `- o D N a D~ tcj~N ` c r r Z ~ ~ ~ r e- (y S.: E ~ ~ o DO ~o 01 ~ rd'~CO oohoa MOOC~7r c0'd'cOh r[~ hh h00e- ~hN ~ ~ M ~ N ro o~ o o N N ap N {D N ~~ p> r ap a O ~y r. 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M CV ~- N ~ r ~ D N N ~ ~ ~ ti O O ~ D OODci700(DOODO ~ ~ p~ C [ b' N 0 0 00 ~ t N ~ N ~ O h 'd' r 07 o'~U ~ O h ~? r ~ N rj N N d ~ z ~ r ( ~,a m o ~ M 0 O 0 o 0 0 0 0 0 ~r o M Dvv~nooMO~nMr Nao ~ ru7~ d y 0 0 o h D 00 O O D h ~N 07 ~O~ ~ ~ 0 M M O ~ ~ (D N ~ ~ tr N (0 N O 0 ~! ~ M CD h ^ r cD D N I` N O aW ~ r N N N ~ N {'~ NMr Q3 'd ~ O ~ ~ ^ '~' ~7 D ~ ~ ^ o O ~ O ~ O O O D O O h O~ M r D O h r u7 e~ m~ ~ o O rn v M M o o m oa o ~o~ v c O d m 'p ~ N M h O ~''~ ^ N ^ '~" m M N h CD O (p 07 N r 07 h (' a4 r h u7 <D d' O~ (0 OND OD r ~- 7 O h N cD d~ ~ N oD N N NMr O` ~ O O D ~ ~ n ~h ~ DDi~hDDNOOD~D O D N M O N o hD op ~~O ' ~ o~L N r N ti h (MD h ~ ~h G (D DOtp ° c~ ° Li a cv c~ u~ ~- o ~ ~ +n v ~, N ~ M N Z t' 4!_ ~ m D D O O r N ~} D O 00 ~ u7 ~ h ti O ~~ ~ OMc~ ~,~ d ~ 00 N ti OD7 N r ~ ~ ~ h r-• (Q ~ D D NN ~ N~07 } ti ~ Q M r O ~? ~ a} D N h tc) 07 D W IL w r '`" ~" ~ r N ~~~ o ~ ap o n ~` v ^ N o M ~? 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N ~ d ~ O ti ~ ~ °~~ o ° ~ ~ o ~ ~ .o ~ ~ a oC ~ ~ ~ N m G ~ C 0 ~ ~ o ~ 00 M ~ 7 ~ v = N ~ N O M ep ~ U Q ~ ~ LL m N ~ N z ~ °' - ~ o ~ ~ a ~ ~ ~ ° ~ , a ~ LL W M ~ ~ r- ., ~ ~ ~,_m o ~ ~ C o v N o °D ~ a~ ~ ~ j ~ ~ OQ ~ ~ I~ ~ r^ ~ a ~ ~ ~ ~= ~, v di ~ N G C ~ ~ ~ ti ~ l~ N ~` GMO M ~ M ~ C ~ Q ~ O ~D N LL N {) V ~~ z o N J a a ~ ~ o ~ ~ ~ ~ °z W y F= v a ca ° z ~ ~- `~ °° ~ a W D Z W a W D Z a W Z W W D Z J W Z W ~no~nooooc~ co ~coc~rnma~ooMOr• v ~ ~ co aotitivv~oco o Ma~oocoNNrnoor~ ~ co ~ ~ Mf~f`i17N07Nc~? ~ OMNt-OQI~ON^oa ~ O 01 ~ c ~ o ~aaaio~~ncvr: o aioooao~i~icoavi~t ai ni ~ ai oc~~~~o~--~ v ~-o~-oaac~~-oo~o rn ~n c~ N ~ aaoor~coMrnorn ~ oorn~ttico cooaau~ oa ~ M ~ }.'"" p NNE "`r0?~0) ~ ~7NN(DM r-NO (D ~ ~!7 ~ ~ ~ ~ ~.. ~ a cc ~~u~aoa~oc~~t h ~cv~no~~~~~nv ~ o M N X00^d"rd'~70 N v~-~^~'tto0t'~?COM N ~D M OQ pa OQOp0000~CiO{00) (D Op~pM~O~W~p~ p OD N OD ~D D op M ~ 00 ~ ~= ~ cM ~ [` NN ~ pct' c~iap M N ~i 0) ;= C A N ~'ttoOti~~Nh ~ ~d'W^~t' '~~}cDop M N LD N Ob ~ ~ CD^~MNCD~~ .M MOtiNGO N~DO~ e- op ~ M ~ v r ~ ~ d' N M ~N N ~ O cr} r= r= ~ ti u} ~-- ~I`O~DtY?N~ON d' CO~NNMI~Nti7Mo0 ti 0~ u} cy OI`~i`tDOU7o c'~ 0~000O~tN'~tCDGD~ !~ ~!) h O ~^MMNO?i`o0 GO I~f`O~N~d'f`~tN ~ ~- (p 00 p ~O^~DMcYiM di N~uiNNNCV{'r}Oid' cD I` nl ~- ~ MoNOa^N~171` O o~00004 Nv'~~ N 1~ N N ~ ~ ~ 0~ ~ ~ ~' r- nj N c- In '~ ~ r r- h ~D ~- LL Q N ~- ~ ~t'ti~DN tooooN M ~NMaD~~'NcDNN o r- 0^0 f` Mo~(`'~'MMV v ~NI~C~I`~tttDGDOD ~ o O o ~o~~h~a~~ ti oooMaco~~th~nN N ~ oa cv ~ ~ ~ ~ ~ cv co of ~ ~ oa co ~ ~ ~= v o ui ni ai co ~i ~i oo ~ of p ~ ~ ~ Ncr?{DaOMNf~O ~ ~0)~~cfl N~~N d' 01 W W ~ ~ d'tn~r~~0~~ l~ ~~N~O r-Nf~~l7 ~ Cfl O p v tD N M ~ 00 ~- ~ (0 ~ r N O t-' It7 ~ar~ " 0 N O ~ H ~ i .~ C tW ' '' C LL. N z n~ ~ _ ~ yoQ s o c w ~~ ~so~-N~a~ ~ a o ~~~o~ ~ w ~ ~J~~g~o~a~ ~ ~ ~~~~~~~~dW m ._ ~ ~ ~+ D as X o._~mr~aso~~ c,~- d ~ ao~~~oc~~ w C~a~a~UazaH o z ~ 0 OD 0 W H a D z N City Council Attachment B to Agenda Item #6-H oZ-o~-og rW~ V o ~, No ~ ~ a D Z J W Z W W ~~ Z W W y C o 0 0 0 0 0 o \ \ \ \ \ \ \ a \ o 0 0 0 0 0 0 0 0 0 0 0 0 0 o ~ \ \ \ \ \ a ~ voooMOOV r Mao~Nl~OO~(r]Nn~i7o0~ ~ ` D~N~OOfl r ~aa0ic~(pp~f?('~c'7cri~ci(D~000 1~ ~ ~f?1~il7O i!7 ~ ~b'NM~ MMMMLDI` ~M M a p ~novoooo aoc~vo~ v ~ oa vooooo000000000 ooooonooooo000o 0 ti W M~~noM o = c~ oooooNOOOOVO~noo 1• O ~ ~ ~i ~t ui a oo ~ 0 0 0 0 o ui o ui m ~i o ~i o ui ao i oW o) r ~ 'd' O ~~ N c0 O as ltd 'd' ~f? r N ~-' o I~ ~[} n r" ~ ~- (D oou~vroN~co M Nc~ ~ ao ~' o O r r N ~ M O r r r N LL a ~ ~ ~ 0o H 0 ~ 0 ~ o~? ~~Q ~oH 0 ~ 0 ~ o~~ }tea o M~~nhoorv rnaar`u~ M ~ ~ N~r~~no~nrnMnnvooo rn~nooco~n nr-cor(DO orn ~ o0 0o H cpaoM~ ~ ao ~~u~oN co~tco~tcnn o~n ao cr ~ M*+ ~c~N~ o ~ aa~i~uico vco~~c~cv Nao ~conrnn ON~-N n OM c ~ ~y ~a n o 0o `~ tG r- N ~ N~ '~ N r r io Oa ~ ~ r ~ ~"' a~ na~r-~-ooo o~noco ~ ~ Mo~rnvoNaoooa~ooo~n MI`O~r NcD M N ti o 00o ti O ovaorn ~ ov~rM tit. ~ N O OQ ~ ~ OM,~ Y lI j r (V M~ ~ N ~ {'r) OQ Od CA I` ill OMM~f?1~ r N ~ }~ v a ~ r ~ 63 r- In o r r N ~ N ~, ~ ~ r ~tinNrooo N~7M~7rt ~n m o rvoo~rooooovoooM ~naoornooovoooo~ o0 r o~ n~orM ~ = u~ NNa~onNOOVVOO~oo 0 oW ~ ~cicvro ao ~ t" ('r} d' d} N ' ' as I~ " ovaioovco~no~i~iu~oni oco ~ M q0 r-- ~ r Q f~ ~ 1~ r- N ~-- O 0 O GD d N ~ ~ r~(}prON~(D M r N(D ~D }'7 ~r r r N bF} ~Or r r ~ ~ m H9 N ~ ~ .-, D. N ~ W F- 7 W ~ N C o OTC vi .... ~ c m ~ ~ H N F W Z N :~ d a W d W ~ ~ p X c^v~ ~qoj ~ o~~aoicF~- W ~ o W ,~ o ~ ~ ~ ,~ ~, ~, ~ ~, c ,~ _ ,~ _ ~ W H ~ ~ x~o `cW~ a ~ J o~a~ ~~a~~ aN N~~oN ~N~4~ o ~ ~ d -' ~ ~°~cn 'a ~ ~W~ a v ~cN~LC~~rvoi~rrm a~~ ~~ ,~ = ~~c ~ -' ~ ~ ~ c o o ~ ~ ~ x x~ m c~ ~- cn o ~ Q ~ Z ~, W ~~~c3ro~ ~ o N~ H~ o H ~ ~~~N~~~~~ ~--~ ~ F- F- .~ ~ ~ rn ~ li ~ a~ rn c ~ o ~ N d ~ ~ o W ~ N N ~~NW o Na a~~-~ ~,~ F' J a o o n~a `= `~ p ~ ~ ~ o~, c~~ ~~~ ~ ~~ c~ o ca p ~ p ~ a a ~ o cnu~a.~~aC7 ~UUwQ==a ~ c W Z I- voovoor ooooovo oooooov~NVOOOOo W v Vo ~-N~~f}n0~7 orovoo~-rrcv~ncono~ r'rNM~~~I(]~l~lnl~tf~(~(0 ~ QZ t-~r~--rrrr MMM[~MM[~ NNNNNNNNNNNNNNfV ("~?MM[~]Cr?MM('~MMM('~i{'~M('~ City Council Attachment C to Agenda Item #6-N Q2-43-09 +~ \° \° \° \° \° \° \° \° \° \° 0 O O 0 0 D 0 C O 0 \° O ti ~ ~ ~ 0 O O \° Q C ~ o°rc''?OOODOO "~ O Np00 N ` ooootiooovoo as crivo~i ~ N ~ o N cv ~ c~ a ° °°~ °° °° °°° ti °° ° ° ~ ~ o v o o o o o o o~ ~ ~ ° ° o W ~ ~ ~ ° ca ~ ~ ~ ~ ~ ~ ~ a W Q~ ~o }, r 0 D Z J W Z W (~ W ~ ~~ Z W W ~ ~ ~ ~ ooH ~ M ~ ~~a o 0 ~ 0 ~ oH D M ~ ~-Ma ~~ ooaoasooMOO~n ~ N ti r I~ N W cnooo lf~ O O as d' ~ D H O~ O (~ Od D r h Gd ~M~ ~c*? M ~ ~ N ti ~ N v a ~ '~ Md~ ~! ~~ o oo~ooa~vv~n ~ ~~ ~ rn co ~ Mooao co 0o ~ ti 0 0o H ~ N o ~ u~ c~ •- ~ ~ p p` ~ i7 N N ~ ti ~ ~ }~~ a ~ ~ ~ ~ ,~ o oooo00 °~° °°° ° ° c-~ o ~ o v v 0 ~~N ~n ti ua o u~ ~ W O r ~ ° ~ ~ ~ ~ ~ ^ r ~ r ti r ( 0 ~ LL m fR ~} N N H ~ g H ~ _ W W a °~ w ~ N W ~ LL N ~ ~ ~ ~ N y ? ~ o!i W ~ ~ ~ ~ E ~ W H W N c o W w ~ a rn~~ a~a~~a ~ p . Q~i ~ ~ W a ~ ~ ~ ~ c ~ c ~ ~ IL ~ o ~ ~ N c L ~ N N ~~~~' ~a ~aa a°, J Q z ~, ~ c ~ ~ Q W E•- :c- me H ~ a~ E H ^ N w ~ E ~a ~~ a~~ ~ • ~ w ~ ~ ~ E ~ w W v LE ~, ~,_~~E v o 3~ ~ •~ c~~ N m ~ ? on ~ N c~ m ~ J ^ w aUm~mmwwa~ N LL 4aw~ N W H M~~ooooo00o Dora ~D(DO~DOr,ooO O~-rl() ~ dZ MMMMMMMM('~M C'?[r}f'~MMMMCr?MM M('~MM W o ~, N ~ m ~ Q D Z J W Z W W ~~ Z W W ~, o 0 o a o o a o o a v o 0 o a o 0 0 0 0 o a o o a o 0 C \ \ \ \ \ \ ~ \ \ \ ~ \ \ \ \ \ \ ~ rnvooo ca ooNOOOCVOOOOOa~c~o~-oooc~~ as ` ~ac~o 00 0~o~ooowooo°o°~°na~o° o,°nooniai m ~ ~ ~ ~ rn ~ a `~ ~ `~ 0000 v o0ooooovoou~oooo~nooooo 0 p o 0 0 0 0 0000 oo~nooa~cov oo ~ W o N N o 0 oNO~n cOMOVOaDd'o 00 0~ ui nl r: 0 0 0~oti N[Vc~iu7Dtif`~ ui~i ~i 00V N ~ M ~ M (D~~-~ M~- ~MN~M ODN O W ., 'd' ~- ~ ti N ?I ~ ~ ~ r ~ ~ D ,~ o a ~ ~ 0 O C y ~ d~ D M ~ ~~a 0 0 ooy ~ ~ 0 ~ ,~ ~- ~"~ Q vl`(DO G7 OoO~O~OM000Q00'~tM~oMO00ti~t D Q3 OD 00 N r o d7 O o N 00 0 l(y N 00 Q ~ ~r- Op ~ C~ H I~M~- 1t7 O 00 0~0 ~!?MOOM N(D NQQ o O~ ~ ~t'~ ~ o OQ oN NNMNil7 u?~D NN oD p ~ ~ O `.' tD 1p N ~7 (0 N M ~ N N d} ~ N ~ v r N r ~- ~Lra {~} N ~ ~ ~ ~ crv~rnv ~ vou~ornooooo~Ma~o~nvrnvoornca ao o r• M u~ ~ o ~ ~ 00 0 ~ N rr cD N ch ooav~ rnc~ooa ti v v~ u~~rn ~ o o~ T 0 0~ ~ m M a°a ~ N N A M Sri ~ r o ~ 0~ V vy ~ ~ ~ N D ~ a ~ 0000 v oorno~oooooooooMMOOOOO N ~ v M o N o 0 0 0 0 0 o rn N o o N o N cv o ~ -~NO 00 ovaoao ov M o W ~ o ti o of ~ d~ o v v ui o r: M ui r: ti G~ ~ O h ~ N T~~? N~ OM~~ ON ti IL m ~? y} W -- N Z W W z ~ Q ~ °' _ ~ W C7 a~.a E ~ N ~ H W Z 4 ~° La~°~ ~~°~ ~ r ~ 0 N Z 0~. ° Q H ~¢._~'~~.~~~'S~~j.o~~ c goo ~ W 0 ~ ~ W ~ ~°'m°cn°_~ ~0 ~.m~E~_ ~~ r ~ ~ ~.,~ _ ~ d Z E~~N ~ ~od0~co'° ~-O~j~om~~Eo~ ' Z N p ~~~ N a w W e `' `(+~=UCH c'C7~.~~~ m~~~ oLLU 4 ~ ~„ ~ +, ~ ~ {~ ~ ~ N N Q} Y a? c c c ~ ~ ~ ~ W UWi ~~a~o p W ~~~~~~~ro°m~~~Nrooorc~r m ~ p ~ ~ ~~V ~ ~ dc~~i~iinNin~nmcnUU¢a~~aQoao N W H o~-oo oooovv~nootivovoooo.-oovo W V OooO MOB-0)~-NNNNO~-OOQd7N000~-(Y70 v0 u~u7~~ ~O~~NNNNNNMM~~i17o0oDod000~ N (0 (0 (D (0 (D (p (fl (D tD (0 (0 (~ (D {D (0 (D (0 (~ (D (D ~ QZ M('~MM MM('~tY?cY7('~MMMi'~iMM('~(~7M(Y7M(Y7MMM W V o ~, N~ 0 D Z J W Z W W ~~ Z W W ~ o o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o a o 0 \ \ ~ \ \ \ ~ \ \ \ \ \ \ \ ~ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 4 C cDOOaorNO(OD~ovNOVNOcncOr~l~oho)r~orN{~oMo W ` cvooo~ioniair:o~oooiaot-OltiN~fVO(~00~-0ao~DOoov O ~ d' (~ ~ rn ~ ~ {p ~ ~ N ~ ~ ~ u? c~ M (D o ~ N a oovaooooooooovooo ~nooooo000oooo~no p oo~nooooooooooaooomomovoovooov v W oocvooo~nooor~~no~n~noo~•oa~aovood~ooo d~ off a~i o~i~~cn~iri~i ~ci TN~ioco~=~=~iooui~=nio~= ui ~ ~ ~ ~ N ~ ID r oD O d' ~ (D N O (U I~ r N d' N ~ ~- I~ 00 W N t- r r- ~-- ~ ~ ~ N 0 ~ ~ a vo H ~ M y }tea o H o off? }Ma u~ rnv~noc~~u~NOroo~rootiotioNtir~tr•~ornav~ornv ~~ H ('700C~(000?O~r(D M i!7 C1'd7NNMM{DNDO]rQ o0 ' ' C D ,,, N l{7 r f ~ o ~- ~ r!} tt r M r N o 0 00 u7 f` [~} ~ Q? ~ ~f7 r ~ O pD ,~,,, ~ N O 00 O o ~' o M ~i M N M N ~- (D 1~ ~- f~ ~ ~- 00 00 ... N ' O ~ } lnNf` ~r{V`-' N (D N rMr ~~N N f~ ~ v a O ~- ~ ~~. O N O W N N N ~n ~ oa o O N o 0 (D o 00 o rt ti v D o C) v c~ Q) !~ O r o 09 00 O ~ d' i!7 u7 (D '~t I~ u'3 O ~- ~ O D N ~ v c~ 0) c~ o c~ 'r '~ OOQ H QO ~ }Nr(D( ?OONr00 00 O ('r?GOM~{7t'7GQ C7 ~Nd' 00 ~ ~ O ~~~ M N~N ~~ ~ N~~ r M oD NN ( ~ ~ ~ a ~ ~ `~ ,~ voocoovvoooooooooo~nooaaovovvoooou~o vo~nNOaooov ooooooa~oco~novoo 00o rn p o~nNC~oooova ~no~nooo~oa~a~oooo or~o ~ W DO (Oil7~N~D~l7 ~(0 ~~~0(~r-~000OI1~ NNN ~ * ' f }l{ ) Nlnr OOd' (0~ {ONO(D1~ NN~N ~ I~ ~ ? ~ N {~ m W NV LL o ~, ~o m ~ 0 D Z LL J W Z W W }. ~~ Z W MW ~L ~, o 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 o a o 0 ~ O(0 ~ t'~Oi'?OOOOOOVNONONd'OOOONOOOOO ` v~ ~ ~~~OOQQO~D~t7DItiQI'~?QCQQO.~p00000 ~ '~ ~ (~ (~} ~ +n ~ to ~ d' lei (~! ~ t'~ u7 u] ~ C7 In a 0o o v o oovco~c~aacyco~omo~or•ti~nocavooooov p W °~ o cv cno~ao~ro~coti ~ocn oao~tom oa~ooor c~vo•-c~~Naaao ~-ou~ T-o~noap vc~oooo °~ v N co r raoico~=m~niui coo~i ~co~=vM oNNninic~ ~-~.aa~-N~cv o ~~~- coca ~-~ ~-rn ~- O W v ~ M r M ~- O r e~ r (V ~- ~ }o LL ~ a 0 O O H ~ o~,~ ~~a v 0o y ~ o~ ,~ ~'MQ ~ oar ~- ~o o~ ocoO~N~oMOOOO~oNNmoaooaa~nvvOo ornrna~~-u~ M vo co H ~ co co rn~r~o~- rnrn ~N~-o~~n ~ ~nOti N~~Orn ~-~ QM,~ O N ~~~0{QO r Nh~ N~ ~~ C~~ ~L ~" r- ~ ~ as om o v ~ ~oo~n+`cotioc~ooovovcoa~cnvrnooooooOv v CQ H 00 0~ ~r a~ ~ u~ s• ~- ~ o OD ~ o ('~ {~ I~ I~ ~ rte- ~ M ~ d' p p° ~ ~ ~ ~ ~~o°o~ ~M rM NM N ~- ~ ~ ~ ~ ~ N ~ O0 O ~ ' ~OO~Iti~00N(01~~1?oOODC7N~t7o(pOO0000D Y as 'ct ~t ~"~ t ?OCOODOO~-cor•~noovooocv~vc~ O(DOODO oDON~N~-NOOo000000u~(Du700p oN0000 oW ~ +~ N ~no~cicoco~it-cV~riaooo~rivoi~~vcri OcoNNNI~ ~ ' O Q ~- 00 Tf O~~CV~-(D ooc~~f ?~~o0 ~~f3 ~~ M r M ~- r O~ (0 r N ~- ~r- - ~ ~ LL m W ~ "; Nc~~ V ~ ~ N NNN W ~ ~ ~ QQQ~~ ~, W N W ~ m o ,~, c o v c~ ~ t~ c~ 0 ~ W ~ fl? ~ L~ N~ U '~ G C C C ~ a m ~ m ~'~ c~~ ~ m~ Vi Z a~ W ~ . ~c~cc Q ' N ' ~' ~~ ~~ ~'N ~a' N rn O "" ~ ~ W N ~~ cq 'D c c ~ XN N ~~ W ~ o~ o E o ~ m -p o- ~~~~ Z ~ c o ~ 3 c~ LL Z ~ ~, rn >> c ~. ~ ~ m ~ c~ ~ 'c ~' ~ ~ c~ ,~ ~ ~ ~ ~m c c c `" ~ ~ ~ a 0~ J H n c U E~ r m L ~ f--U 3U ~Q ~ ~ ~ N~ ~-_ o_ ~s~ ca ~ m a~~ ~ o~~ ~ ~ o W ~ _ .~~ d ~ o o ~ v~ u, v, v, wUU~U~U~a~U~~~~aUU~~QC~~ --- p ~ U•v~ ~ ~ m EEEEEEUEEEEEEEEEEEEEEEEEEE Z U N ~.~ O L ~ ~C L 1"' ooooovEoovooooo00000000000 L L L L L L L L. 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N dJ N {A Vf cA N N N "'` W F- r N cDoODU~or~-Nd'NoD~tc7 ~ ti~•oaaa~u~0oor~n~r w ~~ NNNNc'~?c'~(pcpr•~•aaNN c~ az OD OD ~Q 04 0~ 00 ~D OD OQ OQ OD OQ OD ~~MM~MMM~~MMM W ~_ Z W W ~ I` ~ r I~ O M (D 00 N u7 I` r ? ~r O N o N ~-' OQ O N O ~Q 0~ "cr h ~t O d' O D O t0 ~D 00 O O N p~ N I` O r r O f~ p o O ~D r r ~ OD 0 M N ~7 0 0 ~ N o OQ ~G 4 ~ ~= 0 ~= (~ N ~ 0~ I` O c'n ~= IS O O (~ h ti ~ r= oD Oi 1: ~- ~" O 1~ O r r c-~ M Ch ' ' r O~ ~ C O h 'd' I` r•- r d' tiD ~ ? +r O M OQ M e~- W ~ I~ d r 0> N (0 N r r- ~ 00 r ~ O a ~ N ~ N (0 cD N ~ ti c j N ~ ~ ~ 0 . 0 ~ 0 ~ 0 . 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ 0 ~ o 0 0 0 d v N N O h 00 M M r ~ ~ W M N 1~i O~ M N 0 W ~ IA C~ Q~ L O ~ M Q M C~ G~ h Oa 0~ o N N Os O ~ 0~ 0~ ° h C~ C~ d us ~n u » et ~ ~ ~ u~ of oo en ~ ~ ~ et e~ ~ rD ~ N 0 'd' N ~t7 ~t'3 h x3 0 0 0 (0 0 M h 0 M M 03 M N 00 ~ 0 O h O '~ ~7 r 0 M O i~ r 00 r Gd ~ t0 r- (Q 1A r h a ~ v O O O M N ~D CO ~ M •- O O M 0 ~ O a I~ O M ~ ~ w Qy w N w r M h 'l- ' q V/ ~ ~ r T 0 0 ~ ~ } V N . /~ W A 1_ ~ o ~3 r ti Q ~ ,_ y OO O ~ Rf3 O N c0 ~ c0 u3 O 00 N M r 00 ~ ~-- ~ -^ ~0 N 'd' OD lt7 CQ op r- M N h OD ~ ~ r ~-- h 0 '~ ~ Q m N (V OD r r ~ M 0~ r M N C 0~ y "' O .~ M ~ W a a ~ d ~ o ~ 'v ~ ~ W ~ *~~' a B o c~ co c0 ~n M c0 00 ~o o r c0 ~ ~ ~ c0 0o 03 r~ M s• O O h N I~ 0 00 0 C oo y N co GO M r ~7 03 o O o 04 oa r N O u3 o ao S7 u) N O O l~ '~ r r i• O 00 (0 ~' ~"~ 00 ~ ~ ~D _ O '~"' ~ ~ il? 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M o 44 M d' O O ~ ~ r h G7 ti 1A ~ O W ~"~ v ~ r ~ r O ~ N M M N 0~ (0 D M ~t7 M r- ~r- ti OQ ~D M Q ~- N 00 r ( O r r N t0 r O O 0 CQ N O I~ O r O 1~ M C 1~ 00 1C1 o O ~D C OD y ~ tf7 ' ~ }` I` r r 1` N ~S7 N N M ~ f~ u~ ' op u7 h ~ ~ ~ ~ ~ N f 7 f~ ~f} f` M O ~f} C7 ~ O ~ ~ r (0 i ~ ~[3 O ~D OD ~D C 0 ~ 7 ~ 1~ M 00 I` 00 p ~ to 0 ~ 0 r r ~ O ~} ~ ~ N ('~ ~} m N N N ~ Os t"'i ~ f~ 00 ~ O ~ p0 ~C r ~D et q0 N W M ~ N r N M I~ r ~ 1` r r r ~D N ~ ~ r r ~ iD M N ~D M r o ~3 O +n r M M 0 ~ c0 o o u~ r ~ cO N ~n v h o 00 o ~ cv u~ oo ti c~c » M O M ~ o m to r N ~7 d' Oq o o ~ u3 o ~ ~ cv cn M O ~ m o ~r oo r o ~r3 o ~- o0 o a~ 4 ~ h cr3 M 0 cD ~ et ai Oi cD Sri w I` h ~= to N Qi M 0~ Os G M r ~ te- ~ oa O ~ o 0 r M h cO o N tA O tO C0 ~ N u3 r h tD ~ ~n I` r• O O N h 1~y e~ OQ o} o ? m r ~1j r N t0 (Q ~- M N N e- 1~ D N N 1~ ~ N ~ N ~ ~ v1 'C ~ p N ~ C N N o ~ a N ~ ~ - 0 ° 'a H • ~ ~ ~ ~ • ~ N A 5 ` .. ~ ,, A W L / t U `V A 1 w C Q QI ~ C ~ . . ~' N a ~ a ~ ~ ~ ~ N ~ J v ~ ~ a ~ ~~ ~ ~ r ~ ~ ~ a~ - a ~ ~ ~ ~ ~ ~ ~ ~ ~ v 4 ~ ~. y ~ 0 ~ 0 (~J o U C7 c ~ ] ~ ~ ` ~` ii H W O U ~ ~ U ~ Q ~ c ~ ~ ~ ' c~a c'~ ~ ~ N H d ~ ~ ~ ~ ~ ,y ~ ~ m ~ ~ m ,E .~ . o ,~ °~ a~ ~ y m m H ._ ~ U U U U Ii = N w y m m Q a d U ~ w i~ Q O i~ a N ` ~ N ~ y Z W ~ Q 0 0 0 0 0 0 ~ ~ - o o a M o ~ v ~s3 o O ` v o N o M v ~ o il ~-N vo o o o o o v ~ r N ~- r N N N N ? N O~OD d N 1- r N N N M N ~ N ~ N ~ a r c^~ r C7 r M r C~7 r Cri r (~7 LL ('~7 ('r} M M (~ ~~ W ~ ~~ a City Council Attachment D to Agenda Item #6-H ~Z-03-09 ~ ~ W~ ~~ H z W ~. W ~o~OOU~~-o vs W oNO~o Nocflo h N o~ O o~ N do v~ co M r o O 0 v o o M O Nh!`oQhc~ m OONMoOI~OQ r MI~1`O OQ h h 0~ ~ ~- 00 0 N N v ~V h ~~000VfV W O~OMOQOO O O(~rf~ InOON M OQ O OD 0~ LO ~ r ~[) 4G d'r r'~' M ~" ~- ~ O 00 O W M r (o N '~' (~ t ~ N 0) u} ~D M tD {p N s- O O ~~ {\j +r ~ ~D 0 wr' M ~ r a ~ \°\\\\o~\ \a o a o 0 0 \°\°~\ o a a a \a o \ a \ a \ a \° o \°\° 0 0 \a 0 \° o \ a o 0 o a v W N O CO OO O~ N M ~ Cl M ~'J N O N M OO r~ r O 0 1* ~ OhCOMhNN N ~D~MhNOh t0 ~rNN 1A1Ah M 1~? r ~A 0~ OQ O !D ~t'l N ~A~D ~M r h 0 Y~ 0 N N M d N{D~t7rM~0 O d O M ~t7 (~ OD (D I~ h I~~1~0 I~ {0 O 00 Or M <D h Oa M r N d' GO O)M O N -~ f~ r Q~ 0 0 I~ 0 0 r 00 M ~ ~ O N r 00 ~ OD ~ 00 r ~D ~ ~ op OQ a ~ r = OQ s r 0 ~ C 00~-'NNi~r~D M ~ NMd'~01rM 0~ I~mIAr "d'Ntti~ M 0~ 1~ O N ~D N h Y IL h11} oO~r O OD N N 0 1~ ,~ N+d'r rMU) N 1`ON O h M r M a~ r r r IA ~ N M CW y O ~ W {"~ + + . ~ ~oa ~ o . ~_~ W~*~' ci Boa f~~~3~7NtD0 O Q3 r M Op 00 M G> ~ OOrd'O I~ ~ Op O <"f r Cs 4A N ~ N 00 ~ O ti I`r ~t7 N M 00 0 0 O ~ 0 O N fD ~D CO tl! ~OOr M~ ~ a O~ rM00ln M M 0~ ~0 0 h 00 I M O~ hiO 0 N r fV N (fl0 N ~ ~ I~N Cr 7 "d'I~Mr~b'd' O O {'yl!)lpr N d' ~ ~! ~ O ON M N 00 W~"~ ~ rOOQ rNf~ N r (OON 00 .; ~ N d' e- fa M ~ ~ Q t M d GDMO~O~t'}O ~ ooc~?00?f`oor W C00 tprlt~Q 0~rr r h ~ N ~ r N ~ 0 ~ 00 ~ h 0 ~ M 0 ~ N 0 0 O N s7 O# ~ NNNOrODN 0~ ) 7 ~~ D O - I` NO Y ~ ~D ~ M O ~ 1A ~ N ~ r (fi r r G lt u O ~ L f~~ CMS 00~ CflOI~ O ] ~ Oc O~-~ f.0 h N N r r r tG W~ ~ ~•0~ rr N rt~}r O M r N N ~ p Q r r h r d a~ooco~noo 0 ~ o~cnrn~N~nv ~o ~n~n~-O ~no+n0 r r N N a~ N oo v co ,~ ca a`oi~ 0 o° 0 °o 0 c° ~o v w vNr~oacv0 ~ Moro ao ~ h vs y v v 4~ (flM~[iGaNCOM ~D O I~ O 1~ ~ d' ~t'} 00 0~ NMO~ f~ GO N LC1 RD M I~ tD 0'i ~D Cf r I!} 0 ~r 0 ~ M ~ r- ~ r ~ O? M 0 O M ~!} ~p ~ M O ~? C~ N fD 0 Nr [V OQ ~ rr M ~ r m .. ~ 'C a o d o ~ ~ ~ ~, ~ ~ .. c~ .J o ; _ ~ ~ . ,,,, m ~ o y~~ ~~ ~~ o ~•v ~c c ~ o ~ = ~ ~~ ~ c ~ 00 0._ `~ y N~ ~ ~- ~ E c c~ ~ ~ NC ~ •• o~ •• c ~'~r~ ~ a y ~ ~~~ a z ° ~ c ° ° a ~~ ~- ~ ~ o = J a _ ~ ~~,~~y._U~ H ~ o Nc H H p ~ ~ Q ° N J m ~~ Q _ e •U o o ~ m F` 4 ~ N m~~~~c ~ W c c~ o oQ ~ N*;,O ~ ~~,.. ~~ ~ ~ m N uY yLL m W F - _ ~ d m ,~ c ~ y ~ ~ o v OC ~ ~ -oc~~~m~ ~ m~o~~ ~ d Q as ~ ~ ~. = _ U ~ V7 ~ ~ H o Qw~UNC~a. N o ~a~Q N ~ 0 ~ N Q Q N N _ O ' Z ~ ~nov+nou~o ~ oovo ti y Q00 O rNr O m G o o oO~ oN o N m (D n 0 W _ OrM'd'0)a~o ~-cvu~o ~ Q„ ~ NNNNNNM v rrro O O r M MMM h C ~' 0 O ~" 1~OO ~" dD N N N O ~ 0 u? ~7 ~ ~' ~ d' d' ~ ~ h h h 00 Z d' 00 0 0 oD o0 ~ W d ~o m i ~ ~ W~ Z W a W p v m m a~ o c~ v o ti oo v N ~o ~ a, W ~n ~ rn ca M cv CO o O o Cv M o O o O v M M ~ co M N ~ o o v ai ~ ~= ~ o ~i oa o c~ ~i M ~ N ~ O ? a~ O M r r O r (~? o Ln ~ h co ~ o O r~ ao O ~ oD o ~ ~ M ~ O r r r r o ~G N Li r T ~ a C ~ \° o ~ \° o ~ \° ° ° ~ \° \° \ a o \ o \ \° ~ h ° C ° N Q j N OO G ° ~ ° O ~ M vi ° o ° od ~; M cv o o o o o~ ~ M ao M ~ ~ a~ ° o M ~ v ao N rn ti M M a~ ~ oo o o co ~ d O d' I~ CO (~ O N OD ~ M O N ~ ~ ~ rn oo r o m ao o ~n r ~t ~ o ~ ~ ~ ~ c~ ~ w O ai ~ r: oo ~ M 0 ~ ~ o 0 ~i M ~i ~ r M N H ~ t M 0 0 ~ (? O O Q ~ r~ N C 0~ W 0 ~ ~ W ~ ~ a o a ~ ~ ~ ° ~ W ? +~~` B o a a- a~ ao c~ a~ r~ M r~ r M O O O as as ~ a H ~ ~ ~ o ~ c0°o c~i ~ ~ , ~ ~ ~ fV ~ OO ~D N N f` M N ~ ~ O O r t'~ M ~ M 1~! N W ~ ~ t - M ~ N ~ r 7 O O ~ ~ r a r Y 1 M ~ ~ O O ~ N~ ~ O ~ 0 0 0 N ,C ~ O ° tH ~ ED ~ C4 O i ('r3 00 l~7 N o M ~ o O ~ cp c0 c0 r c N W M ~' N ~ ~ ~ ~ t D ~ Op a r Gi c~ ° ° M ° o ° ° ° o M O O ~ ~ n o o o o ~ ~ v v o0 0 o ~ ~ ~o a~ O O ~ = O O O ~ r O N r O 0~ p O OD (p 01 O O (D fD (~ ~ 00 (0 N Y~ tD 1~ {D <D ~ N r ~` ti m Q? . ~ C U .. .~, ~~} N ~ ~ d ~ ~ d 1L Z N ~ ~ ~ ~ ~ N ~ ' 4 ~ c ~ c ~ ° o ~ N n J Z '0 iL ~ ~ c a U ~ V ~ ~ a c "" ~ ' ~ tl ? ~ Q ~ y ~ ~m N ~ c~ Ll o ~ F ~ J ~ ~ ~ Q otS ~ ~ pp W ,_N ~ c ~ c ~- ~ m a ~ ~' C N p- U y r H ° ~ ~ ^a c~ a m ~ ~ o ~ ~ ~- a o v Z oo~ r ~ rn o cv v v ~- ~r v W ooco v r o r r N r u~ o r ~ ~ rM r r ~ r ~ O r N N h f` M M I~ N V W o0 t~ ~ ~ ~ Q m 0 o a te } ~ ~r~y~,~,s;;~,~M, t~~~,,, s:,~: /~~ ~ r ~} ~o~ ~~ 0 Q ,.,; . p 9c:4 ~ ,i fr'f~j'' ~ ~c .v. ,~„ //1 r ~S1'ry / 1 V/ ~~V /v~l' '~^ Y! ~ I~..~ ~ N ~ o ~~~ ~ w= o ~~ { p r , _ o ~ 0?N ~ ~ 4,3~~ ao ~r M ~ ~ ~ ~~Q `*.. ~ U ~, ,~ ° p~ v , o ~N N ~ ~ M C ~ ~ ~~ ~ ~}~ ~~ ~ ~ ~ p o O ~ ~ ~ O C ~ d 3 N o o ~ _ ~ ~ ~ N C ~ t- ~a ~ ~ ~ LL .p o o 0 0 ~ ~ ~ ~ ~ x~ N _ ~ G ~ ~ ~ ~ . ti c ~ ~ ~ ~ N r ^ M V W p d e- ~ 0 0 ~ J ~ o O V'rU;7.Y.+~}I~yp:/I~'.ij~:'+C'~~31ry•~~,fi+'r..`I[k.~x.rr: r~•. ij.~. ~y.il: ^;i'+Y•-7'!~ ~ /~~ h ~l`W"•'~'i79p.+ L+py1 J•"Glj J° $ ~~' Pzrr4"1'i' ~~- v"1~;fi'''`~yCCC~j(~~k =/$j'(.~i~F, ~} Sj' ~`j~7~}7G~~~~ µ/ - a Yj. f,~'r ; C\/~~' ~r r~%%~ ~L_:~~},,,,Y11 ~~?~.15ff~ F • _y/~..}sy'r p ~ 1/yy~/, ~ 1 ~ t~ ~ ~ ~/~J r/ ~l.! ~ xy~,``'~i~ ~;;:~Y,z ib'~ v~Y;~r}~ii•<'i)~Zr,~ L~. ~C•h,) [~i. g'a„ d o ~ .~,~ `~ ~ ~ N ~ ~ ~ tD ~ ~ ~ ~ ~ ~ v v v a o ~o~ til! .tiY,~.° b~~'~~uL"V i~":h y: ~,~'. ~ } 5~~~-°~•'`~(•'i., •?!d,;iF~.r'~•;q,~!•:1fv,c,•~cr&rr;,a..t$e' y ~, ..~ r.,.xd.,!;,, a,~rr7 1LS ~,Lr::?~'{, `~~~1~~~~.. ~.I ( 'i^1~~''~i ~';r~/.•'~~~r '~._S: r1'~~~.j , ~{. ;~;Ki%r.• ~ ~ ~`. S": v _ ~ ~` .. rxC ~~oS,Y~ A V +•~,1y ~~.. Tn~~h~~+~fF e~; ~i~. ,y;.;~ y4; fk. _ r k ~ ~~lr w ~ `~•1 ~1~ 'ASS 1~ ~:$f'~'~/- l ~ ~!/ Q Q ' iJ. ~ir~'y~ii a ~\•i i'.'h: ,trr'h ~~\~Y\7 ~ J 1,\~ ~ o N //'~ ~ y~ ~ ~ ~ ~ ~ ~ / ff VJ ~ ~ r r a l() °o °o °o °o °o °o °o 00 °o 00 0° °0 00 ~ ~ v o 0 0 o a °o °o °o °o °o °o 0 0 0 0 0 0 o ~ ~ ~ o ~ ~ o ui ~ ~ ~ ~ ~~., r_ -.., ..ouncil Attachment E to Agenda Item #6-H 02-03-09 N ~ ~ ~ 3 Q fn 0 ~o ~ N V ~ ~M ~~ C~ G .Q Q~ ^ L ~ ?a a~ a a~ ~ ~ W ~ ~ (' 1~1~1 r C 'n~ V a a 0 0 Q a ~i (V N ~ ~ ~~` ~ ~ r~Au.; ~ ~ ~7 d} b9 ;L `':'j ~r`~':f~,: ;i1',:~:P•ti:i }J 7I'~"1 r ,i. ^.ti;.~fi: ~ ~ ~:.' : , • I {~ °.4 .. <<,. ~~. QJ ;;;s:: dro'i W ~ ~s ~ ~ ~ °' ~ ~~ - o~ ~ ~ ~ ,~ _^ ~ N ~ M9 ~ ~ ~ ~ ;':: ~~~ [4 ~:a'~':_~s (Y} ~ N 69 O -Ay , • ,yli - ',rr: J.,..;v,.:~r+;+y;; r.' rR „T;~rt:..'h'.:. ,•ri~;'~~.: ,.ri~1•. :,:I~s ~~,'~~i::' •Fiy~:.Cr',"~~y ^~•~~;, 1~°I'~i.,r~i ;- r_.. :l"!•;F:, s,_~ ..-;~i%~~• ~r'I :' yr '~ r:'i.',~ rAtifr , '~=&^'y .2',' 11.+T'; r'";. .i~:•~. ,, ^tir ri• !~:'~'rf ti~~~`•/+ ~~i•q F~'V?'r-f,~ "i~..r. - ~ CV D N [~1 to O - ti':I)7!•:. •'ffi.,. ".l - - ,~t•i,- ,..I",:"i:,ii. ~t•..I-,r~,..., .X :' `•:C :•'I',..,~.r..^:. .. 1..,~~~ .yt:, . ~i;, '~~~• L![^' ~.1 tv,, ,..f ,` Z,i:•.\•'-~r~ ~~:':•~i. rx +r 1._ S 1., i . Ott,. A ,•L .S ^~3. • iA. ',::c• ,si; .,+•'~ - •'ir'~:2„. .c;i4A.-4. 1,• ,. .,St, ~r n~i;..J. i.',i;n..,.,, r:,i, r r #+~7,'rilf•%_,.. - ~:y~ {'F'~: ;.~r.• '~I~r - •.~i;.,. C`:ti: ..I- ~ Jr nt'4.iFF•~•. ]:`I. lr~ ~~A ,~iS 1f~'.•eF'..: ,'.i?. Yi ~} I.. h,r 1(~ `=c•.' ",~;~~.-•i.~` 'J':'S} . F,i~:; .s..;+~ . f Jt~'' 4• i ,+, Sri ,5'%Y,;.S~~ ; -'F .} •yr' r5~~ hl.' ^ - ~. .1.., i ~ ;' ^- !'~7~F4: !~ R~si,~ ~ y rl YS' \ • ~ ~ ,~~ Fd V 1 N ~ fA ~ N r- EA r r ~ ..ry ?., ~ '%~' ''d' ~c: I .+x t r~ 1 ~ ti•: Y ~~ ,ry.M ' 7'• S Y. I` Y." ~. - 1 J,.'. ;,>, /.. r~~ `.sib'' ' >~,- p' ~` ~~• ~ •} ~ • y~' S .•C.'.: '~~ .Y ...5.: ...~.t~., s~?,•',, r.rr - .~'.. Y .a '~' ,',~R -, iStis•' ''r!`• ~~;Yr: .r".+°;'.; %ii•ir~ •»' .~.,•~.a. ~auw'~+ 1 .~y~`'t ,.y• •,~rn~';i ;{° ,F~t,,,•~ G+~;Vi~a~y.~~,' ~ - - ., O . U3 ~ ~ ~!" . f{µ'i :~, ~Ji;rw~.: {~C{~i•,•h(Li{'({` 4:10'k:'u~+r:.:;';1ri:•y~ ! ~,~'!! '~`' ;1; y:~J TI•i2,iS'ib' :i;5:,•ti'~~Vsvr7,':~'yr~r'e5 iD ~} p I a~ N 0 0 °o °o 0 0 0 0 0 ~ ~ Q D p O p ~ O ~i ~ u~ ~ "~ ~1 Z d ~ ~/j C 41 ~ ~~ C F m W C .N Q1 a m a m O C O z c 0 U 4] Q. D 7 cp 0 U C ~ " N `y C 7 ~~ a City Council Attachment F to Agenda item #6-H OZ-03.09 N D Z LL D Z LL J W Z W Z O z a W ~ ~ Do Z Op W v a~ ~~ W Z a W Z W W ~ ~ ~ off ~ ~ ~ OD i p? ~ ~• ~ ~ ~. ~ ~ ~ a ' .-, oov ~n~no NOD r: coos '~ ['~} `•' .- o0o o~n~n ~t~h mcocv !` [~? ~D NON . vo^ o00 o~n~n ooo~ N f~ ~ Nf~~ ~ fir} o00 0 0 o 0 ~ ~ 000 0 0 0 0 c~ co M c~ N N 00 0 ~ ~ 0 0 ~t ~ 00 0 0 0 0 o a o 0 o~ ; p ~ N ; ~ ~ ~ ~ ~ ~ # + i ~ ~ i ~' ~ (~ ~ i ~ ~ i 0 0 0 0 0 0 0 °oN~ D r ' ~ ` ~ ~~' M ~ LL ~~~ cvti~ boar r-aal~ NMI N{D~ ooaN ~~o~ ~c~N oatfloa o~rn or•N o00 Sao y ; ° cove tioM = (ON~D ~Nd' I`ooo o~NCD ° ~ 0~ Mai N mao~ '' cvai~ ~ ~= nioocD r ~ ; O~ +~ ; ~ `~' M (D ( } ~ N u DD CO C4 D ~ ~ M ~ C7 N ~ N Q ; .. i , ~ ~ v ~ ~ h~~ ~o~ h~a vov o00 000 ovo p pp y ~ ~ cD ~7 a0 i ~ ~ CO a0 D o ~ ~ ° n ~~ ~ ~ ~'°~~ ~~~ ~ , rn~ ,~~a ; oooN o~~n o^o o00 o~n~n oraa ao^ o00 000 000 o~oa o00 oc~co ow ~ oc~m o00 oinico aoC7 ~ v~~ o~n~n road p~ ~ Dao O~oaO ~ ~ M N r- m e i w ~ _ ,O T a ry a m y ~ ~ a o c c ~ ~ m ~ a ~ v ~ p ~ p ~ ca ~ ~ ~' o ~~ ~ a~~ ~ a~~ ~ m~ ~ ~~ ~,? ~ o~ ~~ C a ~~ C ~ ~~ C o 'er o ~~ o 'er ~ t ~-v ~ C a~ C G - C C - C C .~. = G ((~ C C Q ~ =- °~ ~wz c o ~ X ~ ~wz o ~ ~ x ~ ~wz x ~ ~ x ~ ~wz x ~ ~ x ~ ~wz x ~ ~ x as ~wz y a~ X m ~~wz ~ ; 3 d ~ W V V C~ V W o o ~ cn ~ a U ~ c°v N ° N LL D ~ Z ~ _ ~ ._ ~ ~ N w d o 0 0 0 ~ ~ N N N N City Council Attachment G to Agenda Item #6-H 4~-03-09 N D Z D Z J W Z W Z O z a W H~ Oc Z OD Wp a~ ~C ~ W Z a W Z W W ~ ~ o0o o00 oa voo ovo ~ 000 aoo 000 0o oov NN oao ~nv~n c0oco ~no~n coom c~ o a a n~n o00 00 orn oov ti~a~ i V O i o ON In ~ 0? ~oDO O N 00 NON r O r ~t7tn f` 1` {D (D c~tpf` N o~-o il7t0 Q' ~ GI`C•D ~1`f~ OQc-I` 0?~ NN {O E y ~ Q { r ~'" M N '"' ~"' N N LL ~ ~ ' ~ a r i 0 0 0 0 o v o 0 H ~ O ~ i ~ ~ o O ,~ ~ M v ~.~a ~ a~ H ~ ° ° ° ° o 0 0 0 O 0f o- ' o~ ? ~ M v IL M Q ~ ; r i i ~ti~ ~ti~ °~~ ao~0on~0 v~-~ oao oMri o~~a ~Op H ~ ~~~ = rNr ~~ lf}lt} ~~ ~~ 0~00~0 ~~~ OQ r ~ ~ ~ ~ oo~ 1~ I~ ~~ (0 {D ov Lt } l!? 1~r: 00 00 oo t0 (D mM ' vo ' O M ~.r ~ 00 C 0 f~ r7 ~f? ~ 'tit d ' N N r ~ ( ~ ~ `r N Q t ~ y r r ~ am N N LL P v i ~cocv prN N00{~D x001` ornrn pO oa~rn hh oov o00 o~u~ oti~ app H F 000 rpp oo u7lC} ~ 0]07 pO rr ~ p 3 ~ ~ ~ o'~o oho 0 o chi c~ ~ ~ ~ r ~M V ~a i M~ ~~ r~ `-' .... LL oao ococo oNo0 o~n~ c~o~h ~~o~ o0o ~~ vMc~ ~~ oao ov rnoa~ or•M 1•~S7 0 c~ vr•r• or~N NMOO ~nu~ NN oo mca~ Nh~ oocDoo W gyp{} ~ ; aoco0a oO07 oi1:~= O00N ~~io ON00 ~ncn r''}M ~~t 0000 oo ~~ti c~c~co NNa3 ~i~~i ~i]Q) O~ ~ oc~N V ANN mocv ~~ cD~ r•r~ Nr ~ ~ ' ~ ~- r M ~- N N r '~" ~- r- ' a ' '+~ - w a 3 ~ *~ _ 3 .o m .~ ~ ~~ ~ ~ o ~ ~y a N a ~ ~_ ~ = a = °' ~ °' c p ~ c ~ ~ ~ m LL ~ ~ ~ ~ m ~ ~ C i ~~,, s ~~ ~ ~ ~ ~~ ] ~ ~ ~ C 7 p N D~ C C ] a ~ C C LL ] ~ C C ~~ ] a C C ] ~ ~ C C ] Z a ~ ~~ d ~ N x N ~ d +r Q} X 4? L . +1 N X N N ~ N X N~ p , ,,.., ~ ~ X~ C +~ a v x N a +~ ~ X~ O a +, N ~ ~ ~ (YWZ ~ ~WZ ~ ~WZ I ~WZ,~ ~WZ'y ~WZ~ ~WZ K ~WZ a ° ° a ~ °' J ° ~ _ o a ~ ~~ ~ ~ ~ m = o ~ a w ~ o . ~ c ~ , ~ ~ ° Z ~ ~ v c o ~; ~, ~ ~ co ' , N N N D O p N N L L, r r i N N N N D Z D Z J W Z W Z O z a N W ~~ ^ O Zo Wo ~~ W Z a W Z W W ^ ' r~~ ODN~ {~ o a~d~v NN ~no~n NQ.N o~n~n ONI~ oao ^a0 000 I~r ~' 00o oo aoo Nr~ G H ~ ~ C4 h 00 00 M~ 00 D M (fl O o D r~ (y p p (p In ap V W i ~ N N O N ti h 00 00 oa N~ In r d' tD a!7 ~ ~ ~7 O tt'} N f~ d' u) ~ N 00 r N o O lC? li} t- ~- ~' o ~ ; NN ' NN Cr? ('+) d3r-N rNO rr }. o ~ ' ~ '~ C~ M ~ ... r ~ r ~l. ~ ; ' `-• a O .o v o o v o 0 O 0y N ~ ' i ~ ~ o°~ M } ~ ~ p Q ~ ~ LL p p~ fA i 0 0 0 0 0 o v o , o- c~ o~? ~ M v ~ LL M ~Mr 00000 oMti {grin ANN NNO v~-o~ otDM r•oci ~o~n o~rnv c~o~t ~o~n o0a0a 0000^0 NaOa p p _N ~ ~ M In 00 I` r M LV r Q c- flp (V In cy e- ~ N (D o (D (0 ~ OaO ~ ~ ~ ~ O~cMr?l~ ~M~ ~Q~ ~ dam' ~~000 ~O~i °° N N~71~ v h ~~ o M . ~ i o rn~ ., r• co ~- ., M ~ Inter rN~ LLNQ , Mc-r rr r e- + ~ ~ ~~~ ~~~ aoo 000 ~~~ oOO ~oaa ova ~ Gp N ~ '~Oa~ d}NN `~tir O~~ pp ~ ~ ~N~ ' ~~0~7 dN'~~ M[7N M ~ ~ .N M` tD00~ ~N( D ~ ~a i (1j e~- r ~ ,~ ; c~~v hN~t ~r~o NN ooa 000 000 aoo ovv 000 ~~ voa 0000 00°0 ov OW ooC7 i ~ (Ol!]r 0O tiff 0000 NQ~ 00 p^ ; NN NN D~-N r~ v. m '~ ~ ~c ~~ c ~~ ~ ~ ~ ~ N ~~ ~ c ~~ N o ._ ~ ~ ~ c ~ ~ ~ a ~ ~ ~ m ~~ ~ ~ ~ C O C C A C C U G C C C C C C O m N ~xa~~ N N ~xa~ .` o N N LL a~iaa~~ N ~} a~iX~~ N Q? ~xa~ ~,. ~+~+ ~ ~~ A ~xa~LL C N N ~Xa~ C C ~~ ~ ° -a ~ ~wzC ~wz ~ ~wz` ~wz~ ~~wz a ~wz~ ~wz , c r ~wz ~ a ~ ~ ~ u. ~ ,~ X = ~. m C N - N ~ C ~ ~ ~ ~ H y ^ ~ a J J Q C~ }C I- ~ ^ Z ' ; a ~ r N r N M ~ ~ . N N ~ ~ N N N N LL ' N N N D Z LL D Z J W Z W (9 Z O z ~C a W ~~ Z op Wo a~ ~~ W D Z a W Z W W ~ ~ ~ oao o0o 000 ham ovo ov 000 o 0 ovv aoo 00o aM~• W o~ ~ ~nou~ ~ ~no~ vo ~- ~- odor o~~ °v 00 ~ c ~ai c~mrn rQOp ~~~ oa u~+n ~ ~ M M vrno ovrn Q' ` N o t- ~ r N o0 oD r r N r ~o ~ LL ~ ~ ' a ° ° ° o 0 0 0 0 oQ ti c~ ~ M ~ ~ ~ LL i0 ~ ~ i o~ ~ p H ° ° ° o 0 0 o v O v ~ o~~~ ~~a rn~~ rooco ~nco~ m~nw ~c~~ u~c~o morn rn rn ooa oao 000 ~~o p~ N ~ rO~ QOM '~N00 l!} u7 O ~ hdM' (D o~ ~ n~~ cooa~ `~ `~ w ,~ N~~ ~ ~ ~ti~ LL"a' ., o00 000 000 000 000 ova ~o~ moon O~ i a 0 H~ r r ~ ~ In ~ rn o D rn 00 ~ ~ ; 1~ f` f` ~} I~ a~~ ~ : ~ ~,N~.. ~~a oov ° ° o00 000 oov aov o0o voo oc~ti o~H ~ ~ n~v~ n ~o~ oo ° ° odor o~~ oW ~ fl0~ ~ chd~4i (D(Drn ~oo0 ti~ti 00 tl7~ ~ ~ M c7 ooio p~ ; NC~r r(y~ Op GO .~ ~ ~ No0 ~ _ r r e- ~ ~ i i i ~ ~ c~ ~ ~ o ~ a o ~ E a a ~ m ~ ~ a m~ ~ ~ ~~ c~ ~~ c > ~~ a > ~~, > ~~ ~~, ~~ ~ G G V G C y C C ,~+ C= }~i C C LL. C C V C z , a w ~~~,,~ °'Xm ~wzm~ ~Q~,~ mxa~~ ~wz~- ~a~ °'x~ ~ ` ~ a ~a~~a ~xmc~ ~ ~m ~ ~°'m~ ~ °~°~ 3 ~X~~~ C ~a~ y ~°'~~ C C ~a~ ~am wz ~wz ~wz ~wzZ ~wz~, ~wz a ~ m m m m m m m v, V ~ H y H N N ~ N ~ W ~ ~ ~ ~ d d d 'G D ~ ~ ~ ~ ~ ~ ~ 0 F Z ; ~' N ~? ~ N ~0 f~ ~D i p ~ N ~ ~ ~ ~- ~ r N ~e- N ~ N r N r N +~ N r N N a W O N m m N D Z D Z J W Z W Z O Z a W H~ Oo Z ~ Wp a~ ~t ~ W Z a W Z W W ^ ~ o00 000 000 000 ou3~n o00 000 000 c~ ~ oov voo o ^ 0 0 ovo ova ocor3 o~-oa 0 0 o 0 000 000 000 000 oU ~i~N o o ~nuio ~i~ti ~i ui o0o vvv ~ Q~ ~ ; r r NN f~ (~ h N In l[3t17 N h~ ~rC~ r r r In d' rMN lt7 0 ~[} ~GOM }o LL~ , ' a { 0 0 o v o 0 0 0 a~N ~ v ~ o°~ ; ~~Q ' ~ LL Q N i v o 0 0 0 0 0 0 ~ oo~ ~ G ~"" ~ ~ `!"'MQ ~ LL ~ ovo coo~m o0o aahr hN~t3 000 ~r0 Nh~ Q00 y ; 0o t0 ao C~3~1"O ~ h h MNO ao as o Nth h h N N r- r Q3 Op(Dh ~f} (D r CO (Do °° ~ ~ x003 ~r{+7 X000 ~ ~ of~(D oW0) ~M~ ; OOh r ~M SOON r r '~OO~ct N Moh ~ h ~ N Q ; ~ .. .. .. LL ~ r i i i o0o m~~n o0o hM0 000 00o co coo m~~ o~ y ~ oo c~ u~ mN~ 03 N N ocDU3 h as a3 ~cvoo 00 00 0 co~nr 03 N cY7 c00~N ~ G ~ OMB ~ r r tY? {"~ O NM~ r~ (Q ~~N h r {Q 030} (0 {'~ h ~ ~ ~ ~~~ ~ ~ t ' ~ LL~Q r i i ooa o00 oov oNoo 000 000 ou~~n o00 o00 0 0 oNh o0 0 0 ~~o w o00 0 0 oc~M o0 0 o h~t7N c vu~u~ o o ahni vo co co ~~M ~NCo M M ~~M NN o op ~ ~ ~~ ~ LL m .~ a ~ c ~ ~ ~ ~ ~ c ,~ ~ m ° ,~ ~ ~ ~ a~ v C ; 7 ~ ~ }~ C C ~ ~ ~ C C !L ~ a C G C 3 ~ ~ C C ~ ~ ~ ~ G C ~ C C ~ •~ ~ C C A C C ~ LL A N N A N N 3 N~ LL N N ~ N~ ~~ q~j y y ~ ~ ~ O ~ ~ X ~ = ~ X ~ '~ ~ X ~ ~ N X G} ~ N X N N x ~ ~ N x N ~_ ~ y°c G? - ~ ~ fYWZ C ~WZJ fYWZ ~ ~GWZ ~WZ ~WZ - ~WZ ~ LrWZ I- ; N ~ ~ ~ ,~ .~ ~ ~C ~ ~ c ~ m ~ ^ m ` ~ ~? ~ y d Y Y ,v ~ w ^ F N ~ d 3 ^ ~ a ~ a ,? ~ N ~. c ~ s ~ ^ Z ~ o~ - i ~ M ~t ~ ~ h ~- ~ e ; N N N N N N N N N N N N N ~ N N N D Z D Z J W Z W Z O Z 4 W OC H~ do Z ap Wo ~~ ~~ W a Z Q W z W W ~ ' ' ~ ~n~no NrnM rnoo ~nu~o oo vvo u~~nv o~n~n ~~ o~n~n ococo ~no~n tio~ ovo ornrn 000 o^o c~ a ~~ c~c~a co co ~, 00o rnva~ ocac~ oov ooV ~ c°oc~o~ oo vrn~ c°vc~vo rn°~r~• ~coocodv o°Qv p~ ~ NOGc~ MC"~ ~o~ NMI GO (ON MGO~ Od't~ LL~ ' ~~- a v 0 0 0 0 0 0 0 Of H ~ o- ' ~ ~ 3 ' O M ~ LL ~ Q ~ o~ H ° ° ° o v o a o o" or ~ ' , '' a ~~~ N ~o o00 ~nv~n ~Nr• o~~ ~~ NoOc) N~n~i ~~o 000 moo N ~ ~ o O tD~I~ (D (D ~I~N ~~cY7 ~t-{y oM~ ~ v v M ~~° ° oN orn~ rncvm ~N~ ; c va o N ~ ~ ~ +n~M DOt~~ LL '~" ' ~ o00 000 ~~~ o00 ~~~ ~~ ~ N ~~o aoo c~N ~ HMV ~~rn o O Mrn~ ~~~ o`o ~ c00vh~°n rM•aMO~ ~~° A cocov N ~~ v ~ ~ N~ M N N N ~- ,~~a ; voa ~r~to oo ~-ro ~~ aoo o~n n coon o00 000 W ~~? ~?~ ocom o0o r•oti morn vrnrn oc~co oo~o 000 ° aoC7 ~ ~iM o0 rnm ov o~ti NNV c~ai~ rn~r• oaaov d'i~N oo o~n~°n o^ ~ ~M rno~ Nc~~ oocoN c~oo~ o~t~n ~ ~~ ~~ m ~ ~~- C7 ~ m = p as ~, ~ a a v ~ c ~ ~ ~ ~ c ~ = a~ m as ~ ~ ,~ ~ ~ ~ a~ ~ a~ ~ n ~ ~ a~~ IL ~ ~~ li ~ ~ ~,~ ~ ~ o ~ ~ ~ ~ ~~ ~ li ~~ C C ~~ C C ~ G1 ~~ ~ C C t ~v C ~ C ~v c ~ ~~ ~ ~a = ~ = ~ C Z ~ w ~~^ ~a~ a~xa~ ~a~ mxm d ^ ~a~~ a~ mE C ya~ a~ m ~ C C d ~a~,~ al C G ~ ~~ m ~a~~ = C Z aim a ~a~ C ~a~ ~n~ .~ J ~wz~ ~wz x ~wz~ x c~wz ]+ ~ X~~ ~wz N X N N ~wz~ ~ X N I~ ~WZ N X Qi ~ = ~ ~, a ~ ~ wz C r ._ a ~ N ~ ~- ~ ~ ~ ; 'y LL 4? ~ ~ ~ y ~ J V ~ V N G 0 0 ~ V W i 0 ~ V~ O i 2 2 V 2 ~ _ li LL ILL. Z N M M ~ ~ cD e- N ~ ; N N N N N N N ~ LL ; N N N D Z D Z LL J W Z W (~ Z O Z a W Ho 00 Zo Wo a ~, X~ W Z Q W Z W W p ~ °o~~ ovo oao ~no~n ~ ~r o00 o~n~n 000 vo ocnu~ r•oM ooa oa c~ i oov rn rn o0o cvcv ~~M o0 ~V i NN ~]~N ~c~ ~c°o~ ov ~o ~~, LL~ ' a 0 0 0 0 0 0 o v o~ ~ H i ~ o~ ° ~ o ~ ~~a ' ~ LL o N ' 0 0 0 o v o 0 0 ~ o "" o~ ' ? } M v iL M Q ~ i cooco 000 00o NoN rao~: oMm o~n n Moou~ °'ao y ~ NNO ti~co ~ ~ rn rn aoooo ~no~n torn porno tio~ ~~M Mrnc~ M~~ ~~ ~ er ~ ~ N~~ NN°o Nc~~ ~coD~ ~MC~v och N Q i ' M N NN LL ~ ~ ocvcv rn ~ o00 00o r~o~ ~ ~ ~vrn or~~ ovv o00 o~ ~ ~ ~~ M c~ M N oo ~~rn ~ oa c7 ohn I` o n mMo o~° ~ o ~ ~~ c~vo a ~r~ '~~co ~~~ o v , ~, ~- ~ ~ ~ ~a ~ ~. o~~ ou~~ o00 ovo oov ors voo 000 000 w oov ~~ oov vo NN 00 v o o OQC~ ooaa ~~o ~ ~-~ ~~ _ o0 o p ~ ~~ MM ~, ~~ p ~ ~ ~ ~ m ,~ ~ _ ~- ,~ F C ~ ~ i J i ~ ,~' M Q 'd' i i ~~ ~ ~ ~ ~ C ~ ~ ~ ~ ~ ~ ~ ~ ~ o ~' o ~,~ °' m~ ~ m~ o~a~' ~' ~,? ~ ~,~ 0 c c *~ c c 0. c c O c c ~~ c c c c ~ c Z ;d ~ ~ N ~~ ~ a~ N~ N ~ ~ N a~m ~ a~ N~ N o ~ a~~, ~ a~ N X N ~ 0. mm ~ c.*.- N G3 ~ ~ ~m ~ ~ n~ ~ ~ N ~m ~ a~ c ~ a m ~ ~ a~ ~ a~aci ~ a~ 0 ~~ W Z '~ ~ W Z ~ ~ W Z ~ X ~ W Z X ._ = CL' W Z~ N X N ~ W Z ~ N K~ ~ W Z d ~ X~ A'_ W Z H ~ q~ d p 0 ~ ~ ~, y ~ (} ~ . C a ~ N ;~ r ~- ~ ~ N 0 `o ~ ~ a o cn ~ _ = a ' LL = ~ v, Z ~ ~ N N N ~ N N N N LL ~ N N a W ~~ 0 ~ Z~ Wo a~ ~~ W Z a W Z W W N D Z LL D Z J W Z W Z O Z ~ ~ °oo°v 00o ~~rn ~aM ovo 000 000 ooa o~n~n oo~o ~n~no o~n n (flrln a~ ~ N~ao NcocD aoaoo coMr* ~c~c~ c~mcv (~ 00 W ' ~ M o Q? ti ti O O~~ ~ C~ N `~ 00 ~ OD r N `-' (p '~ ~ r N `-' r- o O (D o0 ~' o ~ ~ ~- c~om -~ ~ ~ .. ~p ~ ~ r [~ a ° ° o 0 0 0 0 0 0o H c~ o°~ ''tea LL ~ o y ~ ° ° o 0 0 0 0 0 ~ o~ ~~ ~ ol ~ ' , ~, ~ v Ma ; ,~ ~ ~ oov o0o `~" ('r] d' ~ aorr• GQ ~} Ln voo oooN (D ~ r ~no~n It } GG 1` c~rn~ d' O C` oMv r L~1 O y ; N ~ I~ M ~ ~ r I• c~ N 00 ~7 ~ 00 to ~~ ? ; N{ODtN ~~0 N r' ~I`~ GQf` ~~~ oM ~+ ~ MM ~- r NN ~ ~ ' I L~ r ~ N i i o00 o~nin C~00 ~coc~ C+~o o0o rNrn r~-o ~~ n r(QL{} ~Q ~ ~ ~ N~- Q~"ct~ 00~~D f~~N ~ ~ ~ ~ N ~ ~ ~ ~ ~ N ~ N ~ N N o ~ f+ ; r r `-' `-' ~ ~ v ~a ' `• ~ o0o o00 raoti ~nMoo ~no~n r~oc~ o00 ovo o0o ovo a~n~n 000 ~n~no otir corlL7 ~~.. ~ 00o Nro Ncoco aaaao c~~h r•MCO ~~N ~OC7 ~ ~O~ ~ tih~ OhC~r} ~~~ ~N~ (DNy ~~aj op ~ c~oc~o ~ c~ .. ~~ LLm ' v~ ~ ro r ~ ` o ~ N a r"' N "' ++ c N N t i N i it ~ Q ~ d ~ N ~ N ~ N N N ~ N ~ ;~ C C ' C C ' C C ~ ~ y a ~ ~ ~ a A ~ C *' ~ a .~ C ~' .~ ~ a C C *' ~ ~ ~ C C ~+ ~ ~ ~ C C ++ ~ y ~ C C v ~ Z ~ ~ ~wz ~ ~ ~ z ~ ~ ~ ~, , ~ ~ . , XO' °°-°' ~ w ~ ~wz~ ~wz ~wz ~wz~ ~ ~ wz a~wz a ~~ ` Q1 ~, ~ ~ ~ ~ ~ ~ y ~' ,,,. ~ .~ •_ ~ ~~ v ,~. ,~ , ~ ~ ~ ~ c c c c r ~ . ~ _ ~ _ c~ _ ~ O ~ V N (~ H y H N H O Z h h ~ ~ ~ N M ~ !L , N N N N N ~ ~ ~ N N N N D Z D Z LL J W Z W Z Z a W Oo Zo Wo a~ ~C ~ W D Z a W Z W W 0 ovo ~roco rnoo o~n~n ~coN - o00 ~o~n o~n n ~o~us ~na~n rn rn o00 voo ~nvui oacot~ o~n n ohr c~ ~ o ~~~ oM~t oo~7h ~ ~ o~~ ~o~ oocoao V pW ; c om M ~ ~ ai~rui m~~ coaow MN ~n~=ui oavo ~ ~ N N ~ir~ao ~ ~ ~~m ~ti~ a O ~ ~~m r ~- LL ~ ~ ' a 0 0 o v o 0 0 0 y °a ' ro a~ ~ , ''tea ~. , o 0 0 0 0 0 ooN a~ ~ ~ ' o ~ M v M~ ~ lJ. i MODS ~ (Q oa NrnM lCi 00 O {D~Jr !~ h ~oocfl o ~ ~' Oo0 rQr M I` CQ N~I~ O N M 0?Nci ~} I~ r ~a0_y ~ MoN ~00~ 00 00 N~r ~Dr'c~ I`ON oOiDGD OOQ ~ ~ ~Of3MN CODCDN ~ ~ ~~~ (0 O co co oONM i`u~l` ~-~~ oM~ }NQ ' e MM rr N N [`off LL t ~ i (07Qti NON I` I~ O M~oO OD h tD(D0 f` CD r Ooo L17Qln Ln f ` OQ ~'rI` I~ N ~ Oil} l~] ~ 00 ~Q N ~ ~ r ~} ~ M 07 (D CO r O N lt} r M 00 O r OQ (~ h ~a 7 ~ MOrQ~ ~~~ M M ~f'Nr ~ b' Mrti ~ r.:lt7v o~~ ~ ~.~, ,. r aao ~~~ ~~a ~. ; rnor Moc~ o~~~ ~CD`N oov u~o~n N(D t ~ot~ cooco rn v 000 o0o ~t-M re-~o oov ~~ ~ a~ov '~~!)r oOM~ W~I~ ~ tt o~n~n ~tM~- c W F cD v cri m ~ ~ a~ ~ ~ ~ ~ n ao oa ai MN ~i ~-= ~ aorno ~ ~ N N ~ M ao ~ ~ N cv o0 op a a c o •. ., ~~ ~ ~ N N LL m ' F ~ T ~ c .N N N o N ~ N N [V ~ H ~ 0 ~ ~ ~ ,`? N 00 00 Od *+ N N ~ ~ ~ ,G = ,D C ~ -p C . ' C C ~ C C C = C C Z + C '~ N ~ C ~ a~'~ N C ~ a~'c~ {~ ~ a~ ~ ~ ? a~ c ~ a~ r M C } n.~ ~ a~ C ~ °? Q ; ~~WZ~ ~WZ~ ~WZ ~ ~WZ ~~ O'WZ ~ ~WZ y ~WZ ~WZ c c c ._ m a as ; w ~ ~ N cD f` ~ r ~ O ~i LL ` N h n N h N N N N N N N D Z D Z J W Z W Z Z a W 0C ~~ ^o Z pp Wp ~. W Z a W Z W W ^ ' oov ~no~n oov o~n+n oovoa o00 000 a~w ; 0 0 ~ ~ oooaa aaoao cvcau~ ~~rn o ouzo o vNh D00 ovo ~~ ~ co~ui ~i~i~ ~i ~ioi~ air: oW ~~ ~ M N N oCDc'~ ~ ; ~ 0( G D tD ~ h ~ ~o ; ~~~ ~~ ~o ~~ ' a 0 0 0 0 oov o 0 a~ ~ H i ~ o~ o~~ ~ ; '' ` a ~ ' ; ~ ~ y i 0 0 0 0 000 o v ooh ; o~ ~ ~ M v M Q ~ LL °o°°o ~~~ ° ~~~ ooo~o o ~n~no coy ~ ~ ~ oa~ao ~~~ c~N o~~ oot ~ ~ ~ ~ ~titi ~' ~N~ °ti ~=~-=o ° aM ~,~~ ~~ M~~ o ~NQ ~ ~tiN oar cv~tni LL t" ; N N ~' ~o~ ~~h o 0 oarnv ooooao ooa ~~r~ rno~ ~~p y ~ N N C0~0~ i v ~~~ N~ '~titiN ~v ~ a~ c a c"o ~vo ~N~ ~`~ n~ oca° ~ ~ oov ~pQ ~ NN f~07 r-v o0o c~vM o00 ~~ncn vov o00 0 oao~ Nm~ a o 0O cw ; ooaoo ~~o~ v o ov ao~ ~ mco ~~m a oco p ^ ; ~ ~ OQ cD N C (D (0 ~~ ~~~ ~ M~ LL m ' ~ ~ ~ EL N N C ~ ~, LL ~ °' > > c o a c ~~ ~ ~ ~ . ~~ ~ ~ ~ ~ ~ a ~ c o o a ~ ~ ~ a y ~ i m m ~ y m ~ ~, a~ ~ a~ ~ ~ ~. a ~ ~ m ~ ~ ~ ~ t as ~ ~ a~ ~ a~ a~ ~ a~ ~ m ~ ~ - ~ = ~ ~ ~ C H C C 7 C G E C G C C ~ ' C E C f /J N a~ y am o ~~ as v a~m c 3 ~~ Cc ~ ~ C vas d C as~ a~xm a~xm mxm ~ arxm a~xa~ v a~ a~ a~ a~ ~ ,~ ;a ~wz N ~wz ~, ~wz d ~wz~ ~wz~x ~ x ~wz p x ~wz ._ ~ ~ ~w vas ~ E ~ •r ~ ~ ~ ~ .~.~ f~ V / ~ ~ .~ ~ ~ w ~ ~ ~ V /J~ ` ~ c ~ ~ ~ ~ o o ~ F+ ~ ~ /~ ~ ~ ~vI ~/ W ~ i .y _ ~ ~ ~ ~ ~ Y V y 1Y .w Y i ^ ~_ ~ a a o '0 3 ~ ~ ^ ~ n a a Z ~ o o c v ~ N ti - o ° ~ ~ N ~D Op OO Op ~ M M LL ; ~ i i ~ i N D Z LL D Z J W Z W Z O z o~ a W ~~ 0 Q Z pp Wo a ~. ~~ W a Z a W Z W W GC p ~ o~ n NN u ~ ~no~n tiwo ti ~no~n ~ ~ ~no~n coN~ voo 000 ~•r• oao 0 0 ooa 0 0 c~ ~ ~ om oa ao ~tNr• ~~ o o ~ ~ ,v 00 ~ c°o coo ~ N ~ N N cN M ~ ~ ~ ~ ~ ~ p 7 ~ QO ~ ~- •,.• r t-- i ~ ~ LL it ' a ° ° o 0 0 0 o a O ~ N ~ ~ ~ oo ~ , ~ M v ~ LL ~ Q ~ O ~ y ' o 0 0 0 0 0 0 0 o "~ ate ' ? ` ~ ~~' Ma ,~ ; ; oNN NN c~o~ o0d'~t7 ~o~- N N ~v a c~oh o00 ~t~o ODoa 000 000 ~~ H ; ° ~7~. ~~~ ~ D? N~-00 00 ° ~ ; o M ~ 00 0 o oo~m N (D cY7 N N r ~ co~i ~- r N{V ,~ o o a o ~. ., ~ LL~a; ~.. ovo ovo aoo mho o00 ~~0 000 000 ~ pp N~ h ti M M N~ iti ~~ ~ G ~ ~ ~ r ~ ~' `~ lf} ~ ~ '~ o ,~ =' ~, ~ ~a ; ~, ovo 000 000 000 000 000 000 000 oW ~ o 0 0 0 ~~ ~ o o c D N N ~ ~ ' LLm ~-, 0 c 0 d ~ ~ c a LL ~ ODD ~ ~ ~ ~ ~ Q? C N ~' 4} v N ~ L L ; ~ ~ L ~~ a ~~ ~~ ~ ~c ~ ~~ cc ~ A ~~ CC ~ a _ cc ~ =c ~ ~ cc ~f c= Z ~ N ~ a~ N X N ~ y N X 4? ~ ~ ~ *,' a~ ~ X N ~ y ~ ~ c ~ ~ ~ K ~ ~ a~ Y ~ ~ ~ ~ ~wz~ ~wz~ ~wz ~ ~wz w ~wz ~ ~wz ~ ?( ~ ` ~wzc~ ~ X N ~wz a ~ ~ -~ m ° ~ ~ w- a , ~ ~ ~ ~ ` c v ~' ;~ N Q W ~ w ~ ~ c ' o ~ ~ ~ ~ w F ~ ~ ~ c ~ Z ~ r N ' i'~? R 1~ Od OQ ~ N ~ ; ~ ~ ~ M t M r M e- M N ~'} r p ~, D ~ M d' d' i M t"? a W ~~ ^o Zap Wo a~ W Z a W z W W N D Z LL D Z J W Z W Z O Z a ' ' o00 0 0 0^o 0 o u~o~n ao 0o aoo v o ~na~n rn o~ o0o N N aoa ~n ~n ovo v a O ~ ~ ~ ~ ~ ~ N N u~ ~n u~ ~ ~ ~ ao 00 ~!) ~ ~~ ; N N N N CD (D N N i r r o' o LL~ , ' a R o 0 0 0 0 0 o v o~ ooy ~ c~ oo? ~~~ tea ~ ' ' ' ~ p~ H ~ 0 0 0 0 o v o v o" o~ ~ ' , M ~ ~ u. `"' Q ' oov o00 ~to~r voo NvN ~ o0o ror o00 ~ DO _N ~ ~ N N f} ~ ~ ~ ~ ~ ~ ~ ~ ~ N N oM~ ' LL"a - ~ , o00 ovv ~o~ aoo ~v~ NoN ~o~ oov o ~ N ~ cri N ~ ~ ~ ~ oo a0 0 0 ~ ~ ~ ~ N ni ~~a LL r voo o a ovo o o 00o v o voo 0 o ovo a v 000 o 0 000 0 0 000 0 0 ~~ o 0 0 o v o 0 0 0 0 0 0 0 0 o v o w 0o t~ ~ ~ ~ ~i cn ~ v ~ a ~ ~ r ~= ~ ~ r cn ~ ~ r v^ LLm r i i i i i C ~- C o ~~' ~ ~' ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ a~ ~ N C C C C ~ ~ C C ~ ~ G C A ~ C C ~ ~-~ C C V ~~ C C o~ ~~ C Z .v - N ~ .y ~ N .v 4} ~ H ~ ~ _v ~ 4? ~,} •- 7 N ~ ~ ~ Y C N ~ ^ ~ + a wza ~wz ~ ~w z a ~wz ~ ~wz a~wz~. ~w za ~wz a a ~ w ~~ w ~ Z Z ~ ~ w W _w W v ~ ~ ~ ~ Z ? 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H ' ~ hI` 000 ' 1` f~ N 00 00 (} ~ h ti N O ~ ~~ 1.m L i ~ ~M t.. ~ c ~ °' ~ ` i V ~ ~ /N~ ~ + C W ~w 1 1 ~ ~ C ~ ~~-" ~W ~ ~' ~w ~~a ^ ~~ ~~ ~~ ~ LL C C N ~~ LL LL ~U ~~ ~ cc va Z .~ a ~ a ~ ~ ~ °' ~wz _ ~ a i '~ ~ ~W -- LLLL - v d _ ~~ o c c ~ o N ~~ ~ ~~ may w ^ d ~ ^ = c ~ ; ~ z zo z , ~o ~ , ~ .... LL ~ ~~ ° ~ ~ Memorandum To: Ann Marie Gallant From: William Reynolds Date: February 1, 2009 Re: City of Alameda Outstanding Debt Report The following Report summarizes the City of Alameda's currently outstanding direct and Agency debt. Figures in this report include all principal payments to be made during fiscal year 2009-2010 (July 1, 2009 through June 30, 2010) and thereafter. The City of Alameda and its agencies (collectively the "City") currently have one outstanding general obligation bond issue, four issues representing seven separate series' of tax increment supported debt, four issues of land secured debt, one issue representing two series' of revenue supported debt and three certificates of participation issues. I will continue to maintain an on-going file, including the debt service schedules and current refunding analyses, for all of the debt summarized in this Report and will make it available to you whenever you need it. A cursory review of the City's outstanding debt does reveal what appears to be a number of current and advanced refunding candidates (see the Executive Summary below). However, assuming that the primary purpose for refunding an outstanding debt issue is normally to realize present value debt service savings, then none of the potential advanced refunding candidates and only a handful of the current refunding candidates (i.e. the outstanding land-secured debt) would provide the City with a reasonable level of savings at this time (see the individual debt analyses that follow the Executive Summary). That said, there might still be restructuring opportunities involving the Community Improvement Commission's outstanding senior, parity and subordinated debt that could provide the CIC with additional debt capacity if not actual present value savings. I am always available to review potential opportunities with you and/or other appropriate City staff at your convenience. 1 In this report, agency debt refers to debt issued by the Community Improvement Commission of the City of Alameda, the Alameda Reuse and Redevelopment Authority and the City's two financing authorities (i.e. the Alameda Public Financing Authority and the Alameda Public Improvement Corporation). The Alameda Public Financing Authority (APFA) is a joint exercise of powers authority that was established between the City and the CIC pursuant to the provisions of the California Government Code. APFA was formed for the purpose of borrowing money for CIC projects through the issuance of revenue bonds. The Alameda Public Improvement Corporation (APIC) is anon-profit public benefit corporation organized under the Public Benefit Corporation Law of California. APIC was established for the purpose of acquiring and/or constructing public projects through the issuance of certificates of participation, and leasing the projects to the City. In this report, agency debt does not include the debt of Alameda Power & Telecom or the Housing Authority of the City of Alameda. February 2, 2009 EXECUTIVE SUMMARY The following is a list of the City's outstanding direct and Agency debt issues grouped by financing category: General Obligation Debt: • $10,600,000 City of Alameda General Obligation Bonds, Series 2003 o This Issue is an advance refunding candidate. Tax Increment Supported Debt: • $2,740,000 APFA 1992 Revenue Bonds, Series A (WCIP) o This Issue maybe refunded at any time. • $4,640,000 CIC Subordinate Tax Allocation Bonds, 2002 Series B (BWIP) o This Issue is non-callable. • $17,510,000 CIC Tax Allocation Refunding Bonds, Series 2003C (BWIP) o This Issue will not be a refunding candidate until 2013. • $1,025,000 CIC Tax Allocation Refunding Bonds, Series 2003D (BWIP) o This Issue is non-callable. • $7,745,000 CIC Insured Tax Allocation Bonds, Series 2003A1 (Merged) o This Issue is an advance refunding candidate. • $29,645,000 CIC Insured Tax Allocation Bonds, Series 2003A2 (Merged) o This Issue is an advance refunding candidate. • $9,205,000 CIC Subordinate Tax Allocation Bonds, Series 20036 (Merged) o This Issue maybe refunded at any time. Land Secured Debt: • $17,035,000 CFD No. 1 (Harbor Bay), 1996 Series A o This Issue may be refunded at any time. • $2,075,000 CFD No. 2 (Paragon Gateway), Series 1997 o This Issue maybe refunded at any time. • $27,775,0001999 Revenue Bonds (Harbor Bay Assessment District) o This Issue maybe refunded at any time. • $37,685,0001999 Revenue Bonds (Marina Village Assessment District) o This Issue maybe refunded at any time. 2 February 2, 2009 0 Lease Revenue Debt: • $9,080,000 APFA Variable Rate Demand Bonds, 2003 Series A (Alameda Point) o This Issue maybe refunded at any time. • $4,360,000 APFA Taxable VRDBs, 2003 Series B (Alameda Point) o This Issue maybe refunded at any time. Certificates of Participation and Enterprise Revenue Debt: • $5,850,000 COPs (1995 Sewer System Refinancing and Improvement Project) o This Issue maybe refunded at any time. • $11,370,000 COPs (2002 City Hall Refinancing Project) o This Issue will not be a refunding candidate until 2012. • $4,575,000 COPs (2008 Refinancing Project) o This Issue is non-callable. 3 $10,600,000 CITY OF ALAMEDA General Obligation Bonds, Series 2003 Dated Date: April 8, 2003 Final Maturity Date: August 1, 2033 Bond Counsel: Nixon Peabody Underwriter: Competitive Sale Paying Agent: BNY Western Trust Company Financial Advisor: E. Wagner & Associates, Inc. Credit Enhancement: MBIA Underlying Ratings: S&P - AA- Moody's - Al Interest Rates: Outstanding Fund Balances/Investment Types NIC: 4.942% TIC: 4.916% Project Fund - $0.00 Principal Retired: $1,020,000 Principal Outstanding: $9,850,000 Security for the Bonds: Full faith and credit of the City, which has the power to levy ad valorem taxes without limitation for the payment of the Bonds. Use of Project Funds: Proceeds were used to finance the acquisition and construction of a new main library and improvements to two branch libraries within the City. Analysis: The Series 2003 Bonds can legally be advance refunded at any time. However, since the Bonds are not callable until 2012, the City should be prepared to show reasons why advance refunding these bonds now would be advantageous. Otherwise, it would be prudent to wait until it is closer to the first call date since an advance refunding at this time would not produce a conventionally acceptable level of PV savings. Fiscal Year Ending 6/30 Principal Due in August Coupon Interest Due in Aug and Feb Total Due per Fiscal Year Bond Balance Call Feature 2003 $0.00 0 $157,226.94 $157,226.94 $10,600,000.00 2004 $145,000.00 2.00% $500,900.00 $645,900.00 $10,455,000.00 2005 $155,000.00 2.00% $498,000.00 $653,000.00 $10,300,000.00 2006 $165,000.00 2.00% $494,900.00 $659,900.00 $10,135,000.00 2007 $175,000.00 2.00% $491,600.00 $666,600.00 $9,960,000.00 2008 $185,000.00 3.00% $488,100.00 $673,100.00 $9,775,000.00 2009 $195,000.00 4.00% $482,550.00 $677,550.00 $9,580,000.00 2010 $205,000.00 4.00% $474,750.00 $679,750.00 $9,375,000.00 2011 $220,000.00 4.00% $466,550.00 $686,550.00 $9,155,000.00 2012 $230,000.00 5.00% $457,750.00 $687,750.00 $8,925,000.00 2013 $245,000.00 5.00% $446,250.00 $691,250.00 $8,680,000.00 Call 102 2014 $260,000.00 5.00% $434,000.00 $694,000.00 $8,420,000.00 Call @ 101 2015 $275,000.00 5.00% $421,000.00 $696,000.00 $8,145,000.00 Call Par 2016 $285,000.00 5.00% $407,250.00 $692,250.00 $7,860,000.00 Call @ Par 2017 $300,000.00 5.00% $393,000.00 $693,000.00 $7,560,000.00 Call Par 2018 $315,000.00 5.00% $378,000.00 $693,000.00 $7,245,000.00 Call Par 2019 $335,000.00 5.00% $362,250.00 $697,250.00 $6,910,000.00 Call @ Par 2020 $350,000.00 5.00% $345,500.00 $695,500.00 $6,560,000.00 Call Par 2021 $370,000.00 5.00% $328,000.00 $698,000.00 $6,190,000.00 Call @ Par 2022 $385,000.00 5.00% $309,500.00 $694,500.00 $5,805,000.00 Call Par 2023 $405,000.00 5.00% $290,250.00 $695,250.00 $5,400,000.00 Call @ Par 2024 $430,000.00 5.00% $270,000.00 $700,000.00 $4,970,000.00 Call Par 2025 $450,000.00 5.00% $248,500.00 $698,500.00 $4,520,000.00 Call Par 2026 $470,000.00 5.00% $226,000.00 $696,000.00 $4,050,000.00 Call @ Par 2027 $495,000.00 5.00% $202,500.00 $697,500.00 $3,555,000.00 Call Par 2028 $520,000.00 5.00% $177,750.00 $697,750.00 $3,035,000.00 Call @ Par 2029 $550,000.00 5.00% $151,750.00 $701,750.00 $2,485,000.00 Call Par 2030 $575,000.00 5.00% $124,250.00 $699,250.00 $1,910,000.00 Call Par 2031 $605,000.00 5.00% $95,500.00 $700,500.00 $1,305,000.00 Call @ Par 2032 $635,000.00 5.00% $65,250.00 $700,250.00 $670,000.00 Call Par 2033 $670,000.00 5.00% $33,500.00 $703,500.00 $0.00 Total $10,600,000.00 $10,222,326.94 $20,822,326.94 $2,740,000 ALAMEDA PUBLIC FINANCING AUTHORITY 1992 Revenue Bonds, Series A (West End Community Improvement Project -Housing Increment Loan Dated Date: April 1,1992 Final Maturity Date: April 1, 2016 Bond Counsel: Jones Hall Hill & White Underwriter: Miller & Schroeder Financial Trustee: Bank of America Financial Advisor: None Credit Enhancement: None Underlying Rating: S&P - A Interest Rates: Outstanding Fund Balances/Investment Types NIC: 6.827% TIC: 6.799% Escrow Fund - $0.00 LowlMod Housing Fund - $0.00 Reserve Fund -Surety (IBJ) Principal Retired: $1,445,000 Principal Outstanding: $1,295,000 Security for the Bonds: 20% Housing Set-Aside tax increment funds. Use of Project Funds: Proceeds were used to make a loan to the CIC for the purpose of paying all principal and interest payments on its $2,315,000 WECIP 1985 Tax Allocation Bonds. Analysis: The Series 1992 Bonds are currently callable. However, due to the relatively small amount of outstanding bonds, we would only suggest refunding them as part of a larger issue. Fiscal Year Ending 6/30 Principal Due in April Coupon Interest Due in Apr and Sept Total Due per Fiscal Year Bond Balance Call Feature 1992 $0.00 0 $0.00 $0.00 $2,740,000.00 1993 $50,000.00 4.40% $177,705.00 $227,705.00 $2,690,000.00 1994 $55,000.00 5.00% $175,505.00 $230,505.00 $2,635,000.00 1995 $55,000.00 5.20% $172,755.00 $227,755.00 $2,580,000.00 1996 $60,000.00 5.40% $169,895.00 $229,895.00 $2,520,000.00 1997 $65,000.00 5.60% $166,655.00 $231,655.00 $2,455,000.00 1998 $65,000.00 5.80% $163,015.00 $228,015.00 $2,390,000.00 1999 $70,000.00 6.00% $159,245.00 $229,245.00 $2,320,000.00 2000 $75,000.00 6.20% $155,045.00 $230,045.00 $2,245,000.00 2001 $80,000.00 6.25% $150,395.00 $230,395.00 $2,165,000.00 2002 $90,000.00 6.35% $145,395.00 $235,395.00 $2,075,000.00 2003 $90,000.00 6.40% $139,680.00 $229,680.00 $1,985,000.00 2004 $95,000.00 6.50% $133,920.00 $228,920.00 $1,890,000.00 2005 $105,000.00 6.50% $127,745.00 $232,745.00 $1,785,000.00 2006 $115,000.00 6.60% $120,920.00 $235,920.00 $1,670,000.00 2007 $115,000.00 6.60% $113,330.00 $228,330.00 $1,555,000.00 2008 $125,000.00 6.80% $105,740.00 $230,740.00 $1,430,000.00 Call @ 2% 2009 $135,000.00 6.80% $97,240.00 $232,240.00 $1,295,000.00 Call 1-112 2010 $150,000.00 6.80% $88,060.00 $238,060.00 $1,145,000.00 Call @ 1 2011 $160,000.00 6.80% $77,860.00 $237,860.00 $985,000.00 Call 1l2 2012 $170,000.00 6.80% $66,980.00 $236,980.00 $815,000.00 Call Par 2013 $185,000.00 6.80% $55,420.00 $240,420.00 $630,000.00 Call @ Par 2014 $195,000.00 6.80% $42,840.00 $237,840.00 $435,000.00 Call Par 2015 $205,000.00 6.80% $29,580.00 $234,580.00 $230,000.00 Call @ Par 2016 $230,000.00 6.80% $15,640.00 $245,640.00 $0.00 Total $2,740,000.00 $2,850,565.00 $5,590,565.00 $4,640,000 COMMUNITY IMPROVEMENT COMMISSION OF THE CITY OF ALAMEDA Subordinate Taxable Tax Allocation Bonds Business and Waterfront Improvement Area) 2002 Series B Dated Date: March 14, 2002 Final Maturity Date: February 1, 2012 Bond Counsel: Quint & Thimmig Underwriter: E.J. De La Rosa & Co. Trustee: Union Bank of California Financial Advisor: Gardner, Underwood & Bacon Credit Enhancement: Not Rated Underlying Ratings: None Interest Rates: Outstanding Fund Balances/Investment Types NIC: 7.447% TIC: 7.427% Reserve Account - $464,000.00 Property Value Reserve Fund - $377,857.50 Principal Retired: $3,025,000 Principal Outstanding: $1,615,000 Security for the Bonds: BWIP net pledged tax increment. Use of Project Funds: Proceeds were used to repay a loan from the City to the CIC related to the CIC's Business and Waterfront Project. Analysis: These bonds are non-callable, however because the bonds are taxable, they could be defeased to maturity if the CIC could derive an economic gain from doing so. Fiscal Year Principal Due Coupon Interest Due in Total Due per Bond Balance Call Feature Endin 6130 in Februar Feb. and Au . Fiscal Year 2002 $0 $0 $0 $4,640,000.00 2003 $0 $298,091.18 $298,091.18 $4,640,000.00 2004 $0 $338,526.26 $338,526.26 $4,640,000.00 2005 $530,000.00 6.05% $338,526.26 $868,526.26 $4,110,000.00 2006 $250,000.00 6.57% $306,461.26 $556,461.26 $3,860,000.00 2007 $450,000.00 6.98% $290,036.26 $740,036.26 $3,410,000.00 2008 $525,000.00 7.38% $258,626.26 $783,626.26 $2,885,000.00 2009 $595,000.00 7.75% $219,881.26 $814,881.26 $2,290,000.00 2010 $675,000.00 7.50% $173,768.76 $848,768.76 $1,615,000.00 Non-Callable 2011 $760,000.00 7.63% $123,143.76 $883,143.76 $855,000.00 Non-Callable 2012 $855,000.00 7.63% $65,193.76 $920,193.76 $0 Non-Callable Total $4,640,000.00 $2,412,255.02 $7,052,255.02 $17,510,000 COMMUNITY IMPROVEMENT COMMISSION OF THE CITY OF ALAMEDA Tax Allocation Refunding Bonds Business and Waterfront Improvement Area) Series 2003C Dated Date: October 28, 2003 Final Maturity Date: February 1, 2032 Bond Counsel: Quint & Thimmig Underwriter: E. J. De La Rosa & Co. Trustee: Union Bank of California Financial Advisor: Gardner, Underwood & Bacon Credit Enhancement: Ambac Underlying Rating: S&P: A- Interest Rates: Outstanding Fund Balances/Investment Types NIC: 4.612% TIC: 4.585% Debt Reserve Account - $1,263,768.75 Principal Retired: $1,055,000 Principal Outstanding: $16,445,000 Security for the Bonds: BWIP Area net pledged tax increment. Use of Project Funds: Proceeds were used to refinance certain outstanding obligations of the CIC. Analysis: The Series 2003C Bonds are not callable until 2013 and are not eligible for advanced refunding consideration. These bonds cannot be considered a refunding candidate at this time. Fiscal Year Ending 6/30 Principal Due in February Coupon Interest Due in Feb. and Aug. Total Due per Fiscal Year Bond Balance Call Feature 2004 $0.00 0 $192,076.81 $192,076.81 $17,510,000.00 2005 $0.00 0 $785,768.76 $785,768.76 $17,510,000.00 2006 $0.00 0 $785,768.76 $785,768.76 $17,510,000.00 2007 $200,000.00 2.00% $785,768.76 $985,768.76 $17,310,000.00 2008 $430,000.00 4.00% $781,768.76 $1,211,768.76 $16,880,000.00 2009 $210,000.00 4.25% $764,568.76 $974,568.76 $16,670,000.00 2010 $215,000.00 4.25% $755,643.76 $970,643.76 $16,455,000.00 2011 $225,000.00 3.20% $746,506.26 $971,506.26 $16,230,000.00 2012 $235,000.00 3.50% $739,306.26 $974,306.26 $15,995,000.00 2013 $525,000.00 3.63% $731,081.26 $1,256,081.26 $15,470,000.00 Call @ Par 2014 $550,000.00 3.88% $712,050.00 $1,262,050.00 $14,920,000.00 Call Par 2015 $570,000.00 4.00% $690,737.50 $1,260,737.50 $14,350,000.00 Call Par 2016 $590,000.00 4.50% $667,937.50 $1,257,937.50 $13,760,000.00 Call @ Par 2017 $610,000.00 4.50% $641,387.50 $1,251,387.50 $13,150,000.00 Call Par 2018 $640,000.00 4.30% $613,937.50 $1,253,937.50 $12,510,000.00 Call @ Par 2019 $670,000.00 4.40% $586,417.50 $1,256,417.50 $11,840,000.00 Call Par 2020 $695,000.00 4.50% $556,937.50 $1,251,937.50 $11,145,000.00 Call Par 2021 $720,000.00 4.50% $525,662.50 $1,245,662.50 $10,425,000.00 Call @ Par 2022 $755,000.00 4.63% $493,262.50 $1,248,262.50 $9,670,000.00 Call Par 2023 $785,000.00 4.63% $458,343.76 $1,243,343.76 $8,885,000.00 Call @ Par 2024 $825,000.00 4.75% $422,037.50 $1,247,037.50 $8,060,000.00 Call Par 2025 $860,000.00 4.75% $382,850.00 $1,242,850.00 $7,200,000.00 Call @ Par 2026 $900,000.00 4.75% $342,000.00 $1,242,000.00 $6,300,000.00 Call Par 2027 $935,000.00 4.75% $299,250.00 $1,234,250.00 $5,365,000.00 Call Par 2028 $980,000.00 4.75% $254,837.50 $1,234,837.50 $4,385,000.00 Call @ Par 2029 $1,025,000.00 4.75% $208,287.50 $1,233,287.50 $3,360,000.00 Call Par 2030 $1,070,000.00 4.75% $159,600.00 $1,229,600.00 $2,290,000.00 Call @ Par 2031 $1,115,000.00 4.75% $108,775.00 $1,223,775.00 $1,175,000.00 Call Par 2032 $1,175,000.00 4.75% $55,812.50 $1,230,812.50 $0.00 Total $17,510,000.00 $15,248,381.91 $32,758,381.91 $1,025,000 COMMUNITY IM PROVEMENT COMMISSION OF THE CITY OF ALAMEDA Tax Allocation Refunding Bonds Business and Waterfront Improvement Area) Series 2003D Dated Date: October 28, 2003 Final Maturity Date: February 1, 2012 Bond Counsel: Quint & Thimmig Underwriter: E. J. De La Rosa & Co. Trustee: Union Bank of California Financial Advisor: Gardner, Underwood & Bacon Credit Enhancement: Ambac Underlying Rating: S&P: A- Interest Rates: Outstanding Fund Balances/Investment Types NIC: 4.800% TIC: 4.801% Shared Debt Reserve with Series C Principal Retired: $490,000 Principal Outstanding: $535,000 Security for the Bonds: BWIP Area net pledged tax increment. Use of Project Funds: Proceeds were used to refinance certain outstanding obligations of the CIC. Analysis: The Series 2003D Bond s are non-callable and are not eligible for refunding consideration. However they could be defeased to maturity if the CIC could derive an economic or structuring benefit from doing so. Fiscal Year Principal Due Coupon Interest Due in Total Due per Bond Balance Call Feature Endin 6/30 in Februar Feb. and Au . Fiscal Year 2004 $0.00 0 $12,026.67 $12,026.67 $1,025,000.00 2005 $0.00 0 $49,200.00 $49,200.00 $1,025,000.00 2006 $0.00 0 $49,200.00 $49,200.00 $1,025,000.00 2007 $0.00 0 $49,200.00 $49,200.00 $1,025,000.00 2008 $0.00 0 $49,200.00 $49,200.00 $1,025,000.00 2009 $240,000.00 4.80% $49,200.00 $289,200.00 $785,000.00 2010 $250,000.00 4.80% $37,680.00 $287,680.00 $535,000.00 Non-Callable 2011 $265,000.00 4.80% $25,680.00 $290,680.00 $270,000.00 Non-Callable 2012 $270,000.00 4.80% $12,960.00 $282,960.00 $0.00 Non-Callable Total $1,025,000.00 $334,346.67 $1,359,346.67 $7,745,000 COMMUNITY IMPROVEMENT COMMISSION OF THE CITY OF ALAMEDA Insured Tax Allocation Bonds Merged Improvement Area) Series 2003A1 Dated Date: December 10, 2003 Final Maturity Date: March 1, 2033 Bond Counsel: Nixon Peabody Underwriter: Stone & Youngberg Trustee: Union Bank of California Pricing Agent: Gardner, Underwood & Bacon Credit Enhancement: Ambac Underlying Rating: S&P - BBB+ Interest Rates: Outstanding Fund Balances/Investment Types NIC: 4.720% TIC: 4.692% Debt Service Reserve Fund - $663,142.31 Principal Retired: $250,000 Principal Outstanding: $7,495,000 Security for the Bonds: Merged Improvement Area net pledged tax increment. Use of Project Funds: Proceeds were used to finance and refinance certain CIC redevelopment projects and obligations. Analysis: The Series 2003AI Bonds can legally be advance refunded at any time. However, since the Bonds are not callable until 2013, the Agency should be prepared to show reasons why advance refunding these bonds now would be advantageous. For example, a reason might be to reduce the Agency's annual debt payments by extending the maturity on the refunding bonds. Otherwise, it would be prudent to wait until it is closer to the first call date to advance refund the Bonds. Fiscal Year Endin 6130 Principal Due in March Coupon Interest Due in March & Sept Total Due per Fiscal Year Bond Balance Call Feature 2004 $0.00 0 $71,674.34 $71,674.34 $7,745,000.00 2005 $0.00 0 $353,462.50 $353,462.50 $7,745,000.00 2006 $250,000.00 2.00% $353,462.50 $603,462.50 $7,495,000.00 2007 $0.00 0 $348,462.50 $348,462.50 $7,495,000.00 2008 $0.00 0 $348,462.50 $348,462.50 $7,495,000.00 2009 $0.00 0 $348,462.50 $348,462.50 $7,495,000.00 2010 $0.00 0 $348,462.50 $348,462.50 $7,495,000.00 2011 $0.00 0 $348,462.50 $348,462.50 $7,495,000.00 2012 $0.00 0 $348,462.50 $348,462.50 $7,495,000.00 2013 $200,000.00 3.70% $348,462.50 $548,462.50 $7,295,000.00 Call 102 2014 $205,000.00 3.75% $341,062.50 $546,062.50 $7,090,000.00 Call @ 101 2015 $210,000.00 3.85% $333,375.00 $543,375.00 $6,880,000.00 Call Par 2016 $220,000.00 4.00% $325,290.00 $545,290.00 $6,660,000.00 Call Par 2017 $230,000.00 4.13% $316,490.00 $546,490.00 $6,430,000.00 Call @ Par 2018 $245,000.00 4.25% $307,002.50 $552,002.50 $6,185,000.00 Call Par 2019 $250,000.00 4.30% $296,590.00 $546,590.00 $5,935,000.00 Call @ Par 2020 $265,000.00 4.40% $285,840.00 $550,840.00 $5,670,000.00 Call Par 2021 $275,000.00 4.50% $274,180.00 $549,180.00 $5,395,000.00 Call Par 2022 $285,000.00 4.55% $261,805.00 $546,805.00 $5,110,000.00 Call @ Par 2023 $300,000.00 4.63% $248,837.50 $548,837.50 $4,810,000.00 Call Par 2024 $310,000.00 5.13% $234,962.50 $544,962.50 $4,500,000.00 Call @ Par 2025 $330,000.00 5.13% $219,075.00 $549,075.00 $4,170,000.00 Call Par 2026 $345,000.00 5.13% $202,162.50 $547,162.50 $3,825,000.00 Call Par 2027 $365,000.00 5.13% $184,481.26 $549,481.26 $3,460,000.00 Call @ Par 2028 $380,000.00 5.13% $165,775.00 $545,775.00 $3,080,000.00 Call Par 2029 $400,000.00 4.75% $146,300.00 $546,300.00 $2,680,000.00 Call @ Par 2030 $415,000.00 4.75% $127,300.00 $542,300.00 $2,265,000.00 Call Par 2031 $440,000.00 4.75% $107,587.50 $547,587.50 $1,825,000.00 Call @ Par 2032 $460,000.00 4.75% $86,687.50 $546,687.50 $1,365,000.00 Call Par 2033 $1,365,000.00 4.75% $64,837.50 $1,429,837.50 $0.00 Total $7,745,000.00 $7,747,478.10 $15,492,478.10 $29,645,000 COMMUNITY IMPROVEMENT COMMISSION OF THE CITY OF ALAMEDA Insured Taxable Tax Allocation Bonds Merged Improvement Area) Series 2003A2 Dated Date: December 10, 2003 Final Maturity Date: March 1, 2033 Bond Counsel: Nixon Peabody Underwriter: Stone & Youngberg Trustee: Union Bank of California Pricing Agent: Gardner, Underwood & Bacon Credit Enhancement: Ambac Underlying Rating: S&P - BBB+ Interest Rates: Outstanding Fund Balancesllnvestment Types NIC: 6.184% TIC: 6.168% Debt Service Reserve Fund - $2,567,812.50 Principal Retired: $0,00 Principal Outstanding: $29,645,000.00 Security for the Bonds: Merged Improvement Area net pledged tax increment. Use of Project Funds: Proceeds were used to finance and refinance certain CIC redevelopment projects and obligations. Analysis: The Series 2003A2 Bonds can legally be advance refunded at any time. However, since the Bonds are not callable until 2013, the Agency should be prepared to show reasons why advance refunding these bonds now would be advantageous. For example, a reason might be to reduce the Agency's annual debt payments by extending the maturity on the refunding bonds. Otherwise, it would be prudent to wait until it is closer to the first call date to advance refund the Bonds. Fiscal Year Endin 6/30 Principal Due in March Coupon Interest Due in March & Sept Total Due per Fiscal Year Bond Balance Call Feature 2004 $0.00 0 $369,029.70 $369,029.70 $29,645,000.00 2005 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2006 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2007 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2008 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2009 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2010 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2011 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2012 $0.00 0 $1,819,872.50 $1,819,872.50 $29,645,000.00 2013 $745,000.00 5.19% $1,819,872.50 $2,564,872.50 $28,900,000.00 Call 102 2014 $780,000.00 5.84% $1,781,207.00 $2,561,207.00 $28,120,000.00 Call @ 101 2015 $825,000.00 5.84% $1,735,655.00 $2,560,655.00 $27,295,000.00 Call Par 2016 $875,000.00 5.84% $1,687,475.00 $2,562,475.00 $26,420,000.00 Call Par 2017 $925,000.00 5.84% $1,636,375.00 $2,561,375.00 $25,495,000.00 Call @ Par 2018 $985,000.00 5.84% $1,582,355.00 $2,567,355.00 $24,510,000.00 Call Par 2019 $1,035,000.00 6.13% $1,524,831.00 $2,559,831.00 $23,475,000.00 Call @ Par 2020 $1,105,000.00 6.13% $1,461,385.50 $2,566,385.50 $22,370,000.00 Call Par 2021 $1,170,000.00 6.13% $1,393,649.00 $2,563,649.00 $21,200,000.00 Call Par 2022 $1,240,000.00 6.13% $1,321,928.00 $2,561,928.00 $19,960,000.00 Call @ Par 2023 $1,320,000.00 6.13% $1,245,916.00 $2,565,916.00 $18,640,000.00 Call Par 2024 $1,395,000.00 6.25% $1,165,000.00 $2,560,000.00 $17,245,000.00 Call @ Par 2025 $1,490,000.00 6.25% $1,077,812.50 $2,567,812.50 $15,755,000.00 Call Par 2026 $1,575,000.00 6.25% $984,687.50 $2,559,687.50 $14,180,000.00 Call Par 2027 $1,680,000.00 6.25% $886,250.00 $2,566,250.00 $12,500,000.00 Call @ Par 2028 $1,780,000.00 6.25% $781,250.00 $2,561,250.00 $10,720,000.00 Call Par 2029 $1,890,000.00 6.25% $670,000.00 $2,560,000.00 $8,830,000.00 Call @ Par 2030 $2,010,000.00 6.25% $551,875.00 $2,561,875.00 $6,820,000.00 Call Par 2031 $2,135,000.00 6.25% $426,250.00 $2,561,250.00 $4,685,000.00 Call @ Par 2032 $2,270,000.00 6.25% $292,812.50 $2,562,812.50 $2,415,000.00 Call Par 2033 $2,415,000.00 6.25% $150,937.50 $2,565,937.50 $0.00 Total $29,645,000.00 $39,105,533.70 $68,750,533.70 $9,205,000 COMMUNITY IMPROVEMENT COMMISSION OF THE CITY OF ALAMEDA Subordinate Tax Allocation Bonds (Merged Improvement Areal Series 2003B Dated Date: December 10, 2003 Final Maturity Date: March 1, 2033 Bond Counsel: Nixon Peabody Underwriter: Stone & Youngberg Trustee: Union Bank of California Pricing Agent: Gardner, Underwood & Bacon Credit Enhancement: None Underlying Ratings: None Interest Rates: Outstanding Fund Balancesllnvestment Types NIC: 5.795% TIC: 5.766% Debt Service Reserve Fund - $886,783.44 Principal Retired: $190,000 Principal Outstanding: $9,015,000 Security for the Bonds: Merged Improvement Area net pledged tax increment on a subordinated basis. Use of Project Funds: Proceeds were used to finance and refinance certain CIC redevelopment projects and obligations. Analysis: The Bonds are currently callable at 102% and could be refunded at any time that the present value savings would make a refunding beneficial. On or after 3/1/2014 they will be callable at 101%, and on or after 3/112015 they are callable at Par. Fiscal Year Endin 6/30 Principal Due in March Coupon Interest Due in March & Sept Total Due per Fiscal Year Bond Balance Call Feature 2004 $0.00 0 $105,957.73 $105,957.73 $9,205,000.00 Call @ 102 2005 $15,000.00 2.30°/0 $522,531.26 $537,531.26 $9,190,000.00 Call 102 2006 $25,000.00 2.65°/0 $522,186.26 $547,186.26 $9,165,000.00 Call @ 102 2007 $40,000.00 3.05% $521,523.76 $561,523.76 $9,125,000.00 Call 102 2008 $50,000.00 3.45% $520,303.76 $570,303.76 $9,075,000.00 Call 102 2009 $60,000.00 3.80% $518,578.76 $578,578.76 $9,015,000.00 Call @ 102 2010 $75,000.00 4.05% $516,298.76 $591,298.76 $8,940,000.00 Call 102 2011 $90,000.00 4.40% $513,261.26 $603,261.26 $8,850,000.00 Call @ 102 2012 $105,000.00 4.70% $509,301.26 $614,301.26 $8,745,000.00 Call 102 2013 $120,000.00 4.85% $504,366.26 $624,366.26 $8,625,000.00 Call @ 102 2014 $140,000.00 5.00% $498,546.26 $638,546.26 $8,485,000.00 Call 101 2015 $160,000.00 5.10% $491,546.26 $651,546.26 $8,325,000.00 Call Par 2016 $180,000.00 5.20% $483,386.26 $663,386.26 $8,145,000.00 Call @ Par 2017 $200,000.00 5.30% $474,026.26 $674,026.26 $7,945,000.00 Call Par 2018 $225,000.00 5.40% $463,426.26 $688,426.26 $7,720,000.00 Call @ Par 2019 $250,000.00 5.50% $451,276.26 $701,276.26 $7,470,000.00 Call Par 2020 $280,000.00 5.60% $437,526.26 $717,526.26 $7,190,000.00 Call Par 2021 $305,000.00 5.70% $421,846.26 $726,846.26 $6,885,000.00 Call @ Par 2022 $340,000.00 5.75% $404,461.26 $744,461.26 $6,545,000.00 Call Par 2023 $370,000.00 5.80% $384,911.26 $754,911.26 $6,175,000.00 Call @ Par 2024 $410,000.00 5.85% $363,451.26 $773,451.26 $5,765,000.00 Call Par 2025 $445,000.00 5.88% $339,466.26 $784,466.26 $5,320,000.00 Call Par 2026 $490,000.00 5.88% $313,322.50 $803,322.50 $4,830,000.00 Call @ Par 2027 $530,000.00 5.88% $284,535.00 $814,535.00 $4,300,000.00 Call Par 2028 $580,000.00 5.88% $253,397.50 $833,397.50 $3,720,000.00 Call @ Par 2029 $630,000.00 5.88% $219,322.50 $849,322.50 $3,090,000.00 Call Par 2030 $685,000.00 5.90% $182,310.00 $867,310.00 $2,405,000.00 Call @ Par 2031 $740,000.00 5.90% $141,895.00 $881,895.00 $1,665,000.00 Call Par 2032 $800,000.00 5.90% $98,235.00 $898,235.00 $865,000.00 Call Par 2033 $865,000.00 5.90% $51,035.00 $916,035.00 $0.00 Total $9,205,000.00 $11,512,231.69 $20,717,231.69 $17,035,000 ALAMEDA PUBLIC FINANCING AUTHORITY Local Agency Revenue Bonds, 1996 Series A (Community Facilities District No.1 Harbor Bay) Refinancing) Dated Date: June 12,1996 Final Maturity Date: August 1, 2019 Bond Counsel: Jones Hall Hill & White Underwriter: Prager, McCarthy & Sealy Trustee: First Trust of California, National Special Tax Administrator: Government Finance Group Assoc. Credit Enhancement: None Underlying Ratings: Non-Rated Interest Rates: Outstanding Fund Balances/Investment Types NIC: 6.915% TIC: 6.901% None Principal Retired: $4,710,000 Principal Outstanding: $12,325,000 Security for the Bonds: Special taxes collected on parcels within the CFD. Use of Project Funds: Proceeds were used by the APFA to provide funds to acquire from the City its $17,035,000 Community Facilities District No.1 (Harbor Bay)1996 Special Tax Refunding Bonds. Analysis: The Bonds are currently callable and could be refunded at any time that the present value savings would make a refunding feasible. Fiscal Year Endin 6/30 Principal Due in Au ust Coupon Interest Due in Au ust & Feb Total Due per Fiscal Year Bond Balance Call Feature 1996 $0.00 0 $0.00 $0.00 $17,035,000.00 1997 $70,000.00 4.30% $1,182,994.79 $1,252,994.79 $16,965,000.00 1998 $150,000.00 4.75% $1,132,665.00 $1,282,665.00 $16,815,000.00 1999 $185,000.00 5.00% $1,125,540.00 $1,310,540.00 $16,630,000.00 2000 $215,000.00 5.20% $1,116,290.00 $1,331,290.00 $16,415,000.00 2001 $255,000.00 5.40% $1,105,110.00 $1,360,110.00 $16,160,000.00 2002 $300,000.00 5.55% $1,091,340.00 $1,391,340.00 $15,860,000.00 2003 $340,000.00 5.70% $1,074,690.00 $1,414,690.00 $15,520,000.00 2004 $390,000.00 5.80% $1,055,310.00 $1,445,310.00 $15,130,000.00 2005 $440,000.00 5.90% $1,032,690.00 $1,472,690.00 $14,690,000.00 2006 $495,000.00 6.00% $1,006,730.00 $1,501,730.00 $14,195,000.00 Call 102 2007 $555,000.00 6.10% $977,030.00 $1,532,030.00 $13,640,000.00 Call 101 2008 $620,000.00 6.70% $943,175.00 $1,563,175.00 $13,020,000.00 Call @ Par 2009 $695,000.00 6.70% $901,635.00 $1,596,635.00 $12,325,000.00 Call Par 2010 $765,000.00 6.70% $855,070.00 $1,620,070.00 $11,560,000.00 Call @ Par 2011 $855,000.00 6.70% $803,815.00 $1,658,815.00 $10,705,000.00 Call Par 2012 $940,000.00 6.70% $746,530.00 $1,686,530.00 $9,765,000.00 Call Par 2013 $1,035,000.00 7.00% $683,550.00 $1,718,550.00 $8,730,000.00 Call @ Par 2014 $1,140,000.00 7.00% $611,100.00 $1,751,100.00 $7,590,000.00 Call Par 2015 $1,255,000.00 7.00% $531,300.00 $1,786,300.00 $6,335,000.00 Call @ Par 2016 $1,375,000.00 7.00% $443,450.00 $1,818,450.00 $4,960,000.00 Call Par 2017 $1,510,000.00 7.00% $347,200.00 $1,857,200.00 $3,450,000.00 Call @ Par 2018 $1,650,000.00 7.00% $241,500.00 $1,891,500.00 $1,800,000.00 Call Par 2019 $1,800,000.00 7.00% $126,000.00 $1,926,000.00 $0.00 Total $17,035,000.00 $19,134,714.79 $36,169,714.79 $2,075,000 CITY OFALAMEDA Community Facilities District No. 2 (Paragon Gateway) Series 1997, Special Tax Bonds Dated Date: October 23, 1997 Final Maturity Date: September 1, 2016 Bond Counsel: Nixon Peabody Underwriter: E. Wagner & Associates Fiscal Agent: First Trust of Califor nia, Nat. Assoc. Financial Advisor: None Credit Enhancement: None Underlying Ratings: Non-Rated Interest Rates: Outstanding Fund Balances/Investment Types NIC: 6.099% TIC: 6.096% Debt Reserve Fund - $185,519.0 0 Principal Retired: $1,055,000 Principal Outstanding: $1,020,000 Security for the Bonds: Special taxes collected on parcels within the CFD. Use of Project Funds: Proceeds were used to refund the City's Community Facilities District No. 2 (Paragon Gateway) Series 1990 Special Tax Bonds or iginally issued in the aggregate principal amount of $1 ,615000. Analysis: The Bonds are currently callable at par and could be refunded at any time that the present value savings would make a refunding feasible. Please note, howev er, that the Bonds mature in less then eight years. Fiscal Year Principal Due Coupon Interest Due in Total Due per Bond Balance Call Feature Endin 6/30 in September March & Sept. Fiscal Year 1998 $90,000.00 4.25% $94,744.00 $184,744.00 $1,985,000.00 1999 $70,000.00 4.50% $114,605.00 $184,605.00 $1,915,000.00 2000 $70,000.00 4.75% $111,455.00 $181,455.00 $1,845,000.00 2001 $75,000.00 5.00% $108,130.00 $183,130.00 $1,770,000.00 2002 $80,000.00 5.10% $104,380.00 $184,380.00 $1,690,000.00 2003 $80,000.00 5.20% $100,300.00 $180,300.00 $1,610,000.00 2004 $85,000.00 5.30% $96,140.00 $181,140.00 $1,525,000.00 2005 $90,000.00 5.40% $91,635.00 $181,635.00 $1,435,000.00 2006 $95,000.00 5.50% $86,775.00 $181,775.00 $1,340,000.00 Call @ 102 2007 $100,000.00 5.60% $81,550.00 $181,550.00 $1,240,000.00 Call 101 2008 $105,000.00 6.13% $75,950.00 $180,950.00 $1,135,000.00 Call @ Par 2009 $115,000.00 6.13% $69,518.76 $184,518.76 $1,020,000.00 Call Par 2010 $120,000.00 6.13% $62,475.00 $182,475.00 $900,000.00 Call Par 2011 $130,000.00 6.13% $55,125.00 $185,125.00 $770,000.00 Call @ Par 2012 $135,000.00 6.13% $47,162.50 $182,162.50 $635,000.00 Call Par 2013 $145,000.00 6.13% $38,893.76 $183,893.76 $490,000.00 Call @ Par 2014 $155,000.00 6.13% $30,012.50 $185,012.50 $335,000.00 Call Par 2015 $165,000.00 6.13% $20,518.76 $185,518.76 $170,000.00 Call Par 2016 $170,000.00 6.13% $10,412.50 $180,412.50 $0.00 Total $2,075,000.00 $1,399,782.78 $3,474,782.78 10 $27,775,000 CITY OFALAMEDA 1998 Revenue Bonds (Harbor Bay Business Park Assessment District Bond Refinancing Dated Date: November 20,1998 Final Maturity Date: September 2, 2012 Bond Counsel: Jones Hall Underwriter: Stone & Youngberg Trustee: U.S. Bank Trust Nationa l Association Financial Advisor: None Credit Enhancement: None Underlying Ratings: Non-Rated Interest Rates: Outstanding Fund Balances/Investment Types NIC: 5.469% TIC: 5.467% Debt Reserve Account - $1,400,075.00 Principal Retired: $20,015,000.00 Principal Outstanding: $7,760,000.00 Security for the Bonds: Special taxes collected on parcels within the CFD. Use of Project Funds: Proceeds were used to purchase the entire outstanding City of Alameda Limited Obligation Refunding Improvement Bonds Harbor Bay Business Park Assessment District 92-1 Series 1998. Analysis: The Bonds are currently callable at p ar and could be refunded at any time that the present value savings would make a refunding feasible. Please note, however, that the Bonds mature in less then four years. Fiscal Year Principal Due Coupon Interest Due in Total Due per Bond Balance Call Feature Endin 6/30 in September March & Sept Fiscal Year 1999 $1,330,000.00 4.70% $1,114,549.19 $2,444,549.19 $26,445,000.00 Call @ 6.653 2000 $1,490,000.00 4.70% $1,360,318.76 $2,850,318.76 $24,955,000.00 Call 5.764 2001 $1,565,000.00 4.70% $1,290,288.76 $2,855,288.76 $23,390,000.00 Call 4.432 2002 $1,635,000.00 4.70% $1,216,733.76 $2,851,733.76 $21,755,000.00 Call @ 3.042 2003 $1,715,000.00 4.80% $1,139,888.76 $2,854,888.76 $20,040,000.00 Call 1.590 2004 $1,800,000.00 4.90% $1,057,568.76 $2,857,568.76 $18,240,000.00 Call @ Par 2005 $1,890,000.00 5.00% $969,368.76 $2,859,368.76 $16,350,000.00 Call Par 2006 $1,985,000.00 5.00% $874,868.76 $2,859,868.76 $14,365,000.00 Call Par 2007 $2,095,000.00 5.13% $775,618.76 $2,870,618.76 $12,270,000.00 Call @ Par 2008 $2,200,000.00 5.20% $668,250.00 $2,868,250.00 $10,070,000.00 Call Par 2009 $2,310,000.00 5.50% $553,850.00 $2,863,850.00 $7,760,000.00 Call @ Par 2010 $2,450,000.00 5.50% $426,800.00 $2,876,800.00 $5,310,000.00 Call Par 2011 $2,580,000.00 5.50% $292,050.00 $2,872,050.00 $2,730,000.00 Call @ Par 2012 $2,730,000.00 5.50% $150,150.00 $2,880,150.00 $0.00 Total $27,775,000.00 $11,890,304.27 $39,665,304.27 $37,685,000 ALAMEDA PUBLIC FINANCING AUTHORITY 1999 Revenue Bonds (1997 Revenue Bond Refinancing Marina V illage Assessment District Bond Refinancing Dated Date: January 15, 1999 Final Maturity Date: September 2, 2014 Bond Counsel: Jones Hall Underwriter: Stone & Youngberg Trustee: U. S. Bank Trust National Association Financial Advisor: None Credit Enhancement: None Underlying Ratings: Non-Rated Interest Rates: Outstanding Fund BalancesllnvestmentTypes NIC: 5.131% TIC: 5.104% None Principal Retired: $23,610,000.00 Principal Outstanding: $14,075,000.00 Security for the Bonds: Special obligations of the Authority, payable solely from payments received from the outstanding Marina Village Assessment Bonds. Use of Project Funds: Proceeds were used to refinance the entire outstanding issue of APFA 1997 Revenue Bonds (Marina Village Assessment District). Analysis: The Bonds are currently ca llable and could be refunded at any time that the present value saving s would make a refunding feasible. Fiscal Year Principal Due Coupon Interest Due in Total Due per Bond Balance Call Feature Endin 6130 in September March & Sept Fiscal Year 1999 $1,510,000.00 3.60% $1,163,311.94 $2,673,311.94 $36,175,000.00 Call @ 102 2000 $1,900,000.00 4.10% $1,790,540.00 $3,690,540.00 $34,275,000.00 Call 102 2001 $1,985,000.00 4.25% $1,712,640.00 $3,697,640.00 $32,290,000.00 Call @ 102 2002 $2,070,000.00 4.40% $1,628,277.50 $3,698,277.50 $30,220,000.00 Call 102 2003 $2,155,000.00 4.60% $1,537,197.50 $3,692,197.50 $28,065,000.00 Call 102 2004 $2,270,000.00 4.70% $1,438,067.50 $3,708,067.50 $25,795,000.00 Call @ 102 2005 $2,355,000.00 4.80% $1,331,377.50 $3,686,377.50 $23,440,000.00 Call 102 2006 $2,470,000.00 4.85% $1,218,337.50 $3,688,337.50 $20,970,000.00 Call @ 102 2007 $2,190,000.00 4.95% $1,098,542.50 $3,288,542.50 $18,780,000.00 Call 102 2008 $2,295,000.00 5.00% $990,137.50 $3,285,137.50 $16,485,000.00 Call @ 102 2009 $2,410,000.00 5.10% $875,387.50 $3,285,387.50 $14,075,000.00 Call 102 2010 $2,530,000.00 5.20% $752,477.50 $3,282,477.50 $11,545,000.00 Call 102 2011 $2,665,000.00 5.30% $620,917.50 $3,285,917.50 $8,880,000.00 Call @ 102 2012 $2,810,000.00 5.35% $479,672.50 $3,289,672.50 $6,070,000.00 Call 102 2013 $2,955,000.00 5.40% $329,337.50 $3,284,337.50 $3,115,000.00 Call @ 102 2014 $3,115,000.00 5.45% $169,767.50 $3,284,767,50 $0.00 Total $37,685,000.00 $17,135,989.44 $54,820,989.44 12 $9,080,000 ALAMEDA PUBLIC FINANCING AUTHORITY Variable Rate Demand Revenue Bonds, 2003 Series A Alameda Point Improvement Project) Dated Date: December 8, 2003 Final Maturity Date: December 1, 2033 Bond Counsel: Quint & Thimmig Underwriter: JP Morgan Trustee: Union Bank of California Financial Advisor: Gardner, Underwood & Bacon Credit Enhancement: Union Bank of California Underlying Ratings: S&P - A-1+ Interest Rates change weekly. Outstanding Fund Balances/Investment Types: None Principal Retired: $580,000.00 Principal Outstanding: $8,500,000.00 Security for the Bonds: Special obligations of the Authority, payable solely from lease revenue derived from rental payments made to the Alameda Reuse and Redevelopment Authority for certain land, buildings, fixtures and equipment in the Alameda Point Improvement Project Area. Use of Project Funds: Proceeds were used to refund the outstanding APFA 1999 Series ARDBs. Analysis: The Bonds are currently callable and could be refunded at any time and/or converted under the indenture to another financing mode such as daily, monthly or yearly variable or fixed rate to maturity. Refunding or converting the Bonds would depend entirely on the CIC's goals and objectives. Fiscal Year Endin 6130 Principal Due in December Estimated Coupon Estimated Interest Total Due per Fiscal Year Bond Balance Call Feature 2004 $0.00 0 $347,322.39 $347,322.39 $9,080,000.00 2005 $0.00 0 $363,115.68 $363,115.68 $9,080,000.00 2006 $0.00 0 $363,199.96 $363,199.96 $9,080,000.00 2007 $180,000.00 4.00% $363,199.96 $543,199.96 $8,900,000.00 2008 $200,000.00 4.00% $356,082.65 $556,082.65 $8,700,000.00 2009 $200,000.00 4.00% $347,919.22 $547,919.22 $8,500,000.00 Call @ Par 2010 $200,000.00 4.00% $340,000.00 $540,000.00 $8,300,000.00 Call Par 2011 $200,000.00 4.00% $331,999.99 $531,999.99 $8,100,000.00 Call @ Par 2012 $200,000.00 4.00% $324,075.18 $524,075.18 $7,900,000.00 Call Par 2013 $200,000.00 4.00% $315,926.69 $515,926.69 $7,700,000.00 Call Par 2014 $300,000.00 4.00% $307,999.98 $607,999.98 $7,400,000.00 Call @ Par 2015 $300,000.00 4.00% $296,000.04 $596,000.04 $7,100,000.00 Call Par 2016 $300,000.00 4.00% $284,065.88 $584,065.88 $6,800,000.00 Call @ Par 2017 $300,000.00 4.00% $271,936.86 $571,936.86 $6,500,000.00 Call Par 2018 $300,000.00 4.00% $259,999.98 $559,999.98 $6,200,000.00 Call Par 2019 $300,000.00 4.00% $247,999.97 $547,999.97 $5,900,000.00 Call @ Par 2020 $300,000.00 4.00% $236,054.75 $536,054.75 $5,600,000.00 Call Par 2021 $300,000.00 4.00% $223,948.04 $523,948.04 $5,300,000.00 Call @ Par 2022 $400,000.00 4.00% $212,000.01 $612,000.01 $4,900,000.00 Call Par 2023 $400,000.00 4.00% $196,000.04 $596,000.04 $4,500,000.00 Call Par 2024 $400,000.00 4.00% $180,041.77 $580,041.77 $4,100,000.00 Call @ Par 2025 $400,000.00 4.00% $163,961.95 $563,961.95 $3,700,000.00 Call Par 2026 $400,000.00 4.00% $147,999.96 $547,999.96 $3,300,000.00 Call @ Par 2027 $400,000.00 4.00% $132,000.03 $532,000.03 $2,900,000.00 Call Par 2028 $400,000.00 4.00% $116,026.95 $516,026.95 $2,500,000.00 Call @ Par 2029 $500,000.00 4.00% $99,976.80 $599,976.80 $2,000,000.00 Call Par 2030 $500,000.00 4.00% $79,999.99 $579,999.99 $1,500,000.00 Call Par 2031 $500,000.00 4.00% $60,000.01 $560,000.01 $1,000,000.00 Call @ Par 2032 $500,000.00 4.00% $40,009.30 $540,009.30 $500,000.00 Call Par 2033 $500,000.00 4.00% $19,995.38 $519,995.38 $0.00 Total $9,080,000.00 $7,028,859.41 $16,108,859.41 13 $4,360,000 ALAMEDA PUBLIC FINANCING AUTHORITY Taxable Variable Rate Demand Revenue Bonds, 2003 Series B Alameda Point Improvement Project) Dated Date: December 8, 2003 Final Maturity Date: December 1, 2033 Bond Counsel: Quint & Thimmig Underwriter: JP Morgan Trustee: Union Bank of California Financial Advisor: Gardner, Underwood & Bacon Credit Enhancement: Union Bank of California Underlying Ratings: S&P - A-1+ Interest Rates change weekly. Outstanding Fund BalancesllnvestmentTypess None Principal Retired: $260,000.00 Principal Outstanding: $4,100,000.00 Security for the Bonds: Special obligations of the Authority, payable solely from lease revenue derived from rental payments made to the Alameda Reuse and Redevelopment Authority for certain land, buildings, fixtures and equipment in the Alameda Point Improvement Project Area. Use of Project Funds: Proceeds were used to finance professional services required in the redevelopment process at Alameda Point Analysis: The Bonds are currently callable and could be refunded at any time andlor converted under the indenture to another financing mode such as daily, monthly or yearly variable or fixed rate to maturity. Refunding or converting the Bonds would depend entirely on the CIC's goals and objectives. Fiscal Year Ending 6/30 Principal Due in December Estimated Coupon Estimated Interest Total Due per Fiscal Year Bond Balance Call Feature 2004 $0.00 0 $166,775.94 $166,775.94 $4,360,000.00 2005 $0.00 0 $174,359.51 $174,359.51 $4,360,000.00 2006 $0.00 0 $174,399.98 $174,399.98 $4,360,000.00 2007 $60,000.00 4.00% $174,399.98 $234,399.98 $4,300,000.00 Call Par 2008 $100,000.00 4.00% $172,039.94 $272,039.94 $4,200,000.00 Call @ Par 2009 $100,000.00 4.00% $167,961.00 $267,961.00 $4,100,000.00 Call Par 2010 $100,000.00 4.00% $164,000.01 $264,000.01 $4,000,000.00 Call @ Par 2011 $100,000.00 4.00% $159,999.97 $259,999.97 $3,900,000.00 Call Par 2012 $100,000.00 4.00% $156,036.20 $256,036.20 $3,800,000.00 Call Par 2013 $100,000.00 4.00% $151,964.73 $251,964.73 $3,700,000.00 Call @ Par 2014 $100,000.00 4.00% $147,999.96 $247,999.96 $3,600,000.00 Call Par 2015 $100,000.00 4.00% $144,000.04 $244,000.04 $3,500,000.00 Call @ Par 2016 $100,000.00 4.00% $140,032.47 $240,032.47 $3,400,000.00 Call Par 2017 $100,000.00 4.00% $135,968.41 $235,968.41 $3,300,000.00 Call Par 2018 $100,000.00 4.00% $132,000.03 $232,000.03 $3,200,000.00 Call @ Par 2019 $100,000.00 4.00% $127,999.99 $227,999.99 $3,100,000.00 Call Par 2020 $100,000.00 4.00% $124,028.75 $224,028.75 $3,000,000.00 Call @ Par 2021 $200,000.00 4.00% $119,972.13 $319,972.13 $2,800,000.00 Call Par 2022 $200,000.00 4.00% $112,000.01 $312,000.01 $2,600,000.00 Call Par 2023 $200,000.00 4.00% $104,000.04 $304,000.04 $2,400,000.00 Call @ Par 2024 $200,000.00 4.00% $96,022.28 $296,022.28 $2,200,000.00 Call Par 2025 $200,000.00 4.00% $87,979.57 $287,979.57 $2,000,000.00 Call @ Par 2026 $200,000.00 4.00% $79,999.99 $279,999.99 $1,800,000.00 Call Par 2027 $200,000.00 4.00% $72,000.02 $272,000.02 $1,600,000.00 Call @ Par 2028 $200,000.00 4.00% $64,014.88 $264,014.88 $1,400,000.00 Call Par 2029 $200,000.00 4.00% $55,986.98 $255,986.98 $1,200,000.00 Call Par 2030 $300,000.00 4.00% $48,000.00 $348,000.00 $900,000.00 Call @ Par 2031 $300,000.00 4.00% $35,999.95 $335,999.95 $600,000.00 Call Par 2032 $300,000.00 4.00% $24,005.58 $324,005.58 $300,000.00 Call @ Par 2033 $300,000.00 4.00% $11,997.22 $311,997.22 $0.00 Total $4,360,000.00 $3,525,945.56 $7,885,945.56 14 $5,850,000 CERTIFICA TES OF PARTICIPATION (1995 Sewer System Refinancing and Improvement Project) CITY OF ALAMEDA Alameda Publ ic Improvement Corporation Dated Date: December 14,1995 Final Maturity Date: March 1, 201 8 Bond Counsel: Jones Hall Hill & White Underwriter: Prager, McCarthy & Sealy Trustee: First Trust of California Financial Advisor: None Credit Enhancement: Ambac Underlying Ratings: None Interest Rates: Outstanding Fund Balances/Investment Types NIC: 4.901% TIC: 4.905% None Principal Retired: $2,820,000.00 Principal Outstanding: $3,030,000.00 Security for the COPs: The City has covenanted to make Installment Payments during each fiscal yea r from its sewer system enterprise revenues. Use of Project Funds: Proceeds were used to finance the acquisition and construction of various improvements to the City sewer system. Analysis: The COPs are currently callable and could be refunded at any time. However, the principal amount outstanding is small, therefore it is recommen ded that the COPs be considered for refunding only as part of a larger sewer system enterprise COPs new money and/or refunding issue . Fiscal Year Principal Due Coupon Interest Due in Total Due per Bond Balance Call Feature Endin 6/30 in March Sept & March Fiscal Year 1996 $205,000.00 3.55% $49,252.89 $254,252.89 $5,645,000.00 1997 $155,000.00 3.80% $269,770.00 $424,770.00 $5,490,000.00 1998 $160,000.00 4.05% $263,880.00 $423,880.00 $5,330,000.00 1999 $165,000.00 4.15% $257,400.00 $422,400.00 $5,165,000.00 2000 $175,000.00 4.30% $250,552.50 $425,552.50 $4,990,000.00 2001 $180,000.00 4.45% $243,027.50 $423,027.50 $4,810,000.00 2002 $185,000.00 4.55% $235,017.50 $420,017.50 $4,625,000.00 2003 $195,000.00 4.65% $226,600.00 $421,600.00 $4,430,000.00 2004 $205,000.00 4.75% $217,532.50 $422,532.50 $4,225,000.00 2005 $215,000.00 4.85% $207,795.00 $422,795.00 $4,010,000.00 2006 $225,000.00 4.95% $197,367.50 $422,367.50 $3,785,000.00 Call 102 2007 $240,000.00 5.05% $186,230.00 $426,230.00 $3,545,000.00 Call 101 2008 $250,000.00 5.10% $174,110.00 $424,110.00 $3,295,000.00 Call @ Par 2009 $265,000.00 5.15% $161,360.00 $426,360.00 $3,030,000.00 Call Par 2010 $275,000.00 4.88% $147,712.50 $422,712.50 $2,755,000.00 Call @ Par 2011 $290,000.00 4.88% $134,306.26 $424,306.26 $2,465,000.00 Call Par 2012 $305,000.00 4.88% $120,168.76 $425,168.76 $2,160,000.00 Call Par 2013 $320,000.00 4.88% $105,300.00 $425,300.00 $1,840,000.00 Call @ Par 2014 $335,000.00 4.88% $89,700.00 $424,700.00 $1,505,000.00 Call Par 2015 $350,000.00 4.88% $73,368.76 $423,368.76 $1,155,000.00 Call @ Par 2016 $365,000.00 4.88% $56,306.26 $421,306.26 $790,000.00 Call Par 2017 $385,000.00 4.88% $38,512.50 $423,512.50 $405,000.00 Call Par 2018 $405,000.00 4.88% $19,743.76 $424,743.76 $0.00 Total $5,850,000.00 $3,725,014.19 $9,575,014.19 15 $11,370,000 2002 CERTIFICATES OF PARTICIPATION (City Hall Refinancing Project) CITY OF ALAMEDA Alameda Public Improvement Corporation Dated Date: September 10, 2002 Final Maturity Date: May 1, 2025 Bond Counsel: Jones Hall Underwriter: Stone & Youngberg Trustee: BNY Western Trust Company Financial Advisor: Kelling, Northcross & Nobriga Credit Enhancement: None Underlying Ratings: S&P - A Interest Rates: Outstanding Fund Balances/Investment Types NIC: 4.547% TIC: 4.496% Debt Reserve Fund - $829,950.00 Principal Retired: $2,230,000.00 Principal Outstanding: $9,140,000.00 Security for the COPs: The City has covenanted to make Installment Payments during each fiscal year from City General Fund revenues. Use of Project Funds: Proceeds were used to refund the City's $10,565,000 COPs, Series 1995 (City Hall Seismic Upgrade and Renovation Project). Analysis: The Series 2002 COPs are not callable on a current basis until 2012 and are not eligible for advanced refunding consideration. These bonds cannot be considered a refunding candidate at this time. Fiscal Year Ending 6130 Principal Due in May Coupon Interest Due in Nov & May Total Due per Fiscal Year Bond Balance Call Feature 2003 $0.00 $0.00 $285,367.71 $285,367.71 $11,370,000.00 2004 $350,000.00 $0.02 $477,825.00 $827,825.00 $11,020,000.00 2005 $360,000.00 $0.02 $469,950.00 $829,950.00 $10,660,000.00 2006 $365,000.00 $0.02 $461,850.00 $826,850.00 $10,295,000.00 2007 $375,000.00 $0.03 $453,637.50 $828,637.50 $9,920,000.00 2008 $385,000.00 $0.03 $443,887.50 $828,887.50 $9,535,000.00 2009 $395,000.00 $0.03 $432,337.50 $827,337.50 $9,140,000.00 2010 $410,000.00 $0.05 $419,500.00 $829,500.00 $8,730,000.00 2011 $425,000.00 $0.05 $401,050.00 $826,050.00 $8,305,000.00 2012 $445,000.00 $0.05 $381,500.00 $826,500.00 $7,860,000.00 Call Par 2013 $465,000.00 $0.04 $360,362.50 $825,362.50 $7,395,000.00 Call Par 2014 $485,000.00 $0.04 $342,692.50 $827,692.50 $6,910,000.00 Call @ Par 2015 $505,000.00 $0.04 $323,292.50 $828,292.50 $6,405,000.00 Call Par 2016 $525,000.00 $0.04 $302,587.50 $827,587.50 $5,880,000.00 Call @ Par 2017 $545,000.00 $0.04 $280,275.00 $825,275.00 $5,335,000.00 Call Par 2018 $570,000.00 $0.05 $256,295.00 $826,295.00 $4,765,000.00 Call Par 2019 $595,000.00 $0.05 $230,645.00 $825,645.00 $4,170,000.00 Call @ Par 2020 $625,000.00 $0.05 $203,275.00 $828,275.00 $3,545,000.00 Call Par 2021 $655,000.00 $0.05 $173,900.00 $828,900.00 $2,890,000.00 Call @ Par 2022 $685,000.00 $0.05 $142,787.50 $827,787.50 $2,205,000.00 Call Par 2023 $715,000.00 $0.05 $110,250.00 $825,250.00 $1,490,000.00 Call Par 2024 $755,000.00 $0.05 $74,500.00 $829,500.00 $735,000.00 Call @ Par 2025 $735,000.00 $0.05 $36,750.00 $771,750.00 $0.00 Total $11,370,000.00 $7,064,517.71 $18,434,517.71 16 $4,575,000 CERTIFI CATES OF PARTICIPATION (20 08 Refinancing Project) CITY OF ALAMEDA Alameda P ublic Improvement Corporation Dated Date: June 24, 2008 Final Maturity Date: May 1, 2022 Bond Counsel: Quint & Thimmig Underwriter: Wedbush Morgan Securities Trustee: Union Bank of Californai Financial Advisor: Gardner, Underwood & Bacon Credit Enhancement: Assured Guaranty Underlying Ratings: S&P - AA- Interest Rates: Outstanding Fund Balances/Investment Types NIC: 4.564% TIC: 4.560% None Principal Retired: $0 Principal Outstanding: $4,575,000 Security for the Bonds: The City has covenante d to make Installment Payments during each fiscal year from City General Fund revenues. Use of Project Funds: Proceeds were used to refinance the acquisition and construction, installation, modernization and equipping of improvements to various City facilities and to refund the City's 1996 Police Building COPs. Analysis: The bonds are non-callable. Fiscal Year Principal Due Coupon Interest Due in Total Due per Bond Balance Call Feature Ending 6/30 in May May and Nov. Fiscal Year 2009 $0.00 0 $175,336.45 $175,336.45 $4,575,000.00 Non-callable 2010 $0.00 0 $205,606.26 $205,606.26 $4,575,000.00 Non-callable 2011 $410,000.00 4.00% $205,606.26 $615,606.26 $4,165,000.00 Non-callable 2012 $425,000.00 4.00% $189,206.26 $614,206.26 $3,740,000.00 Non-callable 2013 $435,000.00 4.00% $172,206.26 $607,206.26 $3,305,000.00 Non-callable 2014 $460,000.00 5.00% $154,806.26 $614,806.26 $2,845,000.00 Non-callable 2015 $480,000.00 5.00% $131,806.26 $611,806.26 $2,365,000.00 Non-callable 2016 $510,000.00 4.00% $107,806.26 $617,806.26 $1,855,000.00 Non-callable 2017 $275,000.00 5.00% $87,406.26 $362,406.26 $1,580,000.00 Non-callable 2018 $290,000.00 5.00% $73,656.26 $363,656.26 $1,290,000.00 Non-callable 2019 $300,000.00 5.00% $59,156.26 $359,156.26 $990,000.00 Non-callable 2020 $315,000.00 4.38% $44,156.26 $359,156.26 $675,000.00 Non-callable 2021 $330,000.00 4.50% $30,375.00 $360,375.00 $345,000.00 Non-callable 2022 $345,000.00 4.50% $15,525.00 $360,525.00 $0.00 Non-callable Total $4,575,000.00 $1,652,655.31 $6,227,655.31 17 CITY OF ALAMEDA GENERAL FINANCIAL POLICIES AND GUIDING PRINCIPLES The following fiscal, budget and resource (staff and equipment) allocation general policies and guiding principles are established to ensure that the City of Alameda finances are managed in a manner that will (1) continue to provide for the delivery of quality services; (2) maintain an enhanced service delivery as the community grows in accordance with the General Plan; (3) guarantee a balanced budget annually, ensuring that the city organization always lives within its means; (4) establish reserves necessary to meet unanticipated expenditures and service level emergencies. To achieve these goals, the following General Financial Policies and Guiding Principles are presented: I. Guiding Principles II. Budget Development and Adoption III. Budget Administration and Financial Reporting IV. Revenue Management V. Revenue Distribution VI. User Fee Cost Recovery Criteria VII. Enterprise Fund Fees and Rates VIII. Investment Management IX. Appropriations Limitations X. Fund Balance and Reserves XI. Capital Improvement Project Management XII. Capital Financing and Debt Management XIII. Human Resource Management XIV. Productivity and Performance Measurements XV. Contracting for Services 1 I. GUIDING PRINCIPLES A. General 1. The City shall manage its financial assets in a sound and prudent manner. 2. The City shall maintain sound financial practices in accordance with State law, and allocate its available financial resources toward meeting the City's long-term goals. 3. The City shall ensure long-term fiscal sustainability in funding all direct and indirect costs necessary to provide the level and quality of service required by its residents. 4. The City shall maintain accounting systems in conformance with generally accepted accounting principles (GAAP). 5. The City shall establish and maintain investment policies in accordance with State law and sound investment principles, ensuring safety and liquidity of principal over yield. B. Revenues 1. The City shall strive to maintain a diversified and stable revenue base that is not overly dependent upon any one land use category; major taxpayer; revenue source; restricted revenue; inelastic revenue; external revenue or single funding source. 2. The City shall aggressively pursue revenue collection and auditing to ensure that monies due the City are received in a timely manner. 3. The City shall seek Federal and State grants including reimbursements for mandated costs and special one-time programs whenever possible. 4. The City shall investigate new revenue sources, particularly those which do not add to the tax burden of residents or local businesses, at every opportunity. 5. The City shall avoid targeting revenues for specific purposes whenever possible. 6. The City shall utilize one-time revenues for one-time expenditures. 2 7. The City shall establish user fees whenever legal and appropriate. 8. The City shall adopt a user fee policy which establishes desired levels of cost recovery and determines the minimum frequency of user fee reviews. Fees and charges shall be set a level that fully supports the total direct and indirect cost of the activity, including administrative overhead and depreciation, except as provided by the City's Fee Policy or specific policy criteria as noted herein. 9. The City shall prepare periodic financial reports of actual revenues and expenditures for review by the City Council, in order to provide information on the status of the City's financial condition, as required by the City Charter. 10. The City shall maintain and further develop methods to monitor major revenue sources and evaluate financial trends, assisted by outside technical consultants as necessary. C. Cost of Services 1. The City shall recover the costs of new facilities and infrastructure necessitated by development, through development impact fees, as permitted by State law. 2. The City shall require developments of significant size to prepare a fiscal and economic analysis which measures direct tax benefits and costs of services to the City as a result of the development, priortofinal project approval. 3. The City shall require development to place on deposit, funds sufficient to pay all direct and indirect costs associated with pre- development work on a particular project, prior to commencing any staff work on the project. D. Reserves 1. The City shall establish, dedicate and maintain reserves annually in all operating funds to meet known and estimated future obligations. 2. The City shall establish Specific Reserve Accounts which include but are not limited to designated reserves for the following: a. Reserve for economic uncertainty equal to 20% of General Fund expenditures, inclusive of transfers. 3 b. Reserve for vehicles and major equipment replacement funded through annual depreciation expenditures allocated to a department budget, equal to 10% of the annual budgeted expenditures for such replacement. c. Reserves for replacement of buildings, public facilities and infrastructure, including deferred maintenance, equal to 10% of the replacement cost of the assets. d. Fully funded workers compensation reserve equal to 25% of the projected liability risk for outstanding claims. e. Fully funded other post employment benefits (OPEB) reserve for retirees, equal to 25% of the annual increase in the annual retired contributions (ARC.) 3. The City shall establish cash flow reserves in an amount equal to 90 days working capital in all operating funds. E. Expenditures 1. The annual City operating budget shall fund current year expenditures with current year revenue. 2. Surplus revenues, in excess of the reserves and liabilities to be funded as noted above, may be used to increase reserves; establish operating contingencies; fund capital improvement projects; or balance future years' operating budgets when necessary to maintain services. 3. The City shall deliver service in the most cost effective and cost efficient manner, including utilizing the services of volunteers, part- time employees, independent contractors and program outsourcing in areas where it is economically viable to do so. 4. The annual budget shall state the objectives of the operating programs, identify the service levels and resources needed to accomplish the specified objectives in order to present the City's financial resource plan in the most transparentrnanner possible. 5. The annual budget shall fully account for and apportion all costs, fees, transfers, fund balances including cash and designated reserves. 4 6. Expenditures shall be limited to those budgeted expenditures approved by the City Council as appropriated to major expenditure categories. 7. Intra-departmental budget transfers shall require the approval of the Finance Director, except those affecting personnel and capital outlay which must be approved by the City Manager. 8. Inter-departmental budgettransfers shall require the approval of the Finance Director and City Manager, except those affecting personnel and capital outlay which must be approved by the City Council. 9. Budget transfers intended to fund additional permanent personnel shall require the approval of the City Council. 10. The City shall periodically update vehicle and equipment replacement and maintenance financing plans, and incorporate annual depreciation allocations in the budget annually. F. Debt 1. The City shall manage the use of debt so as not to place an undue burden on annual financial resources of the City. 2. The City shall limit the debt ratio guaranteed by the General Fund to 15% of General Fund revenues, exclusive of transfers. 3. The City shall limit long-term borrowing to capital improvements - major purchases that cannot be financed from current revenues; emergency cash flow; or when the cost-benefit analysis of debt financing creates a net present value savings. 4. When capital projects are financed, the City shall amortize the debt for a period not to exceed the expected useful life of the project. 5. Whenever possible, the City shall investigate the use of special assessment financing or other conduit financing in order to limit the General Fund obligation for debt service payments. 6. The City shall not use long-term debt for current operational programs and services. 7. The City shall not use short-term borrowing to support routine operations on a recurrent basis, provided however, that it may be 5 used to meet temporary cash flow needs or equipment purchases if fiscally prudent to do so. 8. The City shall maintain communications with bond rating agencies on the City's financial condition, and adhere to a policy of full disclosure on all financial reports and bond prospectuses. 9. The City shall strive to maintain a City bond rating of A/Aaa. 10. The City shall utilize inter-fund loans when possible, to reduce the cost of financing capital improvements, when such loans do not negatively impact cash flow or reserve policies of the lending fund. All inter-fund loans shall be secured by a promissory note approved by the City Council. G. Capital Improvement Projects 1. The City shall adopt afive-year capital improvement plan, which implements facility and infrastructure master plans. 2. Capital project expenditures shall be budgeted annually based upon changes in population, development, or need to replace existing infrastructure based upon the City's preventive maintenance program or approved facilitylinfrastructure master plans. 3. The City shall coordinate preparation of the annual capital project improvement budget with preparation of the annual operating budget. Future operating costs associated with new capital improvements, such as maintenance, repair and replacement, shall be projected prior to approval of the capital improvement, and included in annual operating budget expenditures each year thereafter. 4. The City shall identify the estimated cost and potential funding sources, including debt financing, for each proposed capital improvement project, before it is included in the capital improvement plan. 5. The estimated cost of capital replacement for enterprise funds, such as sewer and ferry, shall be updated bi-annually to ensure that rates and charges recover the full cost of operating these enterprises, including system replacement and reserves. 6 II. BUDGET DEVELOPMENT AND ADOPTION A. Financial Plan Objectives Through its Financial Resource Allocation Plan, (Annual Budget), the City shall link available resources with results by: 1. Identifying community needs for essential services. 2. Organizing the programs necessary to provide these essential services. 3. Establishing program policies and goals which define the nature and service levels of programs. 4. Identifying the activities performed in delivering these program services. 5. Proposing objectives for improving the delivery of program services and maintaining the level of program services. 6. Identifying and appropriating the resources required to perform program activities and accomplish program objectives. 7. Setting standards to measure and evaluate the: a. Output of program activities. b. Accomplishment of program objectives. c. Expenditure of program appropriations. B. Two-Year Financial Plan The City shall continue to adopt atwo-year financial plan, emphasizing immediate to mid-range planning and effective program management by: 1. Reinforcing the importance of immediate to mid-range planning in managing the City's fiscal resources. 2. Budgeting by program to accomplish specific objectives. 3. Establishing realistic timeframes for achieving program objectives. 7 4. Creating apro-active budget that provides for stable operations, and ensures the City's long-term fiscal and financial sustainability. 5. Promoting orderly and logical expenditure patterns. C. Second Year Budget Prior to the beginning of the second year of the two-year cycle, the City Council shall review progress during its first year of the two-year financial plan, prior to approving appropriations forthe second year of the plan. D. Operating Carryover Operating program appropriations, not expended during the fiscal year, shall be reappropriated for specific purposes in the second year of the fiscal plan, upon approval by the City Manager. E. Mid-Year Budget Reviews The City Council shall formally review the City's fiscal condition, and amend the budget if necessary, six months after the beginning of each fiscal year. F. Performance Reports The status of major program objectives for operating programs shall be formally reported to the City Council on asemi-annual basis during mid- yearreview of the annual financial plan. G. Balanced Budget The City shall maintain a balanced budget annually in each of the two years of the Financial Plan. A balanced budget requires that: 1. Operating revenues fully cover operating expenditures, including debt service, reserve minimums and contingencies. 2. Ending fund balances meet minimum levels as approved in the City's adopted financial policies for reserves. 3. Fund balances in excess of the reserve minimums, may be utilized to fund capital improvement projects, or other one-time, non- recurrentexpenditures, not operating expenses. 8 III. BUDGET ADMINISTRATION AND FINANCIAL REPORTING A. Annual Reporting 1. In accordance with Charter requirements, the City shall contract for an independent annual audit by a qualified independent certified public accountant. The City shall strive for an unqualified auditors' opinion. 2. The City shall use generally accepted accounting principles (GAAP) in preparing its annual financial statements, and shall strive to meet the requirements of the GFOA's Award for Excellence in Financial Reporting program annually. 3. The City shall issue audited financial statements within 180 days of fiscal year-end and in no case later than December 31. B. Interim Reporting The City shall prepare and issue timely interim financial reports on the City's fiscal status to the City Council. This includes on-line access to the City's financial management system by City staff; monthly reports to managers; quarterly reports to the City Council as required by the City Charter; mid-year budget reviews; and interim annual reports on critical fiscal issues, as necessary and appropriate. C. Budget Administration 1. The City Council may amend or supplement the budget at any time after its adoption by a majority vote of the City Council. 2. The City Manager has the authority to make administrative amendments to the annual operating budget within funds, provided those changes do not have a significant policy impact nor affect proposed year-end fund balances. 3. Executive managers shall be responsible for managing their financial resources within approved allocations 9 IV. REVENUE MANAGEMENT A. Diversified and Stable Base The City shall seek to maintain a diversified and stable revenue base to protect it from short-term fluctuations in any one revenue source. B. Current Revenues for Current Uses The City shall meet all current expenditure needs with current revenue availability, avoiding decisions that balance current budgets by postponing needed expenditures, accruing future liabilities, or rolling short-term debt. C. Interfund Transfers and Loans 1. The City shall establish various special revenue, capital project, debt service and enterprise funds to account for revenues restricted to certain activities. 2. Each fund within these fund groups shall exist as a separate financing entity from other funds, with its own revenue sources, expenditures and fund equity. 3. Transfers between funds for operating purposes shall be set forth in the Financial Plan, and shall be made by the Director of Finance in accordance with the adopted budget. Operating transfers, under which financial resources are transferred from one fund to another, are distinctly different from interfund borrowings, which are made for temporary cash flow purposes, and not intended to result in a permanent transfer of financial resources at the end of the fiscal year. In summary, interfund transfers shall result in a change in fund balance; interfund cash borrowings do not, as the intent is to repay the loan in the near term. 4. Interfund borrowings may be appropriate and shall be subject to the following criteria to ensure that the fiduciary purpose of the fund is met: a. The Director of Finance may approve temporary interfund borrowings for cash flow purposes whenever the cash shortfall is expected to be resolved within 45 days. The most common use of interfund borrowing under this circumstance shall be for grant programs such as the Community Development Block Grant, where costs are incurred before drawdowns are initiated and received. 10 However, receipt of funds is typically received shortly after the request for funds has been made. b. Other interfund borrowings for cash flow or other purposes require approval by the City Council. 5. Inter-fund transfers, where reimbursement is not expected within one fiscal year, shall be recorded as interfund operating transfers that affect equity by transferring financial resources from one fund to another. 11 V. USER FEE COST RECOVERY CRITERIA A. Ongoing Review Fees shall be reviewed and updated on an ongoing basis to ensure that rates keep pace with market changes, as well as changes in methods or levels of service delivery. B. User Fee Cost Recovery Levels Insetting user fees and cost recovery levels, the following factors shall be considered: 1. Community-Wide Versus Special Benefit. The level of user fee cost recovery should consider the community-wide versus special service nature of the program or activity. The use of general purpose revenues is appropriate for community-wide services; user fees are appropriate for services that are of special benefit to specifically identified individuals or groups. 2. Service Recipient Versus Service Driver. After considering community-wide versus special benefit of the service, the concept of service recipient versus service driver should also be considered. For example, a developer applicant need not be the beneficiary of the City's development review efforts: the community is the primary beneficiary. However, the applicant is the driver of development review costs, and as such, cost recovery from the applicant is appropriate. 3. Effect of Pricing on the Demand for Services. The level of cost recovery and related pricing of services can significantly affect the demand and subsequent level of services provided. At full cost recovery, this has the specific advantage of ensuring that the City is providing services for which there is genuinely a market that is not overly-stimulated by artificially low prices. Conversely, high levels of cost recovery may negatively impact on the delivery of services to lower income groups. This negative feature is especially pronounced, and works against public policy, if the services are specifically targeted to non-profits or low income groups. 4. Feasibility of Collection and Recovery. Although it may be determined that a high level of cost recovery may be appropriate for specific services, it may be impractical or too costly to establish a system to identify and charge the user. Accordingly, the feasibility of assessing and collecting charges should also be considered in 12 developing user fees, especially if significant program costs are intended to be financed from that source. C. Factors Favoring Low Cost Recovery Levels Very low cost recovery levels are appropriate under the following circumstances: 1. There is no intended relationship between the amount paid and the benefit received. Almost all "social service" programs fall into this category. 2. Collecting fees is not cost-effective or will significantly impact the efficient delivery of the service. 3. There is no intent to limit the use of (or entitlement to) the service. Again, most social service programs fit into this category as well as many public safety (police and fire) emergency response services. Access to neighborhood and community parks would also be included in this category. 4. The service is non-recurring, generally delivered on a peak demand or emergency basis, cannot reasonably be planned for on an individual basis, and is not readily available from a private sector source. Many public safety services fall into this category. 5. Collecting fees would discourage compliance with regulatory requirements and adherence is primarily self-identified, and as such, failure to comply would not be readily detected by the City. Many small-scale licenses and permits would fall into this category. D. Factors Favoring High Cost Recovery Levels The use of service charges as a major source of funding service levels is especially appropriate under the following circumstances: 1. The service is similar to services provided through the private sector. 2. Other private or public sector alternatives could or do exist for the delivery of the service. 3. For equity or demand management purposes, it is intended that there be a direct relationship between the amount paid and the level and cost of the service received. 13 4. The use of the service is specifically discouraged. Police responses to disturbances or false alarms might fall into this category. 5. The service is regulatory in nature and voluntary compliance is not expected to be the primary method of detecting failure to meet regulatory requirements. Building permit fees, plan check fees, and subdivision review fees for large projects would fall in this category. E. General Concepts Regarding the Use of Service Charges The following general concepts shall be used in developing and implementing service charges: 1. Revenues should not exceed the reasonable cost of providing the service. 2. Cost recovery goals should be based on the total cost of delivering the service, including direct costs, departmental administration costs, and organization-wide support costs such as accounting, personnel, data processing, vehicle maintenance, and liability insurance. 3. The method of assessing and collecting fees. should be as simple as possible in order to reduce the administrative cost of collection. 4. Rate structures should be market sensitive and comparable to similar services provided. 5. A unified and coordinated approach should be used in determining cost recovery levels for City programs based on the factors discussed above. F. Low Cost-Recovery Services The following services should have very low cost recovery goals. In selected circumstances, there may be specific activities within the broad scope of services provided that should have user charges associated with them. However, the primary source of funding forthe operation as a whole should be general revenues, not user fees. 1. Delivering public safety emergency response services such as police patrol services and fire suppression. 2. Maintaining and developing public facilities that are provided on a uniform, communitywide basis such as streets, parks, and general purpose buildings. 14 3. Providing social service programs and economic development activities. G. Recreation Programs The following cost recovery policies shall apply to the City's recreation and community service programs: 1. Cost recovery for adult-oriented activities should be relatively high. 2. Cost recovery for activities directed to youth and seniors should be relatively low. In those circumstances where services are similar to those provided in the private sector, cost recovery levels should be higher. 3. Cost recovery goals for specific recreation activities are set as follows: High-Range Cosf Recovery Activities (60% fo 80%) a. Classes (adult; youth) 80% b. Day care services 75% c. Adult athletics (volleyball, basketball, softball, lap swim) 67% d. Facility rentals (indoor facilities except the City Library) 67% Mid-Range Cost Recovery Activities (30% to 50%) e. City Library room rentals 50% f. Special events 50% g. Youth track 40% h. Minor league baseball 30% i. Youth basketball 30% j. Swim lessons 30% k. Outdoor facility and equipment rentals 30% Low-Range Cost Recovery Activities (0 to 25%) I. Public swim 25% m. Special swim classes 15% n. Teen services 0% o. Senior services 0% 15 4. For cost recovery activities of less than 100%, a differential in rates between residents and non-residents should be developed. 5. Charges shall be assessed for use of rooms, pools, ball fields, special-use areas, and recreation equipment for activities not sponsored or co-sponsored by the City. Such charges shall generally conform to the fee guidelines described above. 6. A vendor charge of at least 10% of gross income shall be assessed from individuals or organizations using City facilities for profit activities. 7. Fee waivers may be considered only when the City Manager determines in writing that an undue hardship exists, and the waiver has been approved by the City Council. H. Development Review Programs The following cost recovery policies shall apply to development review programs: 1. Services provided under this category include: a. Planning, including but not limited to planned development permits, tentative tract and parcel maps, rezonings, general plan amendments, variances, use permits. b. Building and safety, including but not limited to building permits, structural plan checks, building inspections. c. Engineering, including but not limited to public improvement plan checks, inspections, subdivision requirements, encroachments. d. Fire plan check. 2. Cost recovery for these services should generally be very high. In most instances, the City's cost recovery goal should be 100%. Exceptions to this standard include those advanced planning services whereby the review process is clearly intended to serve the broader community as well as the applicant. In this case, the present level of cost recovery is set at 45%, except for appeals, where no fee is charged; and environmental impact reports, where full cost recovery is required. 16 3. In charging high cost recovery levels, the City shall clearly establish and articulate standards for its performance in reviewing developer applications to ensure that there is value for cost. 17 VI. ENTERPRISE FUND FEES AND RATES A. Sewer and Ferry The City shall set fees and rates at levels which fully cover the total direct and indirect costs including operations, capital outlay, and debt services of these enterprise programs. B. Golf Golf program fees and rates should fully cover direct operating costs, as approved by the City Council upon recommendation of the course operator. C. Ongoing Rate Review The City shall review and adjust enterprise fees and rate structures as required to ensure that they remain appropriate and equitable, and finance both operating costs and capital replacement reserves. D. Franchise and In-Lieu Fees The City shall manage enterprise funds in the same manner as if the operation were privately owned. In addition to setting rates at levels necessary to fully cover the cost of providing services, this also means assessing reasonable franchise and property tax in-lieu fees. 18 VII. REVENUE DISTRIBUTION The City Council recognizes that generally accepted accounting principles for state and local governments discourage the "earmarking" of General Fund revenues. Accordingly, the practice of designating General Fund revenues for specific programs should be minimized in the City's management of its fiscal affairs. This revenue distribution policy does not prevent the City Council from directing General Fund revenues to other funds, functions and programs as necessary, consistent with the general tax and discretionary reserve principles of a General Fund. 19 VIII. INVESTMENTS A. Responsibility Investments and cash management shall be the responsibility of the elected City Treasurer or designee. B. Investment Objective The City's primary investment objective is to achieve a reasonable rate of return while minimizing the potential for capital losses arising from market changes or issuer default. Accordingly, the following factors shall be considered in priority order in determining individual investment placements: 1. Safety 2. Liquidity 3. Yield C. Selecting Maturity Dates The City shall strive to invest all idle cash balances through daily projections of cash flow requirements. To avoid forced liquidations and losses of investment earnings, cash flow and future requirements shall be the primary consideration when selecting maturities. D. Diversification As the market and the City's investment portfolio change, care shall be taken to maintain a healthy balance of investment types and maturities. E. Authorized Investments The City shall invest only in those instruments authorized by the California Government Code Section 53601. The City shall not invest in stock, shall not speculate, and shall not deal in futures or options. The investment market is highly volatile and continually offers new and creative opportunities for enhancing interest earnings. Accordingly, the City shall thoroughly investigate any new investment vehicles prior to committing City funds to them. F. Consolidated Portfolio In order to maximize yields from its overall portfolio, the City shall consolidate cash balances from all funds for investment purposes, and 20 shall allocate investment earnings to each fund in accordance with generally accepted accounting principles (GAAP). G. Safekeeping Ownership of the City's investment securities shall be protected through third-party custodial safekeeping. H. Reporting The City Treasurer shall develop and maintain a comprehensive, well documented investment reporting system which will comply with Government Code Section 53507. This system shall provide the City Council with appropriate investment performance information. I. Investment Management Plan The City Treasurer shall develop and maintain an Investment Management Plan which addresses the City's administration of its portfolio, including investment strategies, practices and procedures. 21 IX. APPROPRIATIONS LIMITATION A. The City Council shall adopt a resolution establishing the City's appropriations limit calculated in accordance with Article XIIIB of the Constitution of the State of California, Section 7900 of the State of California Government Code, and any other voter approved amendments or state legislation that affect the City's appropriations limit. B. The supporting documentation used in calculating the City's appropriations limit and projected appropriations subject to the limit shall be available for public and City Council review at least 10 days before City Council consideration of a resolution to adopt the appropriations limit. The City Council shall consider this resolution in connection with final approval of the annual operating budget. C. The City shall strive to develop revenue sources, both new and existing, which are considered non-tax proceeds in calculating its appropriations subject to limitation. D. The City shall annually review user fees and charges and report to the City Council the amount of program subsidy, if any, that is being provided by the General Fund or Enterprise Funds. E. The City shall seek a vote of the public to amend its appropriation limit at such time that tax proceeds are in excess of allowable limits. 22 X. FUND BALANCE AND RESERVES A. Minimum Fund and Working Capital Balances The City shall maintain fund or working capital balances of at least 20% of expenditures in all operating funds of the City. This is considered the minimum level necessary to maintain the City's credit worthiness and to adequately provide for: 1. Economic uncertainties, local disasters, and other financial hardships or downturns in the local or national economy. 2. Contingencies for unseen operating or capital needs. 3. Cash flow requirements. B. Equipment Replacement 1. For General Fund assets, the City shall establish and maintain an Equipment Replacement Fund to provide for the timely replacement of vehicles and capital equipment with an individual replacement cost of $25,000 or more. 2. The City shall maintain a minimum fund balance in the Equipment Replacement Fund of at least 20% of the original purchase cost of the items accounted for in this fund. 3. The annual contribution to this fund shall generally be based on the annual use allowance (depreciation expense) which is determined based on the estimated life of the vehicle or equipment and its original purchase cost. 4. Interest earnings and sales of surplus equipment as well as any related damage and insurance recoveries shall be credited to the Equipment Replacement Fund. C. Future Capital Project Designations The City Council may designate specific fund balance levels for future development of capital projects which it has determined to be in the best long-term interests of the City. 23 D. Other Designations and Reserves In addition to the designations noted above, fund balance levels shall be sufficient to meet funding requirements for projects approved in prior years which are carried forward into the new year; debt service reserve requirements; reserves for encumbrances; and other reserves or designations required by contractual obligations, State law, or generally accepted accounting principles (GAAP). 24 XI. CAPITAL IMPROVEMENT MANAGEMENT A. Capital Improvement Projects 1. Construction projects and equipment purchases of $50,000 or more shall be included in the Capital Improvement Plan (CIP); 2. Minor capital outlays of less than $50,000 shall be included with the operating program budgets. B. Capital Improvement Plan (CIP) Purpose 1. The purpose of the CIP is to systematically plan, schedule, and finance capital projects to ensure cost-effectiveness, as well as conformance with established policies. 2. The CIP is a two to five year plan organized into the same functional groupings used for the operating programs. 3. The CIP shall reflect a balance between capital replacement projects which repair, replace, or enhance existing facilities, equipment or infrastructure, and those capital improvement projects which significantly expand or add to the City's existing fixed assets. C. Capital Improvement Project Phases The CIP shall emphasize project planning, with projects progressing through at least two and a maximum of ten of the following phases: 1. Desi Hate. Appropriates funds based on projects designated for funding by the City Council through adoption of the Financial Plan 2. St~C. Concept design, site selection, feasibility analysis, schematic design, environmental determination, property appraisals, scheduling, grant application, grant approval, specification preparation for equipment purchases 3. Environmental Review. EIR preparation, other environmental studies 4 Real Property Acquisitions. Property acquisition for projects, if necessary 5. Site Preparation. Demolition, hazardous materials abatements, other pre-construction work 25 6. Design. Final design, plan and specification preparation, and construction cost estimation 7. Construction. Construction contracts awarded through a competitive public bid process, or State approved design-build standards 8. Construction Mana..eq ment. Contract project management and inspection, soils and material tests, other support services during construction 9. Equipment Acquisitions. Vehicles, heavy machinery, computers, office furnishings, other equipment items acquired and installed independently from construction contracts 10. Debt Service. Installment payments of principal and interest for completed projects funded through debt financings. Expenditures for this project phase are included in the Debt Service section of the Financial Plan. D. Capital Improvement Plan Appropriation 1. The City's annual CIP appropriation for study, design, acquisition, andlor construction is based on the projects designated by the City Council through adoption of the Financial Plan. 2. Adoption of the Financial Plan CIP appropriation does not automatically authorize funding for specific project phases. This authorization generally occurs only after the preceding project phase has been completed and approved by the City Council and costs for the succeeding phases have been fully developed. 3. Project appropriations shall be made when contracts are awarded. If project costs, including contingencies, at the time of bid award are less than the budgeted amount, the balance shall be unappropriated and returned to fund balance or allocated to another project. If project costs at the time of bid award are greater than budget amounts, five basic options are available: a. Eliminate the project. b. Defer the project for consideration to the next Financial Plan period. 26 c. Rescope or change the phasing of the project to meet the existing budget. d. Transfer funding from another specified, lower priority project. e. Appropriate additional resources as necessary from fund balance. E. Capital Improvement Plan Budget Carryover 1. Appropriations for CIP projects shall lapse three years after budget authorization, unless reappropriated. 2. Projects which lapse from lack of project expenditures may be resubmitted for inclusion in a subsequent CIP. 3. Project accounts which have been encumbered through contract or bid award shall not lapse until completion of the project phase. 27 XII. CAPITAL FINANCING AND DEBT MANAGEMENT A. Capital Financing 1. The City shall consider the use of debtfinancing underthe following circumstances: a. When the project's useful life exceeds the term of the financing. b. When project revenues or specific resources are sufficient to service the long-term debt. 2. Debt financing shall not be considered appropriate for any recurring purpose such as current operating and maintenance expenditures. The issuance of short-term instruments such as revenue, tax, or bond anticipation notes is excluded from this limitation. 3. Capital improvements shall be financed primarily through user fees, service charges, assessments, special taxes, or developer agreements when benefits can be specifically attributed to users of the facility. Accordingly, development impact fees should be implemented at levels sufficient to ensure that new development pays its fair share of the cost of constructing new facilities which are a direct result of development growth. 4. The City shall use the following criteria to evaluate "pay-as-you-go" versus "pay as you use" financing in funding capital improvements: Factors Favoring "Pay-As-You-Go"Financing a. Current revenues and adequate fund balances are available or project phasing can be accomplished. b. Existing debt levels adversely affect the City's credit rating. c. Market conditions are unstable. Factors Favoring "Pay-As-You-Use" Financing a. Revenues available for debt service are deemed to be sufficient and reliable so that long-term financings can be marketed with investment grade credit ratings. 28 b. The project securing the financing is of the type which will support an investment grade credit rating. c. Market conditions present favorable interest rates and a demand for publicfinancings. d. A project is mandated by State or Federal requirements, and resources are insufficient or unavailable. e. The project is immediately required to meet or relieve capacity needs and current resources are insufficient or unavailable. f. The life of the project or asset to be financed is ten (10) years or longer. B. Debt Management 1. The City shall not obligate the General Fund to secure long-term financings except when marketability can be significantly enhanced. 2. An internal feasibility analysis shall be prepared for each long-term financing which analyzes the impact on current and future budgets for debt service and operations. This analysis shall also address the reliability of revenues to support debt service. 3. The City shall generally conduct financings on a competitive basis. However, negotiated financings may be used due to market volatility or an unusual or complex financing or security structure. 4. The City shall, at a minimum, seek an investment grade rating (BaaIBBB or greater) on any direct debt and will seek credit enhancements such as letters of credit or insurance when necessary for marketing purposes, credit or cost-effectiveness to raise the rating. 5. The City shall monitor all forms of debt annually coincident with the City's Financial Plan preparation process, and report concerns and remedies, if needed, to the City Council. 6. The City shall diligently monitor its compliance with bond covenants and ensure its adherence to Federal arbitrage regulations. 7. The City shall maintain sound, ongoing communications with bond rating agencies about its financial condition. The City shall follow a 29 policy of full disclosure on every financial report and bond prospectus (Official Statement). C. Debt Capacity 1. General Purpose Debt Capacity. The City shall carefully monitor its levels of general purpose debt, acknowledging that general purpose debt financing should be used for high-priority projects where other financing methods cannot be used. Funds borrowed for a project today are not available to fund other projects tomorrow; and funds committed for debt repayment today are not available to fund operations in the future. a. In evaluating debt capacity, general purpose annual debt service payments should generally not exceed 10% of General Fund revenues; and in no case should they exceed 15%. b. Direct debt shall not exceed 2% of assessed valuation. c. No more than 60% of annual capital improvement outlays should be funded with long term financing. 2. Enterprise Fund Debt Capacity. The City shall establish enterprise fund rates at levels needed to fully cover debt service requirements as well as operations, maintenance, administration, reserves and capital improvement costs. The ability to afford new debt for enterprise operations shall be evaluated as an integral part of the City's rate review and setting process. D. Land-Secured Financings 1. Public Purpose. There shall be a clearly articulated public purpose in forming an assessment or special tax district in financing public infrastructure improvements, including a finding by the City Council as to why this form of financing is preferred rather than other funding options such as impact fees, reimbursement agreements or direct developerfinancing for the improvements. 2. Active Role. Although land-secured financings may not be a specific debt obligation of the City, the City does play an active role in managing the district, setting rates and conducting necessary public hearings. Thus, the City shall select and retain the financing team for these financings, including the financial advisor, bond counsel, trustee, appraiser, disclosure counsel, assessment engineer and underwriter. Any costs incurred by the City in 30 retaining these services shall generally be the responsibility of the property owner(s), and shall be advanced via a developer deposit when an application is filed, or shall be paid on a contingency fee basis from the proceeds from the bonds. 3. Credit Quality. When a district is requested by a developer, the City shall carefully evaluate the applicant's financial plan and ability to carry the project, including the payment of assessments and special taxes during build-out. This may include detailed background, credit and lender checks, the preparation of independent appraisal reports and market absorption studies. For districts where one property owner accounts for more than 25% of the annual debt service obligation, a letter of credit further securing the financing may be required. 4. Reserve Fund. A reserve fund should be established in the greater amount of the maximum annual debt service, or 125% of the annual average debt service, or 10% of the bond proceeds. 5. Value-to-Debt Ratios. The minimum value-to-debt ratio should generally be 4:1. This means the value of the property in the district, including the public improvements, shall be at least four times the amount of the assessment or special tax debt. In special circumstances, after conferring and receiving the concurrence of the City's financial advisor and bond counsel that a lower value-to- debt ratio is financially prudent, the City may consider allowing a value-to-debt ratio of 3:1. Special findings should be made by the City Council in this case. 6. Capitalized Interest During Construction. Decisions to capitalize interest shall be made on a case-by-case basis, with the intent that, if allowed, it improves the credit quality of the bonds and reduce borrowing costs, benefiting both current and future property owners. 7 Maximum Burden. Annual assessments, or special taxes in the case of Community Facility Districts (CFDs) or similar districts, should generally not exceed I% of the sales price of the property; total property taxes, special assessments and special taxes. Payments collected on the tax roll should generally not exceed 2%. 8. Benefit Apportionment. Assessments and special taxes shall be apportioned according to a formula that is clear, understandable, equitable and reasonably related to the benefit received by, or burden attributed to, each parcel with respect to its financed 31 improvement. Any annual escalation factor should generally not exceed 2%. E. 9. Special Tax District Administration. In the case of CFDs or similar special tax districts, the total maximum annual tax should not exceed 110% of annual debt service. The rate and method of apportionment should include aback-up tax in the event of significant changes from the initial development plan, and should include procedures for prepayments. 10. Foreclosure Covenants. In managing administrative costs, the City shall establish minimum delinquency amounts per owner, and for the district as a whole, on a case-by-case basis before initiating foreclosure proceedings. 11. Disclosure to Bondholders. In general, each property owner who accounts for more than 10% of the annual debt service or bonded indebtedness must provide ongoing disclosure information annually as required by and described under SEC Rule 15(c)-12. 12. Disclosure to Prospective Purchasers. Full disclosure of out- standing balances and annual payments shall be made by the seller to prospective buyers at the time that the buyer bids on the property. It should not be deferred until after the buyer has made the decision to purchase. When appropriate, applicants or property owners may be required to provide the City with a disclosure plan. Conduit Financings 1. The City shall consider requests for conduit financing on a case-by- case basis using the following criteria: a. There is a clearly articulated public purpose in providing the conduit financing. b. The applicant is capable of achieving this public purpose. c. The City's bond counsel shall review the terms of the financing, and render an opinion that there will be no liability to the City in issuing the bonds on behalf of the applicant. 2. The review of requests for conduit financing will generally be a two- step process: first, seek City Council interest in considering the request, and establishing the ground rules for evaluating it; returning with the results of this evaluation and recommending approval of appropriate financing documents, if warranted. This 32 two-step approach ensures that the issues are clear for both the City and applicant, and that key policy questions are addressed. 3. The scope of work necessary to address these issues will vary from request to request, and shall be determined on such a basis. The City shall be fully reimbursed for costs in evaluating requests for conduit financings, including any direct and indirect costs. 33 XIII. HUMAN RESOURCE MANAGEMENT A. Regular Staffing 1. The budget shall appropriate all needed resources to fund fully authorized personnel and shall limit program service levels to the staffing authorized by the City Council. 2. Regular employees (full and part-time) shall be the core work force and the preferred means of staffing ongoing, year-round programs. Each full-time employee shall: a. Fill an authorized regular position included in the City's classification plan. b. Be assigned to an appropriate bargaining unit. c. Receive salary and benefits consistent with labor agreements or other compensation plans. 3. To manage the growth of the regular workforce and overall staffing costs, the City shall follow these procedures: a. The City Council shall authorize all regular positions -both full and part time. b. The Human Resources Department shall coordinate and certify the hiring of all regular, part-time, seasonal and temporary employees consistent with budget authorizations. c. Requests for additional regular full-time positions shall include evaluations of: • Staffing, materials and equipment costs including salary, benefits, future liabilities, if any, vehicles, computer equipment, uniforms, clerical support, and facilities. • Additional revenues, cost savings or cost-recovery, which may be realized as a result of the regular hire. • The necessity, term, and expected results of the proposed program activity. 34 4. Prior to any request for additional full and part-time positions, budget programs shall be evaluated to determine if they can be accomplished with fewer regular employees or through outsourcing program services and activities. 5. Program appropriations shall limit the total expenditures available for regular employees, temporary employees, and independent contractors hired to provide operating and maintenance services. B. Temporary Staffing 1. The hiring of temporary employees shall not be used as an incremental method for expanding the City's regular work force. 2. Temporary employees shall include all employees other than regular employees, elected officials, and volunteers. Temporary employees shall generally augment regular City staffing as "extra- help" employees, seasonal employees, contract employees, interns, or work-study assistants. 3. The City Manager and Executive Management Team shall encourage the use of temporary rather than regular employees to meet peak workload requirements, fill interim vacancies, and accomplish tasks where less than full-time, year-round staffing is required. 4. Temporary employee hours shall not exceed 50% of a regular, full- time position (1,000 hours annually}. In limited circumstances, the use of temporary employees on an ongoing basis in excess of this target may be appropriate due to unique programming or staffing requirements. Such exceptions must be approved by the City Manager based on the review and recommendation of the Human Resources Director. 5. Contract employees are defined as temporary employees with written contracts approved by the City Manager who may receive approved benefits depending upon hourly requirements and the length of their contract. Contract employees shall generally be used for medium-term (generally between six months and two years} projects, programs or activities requiring specialized or augmented levels of staffing for a specific period of time. The services of contract employees shall be discontinued upon completion of the assigned project, program or activity. Accordingly, contract employees shall not be used for services that are anticipated to be delivered on an ongoing basis. 35 C. Organizational Structure 1. The City shall provide an organizational structure of departments, divisions and programs that maximizes service levels and minimizes staffing. 2. The City shall utilize an organizational structure that reflects the most efficient method of managing and supervising its programs and resources. 3. The City shall operate in a total quality service mode, emphasizing customer satisfaction, continuous improvement and organizational responsiveness, and reflect such in its organizational structure. 4. The City shall include organizational charts for each department, division and program within its annual operating budget, and update its organizational charts regularly as staffing, supervision and deployment of resources change. 5. The City shall prioritize its deployment of resources first to front-line services, second to necessary supervision, third to essential management oversight. E. Supervisory and Span of Control 1. The City acknowledges the importance of first-line supervision and management oversight in the delivery of its programs, projects and services. 2. First-line supervision shall reflect a span of control over personnel on projects that is reasonable, logical and maximizes reporting responsibility. 3. A level of supervision shall be provided that ensures adequate oversight of personnel performance, ensuring timely performance evaluations can be achieved and, therefore, workforce productivity in programs ensured. 4. Adequate supervision and management oversight shall be incorporated into the City's organizational structure to minimize worker's compensation, and general liability risk. 5. Management oversight of programs, projects and services within an organizational function, workgroup or service area is an essential component of an organizational structure which ensures vertical 36 and horizontal communication within the organization and guarantees administrative and financial accountability of resources. 6. Allocations of management resources should be optimized, thereby limiting organizational costs in overhead as much as possible. 7. The City shall strive to maintain a ratio of supervision and management to direct services that is cost-efficient and cost- effective. E. Compensation Standards 1. The City shall strive to provide competitive compensation and benefit schedules for its authorized regular workforce. 2. Comprehensive, citywide classification and compensation studies shall be completed every five years, to ensure that internal equity and market comparability standards are maintained. 3. The City shall adopt Memorandum(s) of Understanding (MOUs) with its designated collective bargaining units, as required, and adhere to both the spirit and letter of the agreements. 4. Compensation schedules, as adopted, should reflect internal equity among comparable classes, and between levels of supervision and management. 5. Classification schedules should be streamlined and include the minimum number of job titles. 37 XIV. PRODUCTIVITYAND PERFORMANCE MEASUREMENT Ensuring the "delivery of service with value for cost" is one of the key concepts embodied in the City's Mission Statement. To this end, the City shall constantly monitor and review its methods of operation to ensure that services continue to be delivered in the most cost-effective manner possible. This review process encompasses a wide range of productivity issues, including: A. Analyzing systems and procedures to identify and remove unnecessary review requirements. B. Evaluating the ability of new technologies and related capital investments to improve productivity. C. Investing in the organization's most valuable asset -its human capital - by developing the skills and abilities of all City employees, with special emphasis onfirst-line supervisors. D. Developing and implementing appropriate methods of recognizing and rewarding exceptional employee performance. E. Evaluating the ability of the private sector to perform the same level of service at a lower cost. F. Periodic formal reviews of departmental operations on a systematic, ongoing basis. G. Maintaining a decentralized approach in managing the City's support service functions. Although some level of centralization is necessary for review and control purposes, decentralization supports productivity by: 1. Encouraging accountability and improving customer service by delegating responsibility at the lowest possible level. 2. Stimulating creativity, innovation and individual initiative. 3. Reducing the administrative costs of operation by eliminating unnecessary review procedures and layers of management. 4. Improving the organization's ability to respond to changing needs, and to identify and implement cost-saving programs. 5. Assigning responsibility for effective operations and citizen responsiveness at the department level. 38 XV. CONTRACTING FOR SERVICES A. B. General Policy Guidelines 1. Contracting with the private sector for the delivery of services provides the City with a significant opportunity for cost containment and productivity enhancements. As such, the City is committed to using private sector resources in delivering municipal services as a key element in its continuing efforts to provide cost-effective programs. 2. Private sector contracting approaches under this policy include construction projects, professional services, temporary staffing, and ongoing operating and maintenance services. 3. In evaluating the costs of private sector contracts compared with in- house performance, indirect, direct, and contract administration costs of the City will be identified and factored into the cost comparison. 4. Whenever private sector providers are available and can meet established service levels, they will be seriously considered as viable service delivery alternatives using the evaluation criteria outlined below. 5. For programs and activities currently provided by City employees, conversions to contract services shall generally be made through attrition, reassignment, or absorption by the contractor. Evaluation Criteria Within the general policy guidelines stated above, the cost-effectiveness of contract services in meeting established service levels shall be determined on a case-by-case basis using the following criteria: 1. Is a sufficient private sector market available to competitively deliver this service and ensure a reasonable range of alternative service providers? 2. Can the contract be effectively and efficiently administered? 3. What are the consequences if the contractor fails to perform, and can the contract be reasonably written to compensate the City for any such damages? 39 4. Can a private sector contractor better respond to expansions, contractions, or special requirements of the service? 5. Can the work scope be sufficiently defined to ensure that competing proposals can be fairly and fully evaluated, as well as the contractor's performance after bid award? 6. Does the use of contract services provide us with an opportunity to redefine service levels? 7. Will the contract limit our ability to deliver emergency or other high priority services? 8. Overall, can the City successfully delegate the performance of the service, but still retain accountability and responsibility for its delivery? 9. Does contracting the service conflict with any collective bargaining unit agreement? 10. Will the contract service ultimately provide higher quality services to the residents of Alameda at a lesser cost? 40 DRAFT Proposed Department Programs: FY 09-10 Budget GENERAL GOVERNMENT City Council General Fund -Legislative General Fund -Intergovernmental Relations City Manager General Fund -Administration General Fund -Non-Departmental City Clerk General Fund -Administration General Fund -Elections City Attorney General Fund -Administration Risk Management -Administration Risk Management - ReserveslGeneral Liability Workers Compensation -Administration Workers Compensation -Reserves/Claim Liabilities ADMINISTRATIVE SERVICES Financellnformation Technology General Fund General Fund General Fund General Fund General Fund General Fund Administration Accounting Accounts Payable Cash ManagementlTreasury Business Licenses Parking Citations Central Stores Fund -Central Service Operations Information Technology Fund Information Technology Fund Information Technology Fund Information Technology Fund Human Resources Citywide Information Technology Library Information Technology Citywide Telecommunications Information Technology Reserve General Fund - Administration General Fund - Benefit Administration General Fund - Employee Relations (Classification & Compensation) General Fund - Recruitment Services Unemployment Insurance Fund -Unemployment Insurance Administration COMMUNITY SERVICES Library Library Fund Library Fund Library Fund Library Fund Library Fund Library Fund -Administration -Branches -Circulation -Children's Services - Reference/Adult Services -Technical Services Recreation and Parks General Fund -Administration General Fund -Teen Programs General Fund -Youth Programs General Fund -Swim Center General Fund -Hardball General Fund -Aquatics General Fund -Park Maintenance General Fund -Bayport Park General Fund -Marina Cove Park General Fund - Mastick Senior Center General Fund -Special Populations (Adult/Developmentally Challenged) Golf Fund -Operations and Maintenance Atflletic Trust Fund -Citywide Sports Programs Atflletic Trust Fund -YouthlTeen Programs Atflletic Trust Fund -Recreation Classes 2 PUBLIC SAFETY Fire Police General Fund General Fund General Fund General Fund General Fund General Fund -Administration -Suppression -Advanced Life Support -Prevention Services -Disaster Preparedness -Grant Administration General Fund -Office of the Chief General Fund -Administrative Services General Fund -Communications General Fund -Patrol General Fund -Traffic General Fund -Investigations General Fund -Records General Fund -Technical and Support Services General Fund -Logistics General Fund -Animal Control General Fund -Crossing Guards General Fund -Special Event Support State Cops Grant Fund State Cops Grant Fund State Cops Grant Fund COPS Program 07108 COPS Program 08109 COPS Program 09110 OTS Grant Fund -Step Grant (DUI) OTS Grant Fund -DUI OTS Grant -Avoid the 21 (DUI) Vehicle Abatement Fund -Abandoned Vehicle Abatement Department of Justice Grant Fund -JAG Program 06/07 Department of Justice Grant Fund -JAG Program 07/08 State of California Department of Waterways Grant -Marine Equipment Upgrade 3 INFRASTRUCTURE SERVICES Public Works General Fund General Fund General Fund General Fund General Fund General Fund General Fund General Fund Administration Land Development & Permit Review Transportation and Traffic Program Maintenance Administration Graffiti Abatement Program Street TreelMedian Maintenance Cable Television Administration Equipment Replacement Reserve Construction Improvement Fund -Capital Project Engineering Construction Improvement Fund -Capital Improvement Projects Gas Tax Fund -Capital Project Engineering Gas Tax Fund -Capital Improvement Projects Transportation Improvement Fund (XIXB) -Capital Project Engineering Transportation Improvement Fund (XIXB) -Capital Projects Measure B: Local Streets & Roads -Capital Project Engineering Measure B: Local Streets & Roads -Capital Projects Measure B: Bicycle & Pedestrian Improvements -Capital Project Engineering Measure B: Bicycle & Pedestrian Improvements -Capital Projects Measure B: Transbay Ferry Services -Ferry Operations Measure B: Paratransit -Senior Citizen Transportation Measure B: ACTIA Capital Projects Engineering Measure B: ACTIA Capital Projects Measure B: Medical Trip Assistance -Senior Citizen Transportation Measure B: Countywide Discretionary Grant Fund -Capital Project Engineering Measure B: Countywide Discretionary Grant Fund -Capital Projects Tidelands Fund -Capital Project Engineering Tidelands Fund -Capital Improvement Projects Tidelands Fund -Tidelands Property Maintenance Parking In-Lieu Fund -Administration Parking Meter Fund -Meter Maintenance & Collections Parking Meter Fund -Capital Improvement Projects TSM/TDMFund -Capital Projects Engineering TSM/TDM Fund -Capital Projects 4 Solid Waste Surcharge Fund -Doolittle Landfill Closure Maintenance Curbside Recycling Fund -Curbside Recycling Program Waste Reduction Surcharge Fund -Waste Management Grant Program Waste Management Fund - Measure D Administration Assessment District Funds -Assessment District Operations -Island City Maintenance 84-2 Administration -Island City Maintenance 84-2 Z1 Administration -Island City Maintenance 84-2 Z2 Administration -Island City Maintenance 84-2 Z3 Administration -Island City Maintenance 84-2 Z4 Administration -Island City Maintenance 84-2 Z5 Administration -Island City Maintenance 84-2 Z6 Administration -Island City Maintenance 84-2 Z7 Administration -Marina Cove Maintenance Dist 01-1 Administration -Reserve Marina Cove 01-1 Administration -Bayport Municipal Svcs Dist 03-1 Administration Capital Improvement Project Fund Capital Improvement Project Fund Capital Improvement Project Fund Capital Project Engineering Capital Improvement Projects Capital Improvement Projects FISC Catellus Traffic Fee Fund -Capital Improvement Projects Citywide Development Fee Funds -West End Traffic Safety Capital Projects - West End Parks &Rec Capital Projects - West End Public Facilities Capital Projects -West End Public Safety Capital Projects - NWTraffic Safety Capital Projects - NW Park &Rec Capital Projects - NW Public Facilities Capital Projects - NW Public Safety Capital Projects - CEE Traffic Safety Capital Projects -CEE Parks &Rec Capital Projects -CEE Public Facilities Capital Projects -CEE Public Safety Capital Projects - BF Traffic Safety Capital Projects - BF Parks &Rec Capital Projects - BF Public Facilities Capital Projects - BF Public Safety Capital Projects Transportation Improvement Fund -Capital Project Engineering Transportation Improvement Fund -Capital Improvement Projects Urban Runoff Fund -Clean Water Program Administration Urban Runoff Fund -Lagoon Maintenance 5 Community Facilities Dist. #1 Harbor Bay -Capital Improvement Projects Community Facilities Dist. #2 Paragon Gateway -Capital Improvement Projects Sewer Service Fund -Sewer Maintenance Sewer Service Fund - Stormwater System Maintenance Wastewater Capital Reserve Fund -Replacement Reserve Ferry Service Fund -Administration Ferry Service Fund -Alameda/Oakland Ferry Operations Ferry Service Fund -Harbor Bay Ferry Operations Central Garage Fund -Fleet Maintenance Central Garage Fund -Fleet Maintenance Reserve Facility Maintenance Fund -Facility Maintenance Facility Maintenance Fund -Facility Deferred Maintenance Reserve Waste Management JRRRC Trust Fund -Agency Trust Account Alameda Reuse and Redevelopment Authority Fund -Alameda Point Building Maintenance -Alameda Point Roads/Grounds Maintenance -Alameda Point Electrical Power -Alameda Point Water Service -Alameda Point Sanitary Sewer COMMUNITY DEVELOPMENT SERVICES Planning & Building Planning & Building Fund Planning & Building Fund Planning & Building Fund Planning & Building Fund Planning & Building Fund Planning & Building Fund Planning & Building Fund Administration Advanced Planning Current Planning Building Inspection Permit Processing Code Enforcement Records Management Public Art Fund -Project Development 6 Development Services CIC-WECIP -Administration CIC-WECIP -Special Events 2003 CIC Tax Allocation Bond 2003A 1 -Bond Proceeds 2003 CIC Tax Allocation Bond 2003A2 -Bond Proceeds 2003 CIC Tax Allocation Bond 2003A2 -Bond Proceeds 2003 CIC Tax Allocation Bond 2003A2 -Bond Proceeds 2003 CIC Tax Allocation Bond 20038 - Bond Proceeds CIC WECIP Housing -Administration CIC WECIP Housing -Special Projects CIC-BWIP -Administration CIC-BWIP -West Alameda Business Association CIC-BWIP -Park Street Business Association CIC-BWIP Housing -Housing CIC-BWIP Housing 2002 Bond Proceeds -Administration CIC-Housing In-Lieu Fee -Administration CIC AUSD Housing Fund -Administration CIC-APIP -Administration CIC-APIP -County Pass Thru CIC-APIP Housing -Administration CIC-APIP Housing-Housing Project Development CIC-APIP Housing -Housing Reserve Civic Center Garage Fund -Operations and Maintenance Theater/Parking Structure Project -Administration HOME Fund -Administration HOME Fund -Housing Projects CDBG -Administration Home Repayment Fund - Ad m i n istratio n Rehab Repayment Fund - Ad m i n istratio n FISC Lease Revenue Fund -Commercial Lease Operations FISC/Catellus Bayport Project -Administration FISC/Catellus Bayport Project -Project Management 7 FISC/Catellus/Prologis -Alameda Landing Project Administration FISC/Catellus/Prologis-Alameda Landing Project Development Housing Development -Housing Authority Reimbursement -Administration Housing Authority -Section 8 Project Administration Housing Authority -Section 8 Projects Capital Projects Affordable Housing -Program Administration Human Services Human Services Human Services Human Services Human Services Human Services Human Services Human Services Human Services Program Administration Youth Collaborative Program Smart Healthy Babies Program Partnership Grant Program Child Services Program Virtual Visits Program Alameda Kids Coach Program One-Stop Career Center Program Youth Employment Program CHRPO/LEAD - LEAD Program Delivery CHRPO/LEAD - Grant Administration CHRPO/LEAD - Project Development 2003 AP Revenue Bond Project Fund -Bond Proceeds Debt Service - HUD 108 Loan Debt Service - CIC Sub Bond Debt Service - 2003 Tax AI location Refd BWI P Debt Service - 2003 CIC Tax Allocation Bond Debt Service - 2003 Alameda Point Revenue Bond ARRA -Administration ARRA -Residential Lease Program ARRA -Commercial Lease Program FISC-Administration FISC-Commercial Lease Program 8 Attachment D AO~•' ~~~ ~.. ~ ~o ~7. t;s' ~~~ ~. ~~~ CITY OF ALAMEDA POLICE & FIl2E RETIREMENT SYSTEM January 1, 2009 Actuarial Valuation Preliminary Results JUHN E. BARTEL :~~;~~ I ' °~ i ;r i~. l.. i ~ ~ ~. i i '~ January 26, 2009 Agenda Topic ~,~ P~ Benefit Summary 1 Data Summary 3 Actuarial Assumptions 4 Def nitions 5 Actuarial Methods 7 Valuation Results 9 GainslLosses 10 Benef t Projection 12 GASB 27 information 13 Dther Issues 16 January 26, 2009 d:lGientslCity of AlamedalP&F PensionlG3D-08 ValuationlRcportlBA AlamedeCi d9-Ol-2b PF Pension 1-1-09 Valuation Prelim Rcsults.v2.doc BENEFIT SUMMARY ~~~~. January 26, 2049 1 BENEFIT SUMMARY I ~ - _ ,__._,..... .. ` ~ January 26, 2409 2 - Plan 1079 ^ Eligibility ^ Public Safety hired < 1953 ^ Retirees & spouses ^ ? 10 years service ^ Benefit ^ Service Retirement: 50% of annual salary for rank & position 1 year before retirement ^ Disability Retirement: 50% of annual salary for rank & position at disability ^ Prorated for service less than 25 years ^ Death Benefit ^ Benefits continue to surviving eligible spouse ^Reduced 50% at remarriage ^ Cost of Living Increases ^ Benefits adjusted based on current City employee wage increases Plan lUS2 ^ Eligibility ^ Public Safety hired > 1/1/1953 ^ Retirees not transferred to CaIPERS ^ Cost of Living Increases ^ CPI, maximum 2% L DATA SUMMARY June 30, 2007 Janua 1, 20091 1079 lOSZ Total 1079 IOSZ Total ^ Counts • Retired 14 - 14 10 - 10 • Disabled 1 2 3 1 2 3 • Spouses 30 - 30 27 - 27 • Total 45 2 47 35 2 40 ^ Average Age • Retired 86.4 - 86.4 57.4 - 57.4 • Disabled 54.8 59.4 67.5 55.8 60.4 65.9 • Spouses 85.7 - 55.7 55.9 - 55.9 .__ - -, ._.Tota~_ _.. _ __ _ 5.5.:9 . -59:4. S4:S _ _ . 86.3 _ X0:4. _ _._ 55.4 ^ Avg. Monthly Benef t $ 5,424 $1,724 $ 5,267 $ 5,411 $1,755 $ 5,225 Benefit equal to actual November payment plus monthly equivalent uniform allowance paid quarterly for the Plan 1x79. 'January 2b, 2409 3 ~ ACTUARIAL ASSUMPTYUNS ..... _ January 26, 2009 4 June 30, 2007 Janua 1, 2009 ^ Valuation Date ^ June 30, 2007 ^ January 1, 2009 ^ Interest Rate ^ 4.5% not pre-funded ^ 4.5% not pre-funded ^ 6%pre-funded ^ CPI Increase ^ 2% ^ Same Plan 1082} ^ Salary Increases ^ 5% ^ Same Plan 1079 ^ Mortality, Disability, ^ CaIPERS 1997-2002 ^ Same Termination Experience Study DEFINITIONS Present Value of Projected Benefits Actuarial Accrued Liability} -~ ~ ~ . -. . ~ = Future - ; ~- Increases - :; ' _ l h~r~~~ ;i ~ ~ ~ j January 2b, 2DD9 5 DEFINITIONS ^ PVPB -Present Value of all Projected Benefits: • Discounted value, at measurement evaluation date -~ 111109} of all future expected benefit payments • Expected benefit payments based on various actuarial} assumptions ^ AAL -Actuarial Accrued Liability ~4bligations}: • Discounted value, at measurement evaluation date -111109} of benefits "earned" abased on actuarial cost method} through measurement • Portion of PVPB "earned" at measurement • For PARS program AAL =PVPB ^ UAL - AAL less Plan Assets, if any ^ Present Value of Benefits Being Paid • Same as PVPB, except assuming no future benefit increases l 1 January 26, 2009 6 ;~ ~~. ~ ~~ :~5~~~ =;-. ACTUARIAL METHODS --- - ~~~ J - - - 7 anuary 26, 2009 ~ ACTUARIAL METHODS ~ This page intentionally blank l~ January 26, 2009 8 Janua 1, 2009 Valuation Janua 1, 2049 Valuation ^ Cost Method ^ Cost Method ^ Unit Credit ^ Unit Credit ^ Acceptable under GASB 27 ^ Acceptable under GASB 27 ^ Annual Required ^ Annual Required ^ Greater of: ^ Greater of: Contribution Contribution - 15-year amortization of Unfunded Actuarial - ~ 5-year amortization of Unfunded Actuarial Accrued Liability and Accrued Liability and Actual benefits paid during year ~ Actual benefits paid during year ^ Acceptable under GASB 27 ^ Acceptable under GASB 27 GAINS 1 LossEs (OOOs OMITTED Plan 1079 Plan 1082 Total ^ Actuarial Gains 1 Losses} Benef is $1,240 $ - $1,240 Other mortality, etc.} 1,277 ~ 1,274 ^ Total 2,517 ~3} 2,514 ~ yti f 'y~!! a ~ ~ ~. ~ January 26, 2009 11 BENEFIT PROJECTIQN (OOOs OnurrED} Plan Plan Fiscal Year 1079 1482 Total 2008109 $2,467 $42 $2,509 2009110 2,402 43 2,445 20I0111 2,317 43 2,360 20I 1112 2,221 44 2,265 20I 2113 2,115 45 2,160 2013114 2,003 45 2,048 2014115 1,884 46 1,930 2015116 1,762 46 1,80$ 2016117 1,637 47 1,684 201711 S 1,511 47 1,555, January z~, zoo9 12 INTEREST SENSITIVITY (OOOS OMITTED 1. 6130105 NP03 $ 341 $ 185 $ 526 2. Estimated ARC4 2,467 76 2,543 3. rnterest on NPR at 4.5% 15 8 24 4. Amortization of NPO 32 17 49 5. Estimated APC 2,451 67 2,518 (2} + ~3} - (4} 6. Estimated Contributions 2,467 42 2,509 7. Estimated 6130109 NP4 325 210 535 . _ . - __ _ ~l}+~5}-(6} _ 3 City 3une 30, 2008 CAFR NPO assumed to match Bartel Associates calculation. 4 ARC for Plan 1079 based on estimated benefit payments. ~~ January 26, 2009 13 INTEREST SENSITIVITY (OOOS OMITTED Funded Status June 30, 2007 Januar 1, 2009 ^ AAL $ 26,299 $ 832 $ 27,131 $ 21,448 $ 826 $ 22,273 ^ Assets 0 0 0 0 0 0 ^ Unfunded AAL 26,299 832 27,131 21,448 826 22,273 Annual Required Contribution (ARC} 2407105 Fiscal Year 200$109 Fiscal Year 1079 lOSZ Total 1079 1082 Total ^ Amortization $ 2,343 $ 74 $ 2,417 $1,911 $ 74 $1,985 ^ Interest 105 3 108 43 2 45 ^ Total 2,448 77 2,525 1,954 76 2,030 ^ Exp Payments 2,837 41 2,878 2,467 42 2,509 January 26, 2009 14 INTEREST SENSITIVITY (OOOS OMITTED Interest = 4.5% 1079 1082 Total Interest = 6% 1079 1082 Total ^ AAL $21,448 $826 $22,273 $19,579 $685 $20,264 ^ PVB Being Paid 15,986 640 16,626 14,545 545 15,391 2005109 Annual Re wired Contribution ARC Interest = 4.5% Interest = 6% 1079 1082 Total 1079 1052 Total ..Amortization.... $.1..,91.1. . $74 $1,985. $1..,.9.02 .. .$67 .$1.,969 . ^ Interest 43 2 45 57 2 59 ^ Total 1,954 76 2,030 1,959 69 2,028 anuary 26, 2009 15 ,;t;, . ~d'1. 6-,~ OTHER ISSUES ^ Trming • Present preliminary results J 1 January 26, 2009 lb ~~~ -~~`. ~' =,- City of Alameda Police ~ Fire Retirement System Plans 1079 and IoSZ January 1, 2009 Actuarial Valuation 3D-Year Closed Group Projections Benefit Payment Projections (000's Umitted} Plan 1079 Fiscal Plan 1482 Tytal January 26, 2009 Year Expected Expected Expected Ending ~ Benefit ~ Beneft ~ Benefit June 30, Number Payments Number Payments Number Payments 2009 38 2 467 2 42 40 2,509 2010 35 2,402 2 43 37 2,445 2011 32 2,317 2 43 34 2,360 2012 29 2,221 2 44 31 2,265 2013 27 2,115 2 45 29 2,160 2014 24 2,003 2 45 26 2,048 2015 21 1,884 2 46 23 1,930 2016 19 1,762 2 46 2I 1,808 2017 I7 1,637 2 47 I9 1,684 2018 15 l,S 11 2 47 17 1,558 2019 13 1,384 2 47 15 1,431 2020 11 1,258 2 47 13 1,305 2021 9 1,134 2 48 11 1,182 2022 8 1,014 2 48 10 1,062 2023 7 898 2 48 S 946 2024 5 787 2 48 7 835 2025 4 684 2 47 6 731 2026 4 589 2 47 5 636 2027 3 503 2 47 S 550 2028 2 426 2 46 4 472 2029 2 359 2 46 4 405 2030 1 300 2 45 3 345 2031 1 250 2 44 3 294 2032 i 207 I 43 2 250 2033 1 171 1 42 2 213 2034 1 139 1 41 2 180 2035 0 112 1 40 2 152 2036 0 89 1 39 2 128 2037 0 69 1 38 1 107 2038 0 53 1 37 1 90 O:IClientslCity of AlamedalP&F Pensionlb-30-08 ValuationlResultslBA AlamedaCi l'F Pension 6-30-0$ Valuation Prelim Results.v~.xls ~~. Attachment E ~ 0~'9 and ~ 082 Pension Plan Obligations Gity of Alameda ~ Ol9 and ~ 082 Pension Plan obligations Cumulative Savings after Estimated 4PEB Benefits Payment FY Ending City Budgeted Estimated Annual Annual Cumulative Surplus June 30, UPEB Payments Benefits Payments Surplus with 2% Return 2009 $2,509,OOO.aa $2,5a9,aaa $o $o 2010 $2,509,o00.0a $2,445,000 $64,000 $64,000 201 I $2,509,Oaa.aa $2,360,aaa $149,000 $214,280 2012 $2,509,0OO.Oa $2,265,oa0 $244,000 $462,566 2013 $2,509,ODO.00 _ $2,I6o,aao ~ ~~ $349,000 $820,817 2014 $2,5a9,000.DO $2,a4s,aaa $461,000 $1,298,233 2015 $2,509,o0a.0a $ I,930,aao $579,000 $1,903,198 2016 $2,5o9,0aO.Oa . $I;sa~s;o~0a $70-1-;o0a ...$2;642;262 2017 $2,5a9,ooa.oa $I,6s4,oao $825,000 $3,520,107 2018 $2,509,OOO.oa _ $I,55s,oao $951,000 ~ $4,541,509 2019 $2,509,000.00 $1,431,000 $1,078,000 $5,710,339 2020 $2,509,000.00 $1,305,OOa $1,204,000 $7,025,546 2021 $2,509,000.00 $1,182,Da0 $1,327,000 $8,496,117 2022 $2,509,o00.oa $1,062,000 $1,447,000 $10,113,039 2023 $2,509,oo0.oa _ $946,000 _ $1,563,000 $11,878,300 2024 $2,509,o00.oa $835,000 $1,674,000 $13,789,866 2025 $2,509,000.00 $731,000 $1,778,000 $15,843,664 2026 $2,509,OOa.aa $636,000 $1,873,000 $18,033,537 2027 $2,509,o0o.0a $55a,00a $1,959,000 $20,353,208 2028 $2,509,OO0.0a $472,000 -- $2,037,DOD _ $22,797,272 2029 $2,509,OOa.00 $405,000 $2,ID4,000 $25,357,217 2030 $2,509,000.00 $345,000 $2,164,000 $28,028,362 2031 $2,509,000.00 $294,000 $2,215,000 $30,803,929 2032 $2,509,000.00 $25a,0o0 $2,259,000 $33,679,007 2033 $2,509,000.00 $213,000 -~ ~ f $2,296,OOD $36,648,585 2034 $2,509,aa0.o0 ~ISa,OOO $2,329,000 $39,710,559 2035 $2,509,OOO.aO $152,000 $2,357,000 $42,861,770 2036 $2,5x9,000.00 $128,000 $2,381,000 $46,100,006 2037 $2,Sa9,0oa.00 $107,aao $2,402,000 $49,424,006 2035 $2,509,o00.0a _ _ $9a,0.OO $2,419,000 $52,831,486 2039 $2,5a9,0a0.00 $0 $2,509,000 $56,397, 116 Total Surplus X45,695,000 PV of Total Surplus $30,524,712 City of Alameda 1079 and 1082 Pension Plan Obligations Estimated Benefits Payments Compared to Net Debt Service Payments at 3°/°, 4.5°/° ~ 1.15°I° Proceeds Investment Rates Fiscal Year Ending June 30, 2009 Zola 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Estimated OPEB Benefits Payments $2,5o9,oao $2,445,000 $2,360,000 $2,265,oa0 $2,16o,oao $2,a4$,aaa $1,93o,aoo $1,808,Oa0 $1,684,Oaa $ t,558,aa0 $1,431,oao ~ 1,3o5,aao $1,182,x00 $1,x62,000 $946,00a $s35,aoa $73 ~,ooa $636,000 $550,000 $472,aa0 $4a5,aaa $345,aaa $2~4,oaa $25o,aoo $213,000 $180,000 $ ~ 52,aaa $12s,oaa $107,000 $90,000 $o Net Debt SeNice with Proceeds Invested @ 3.0% -$222 $2,215,835 $2,218,194 $2,215,394 $2,217,994 $2,215,394 $2,215,889 $2,219,139 $2,220,219 $2,218,544 $2,218,964 $2,216,024 $2,219,984 $2,215,704 $2,21$,544 $2,217,784 $2,218,424 $2,220,104 $2,217,464 $2,220,504 $2,218,504 $2,216,464 $2,219,024 $2,220,464 $2,220,424 $2,218,544 $2,219,464 $2,217,464 $2,217,184 $2,217,904 -$82,136 Net Debt Service with Proceeds Invested @ 4.5% -$201 $2,012,799 $2,011,707 $2,013,307 $2,014,307 $2,013,247 $2,010,387 $2,010,637 $2,014,057 $2,009,557 $2;013,177 $2,013,287 $2,010,847 $2,010,857 $2,013,047 $2,011,967 $2,012,647 $2,014,727 $2,012,847 $2,012,007 $2,011,847 $2,012,007 $2,012,127 $2,011,847 $2,010,807 $2,013,647 $2,014,647 $2,013,447 $2,014,687 $2,012,647 -$75,533 Net Debt Service with Proceeds Invested @ 7.75°i -$167 $1,67a,995 $1,672,660 $1,671,460 $1,669,860 $1,671,660 $1,671,$55 $1,670,355 $~,672,4~5 $1,672,340 $i,67o,alo $1,670,305 $1,674,345 $1,670,865 $1,670,225 $~,~72;065 $1,671,025 $1,672,105 $1,669,945 $1,674,545 $1,670,185 $1,672,225 $1,669,945 $1,673,345 $1,671,705 $~1;670;025 $1,672,945 $1,669,745 $1,670,425 $1,674,265 -$64,735 , 3.0% Investment Rate Scenario ~ZS,33o,000 City of Alameda Police & Fire Retirement System ~3,0% Investment Rate} Plans 1079 and 1082} Net Debt Service Schedule Date Principal Coupon Interest Total P+I DSR Net New DIS D613D12004 - = - - .. (221.79) (221,79) D613D12010 350,DOD.00 3.500% i,946,37I.61 2,29b,371.61 ($0,53b.4D) 2,215,$35.21 06/30/2011 370,000A0 4.QOD% 1,928,73D.DD 2,298,73D.00 (80,53b.40} 2,218,193.40 0b13012012 385,000.00 4.ODD% 1,913,93D.OD 2,298,93D.OD (80,536.40) 2,21$,393.60 06/30/2013 400,00D.OD 4.400% 1,848,53D.OD 2,298,530.00 (80,536.40) 2,217,993.60 0b13D12014 415,000.00 4.700% 1,88D,93D.00 2,295,93D.OD (8D,536.40) 2,215,393.60 _. x61;0120.15. 435,00D.D0 5.OD0% 1,SbI,425.D0 2,295,425.00. (80,536.40) 2,215,8$$.60 0613012D16 460,000.OD 5.20D% 1,834,b7S.00 2,299,675.00 (84,536.40) 2,219,138.b0 0613012D17 485,000.00 5.500% 1,815,755.OD 2,30D,755.DD ($0,536.40) 2,220,218.60 06/30/2018 510,000.00 5.8D0% 1,789,080.0D 2,299,080.00 ($0,536,40) 2,218,543.60 0613012D19 540,000A0 6.100% 1,759,500.00 2,299,5DD.OD (80,536.40} 2,218,963.60 06/30/2020 570,000.00 7.200% 1,726,560.00 2,296,56D.D0 (80,53b.4D) 2,216,023.60 06/30/2021 b15,OD0A0 7.2DD% 1,b85,520.00 2,300,520.00 (80,536.40) 2,2I4,9$3.6D 0b13012D22 b55,DDD.DD 7.200% I,b41,240.D0 2,24b,240.0D ($0,536.40) 2,2I5,703.60 06/30/2023 705,000.00 7.200°/a 1,594,48DA0 2,299,D80.00 ($0,536.40) 2,2I8,543.6D 0613012D24 755,000.D0 72DD% I,543,320A0 2,298,320.00 (8D,536.40) 2,217,783.b0 Ob13012025 810,0OO.OD 7.2DD% 1,4$8,960.00 2,298,9bD.00 ($0,536.40) 2,218,423.60 D613012026 87D,00DA0 7.2D0% 1,430,640.00 2,30D,64D.00 (8D,536.4D} 2,220,103.b0 06/30/2027 930,OD0.00 7.200% 1,368,DOOAO 2,298,OOD.00 (8D,534.40} 2,217,4b3.60 06/30/2028 1,DOQ,ODO.DO 7.200% 1,301,040.OD 2,301,04D.00 ($0,536.40} 2,220,503.6D 06/30/2029 1,070,DOO.DO 7.200% 1,229,040.00 2,299,04DA0 {$D,536.40) 2,218,503.bD 0613012D30 1,145,OOD.DO 7.200% 1,152,D00.00 2,297,ODDAD (80,536.40) 2,216,4b3.b0 06/30/2031 1,230,OOD.00 7.200% 1,069,560.00 2,299,5b0AD (80,536.40) 2,214,D23.60 06/30/2032 1,320,D00.00 7.20D% 981,000.00 2,30I,OODAD (80,536.40) 2,220,463.60 0613012D33 1,415,000.00 7.20D% $85,96DAD 2,30D,96D.DD ($0,536.40} 2,22D,423.b0 06/30/2034 1,515,000.00 7.200% 784,D8DA0 2,299,080.00 (8D,534.40} 2,21$,543.60 06/30/2035 1,b25,OD0.D0 7.200% b75,ODD.00 2,30D,00D.DD (80,53b.40) 2,219,463.60 06/30/2436 1,740,000.D0 7.200% 55$,000.OD 2,298,DOOAO (8D,534.40) 2,217,463.b0 06/30/2037 1,$b5,000.00 7.2D0% 432,72D.DD 2,297,720.DD (8D,536.4D} 2,217,183.60 0613012D3$ 2,ODD,ODD.00 1.200% 298,44DA0 2,298,440.OD (80,536.4D} 2,217,9D3.60 06/30/2439 2,145,OD0.00 7.20D% 154,440.00 2,294,440.OD (2,381,574,40} (82,136.40) Total $28,330,000.00 - $40,633,5ZG.b1 $68,463,524.b1 {4,717,353.79) $64,246,172.82 2009 OPEBs 3.D ~ SINGLE PI~k~P05E ~ 2! 2J2009 ~ 8;53 PM $28,330,000 City of Alameda Police & Fire Retirement System (3.0% Investment Rate) (Plans 1079 and 1082) Operation Of Project Construction Fund Part 1 of 2 Date Principal Rate interest Receipts Disbursements Cash Balance 06/30/2009 2,509,000.00 3.00DOOD0% - 2,509,000,19 2,509,OOD.00 0.19 06/30/2010 1,744,529.20 3.00000D0% 700,470.79 2,444,999,99 2,445,ODO.OD 0.18 06/30/2011 1,712,257.60 3.0000000°i° 647,742.40 2,360,000.00 2,36D,DDD.DD 0.18 06/30/2012 1,b69,O1D.59 3.00D0000% 595,989.41 2,265,000.00 2,265,OOD.DD D.18 06/30/2013 1,614,456.42 --- 3.DDODDOO% - 545,543.57 2,159,999.99 2,160,000.00 0.17 _ 0613012014-~~ ~- 1,551-,253.38 _ ^ 3.OOODOOD°/a _ ~~ 496,746.62. - _ -~2,D48,ODD.OD i~ ~2,048,D0D.00 ~ ~~~~0.17 06/30/2015 1,480,140.01 3.0000000% 449,$59.99 1,930,000.0 1,930,DDD.00 0.17 06130120I6 1,402,$77.24 3.OD00000% 405,122.76 1,80$,000.00 1,8D$,ODD.DO 0.17 06/30/2017 1,321,279.21 3.aaoDDOO°i° 3b2,720.79 1,b84,000.00 1,b84,000.00 0.17 0613012018 1,235,214.87 3.D000000% 322,785.13 1,558,000.00 1,558,DOD.00 0.17 _ _ T06130120I9 - . ~- _ _ -~ 1,145,549.23 3.0000000% --- - 285,450.76 --~ _ ~ ~ 1,430,999.99 - _ 1,431,DOD.00 -- --- .- -- - -~D.16 061301202D 1,054,173.46 3.DOD0000% 250,826.53 1,304,999.99 1,305,DDD.OD 0.15 06/30/2021 963,035.86 3.0000D00% 218,964.14 1,182,OD0.00 1,182,000.0D 0.15 06/30/2022 872,143.61 3.ODDD000% 189,856.3$ 1,061,999.99 1,062,DD0.00 0.14 _ 06/3U12423 __ 782,SD4.IS _ _ _ 3.DDDDOOD% _ __ 163,495.84 _ _ ___ 945,999,99 946,OD0.00 D.13 06/30/2024 695,155.33 3.0000000% 139,$44.65 _ $34,999.98 ~ ___ _ _ _ 835,ODD.DD _ ~ _ _ _ _ D.11 06/30/2025 612,166.41 3ADDDOOD% 118,833.58 730,999.99 731,000.00 0.10 06/30/2426 535,669,15 3,D00D000% 1D0,330.85 b36,OD0.00 636,00D.DD 0.10 Ob13D12027 465,859,74 3.000DDOD% 84,140.25 549,999.99 550,ODD.DD 0.09 061301202$__ 401,940.34 3.DDODDDO% -- 70,059.64 - 472,000.40 ---- -- 472,OOD,OD 0.09 06/30/2029 347,089.00 3.0000000% 57,910.99 __ 404,999.99 _ ~ 405,000.00 ~ ^~ -- - --0.08 06/30/2030 297,579.77 3.DD00000% 47,424.23 345,000.00 345,ODD.00 O.D8 06/30/2031 255,574.11 3.0000000% 38,425.88 293,999.99 294,ODD.OD 0.07 06/30/2032 219,298.84 3.0000000% 30,741.15 249,999.99 250,ODD.00 0.06 06/30/2033 __ ___ 188,927.15 _ - 3.D00000D% ___ ___24,072.85_ 213,000.00 _ _ ~ _ ~ _213,0OO.OD _ _ _ ~ ~ O.Ob 0613012034 161,637.48 3.0000000% 18,362.52 180,00D.OD 180,000.00 __ ~ 0.06 D613012D35 138,522.95 3.D000000% I3,477A3 151,999.98 152,0DD.00 D.04 06/30/2036 118,709.81 3.OODD000% 9,290.17 127,999.9$ 128,060.00 O.D2 D613012037 101,297.82 3.DODD000% 5,702.17 106,999.99 107,00D.OD 0.0] 06/30/2038 $7,359.55 3.OD400D0% 2,440.44 89,999.99 90,000.00 - Total $Z5,b84,212.30 - $b,39b,787.51 $32,0$1,000.00 $32,08,000.00 - 2009 OPEBs 3.0 ~ SINGErE PIJRP~SE ~ 2J 212009 ~ 8:53 PM X28,330,000 City of Alameda Police & Fire Retirement ,Sys~ern ~3.0% Investment Rate} (Plans 1079 and 1482} ~perat~on of Debt Service Reserve Fund Date Prir~ci al Rate interest •Trartsfers Recei is Disbursements Gash Balance 06/3012009 - 3.50DOOD0% 221.79 (221.79} - _ _ 0613DI201D - 3.SOD0000% 80,536.40 {80,536.40) - _ _ 06/3012011 - 3.5000000% 8D,536.40 (80,536.40) - - _ 06/3012012 - 3.5000000% 8D,S36.40 (80,536.40) - _ _ 0613DI2D13 - 3.5000000% 80,536.40 {80,536.40) - _ _ 06/30/2014 - 3.5000000% 80,536.4D (80,536.40) - - _ _ . ObL3012015.. - 35400000%. 80,536.40. (80,534.40) - - 06/30/2016 - 3.5000000% 80,S3d,4D (80,536.40) - _ _ D6130120i7 - 3.5000000% 80,536.40 (80,536.4D) - _ _D613412D18 _ - --~~ 3_5000000% $0,536.40 ($0,536.40} - - _ 06/30/2019 - 3.5000000% $0,536.40 --__^-_-, {80,53b.40) -- - --~ ~-----A--- -~- 0613012D20 - 3.5000000% 80,536.40 (80,536.4D) - _ _ 0613DI2D21 - 3.500000D% 80,536.40 (80,536.40} - _ _ 06/30/2022 - 3.SODOD00% 80,536.40 {80,536.40) - - _ 06/30/2023 - 3.500DD00% 80,536.40 (80,536.40) - _ _ 06/30/2024 - 3.SOOD000% 80,536.40 (80,536.40) - _ _ 06/30/2025 - 3.5000000% 80,536.40 (80,536.40) - _ _ 06130/2026 - 3.SDDDOOD% 80,536.4D (8D,536,40) - _ _ 06/30/2027 - 3.SODDD00% 80,536.40 (8D,536.40) - - _ --0613012D2$ ~ --- ~- 3.5000000% ~ - 80,536.40 (80,536.40) - _ 06/30/2029 - 3.5060DD0% 8D,536.4D (80,536.40) -- --- - -~~-- -v _ -----~-. 4613D12030 - 3.54DDD00% 8D,536.40 (80,536.40) - - _ 06130/2431 - 3.5000000% 80,536,40 ($0,536.40) - _ 06/30/2032 - 3,5000DD0% 80,536.4D {80,536.40) - _ _ -D613012033 ~- - ----_- 3.5000000% - 80,536.40 (80,536.40} - - _ _ 06/30/2034 - 3.500000D% 80,536.40 ~ (80,536.40) -T ~_ - -- - ~- _ ---- - D613012035 - 3.5000000% 80,53b.40 ($0,536.40) - - _ D613012036 - 3.5000000% 80,536.40 (80,536.4D} - _ _ 06/30/2037 - 3.5000000% 80,536.40 (8D,536.40) - _ _ 061301203$ - 3.50000D0% 80,536.4p (80,536.40} - - _ 0613DI2039 2,3D1,040.00 3.500DOD0% 80,536.40 {8D,536.40} 2,301,040.00 2,3D1,040.00 - Total $2,3fl1,D40.D0 - 52,416,313.79 (2,416,313.78) $2,301,D40.D0 $2,3DI,D40.DD - ~nves#ment Parameters Investment Model [PV, GIC, or Securities] GIC Default investment yield target Unrestricted Cost of Investments Purchased with Bond Proceeds 2,301,040A0 Total Cost ofInvestments -- ---- - - -- -- - --- ~.---- -- ~ - --- `- ------` $2,301,040.00 Target Cost of Investments at bond yield $286,592.96 Yeld to Receipt 3.5000000% Yeld for Arbitrage Purposes 7.0647841 20D9 OPEBs 3.0 ~ SINGfrE PURPQSE ~ 2! 2J2D09 ~ 8:53 PM City of Alameda X019 and ~08~ Pension Plan obligations Cumulative Savings after Net Debt Service Payments ~3.4% Return on Invested Bond Proceeds FY Ending City Budgeted Annual Debt Service Annual Cumulative Surplus June 30, ~PEB Payments t3.0% Return} Surplus with Z% Return 2009 $2,509,Oa0.a0 -$222 $2,509,222 $2,509,222 2010 ~2,s09,ao0.a0 $2,215,835 $293,165 $2,852,571 2011 $z,5o9,000.00 $2,218, 194 $290,806 $3,200,429 2012 $2,509,000.00 $2,218,394 $290,606 $3,555,044 2013 $2,509,ao0.0a $2,217,994 $291,006 $3,917,151 2014 $2,509,oaa.00 $2,215,394 $293,606 $4,289,101 2015 ~2,509,OOa.Oa $2,215,889 $293,111 $4,667,994 ..2016 ~2;509;oa0.oa $2;2-19;1-39 $289aS~61 $5;051;2.15 2017 ~2,509,aao.a0 $2,220,219 $288,781 $5,441,021 2018 _ ~2,509,Oao.oa_ $2,218,544 $290,456 $5,840,298 2019 $2,SO9,000.00 $2,218,964 $290,036 $6,247,140 2020 $z,5o9,000.00 $2,216,024 $292,976 $6,665,059 2021 $2,509,000.00 $2,219,984 $289,016 $7,087,377 2022 X2,509,000.00 $2,215,704 $293,296 $7,522,421 2023 $2,509,000.00 $2,218,544 $290,456 $7,963,326 2024 $2,509,oaa.ao $2,217,784 $291,216 $8,413,809 2025 ~2,509,00o.oa $2,218,424 $290,576 $8,872,661 2026 $2,509,000.00 $2,220,104 $288,$96 $9,339,011 2027 ~2,509,o00.a0 $2,217,464 $291,536 $9,817,327 2028 $2,509,000.a0 $2,220,504 $288,496 $10,302,170 2029 ~2,509,o00.ao $2,218,504 $290,496 $10,798,710 2030 ~z,5o9,o00.a0 $2,216,464 $292,536 $11,307,221 2031 $z,5a9,o00.00 $2,219,024 $289,975 $11,823,342 2032 $2,509,000.00 $2,224,464 $288,536 $12,348,345 2033 $2,509,000.00 _ -_ _ .$2,220,424 $288,576 $12,883,888 2034 $2,509,000.00 $2,218,544 $290,456 $13,432,022 2035 $2,509,000.00 $2,219,464 $289,536 $ 13,990,199 2036 ~2,509,oao.0a $2,217,464 $291,536 $14,561,539 2037 $2,509,aoo.00 $2,217,184 $291,816 $15,144,587 2038 _ .. _ _ $z,509,o0o.0a _ _ __$2,217,904 _ _ $291,096 $15,738,575 2039 ~z,5a9,o00.00 -$82,136 $2,591,136 $ i 5,644,483 Total Surplus $1.3,532,827 PV of Total Surplus $I0,09f,251 4.5°/o Investment Rate ScenarEo $25,7x5,000 City of Alameda Police & Fire Retirement Sys tem ~4.5% Zrlvestment Rate} Plans 1079 and 1082} Net Debt Service Schedule _ Date Principal Coupon Interest Total P+l DSR Net New D1S 06/30/2009 - - - - _ ` {201.23) {201.23) 06/30/2010 320,000.00 3.SD0% 1,765,87I.b1 2,D85,$71.b1 (73,073.00) 2,012,798.61 06/30/2011 335,000.00 4.000% 1,749,780.00 2,084,7$0.00 (73,073.00} 2,011,707.00 06/30/2012 350,000.00 4.000% 1,736,3$0.00 2,086,380.00 {73,073.00) 2,013,307.00 46/30/2013 355,ODDAD 4.400% 1,722,380.00 2,087,3$0.00 {73,073.00) 2,014,307.00 06/30/2014 380,000.00 4.700% 1,706,320.00 2,086,320.00 {73,073,00) 2,013,247.00 D613QI2015 395,000.00_ S.ODO% 1.,688,46D.~0.. 2,08.3,4b0.Q0 {73,073.00,) .. 2,010,387.00 . 06/30/2016 415,000.00 5.200% 1,668,710.00 2,083,710.00 {73,073.00) 2,01D,b37.D0 Ob13012017 440,OODAO 5.500% 1,b47,130.D0 2,087,130.00 {73,073.00) 2,014,457.04 06/30/2018 460,000.00 S.BDD% 1,622,930.00 2,082,930.00 {73,073.00) 2,009,857.00 06/30/2019 490,00DA0 6.100% 1,59b,25D.00 2,086,250.04 {73,073.00) 2,013,177.00 06/30/2020 520,O00A0 7.200% 1,Sb6,3b0A0 2,0$6,360.00 {73,073.00) 2,013,287.00 0b13012D21 555,000.00 7.200% 1,528,920.00 2,083,920.00 {73,073.00} 2,410,847.00 06/30/2022 59S,O00A0 7.200% 1,488,960.00 2,083,960.00 {73,073.00) 2,010,887.04 06/30/2023 b40,000AD 7.200% 1,446,120.00 2,08b,120.00 {73,073.00) 2,013,047.00 Ob13012024 685,000.00 7.200% 1,400,040.00 2,485,440.00 {73,073.00} 2,011,967.00 Ob13012D2S 735,000.00 7.204% 1,354,720.00 2,0$5,720.00 {73,073.00) 2,012,647.00 06/30/2026 794,404A0 7.200% 1,297,$00.00 2,487,80DA0 {73,073.00) 2,014,727A0 0b13D12027 $45,000.00 7.200% 1,240,920.00 2,085,920.00 {73,073.00} 2,012,847.00 0b13412028 905,000.00 7.200% 1,180,080.00 2,085,080.00 (73,073.00} 2,012,007.00 Db13012029 970,000A0 7.200% 1,114,920AD 2,0$4,920.00 {73,073.00) 2,011,847.00 06/30/2030 1,D40,000AD 7.200°/a 1,045,0$0.00 2,485,080.00 (73,D73A0} 2,012,007.00 06/30/2031 1,115,000.00 7.200% 970,200.00 2,085,200.00 (73,073.00} 2,012,127.00 06!3012032 1,195,00DA4 7.200% 889,920.00 2,084,924.00 {73,073.00) 2,011,847.00 06/30/2033 1,280,000.00 7.200% 803,880.00 2,083,884A0 (73,073.00} 2,D10,807A4 06/30/2034 1,375,400.00 7.200% 711,720.00 2,086,720.00 {73,073.00} 2,4I3,647.D0 06/30/2035 1,475,000.00 7.200% 612,720.00 2,0$7,720.00 {73,073.00} 2,0I4,647.00 06/30/2036 1,584,DDDAD 7.200% 506,520.00 2,086,524AD (73,073.00} 2,013,447.00 06/30/2037 1,695,DDDAD 7.200% 392,760A0 2,087,760.04 {73,073.00) 2,014,687.00 06/30/2038 1,$15,000.00 7.200% 270,724.00 2,D85,720A0 (73,073.00} 2,012,647.00 06/30/2039 1,945,0D0A0 7.200% 140,040.00 2,085,040.00 (2,160,873.00} (75,833.04} Total $25,705,400.00 - $36,862,611.61 $62,567,611.61 (4,280,191.23} $5$,287,420.38 2009 pPEBs 4.5 ~ SINGLE Pl]RPQSE ~ 2! 2!2009 ~ 8:49 PM $25,705,000 City of Alameda Police & Fire Retirement System (4.5% Investment Rate) (Plans 1079 and 1082) Operation Of Project Construction Fund Part1 oft Date Principal Rate Interest Receipts Disbursements Cash Balance 46130!2009 2,509,OOOA0 4.5DOOOD4% - 2,509,00a.3D 2,509,040.00 D.30 46/30/2010 1,499,563.60 4.5000000% 945,436.40 2,445,OOaA4 2,445,DOO.OD D.3D 06/30/2411 1,482,803.11 4.SOD0000% 877,196.88 2,359,999.99 2,360,400.00 4.29 46/30/2412 1,455,279.92 4.5000444% 809,724A7 2,264,999.99 2,265,004.00 4.28 4613D12013 --- - 1,416,504.25 - 4.50D004D% ~-- 743,495.74___ ~-- ~ _ 2,159,999.99 ~ ----- 2,160,DD0.00_ ~ - 4.27 ----- 4613412014 1,36$;964.05 4.50DOa00% 679;035:94 2;047-;999:99 2,048,ODDAD ~ D.26- D613D12015 1,313,260.47 4.5000000°i° 616,739.52 1,929,999.99 1,434,D00AD 0.25 46/30/2416 1,251,022.03 4.5400000% 556,977.97 1,848,000.04 1,848,OOO.OD 4.25 06/30/2017 1,183,951.34 4.54DOOOD% 500,448.64 1,683,999.98 I,684,OODA0 0.23 0613D120I8 1,111,828.54 4.5400000% 446,171.46 1,55$,000.4D 1,558,040.04 4.23 06/34/2019 _ I,435,423.69 ~ -- 4.50DOD40%T - _ - ---345,576.31 --- - - 1,431,4DD.OD ~_~. ~- 1,431,000.00 --- ~ 4.23 06/30/2420 956,541.92 4.54004Da% 348,45$.46 1,304,999.98 1,345,004.00 0.21 06/30/2021 877,074.57 4.5000000% 304,929.43 1,1$2,400.00 1,1$2,400.4D 4.21 06/34/2022 796,982.76 4.SOOODOD% 265,417.23 1,061,999.94 1,062,OOOA0 0.2D 4613D12423 717,250.45 4.5000000% 228,749.54 945,949.94 946,ODD.40 4.19 06/30/2024 438,889.83 _ 4.50D0000% - -- 196,110.14 __ __--- 834,999.99 _ 835,40D.00 _-~ ~---0.18 D613012D25 563,963.32 4.SODODDO% 167,036.68 731,400.D0 731,000.44 O.I$ 06/30/2026 494,627.16 4.5044000% 141,372.82 635,999.98 636,DOD.00 0.16 06/30/2027 43I,135.$D 4.5040000% 118,864.19 549,999.99 550,ODO.D0 4.15 _ 0613012D28 372,755.17 --~ 4.5D44a0D% - 99,244.82 ~ -- 471,999.99 __ ~ 472,000.40 - -- U.14 -T D613012429 322,717.85 4.SOOQODO% 82,282.13 404,999.98 405,OOO.DO 0.12 06/30/2034 277,403.53 4.5400D40°i° 67,596.45 344,999.98 345,OD0.44 0.14 06130!2031 239,027.14 4.SD40D00% 54,972.86 294,000.04 294,000.00 O.1D 46130!2432 205,904.35 4.50D0000% 44,095.63 249,994.48 250,a0D.D0 0.08 _ _4613012033 _ _ 178,274.29 ~ _ 4.SOOaDDO% - - 34,125.69 -- ~- 212,999.98 --- 213,ODO.OD _ --- - 0.06 -~~~.__. 06/30/2034 153,386.89 4.5000Da0% 26,613.10 179,949.94 180,000.00 DA5 06/30/2035 132,366.96 4.5400000% 19,633.04 152,000.00 152,000.40 0.45 06/30/2036 114,390.46 4.5040000% 13,609.51 127,999.97 128,400.00 0.42 06/30/2037 98,595.96 4.5040040°/a 8,404.03 106,999.99 147,000.00 0.01 06/3412038 86,082.69 4.5000000% 3,917.30 89,999.99 90,000.00 - Total $23,284,968.X0 - 88,796,031.b0 $32,081,OOQAD $32,081,000.00 - 2009 OPEBS 4.5 ~ SINGLE PURPOSE ~ 212r2t)09 ~ 8:49 PM ~ZS,~os,aoo City of Alameda Police & Fire Retirement System X4.5% Investment Rate} Plans 1079 and 1082) Operation of Debt Service Reserve Fund Date Prir~ci al Rate interest -Transfers Recei is Disbursements Cash Balance Db13D12049 - 3.5440000% 201.23 (201.23) - - - Db1301241D - 3.54D0DOD% 73,073.00 (73,473.OD} - - - Ob13012011 - 3.5D00400% 73,073AD (73,073.D6) - - - Db13012412 - 3.50DOD04% 73,073.00 (73,073.00} - - - Ob13012013 - 3.500D000% 73,473A0 (73,073.00} - - - . pb13012014 - 3.SDpp400% 73,D73AD (73,D73.DD} - - - _ . 4b13D12415 - . ..3.5040040% 73,073.00 - (73,0.73.00} - - - .. . Ob13D1241b - 3.5040000% 73,473.00 (73,073.00} - - - Db13012p17 - 3.54DD4D4% 73,073A4 (73,D73.D4} - - - __ Db13D12018 - ---- 3.SDDOD00% _ _ 73,073.00 (73,073.OD} - ~-- - - - _ --_._ Ob13012D19 - 3.5000000% 73,D73.04 (73,p73.OD} _ ~- - -.--- -~, _- Db13012D2D - 3,5DOODDO% 73,073.00 (73,073.00} - - - Dfi13012621 - 3.SOOODDO% 73,073.00 (73,073.D0} - - - 4b13012022 - 3.5p4ppD0% 73,073.04 (73,D73.OD) - - - Db13012D23 - 3.5040DD0% 73,D73.D0 (73,073.00} - - - Db13012D24 - 3.500D004% 73,D73.04 (73,073.00} - - - pb13012p25 - 3.5DDODDD°/o 73,073AD (73,073.D0} - - - Ob1301202b - 3.5000000% 73,D73.DD (73,D73.40) - - - Ob13D12027 - 3.5000000% 73,D73.OD (73,D73.DD) - - - Db13D12028 - _ ~ 3.SODDDDD% ~ 73,073A0 - (73,073.OD} - - - ~ ----- pb13D12029 - 3.50D0000% 73,473.DD (73,D73.4D} _- --- ----- - -_~-`"~ -._ _-_ ~ D61301203p - 3.SDDD444% 73,073.00 (73,D73.DD} - - - 4b13012D31 - 3.5000000% - 73,D73.4D (73,073.00) - - - D613D12D32 - 3.504D4D4% 73,073.00 (73,073.04} - - - 4613D12D33 - -- ----- ~T ~ 3.540DDD4% 73,073.00 - (73,073.00) - - - --- - --- - 0613012034 - 3.5000000% 73,073.40 (73,073.00} - ~~---_--------- D613012D35 - 3.SODDD04% 73,073.00 (73,073.40} - - - M13DI2436 - 3.500DDDD% 73,473.00 (73,073.00} - - . 06/30/2037 - 3.SD00000% 73,073.0D (73,073.00} - - 0613012D38 - 3.SOODD40% 73,073.00 (73,073.OD} - - - 0613012D39 2,087,800.00 3.SD04D44% 73,073.00 (73,073.OD} 2,D$7,8DD.D0 2,4$7,844.DD - TotaZ $2,D$7,$OOAO - $2,I92,39I.23 (2,192,391.23) ~2,0$7,$OD.OD 52,087,80D.00 - Investment Parameters Investment Model [PV, GIC, or Securities] GIC Default investment yield target Unrestricted Cost of Investments Purchased with Bond Proceeds 2,D87,84p.00 Total Cost of Investments $2,D87,$00.40 Target Cost of Investments at bond yield $264,040.77 Yield to Receipt 3.5000004% Yeld forArbitrage Purposes 7.4b4695D% 2099 OPEC 4.5 ~ SINGLE PURPOSE ~ ti 2!2009 ~ 8:49 PM City of Alameda 1079 and 1052 Pension Plan Obligations Cumulative Savings after Net Debt Service Payments X4.5% Return on Invested Bond Proceeds FY Ending City Budgeted Annual Debt Service Annual Cumulative Surplus June 30, ~PEB Payments (4.5% Return} Surplus with 2% Return 2009 $2,509,000.00 -$201 $2,509,201 $2,509,201 2010 $2,so9,oao.oa $2,012,799 $496,201 $3,055,587 2011 $2,509,ooo.a0 $2,011,707 $497,293 $3,613,99 i 2012 $2,509,ao0.0o $2,013,307 $495,693 $4,181,964 2013 $2,5o9,aoo.0a _ $2,014,307 $494,693 $4,760,296 2014 $z,5o9,aoo.ao $2,013,247 $495,753 $5,351,255 2015 $2,SO9,o0o.00 $2,010,387 $49$,613 $5,956,894 2016 $2;SO9;ao0~DO- -$2-,010;63.7. $495;363. $6;574;394 2017 $2,509,000.00 $2,014,D57 $494,943 $7,200,825 2018 $2,5a9,00o.a0 $2,009,857 _ $499,143 $7,543,985 2019 $z,509,aoo.0o $2,013,177 $495,823 $8,496,657 2020 $2,509,Oao.00 $2,013,287 $495,713 $9,162,334 2021 $2,509,aoa.0a $2,014,847 $498,153 $9,843,734 2022 $2,5a9,aoo.oa $2,010,887 $498,113 $10,538,722 2023 $2,509,OO0.oa _ $2,013,047 $495,953 $11,245,449 2024 $2,509,OOO.oO $2,011,967 $497,D33 $11,967,391 2025 $2,5a9,o0o.00 $2,012,647 $496,353 $12,703,092 2026 $z,5o9,0oo.ao $2,014,727 $494,273 $13,451,427 2027 $2,509,oo0.oa $2,012,847 $496,153 $14,216,608 2025 $2,5a9,oao.oo $2,0.12,007 _ $496,993 $14,997,933 2029 $2,5a9,ooa.00 $2,011,$47 $497,153 ~ i 5,795,045 2030 $2,509,000.00 $2,012,007 $496,993 $16,607,939 203 i $2,5a9,0aa.00 $2,012,127 $496,873 $17,436,971 2032 $2,509,o0o.ao $2,011,547 $497,153 $ i 5,282,563 2033 $2,509,000.00 $2,010,807 -- - $498,193 ~ ~ $19,146,713 2034 $2,5a9,oao.00 $2,013,647 $495,353 $20,025,00 i 2035 $2,5a9,ooo.oo $2,014,647 $494,353 $20,919,554 2036 $2,509,OO0.oo $2,013,447 $495,553 $21,833,504 2037 $2,5o9,oao.0o $2,014,687 $494,313 $22,764,793 2035 $2,5a9,oao.ao $2,012,647 ~ - - $496,353 ~ ~ $23,716,442 2039 $2,509,000.00 -$75,833 $2,584,533 $26,775,604 Total Surplus $9,491,580 PV of Total Surplus $14,492,187 7.15% Investment Rate Scenario ~Zl,~so,oao City of Alameda Police & Fire Retirement System (7.75% Investment Rate) (Plans 1079 and 1082) Net Debt Service Schedule Date Princi al Cou on interest Total P+I DSR Net New D1S 0613 012009 - - - - (167.26) (I 67.26} D6130120I4 265,OOD.00 3.50D% 1,466,732,97 1,731,732.97 (6D,734.84} 1,670,998.17 06/30/2011 28D,000.OD 4.000% 1,453,395.00 1,733,395.D0 (60,734.$D} I,672,66D.2D 06/30/2012 290,400.40 4.040% 1,442,195.DD 1,732,19S.DD {b0,734.$0) I,671,460.24 0613Dl2013 3DD,ODO.OD 4,400% 1,430,595.D4 1,730,595.00 (60,734.$0} 1,669,$60.20 46/34/2014 31S,DDO.DO 4.704% 1,417,395.D0 1,732,395.40 (6D,734.80} 1,471,660.20 06/34/2015 330,440,OD SADD% 1,4a2,590.QQ ~,732,5gD.o4 . _ {6Q,734.80} . _ 1,671,855.2D. . D613012016 345,000.00 5.200% 1,386,490.00 1,731,49A40 (60,734.80} 1,670,355.20 4613D12417 ~ 365,000.04 5.540°/0 1,358,ISDAD 1,733,150.D0 (60,734.$Q) 1,672,415.2D 06/30/2018 385,000.00 5.800% I,348,075.4D 1,733,075.D0 {60,734.$4) 1,672,340.20 06/30/2019 4D5,DD0.44 6.100°/a 1,325,745.00 1,730,745.00 {40,734.64} 1,67D,O1D.20 0613D1202D 430,OD4.44 7.204% 1,34I,040.DD 1,731,040.D0 (60,734.80) 1,670,305.20 D61301202I 465,D00.OD 7.204% 1,270,48D.44 1,735,484A0 (60,734.80} 1,674,345.20 06/30/2022 495,DD0.44 7.204% 1,236,6DO.OD I,731,6D0.00 (60,134.80) 1,670,865.20 46130!2023 534,040AD 7204% 1,2D0,96D.00 1,730,964A0 (6D,734.SD) 1,674,225.20 46/30/2024 57D,040AD 720D% 1,162,8D0.00 1,732,800A0 {60,734.80) 1,672,465.20 06/30/2425 610,ODD.OD 7.200% 1,121,760.00 1,731,760.00 (60,734,8D} I,671,D25.24 06/34/2426 655,004.D0 7.204% 1,077,$44,40 1,732,840.00 (60,734.8D} 1,672,1D5.20 06!3412027 74D,000.04 7.240% 1,434,6$O.OD 1,73D,680.OD (60,734.$0) 1,669,945.24 06/30/2028 755,OODAO 7.200% 984,284.00 1,735,28D.00 {6D,734.80} 1,674,545.24 06/34/2429 805,D00.04 7.200% 925,920.00 1,730,924.4D {6D,734.8D} 1,670,1$5.20 06/30/2034 $65,ODD.OD 7.240% 867,960.44 1,732,964.40 {60,734.80} 1,672,225.20 D6134l2031 925,ODO.D4 7.2DD% 845,680.00 1,730,6SO.DD {60,734.80) 1,569,945.20 4613D12032 995,040.00 7.240% 739,D8D.DD 1,734,084.44 {64,734.80} 1,673,345.20 06/34/2033 1,065,DOO.DD ~ 7.240% 667,44D.DD 1,732,440.40 {64,734.80} 1;671,74520 D613012434 1,140,400.06 7.2D0% 590,760A0 1,730,760.DD {60,734.80} 1,670,025.20 46/30/2035 1,225,OD0.40 7.244% 508,6$O.DO 1,733,6$0.00 (44,734.$0) 1,672,945.20 06/30/2036 1,3IO,OD4.OD 7.2D0% 420,484.44 1,730,484.40 {60,734.80) 1,669,745.20 D613012037 1,445,4DD.OD 7.2D0% 326,160.44 1,731,164.04 {60,734.$4) 1,670,4252D 06/30/2038 1,5ID,OD0.00 72DD% 225,OOOAO I,735,OOD.DO (60,734,80) 1,674,265,24 0613D12039 1,615,444.00 7204°/0 116,2$4.40 1,731,280.4D (1,796,014.80) {64,734,$0) Total $21,354,000,00 - S30,G16,442.97 $51,9b6,442.97 {3,557,491.26) $4$,4Q$,951.71 2DD8 OPESS ~ SINGLE PURPOSE ~ ~13~12009 ~ 3:5D PM $2,350,000 City of Alameda Police & Fire Retirement System (7.75% Investment Rate} (Plans 107 and 1082} , Operation Of Project Construction Fund Part1 oft Date Principal Rate Interest Recei is Disbursements Cash Balance 06/30/2009 2,509,000.00 7.750000D% - 2,509,660.59 2,509,OOD.6D 0.59 06130!2010 1,11$,129.82 7,7500000% 1,326,870.18 2,445,060A0 2,44S,OOOAD 0.59 06/30/2011 1,121,463.82 7.75066D6% 1,238,536.18 2,366,6DO.D0 2,360,OODAO 0,59 06/30/2012 1.,115,061.21 7.7500000% 1,149,938.7$ 2,264,999.99 2,26S,OOOAO 0.5$ 46/30/2013 1,09$,152.74 7.7560DD6% ~1,06I,847.20 2,159,999.99 2,16D,06D.OD 0.57 06/30/2014 1,072,908.57 7.75DD000% 975,Q91,42_ _ 2,Q47,999,99 _ . _ ... 2,048,000.00 _ . ... _..D.56 ...._.. _ D613612015 I,D39,670.43 7.7500000% 890,32996 1,929,999.99 1,930,000.00 0.55 Ofi13012416 999,805.57 7.750006D% $08,194.41 1,807,999.98 1,868,D60.00 0.53 06/30/2017 954,791.79 7.7500000% 729,208.20 1,683,999.99 1,684,DD0.60 0.52 _D613DI2018 ~ 904,221.82 `7.750006D% 653,77$.16 1,557,999.98 1,558,ODD.00 O.SD 06/30/2019 848,656.76 7.7500000% _ 582,343.22 ~ !,430,999.98 __ ~ 1,431,000.00 ~ ~-- -- 0.48 06130/262D 789,701.99 7.756000D% 515,298.01 1,3D5,D06.00 1,305,000.00 0.48 0613D12D21 729,0$9.65 7.75DD000% 452,910.32 1,1$1,999.97 I,182,OOOAO 0,45 06/30/2022 666,b88.88 7.75000D0% 345,31 L 10 1,061,999.98 I,062,DDD.OD 0.43 0613D12023 603,358.34 7.75000D0% _ _ 342,641.64 945,999.98 946,0OO.OD 0.41 06/30/2024 540,024.59 7.75000D0% __ 294,975.34 __ Y ~ 834,999.9$ _ _ _ __ _ ~ $35,DOD.00 __ _ 0.39 06/30/2025 478,687.37 7.7500000% 252,312,66 730,999.97 731,000.00 0.36 D613012D26 421,504.42 7.75D06D0% 214,495.55 435,999.97 636,06D.00 0.33 06/30/2027 368,863.96 7.7506006% 181,196.04 SSO,D00.00 550,D66.D0 0.33 0613612D2$ _ 319,940.04 7.7500006% _ 152,059.95 47!,999.99 472,000.OD 0.32 06/30/2029 278,215,79 7.75000D6% 126,7$4.19 ___ _ 464,999.98 __ 405,DDOAD ____ ~ 0.30 06/30/2030 246,195.26 7.75D0000% 104,$04.71 344,999.97 345,000.00 D.27 66/30/2031 208,171.05 7.750064D% 85,828.91 293,999.96 294,6D6.D0 0.23 66/30/2032 1$0,6!6.89 7.75006DD% b9,383.67 249,999.96 250,606.OD O.i9 06136J2D33 w 157,8$5.90 7.7500000% 55,114.05 212,999.95 213,006.00 O.I4 06/30/2034 137,359.17 ___ 7.75000DD% ___ 42,64D.82 __ __ 179,999.99 _ _, 180,D6D.OD ----~ 0,13 06/3412435 12D,2I0.7S 7.7500000% 31,789.23 151,449.98 152,000.00 0.11 0613012D36 105,707.55 7.7500000% 22,292.39 127,499.94 128,000.00 0,05 06/30/2037 93,058.64 7.7500D6D% 13,941.33 106,999.97 107,06D.6D 0.02 0613D12D3$ 83,41D.43 7.7566000% 6,589.55 $9,999.98 90,000.00 - To#al $14,304,492.$5 - $12,77fi,54b.56 $32,081,000.00 $32,081,000.00 - ZODB OPEBS ~ SINGLE PIJRPQSE E 11311ZDD9 ~ 3:5~ PM ~z~,3~o,000 City of Alameda Police & Fixe Retirement System (7.75% investment Rate} Plans 1479 and 1082} operation of Debt Service Reserve Fund Date Principal Rate_ Interest -Transfers Receipts Disbursements Casf~ Balance 0613D120D9 - 3.SOODD00% 167.26 (167.26) _ - - - D613012D1D - 3.5DDD000% 6D,734.$0 (b0,734.80) - _ _ D613012DI1 - 3.5DDODDD°/° 60,734.8D (60,734.80} - - . 4613D12612 - 3.50DOOD0% 6D,734.8D (60,734.80} - 4613DI20I3 - 3.5DD000D% 60,734.8D (60,734.80} - _ _ 06/34/2014 - 3.50DODDD% b4,734.8D (b0,734.8D) - _ _ - - -- -0613012DI5--.. _.. -. _.._. . 3:500D000% ._.. _...bD;734:80 ..... - --(64;734:80)... _.... _. _ ._. _ _... _ ...._ . _. - -- .... - -- _ Dd13D120I6 - 3.5DD0004% 6D,734.80 (dD,734.8D} - _ _ D6/3012D17 - 3.50D0000% 6D,734.80 (60,734.84} - _ D613D12018 - - ---- -- 3.500000D%_ _ 6D,734.8D - __ (60,734.$0} - _ D613012D19 - 3.5DDDODO% 6D,734.80 (60,734.80) - --~~--- -~ ~-i~ - i4 -~ - D613012020 - 3.50DODD0% 6D,734.8D (60,734.80} - _ _ 6613D12021 - 3.500DD00°/° 60,734.8D (60,734.80} - _ _ D613012D22 - 3.SDDDDDD% 60,734.80 (60,734.80) - - _ D613D12023 - 3.500000D% 60,734.80 (60,734.80} - _ _ . D613D12D24 - 3.500DDOD% b0,734.8D (64,734,80) - - _ 0613D12D25 - 3.500DDD0% 60,734.8D (64,734.8D) - - _ 0613D12D26 - 3.SDOODQD% 60,734.8D (6D,734.80) - _ _ D613D12D27 - 3.SD000QD% 60,734.80 (6D,734.8D) - - _ 0613D12428 - ~ ----- 3.50000DD% 64,734.8D (bD,734.80) - - _ 0613D12D29 3.SDODOOD% 60,734.80 ^ _ ~ (bD,734.8D) ~~ - -~ --- ------~~- D613412D3D - 3.5DODDDD% 6D,734.8D (6D,734.8D) - - _ 46/34/203 ] - 3.500DDOD% 6D,734.80 (6D,734.80) - _ _ 06/34/2432 - 3.50DD4D0°/° 60,734.80 (60,734.80) - - _ D613012433 - ~ - --- 3SO44DOD% 64,734.$4 _ _ (60,734.84) - - 46/30/2434 - 3.SODOD00°/a 6D,734.80 (60,734.80}~R~ -- _ -~- ~-~- "~-_ _ ---- -_ . _ D613D12435 - 3.5000040% 60,734.8D (60,734.80} - _ _ D613D12436 - 3.50000DD% 6D,734.8D (60,734.80) - _ _ 0613D12D37 - 3.54DDOD0% 40,734.80 (6D,734.$D) - _ _ D613012438 - 3.500DDD0% 60,734.80 (60,734.80) - _ _ D613012439 1,735,28D.DD 3.5DODODO% 60,734.8D (60,734.8D) I,735,28D.00 1,735,280.00 - Total ~1,735,280.Oa - X1,822,211.26 (1,822,211.26) 51,735,280A0 $1,735,2$O.DO - Investment Parameters Investment Model [PV, GIC, ar Securities] GIC Default investment yield target Unrestricted Cost of Investments Purchased with Bond Proceeds 1,735,28D.OD Total Cast vfInvestments -- - --- ~~~_ ,- ------- -- ~- ----. 4 _ - $1,735,280.D0 Target Cvst of Investments at band yield $216,132.11 Yeid to Receipt 3.5DDDOOD% Yeld for Arbitrage Purposes 7.4647175% 2D08 OPEBS ~ 5{NGL£ PURF05E ~ 1131l20Q9 ~ 3:5D PM City of Alameda ~ Ol9 and ~ 082 Pension Plan Obligations Cumulative Savings after Net Debt Service Payments X1.15°lo Return on Invested Bond Proceeds FY Ending City Budgeted Annual Debt Service Annual Cumulative Surplus June 30, UPEB Payments 7.75% Return} Surplus with 2% Return 2009 $2,509,OOa.a0 -$167.26 $2,509,167 $2,509,167 2010 $2,509,ooo.a0 $1,670,998.17 $835,002 $3,397,352 2011 $2,509,OOa.o0 $1,672,660.20 $836,340 $4,301,639 2012 $2,509,000.00. $1,671,460.20 $837,540 $5,225,212 2013 $2,509,000.00 $1,669,860.20 $839,140 $6,168,556 2014 $2,509,a0o.00 $1,671,660.20 $537,340 $7,129,573 2015 $2,509,000.00 $1,671,555.20 $837,145 $8,109,309 _ . - - - - -20-16 _ $2,509;000.00 - - - $1~670~355-.20 -- $83864-5-. _ _ -$9~ 1-10~ 1-40 2017 $2,SO9,o0o.00 $1,672,415.20 $836,585 $10,128,928 2018 $2,509,000.00 $1,672,340.20 $836,664 $11,168,166 2019 $2,509,000.00 $1,670,010.20 $838,990 $12,230,519 2020 $2,SO9,oo0.00 $1,670,305.20 $838,695 $13,313,824 2021 $2,509,o0a.00 $1,674,345.20 $834,655 $14,414,756 2022 $2,509,000.00 $1,670,865.20 $838,135 $15,541,186 2023 $2,509,000.00 $1,670,225.2D $835,775 $16,690,784 2024 $2,509,ooa.00 $1,672,065.20 $836,935 $17,861,535 2025 $2,509,000.00 $1,671,025.20 $837,975 $19,056,740 2026 $2,509,000.00 $1,672,105.20 $836,895 $20,274,770 2027 $2,509,ooo.a0 $1,669,945.20 $539,055 $21,519,320 2028 $2,509,000.00 $1,674,545.20 $834,455 $22,784,161 2029 $2,509,000.00 $1,670,185.20 $838,515 $24,075,659 2030. $2,509,000.00 $1,672,225,20 $836,775 $25,397,007 2031 $2,5a9,oo0.a0 $1,669,945,20 $839,055 $26,744,002 2032 $2,509,000.00 $1,673,345.20 $835,655 $28,114,537 2033 $2,509,000.00 $1,671,705.20 $837,295 $29,514,122 2034 $2,SO9,o00.00 $1,670,025.20 $838,975 $30,943,384 2035 $2,509,000.00 $1,672,945.20 $836,055 $32,398,302 2036 $2,509,000.00 $1,669,745.20 $839,255 $33,885,523 2037 $2,509,o0o.oa $1,670,425.20 $838,575 $35,401,508 2038 $2,509,000.00 $1,674,265.20 $834,735 $36,944,579 2039 $2,509,000.00 -$64,734.80 $2,573,735 $40,257,205 Total Surplus $29,370,048 PV of Total Surplus $2,789,050