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<br />-~~-_._~~,~----...._--~.
<br /> TABLE 2
<br /> Activities
<br /> Governmental Activities
<br /> 2006 2005
<br />Revenues:
<br />General revenues:
<br />Incremental property taxes $ 7,566,125 $ 7,189,202
<br />Other 776,079 521,352
<br />Investment carnings 761,079 568,238
<br />Total general revenues 9,103,283 8,278,792
<br />Expenses:
<br />Community development 6,812,758 4,983,320
<br />Interst on long-term debt 1,854,069 1,562,220
<br />Total expenses 8,666,827 6,545,540
<br />Increase in net assets before transfers 436,456 1,733,252
<br />Transfers (net) (100,000) (278,470)
<br />Increase in net assets 336,456 1,454,782
<br />Net assets beginning (8,072,161) (9,526,943)
<br />Net assets ending $ (7,735,705) $ (8,072,161)
<br />
<br />Downtown development and capital improvements in the Plaza Redevelopment Project Area
<br />account for approximately $3.6 million of the $9.0 million reserved for redevelopment projects.
<br />These improvements will complete the nearly 45-year transformation of the downtown from a
<br />declining post-war agricultural-based retail area to a successful regional center for financial
<br />services and healthcare administration and community serving dining and retail. West San
<br />Leandro Redevelopment Project Area accounts for $4.8 million or 53.1% of the amount
<br />designated for redevelopment capital projects. These reserves reflect remaining bond proceeds
<br />that will be used to complete the MacArthur Streetscape project and Doolittle Drive/Airport
<br />Gateway improvements to be completed in the future.
<br />
<br />Tax increment revenue increased by 5.2% in fiscal year 2005-06, to $7.6 million from $7.2
<br />million in the previous fiscal year. This increase primarily reflects net increment increase of
<br />13.9% in the West San Leandro Project Area resulting from several large business properties that
<br />were reassessed at current value upon sale, an increase of 12.8% in the Low and Moderate
<br />Housing, a 4.5% increase in the Plaza Project Area's, and a decrease of (6.6%) in the Joint
<br />Proj ect Area.
<br />Twenty percent of tax increment revenue, close to $2.0 million in fiscal year 2005-06, is set
<br />aside in the Low and Moderate Housing Fund for affordable housing projects.
<br />
<br />Fiscal ](ear 2002-03
<br />Tax Increment (000) $6,736
<br />
<br />2003-04
<br />$7,355
<br />
<br />2004-05
<br />$7,189
<br />
<br />2005-06
<br />$7,566
<br />
<br />5
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