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SIX-YEAR FORECAST: ENTERPRISE FUNDS
<br />SHORELINE ENTERPRISE FUND
<br />The Shoreline Enterprise Fund provides the funding for the day-to-day operation and maintenance of
<br />the San Leandro Marina, the Monarch Bay Golf Club and the rest of the infrastructure in the San
<br />Leandro Recreational Shoreline Area. The Marina operations include 465 berths, guest docks and
<br />public boat launch ramp. The Monarch Bay Golf Club includes the 18-hole Tony Lema Course, the
<br />nine-hole Marina Golf Course, an all-weather practice range, golf shop, and restaurant.
<br />Analysis
<br />On November 8, 2016, San Leandro voters approved an increase to Transient Occupancy Tax from
<br />10% to 14% of the room rental rate for hotels, motels and lodges in the City. These funds shall be
<br />used to maintain and enhance library programming for children, more space for books, reference
<br />materials and public access to computers, enhancing parks and infrastructure and other general City
<br />services.
<br />Almost half of the fund’s expenses are dedicated to debt service to the General Fund, and Boating
<br />and Waterways Department loans, so reducing expenses is limited. Currently, the Shoreline fund is
<br />making interest only payments to the General Fund.
<br />Work on the Monarch Bay Shoreline Development Project continued, with a proposal for the
<br />construction of up to 500 housing units, a hotel, two restaurants, a large public park, and new Mulford-
<br />Marina Library facility. Staff is working closely with the developer to develop project plans, draft a
<br />Development Agreement and associated agreements and leases, and gain feedback from the
<br />community and public agencies.
<br />Assumptions
<br />Fees for the berth rentals increased by CPI, however rate increases are offset with a decreasing
<br />number of renters due to the Shoreline development.
<br />Transient Occupancy Tax (TOT) rate increased from 10% to 14% effective January 1, 2017
<br />Rents and Concession revenues assumed to be increasing slightly due to the economy.
<br />Shoreline Enterprise 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
<br />Fund 597 Actual Actual Adopted Projected Projected Projected Projected Projected Projected
<br />Beginning Fund Balance (778,770)97,119 1,053,153 1,362,745 2,321,280 3,090,138 3,155,927 3,208,632 3,246,789
<br />Revenue
<br />Rents & Concessions 1,518,484 1,569,374 1,285,000 1,525,000 1,525,000 1,125,000 1,125,000 1,125,000 1,125,000
<br />Berthing/Boat Launch Fees 431,798 424,466 374,200 327,200 313,200 4,000 4,000 4,000 4,000
<br />Transient Occupancy Tax 629,411 806,392 845,630 887,912 932,307 960,276 989,085 1,018,757 1,049,320
<br />Other Revenues/Interest 51,038 108,981 53,000 226,100 45,100 40,050 40,050 35,050 35,050
<br /> Total Revenues 2,630,732 2,909,212 2,557,830 2,966,212 2,815,607 2,129,326 2,158,135 2,182,807 2,213,370
<br />Expenditures
<br />Personnel 628,998 569,954 681,885 680,122 719,203 715,318 736,160 753,946 772,513
<br />Non-Personnel/Transfers 1,125,845 1,383,225 1,566,353 1,327,555 1,327,546 1,348,219 1,369,269 1,390,704 1,412,530
<br /> Total Expenditures 1,754,842 1,953,178 2,248,238 2,007,677 2,046,749 2,063,537 2,105,430 2,144,649 2,185,043
<br />Annual Surplus/(Shortfall)875,890 956,034 309,592 958,535 768,858 65,789 52,705 38,158 28,327
<br />Ending Fund Balance 97,119 1,053,153 1,362,745 2,321,280 3,090,138 3,155,927 3,208,632 3,246,789 3,275,117
<br />96
<br />118
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