Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Redevelopment Agency Ocean Park Project Tax Allocation Refunding Bonds Coverage TABLE 18 Direct Net revenue Fiscal Gross operating available for Debt service requirement year revenues expense debt service Principal Interest Total Coverage 2007-08 $ 4,086,779 $ 269,907 $ 3,816,872 $ 1,015,000 $ 711,129 $ 1,726,129 2.21 2006-07 3,958,631 229,017 3,729,614 980,000 748,535 1,728,535 2.16 2005-06 3,332,493 256,927 3,075,566 945,000 784,628 1,729,628 1.78 2004-05 3,034,112 218,253 2,815,859 905,000 820,448 1,725,448 1.63 2003-04 2,896,936 182,117 2,714,819 865,000 859,091 1,724,091 1.57 2002-03 2,737,356 178,996 2,558,360 — 586,423 586,423 4.36 2001-02 2,944,183 206,004 2,738,179 280,000 651,925 931,925 2.94 2000-01 3,240,610 181,426 3,059,184 265,000 668,555 933,555 3.28 1999-00 1,848,217 186,823 1,661,394 250,000 683,755 933,755 1.78 1998-99 1,638,906 163,521 1,475,385 235,000 697,585 932,585 1.58 Note: In October of 1984, the Redevelopment Agency issued Tax Allocation Bonds in the principal sum of $5,700,000 at an interest rate of 10.89%. Such obligations were serial in nature and matured annually with the final payment of $686,650 due in 2007. The bond proceeds were used to acquire land, construction of a public park, and for low and moderateincome housing. In April of 1988, the Redevelopment Agency issued Refunding and Refinancing Bonds in the principal sum of $8,775,000 at an interest rate of 5.2 - 8.25%. Such obligations were serial in nature and matured annually with the final payment of $754,906 due in 2019. The bond proceeds were used to defease the 1984 Ocean Park Bonds and to pay a portion of various Promissory Notes due to the City of Santa Monica. In November of 1992, the Redevelopment Agency issued Ocean Park Redevelopment Project Tax Allocation Refunding Bonds, Series 1992, in the principal sum of $11,325,000 at an interest rate of 6.89%. Such obligations are serial in nature and mature annually with the final payment of $931,500 due in 2019. The bond proceeds were issued to defease the 1988 Refunding and Refinancing Bonds and to pay a portion of various Promissory Notes due to the City of Santa Monica. Debt service payments began in fiscal year 1992-93. On May 2, 2002, the Agency issued $19,315,000 of Ocean Park refunding and new money bonds bearing interest at 5.03% to defease the outstanding 1992 Ocean Park Project Bonds and to provide funds for new low-moderate-income projects. Debt service payments on the 2002 bonds began in fiscal year 2002-03. Coverage ratios before FY 2002-03 above reflect the 1992 bonds. Source: City of Santa Monica Finance Department 154
CITY OF SANTA MONICA, CALIFORNIA Demographic and Economic Statistics Last Ten Calendar Years TABLE 19 Calendar Personal income (2) Per capita Unemployment year Population (1) (millions) personal income (3) rate (4) 2008 91,439 * * 5.5 2007 91,124 $ 539,163 $ 41,875 4.0 2006 90,750 505,197 39,011 4.2 2005 90,678 477,101 36,917 4.8 2004 90,410 453,902 35,188 5.9 2003 89,339 427,041 33,318 4.6 2002 87,994 412,753 32,522 4.4 2001 85,576 403,519 32,152 3.7 2000 84,084 385,053 31,045 3.5 1999 84,000 360,275 29,402 3.8 * No data is available for 2008 as of publication date of CAFR. Note: Source: Data shown is the Metropolitan Statistical Area of Los Angeles-Long Beach-Santa Ana, CA. Data by City is not available. (1) California Department of Finance (2) and (3) Bureau of Economic Analysis (4) State of California, Employment Development Department, Labor Market Information Division 155
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Comprehensive Annual Financial Report - City of Santa Monica

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