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CITY OF MORGAN HILL
FY 15-16
OPERATING AND CIP BUDGET
CITY OF MORGAN HILL
FY 15-16
OPERATING AND CIP BUDGET
CITY OF MORGAN HILL
FY 15-16
OPERATING AND CIP BUDGET
CITY OF MORGAN HILL
FY 15-16 OPERATING AND CIP
CITY OF MORGAN HILL
FY 15-16
OPERATING AND CIP BUDGET
CITY OF MORGAN HILL
FY 15-16
OPERATING AND CIP BUDGET
CITY OF MORGAN HILL
FY15-16
OPERATING AND CIP BUDGET
CITY
velopment Agency sold $88.7 million in bonds to re-
fund the outstanding 07-08 Redevelopment Agency
bonds, which were sold to finance projects located in
the Ojo de Agua plan area, including the City’s down-
town revitalization. The refunding bonds will be re-
paid from the County Auditor-Controller’s real prop-
erty tax trust fund established under AB1x26, the
State legislation that abolished redevelopment.
All principal and interest payments due on bonds, cer-
tificates of participation and loans during FY 2015-16
are included in the budget.
LEGAL DEBT LIMIT
Within the Comprehensive Annual Financial Report
(CAFR), the City calculates its legal debt limit (the
maximum amount of debt the City can issue) and
compares it to the debt outstanding at the end of the
year to produce the legal debt margin (the amount of
debt the City can issue in future years). Currently, the
City has no outstanding legal debt, and is within its
legal debt margin of $888,463,000 as reported in the
FY 2013-14 CAFR.
Budget Overview
(continued)