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ATTACHMENT 1 <br /> 7.1.A. - Page 6 <br /> Capital Projects Funds Highlights <br /> Capital projects funds are used to account for the resources dedicated to the <br /> construction and acquisition of capital facilities, except those capital facilities financed <br /> by enterprise funds. <br /> The City expended $7.1 million in FY 2013 -14 for general capital projects. Significant <br /> projects on which funds were expended in FY 2013 -14 include: the Municipal Energy <br /> LED Lights program ($0.3 million), the Fair Oaks Synthetic Playfields conversion ($.33 <br /> million), the Library counter streamlining and materials handling upgrade ($.4 million), <br /> and the City Hall second floor modification project ($0.93 million). <br /> Enterprise Funds Highlights <br /> Water Fund <br /> In terms of the City Council's adopted policy to keep total annual revenues and <br /> expenses in balance, cash basis revenues of $36.101 million including interest earnings <br /> were more than cash operating and capital outlay expenses (including debt service <br /> payments) of $32.541 million. Of the capital outlay expenses, $0.3 million were covered <br /> by bond proceeds. <br /> The total net working capital available for appropriation in the water fund as of June 30, <br /> 2014 was $10.7 million which is $3.7 million more than the target of $7 million ($2 <br /> million for an emergency reserve and 20% of operation and maintenance expenses for <br /> a rate stabilization reserve) as rate increases were enacted to cover the water capital <br /> improvement program. Revenues generated from water sales and service fees were <br /> $2.6 million or 7.9% more than the projected amount for FY 2013 -14 due to increases in <br /> water capacity charges and facilities fees related to increased building activity in the <br /> City. Operating expenses were more than budget by $0.2 million. <br /> Sewer Fund <br /> The same Council policy of total annual revenues and expenses in balance applies to <br /> the sewer fund as well. Cash basis revenues of $29.415 million were more than cash <br /> operating and capital outlays of $22.544 million. This increase is consistent with the <br /> Council's goal of accumulating funds for the replacement and upgrade of portions of the <br /> City's sewer system. <br /> For fiscal year ended June 30, 2014, the sewer enterprise fund ended with a balance of <br /> $16.342 million in net working capital available for appropriation. <br /> Parking Fund <br /> Redwood City maintains 1,229 on- street and 1,370 off - street parking spaces within the <br /> downtown area including the downtown underground parking garage which opened in <br /> May 2006. In FY 2013 -14 operating revenues increased to $1.454 million compared to <br /> $1.367 million in FY 2012 -13 due to increased traffic downtown as people were drawn <br /> to the downtown area by the theater, restaurants, and City sponsored events. <br /> Expenses remained relatively flat at $2.468 million. <br /> During FY 2013 -14, the City sold Block 2 to a developer resulting in a net increase in <br /> cash of $14 million. Out of these proceeds, the parking fund reimbursed the capital <br /> Page 5 of 7 <br />