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7.1.A. - Page 42 , <br /> Management's Discussion and Analysis <br /> For the year ended June 30, 2014 <br /> Parking Fund — Operating revenues increased by $86 thousand this year to $1.45 million, while operating <br /> expenses increased slightly to $2.468 million. The general fund transferred $426 thousand into the <br /> parking fund to cover the operating deficit. The net position of the parking fund increased by $10.6 million <br /> due to proceeds from the sale of Block 2 net of a transfer out to the capital outlay fund for reimbursement <br /> of Block 2 culvert realignment costs. <br /> Port Fund — Operating revenues were up $.5 million while operating expenses were down $.06 million <br /> from FY 2012 -13. Overall, net position increased from restated $31.8 million to $33.5 million, or 5.6 %. <br /> Docktown Marina — This fund's activity began in March 2013. During this first full year of operations it <br /> had $.665 million in operating revenues and $.705 in operating expenses, resulting in net assets of $.210 <br /> million. <br /> GENERAL FUND BUDGETARY HIGHLIGHTS <br /> Property taxes exceeded budget by $4.9 million primarily due to the receipt of a $4.7 million payment <br /> from the County of San Mateo due to the over - deduction of education revenue augmentation fund <br /> amounts from the City in prior years, which exceeded the estimated amount by $2.7 million, the receipt <br /> of residual property tax distribution attributable to the former Redevelopment Agency in the amount of <br /> $2.5 million which exceeded the estimated amount by $.8 million, and the overall increase in property <br /> taxes as the housing market strengthened. <br /> Sales and other taxes were greater than budget by $3 million mostly due to an unanticipated increase in <br /> sales tax revenue ($2.0 million), transient occupancy tax ($.4 million), property transfer tax ($.3 million), <br /> and utility users' tax ($0.1 million). Additionally, there were slight increases in business license tax and <br /> franchise fees. <br /> Licenses and permits were greater than budget by $0.7 million due to construction activity during the year <br /> exceeding expectations. <br /> Use of money and property tax revenue was greater than budget by $0.1 million due to greater investment <br /> earnings than expected as interest rates began to rise. <br /> Intergovernmental revenue was greater than budget by $.08 million primarily due to receipt of <br /> unbudgeted State Mandated program reimbursement and slight increases in the Port contribution and <br /> abandoned vehicle fees. <br /> Charges for current services were less than budget by $.06 million primarily due to fire services fees and <br /> other current service charges falling below budget, offset by plan checking fees which exceeded budget <br /> as building activity exceeded expectations. <br /> Fire Services fees were below budget due to a delay in the invoicing of fire inspection fees and less revenue <br /> related to a fire services contract with the City of San Carlos due to an unused contingency for supplies <br /> and services that were not provided. <br /> 14 <br />