AgdaPkt 2015-01-12 Joint SA Amended

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City of Redwood City 7.1.A. - Page 43 Management's Discussion and Analysis For the year ended June 30, 2014 Other service charges related to building activity were below budget but adequately covered the fee based programs for which customers are charged. Garbage collection fees were below budget due to unbudgeted refunds paid to a commercial account. Other revenue was less than budget by $.2 million due to actual contributions falling below original estimates. Expenditures, overall, were $1.8 million less than budgeted primarily due to vacancies and an increased credit resulting from the prepayment of pension contributions to CaIPERS, net of unbudgeted expenditures related to the activities of parks and recreation and information services. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At the end of FY 2013 -14, the City had $378.9 million, net of depreciation, invested in a broad range of capital assets used in governmental and business -type activities, as shown in the table below. Additional information on the City's capital assets can be found in Note 4 and Note 16 of this report. Capital Assets at Year -end (in Millions) Governmental Business -Type Activities Activities Total 2014 2013 2014 2013 2014 2013 Variance $ $ $ $ $ $ Land 30.978 30.978 3.180 3.448 34.158 34.426 - 0.778% Streets 111.036 109.082 111.036 109.082 1.791% Construction in progress 10.881 20.252 21.004 14.890 31.885 35.142 - 9.268% Buildings 83.309 83.309 61.213 61.213 144.522 144.522 0.000% Equipment 23.445 20.964 1.661 1.645 25.106 22.609 11.044% Improvements 6.274 4.118 167.808 161.302 174.082 165.420 5.236% Harbor improvements 4.045 4.045 4.045 4.045 0.000% Parks, bridges, etc. 30.619 29.184 30.619 29.184 4.917% Traffic signals 2.607 2.607 2.607 2.607 0.000% Storm drains 11.627 7.326 11.627 7.326 58.709% Less accumulated depreciation (123.116) (114.270) (67.692) (62.554) (190.808) (176.824) 7.908% Total capital assets 187.660 193.550 191.219 183.989 378.879 377.539 0.355% Governmental Activities - Streets increased primarily due to the completion of the Rubber Chip Sealing and Brewster Overlay projects. Equipment increased due to the completion of the grant funded fire boat and the addition of numerous vehicles through the equipment replacement program. Improvements increased mainly due to the completion of the City Hall remodel project and the installation of synthetic play fields at Fair Oaks Elementary School. Parks increased primarily due to various park improvement projects, and storm drains increased due to completion of Friendly Acres storm drain along with the realignment of the storm culvert at Middlefield Road. The completion of the aforementioned projects decreased construction in progress along with the retirement of Woodside Road widening costs for which the project will not be moving forward. 15