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City of Redwood City 7.1.A. - Page 45 <br /> Management's Discussion and Analysis <br /> For the year ended June 30, 2014 <br /> continued increase in the number of local residents employed and the low unemployment rate we are <br /> hopeful that these revenues, along with other revenues that reflect strong consumer demand, will <br /> continue to grow. <br /> The adopted FY 2014 -15 general fund budget projects a surplus of $1.4 million, or about 1.5% of <br /> anticipated revenues. A small deficit of approximately .20% of revenues is projected in FY 2015 -16, largely <br /> due to the reduction in Educational Revenue Augmentation Fund refund, a source of property tax revenue <br /> tied to K -14 education funding. This revenue may be further reduced or eliminated in future years due <br /> to the changes in the school funding formulas. In FY 2016 -17, contributions to retirement system will <br /> increase $1.6 million due to changes in the actuarial assumptions and methodologies used by the <br /> California Public Employees Retirement System. City staff is monitoring each of these factors very closely <br /> and is keeping the City Council apprised of significant developments. <br /> CONTACTING THE CITY'S FINANCIAL MANAGEMENT <br /> This Comprehensive Annual Financial Report is intended to provide citizens, taxpayers, investors, and <br /> creditors with a general overview of the City's finances. Questions about this report should be directed <br /> to the Finance Department, at 1017 Middlefield Road, Redwood City, CA 94063. <br /> 17 <br />