CC Min 1995-12-19 - Laserfiche WebLink

Browse Search

place on December 22, 1995, and Councilwoman Buchan asked her colleagues to submit questions, ideas, strategies, requests for tools and services to her for discussion with MIS. MEMO 12/20/95 ------------------------------------------------------------------------------------------------------------------------- 8. STAFF REPORTS A. Presentation of the Redwood City 1994/95 Financial Reports. REPORT: Comprehensive Annual Financial Report for Fiscal Year ended June 30, 1995 and summary of General Fund Financial Results, December 19, 1995 (On file in the City Clerk Department.) Director of Finance and Financial Planning Ponty presented the Comprehensive Annual Financial Report (CAFR) for Fiscal Year ended June 30, 1995 which summarizes all the financial transactions in 1994/95 and presents the financial position as of June 30, 1995 for all funds and account groups under the Council's control. Director Ponty presented the General Fund highlights on overheads. Sales taxes were flat, finishing at $10.9 million. There was a slight decline in property tax revenues. Building permits were up 94% or $535,000 mostly due to construction activities in the Redwood Shores neighborhood. Transient Occupancy Taxes were up 10% or $107,000. There was a slight decline in utility users tax. There was an unexpected rebate from PERS in the amount of $565,000 due to a PERS actuarial analysis that showed a surplus in the City's accounts. Expenditures were up 3.6% over last year and within budget. In summary, (Page 44 of the report) revenues were $38.9 million, expenditures were $34.5 million and there were $4.2 million in transfers, leaving a fund balance of $240,000 (.6 of 1 % ofthe General Fund. Director Ponty presented graphs showing long term trend activity in major sources of revenue in the General Fund. Sales tax revenues growth pattern has somewhat leveled out. Property tax revenues are healthy but showed lower revenues in the years the state took away local property taxes to balance its own budget, but it was expected there would be a 3% growth this year. Assessed valuation was plotted with property tax and assessed valuation was currently estimated at $5.6 billion. The building permit revenues will probably level out at $500,000 after build out in the Redwood Shores neighborhood. In response to Council questions and comments, Director Ponty agreed that the TOT is probably at its top limit. The PERS rebate was based on an actuarial analysis of retiree payments over time and projections of future payments which showed an excess of assets over liabilities. If there are sufficient assets to cover the actuarial based projections, then a rebate is issued to the member agencies. The actuarial analysis is performed annually. The report on Port finances is found under Enterprise Funds on Page 83 of the Report. Special Council Meeting Minutes MINUTE BOOK NO. 53 December 19, 1995 Page No. 492 Page 11