AgdaPkt 2016-01-11 Closed and Joint SA PFA

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City of Redwood City 6.1.E. - Page 44 Management's Discussion and Analysis For the year ended June 30, 2015 receipts to unearned revenue for amounts to be recognized in future periods when the associated expenditures will be incurred for construction review. Use of money and property tax revenue was greater than budget by$.09 million due to greater investment earnings than expected as interest rates began to rise. Intergovernmental revenue was greater than budget by$1 million primarily due to receipt of unbudgeted State Mandated program reimbursement, motor vehicle in lieu tax, and increased reimbursement of police training offset by the discontinuation of the abandoned vehicle abatement program. Charges for current services were greater than budget by$.8 million primarily due to downtown program revenues, planning related fees and recreation program fees exceeding expectations, offset by fire services fees falling short of budget. Fire Services fees were below budget due to lower than expected revenue from fire inspection fees and less revenue related to a fire services contract with the City of San Carlos. Other revenue was slightly over budget by$.03 million due to the receipt of a settlement claim offset by miscellaneous grants falling below original estimates. Expenditures,overall,were$.5 million greater than budgeted primarily due to unbudgeted payments and temporary over-hires associated with employee separations, paid public safety overtime exceeding budget, unbudgeted retroactive payments related to fire safety personnel, in addition to unbudgeted expenditures related to the activities of parks and recreation and library services. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At the end of FY 2014-15, the City had $382.2 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 2015 2014 2015 2014 2015 2014 Variance $ $ $ $ $ $ Land 31.397 30.978 3.180 3.180 34.577 34.158 1.227% Streets 111.450 111.036 111.450 111.036 0.373% Construction in progress 16.023 10.881 7.487 21.004 23.510 31.885 -26.266% Buildings 83.309 83.309 61.213 61.213 144.522 144.522 0.000% Equipment 23.905 23.445 1.682 1.661 25.587 25.106 1.916% Improvements 6.906 6.274 189.850 167.808 196.756 174.082 13.025% Harbor improvements 4.774 4.045 4.774 4.045 18.022% Parks,bridges,etc. 30.619 30.619 30.619 30.619 0.000% Traffic signals 2.641 2.607 2.641 2.607 1.304% Storm drains 11.850 11.627 11.850 11.627 1.918% Less accumulated depreciation (131.279) (123.116) (72.853) (67.692) (204.132) (190.808) 6.983% Total capital assets 186.821 187.660 195.333 191.219 382.154 378.879 0.864% 15