AgdaPkt 2016-01-11 Closed and Joint SA PFA

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City of Redwood City 6.1.E. - Page 38 Management's Discussion and Analysis For the year ended June 30, 2015 Aside from the GASB 68 restatement of the City's beginning net position,the City's net position increased by$34.2 million during the current fiscal year. Changes in City's Net Position (in Millions) Governmental Business-type Activities Activities Total 2015 2014 2015 2014 2015 2014 Variance Revenues $ $ $ $ $ $ Program revenues: Community development 7.631 10.570 7.631 10.570 -27.805% Human Services 0.477 0.508 0.477 0.508 -6.102% Public safety 9.064 8.237 9.064 8.237 10.040% Transportation 10.288 8.176 10.288 8.176 25.832% Environmental support and protection 1.745 1.680 1.745 1.680 3.869% Leisure,cultural and information services 13.222 7.683 13.222 7.683 72.094% Policy development and implementation 2.735 1.937 2.735 1.937 41.198% Water 37.083 36.272 37.083 36.272 2.236% Sewer 29.837 25.692 29.837 25.692 16.133% Parking 2.020 1.504 2.020 1.504 34.309% Port of Redwood City 6.722 6.824 6.722 6.824 -1.495% Docktown Marina 0.681 0.666 0.681 0.666 2.252% General revenues: Taxes/special assessments 90.284 84.102 0.124 0.105 90.408 84.207 7.364% Investment earnings 1.055 0.992 0.587 0.499 1.642 1.491 10.127% Gain(loss)on sale of capital assets 1.315 (3.359) 13.700 1.315 10.341 Other 1.278 1.206 0.002 0.004 1.280 1.210 5.785% Total revenues 139.094 121.732 77.056 85.266 216.150 206.998 4.421% Expenses Community development 9.592 8.151 9.592 8.151 17.679% Human services 1.486 1.462 1.486 1.462 1.642% Public safety 62.454 59.435 62.454 59.435 5.079% Transportation 12.945 11.573 12.945 11.573 11.855% Environmental support and protection 2.723 2.746 2.723 2.746 -0.838% Leisure,cultural and information services 23.747 22.823 23.747 22.823 4.049% Policy development and implementation 7.044 5.982 7.044 5.982 17.753% Interest on long term debt 0.039 0.048 0.039 0.048 -18.750% Water 30.937 30.592 30.937 30.592 1.128% Sewer 22.082 19.990 22.082 19.990 10.465% Parking 2.916 2.471 2.916 2.471 18.009% Port of Redwood City 5.232 5.091 5.232 5.091 2.770% Docktown Marina 0.763 0.705 0.763 0.705 8.227% Total expenses 120.030 112.220 61.930 58.849 181.960 171.069 6.366% Change in net position before transfers 19.064 9.512 15.126 26.417 34.190 35.929 -4.840% Transfers (0.022) 2.314 0.022 (2.314) Change in net position 19.042 11.826 15.148 24.103 34.190 35.929 -4.840% Net position-July 1,as restated 131.211 119.385 200.044 175.941 331.255 295.326 12.166% Net position-June 30 150.253 131.211 215.192 200.044 365.445 331.255 10.321% GOVERNMENTAL ACTIVITIES Governmental activities prior to transfers and extraordinary items increased the City's net position by $19.06 million. Including transfers, governmental activities increased $19.04 million. Transfers in FY 9