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Finance Director Ponty showed overheads describing general fund highlights: 1) the second consecutive loss of property tax revenue due to the State taking $1 million from Redwood City trying to solve its own financial problems; 2) Sales tax continues to be a stable source of revenue with an increase of 2.6%; 3) the City received $635,000 one time only revenue as a result of the County adopting the Teeter Plan, buying out prior tax delinquencies; 4) expenditures were within budget, due to vacancies in the Police Department which produced approximately $500,000 in savings; 5) Transfer of $7.6 million to Capital Improvement Projects to support funding for the City Hall, Red Morton Community Center, the community center in Redwood Shores, and the Fair Oaks Library, a one time only source of money from prior years; 6) there is a $5.4 million fund balance in the General Fund. The council policy target was $4.9 million in the fund balance. Director Ponty stated that sales tax was 28% and property tax was 27% of General Fund revenues, the two primary sources of revenue. Director Ponty showed graphs of property tax revenues, sales tax revenues, transient occupancy tax, and building permits, and pie charts of interest income. Councilwoman La Berge stated that the savings from Police vacancies were not due to hiring freezes. City Manager Everett stated that the vacancies were due to retirements, and the added positions from Proposition 172 funds took awhile to fill. In response to Council questions, City Manager Everett stated the Public Safety Committee will be dealing with the issue of police staffing, and the $500,000 unexpended General Fund revenues, on Wednesday after the Holidays. MIS: STEINFELD/SANFILIPO ACCEPT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 1994 MOTION CARRIED BY UNANIMOUS VOICE VOTE. MINUTE ORDER NO. 94-272 ------------------------------------------------------------------------------------------------------------------------- B. Designation of the Official Newspaper of the City of Redwood City. (702-02) Vice Mayor Hartnett announced that he would not participate in the discussion of the official newspaper due to a prior attorney/client relationship with one of the parties. Vice Mayor Hartnett left the dais. REPORT: City Clerk, December 19, 1994. The Redwood City Charter, Section 90 states "Contracts for advertising shall be awarded to the lowest responsible bidder. If there are two or more lowest bids for advertising, the council shall award the contract to the newspaper having the largest paid circulation." The Redwood City Almanac submitted a bid for the publication ofthe City's legal advertising at $3.00 per column inch and the Tribune 's bid was $4.00 per column inch The Redwood City Almanac reported a paid circulation of 1,500 to 2,000 and the Tribune reported 350 to 1,100. MINUTE BOOK NO. 52 Regular Meeting Minutes Page No. 471 December 19, 1994 Page 8 ,'.-... ""--"'___.0"-_._--.,"""------",-,,.-----., ",-., ,.,--,-.....-----