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6.1.D. - Page 42 <br />Management's Discussion and Analysis <br />For the fiscal year ended June 30, 2016 <br />Intergovernmental revenue was greater than budget by $59 thousand, with no large variances in any <br />particular grant or contribution. <br />Charges for current services were greater than budget by $488 thousand primarily due to downtown <br />program revenues, planning related fees and recreation program fees exceeding expectations, offset by <br />fire services fees falling short of budget. Fire Services fees were below budget due to lower than expected <br />revenue from fire inspection fees and less revenue related to a fire services contract with the City of San <br />Carlos. <br />Other revenue was slightly over budget by $16 thousand due to the receipt of accounts that were sent to <br />collection exceeding original estimates. <br />Expenditures, overall, were $1.528 million less than budgeted primarily due to most departments not <br />exceeding their budgets and having unfilled positions stay vacant. <br />CAPITAL ASSETS AND DEBT ADMINISTRATION <br />Capital Assets <br />At the end of FY 2015-16, the City had $393.637 million, net of depreciation, invested in a broad range of <br />capital assets used in governmental and business -type activities, as shown in the table below. Additional <br />information on the City's capital assets can be found in Note 4 of this report. <br />Capital Assets at fiscal Year-end (in Millions) <br />Governmental Activities - Streets increased due to the completion of the Brewster Avenue pedestrian <br />improvement project and the City's acceptance of developer improvements at several sites throughout <br />the City. Equipment increased due to the replacement and addition of 27 vehicles through the equipment <br />replacement program. Improvements increased due to the completion of the material handling system <br />and installation of the modular early childhood learning center. Parks and bridges increased due to the <br />15 <br />Governmental <br />Business -Type <br />Activities <br />Activities <br />Tota 1 <br />2016 <br />2015 <br />2016 <br />2015 <br />2016 <br />2015 <br />Variance <br />Land <br />31.397 <br />31.397 <br />3.180 <br />3.180 <br />34.577 <br />34.577 <br />0.000% <br />Streets <br />114.667 <br />111.450 <br />114.667 <br />111.450 <br />2.886% <br />Construction in progress <br />24.539 <br />16.023 <br />10.008 <br />7.487 <br />34.547 <br />23.510 <br />46.946% <br />Buildings <br />83.309 <br />83.309 <br />62.467 <br />61.213 <br />145.776 <br />144.522 <br />0.868% <br />Equipment <br />24.622 <br />23.905 <br />1.684 <br />1.682 <br />26.306 <br />25.587 <br />2.810% <br />Improvements <br />7.884 <br />6.906 <br />196.336 <br />189.850 <br />204.220 <br />196.756 <br />3.794% <br />Harbor improvements <br />4.774 <br />4.774 <br />4.774 <br />4.774 <br />0.000% <br />Parks, bridges, etc. <br />32.210 <br />30.619 <br />32.210 <br />30.619 <br />5.196% <br />Traffic signals <br />2.641 <br />2.641 <br />2.641 <br />2.641 <br />0.000% <br />Storm drains <br />12.190 <br />11.850 <br />12.190 <br />11.850 <br />2.869% <br />Less accumulated depreciation <br />(139.895) <br />(131.279) <br />(78.376) <br />(72.853) <br />(218.271) <br />(204.132) <br />6.926% <br />Total capital assets <br />193.564 <br />186.821 <br />200.073 <br />195.333 <br />393.637 <br />382.154 <br />3.005% <br />Governmental Activities - Streets increased due to the completion of the Brewster Avenue pedestrian <br />improvement project and the City's acceptance of developer improvements at several sites throughout <br />the City. Equipment increased due to the replacement and addition of 27 vehicles through the equipment <br />replacement program. Improvements increased due to the completion of the material handling system <br />and installation of the modular early childhood learning center. Parks and bridges increased due to the <br />15 <br />