AgdaPkt 2017-12-18 Special Joint SA PFA

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City of Redwood City Management’s Discussion and Analysis For the fiscal year ended June 30, 2017 15 Port Fund – Operating revenues were up $348 thousand while operating expenses were up $149 thousand over FY 2015-16. After non-operating revenues (expenses), net position increased by $1.5 million. Docktown Marina – Operating revenues increased by $30 thousand while operating expenses increased by $582 thousand. During FY 2016-17, the General Fund transferred $2.4 million into the Docktown Marina Fund in relation to a litigation settlement agreement to end residential uses at the marina. After non-operating revenues (expenses) and transfers into the Docktown Marina fund, net position increased by $1.7 million, primarily due to the $2.4 million transfer from the General Fund. GENERAL FUND BUDGETARY HIGHLIGHTS Property taxes exceeded budget by $2.2 million primarily due to the continued strength of the housing market. Sales and other taxes were less than budget by $444 thousand primarily due to shortfalls in transient occupancy tax and sales tax. Licenses and permits were less than budget by $509 thousand due to building permits and fire permits coming in lower than expected. Use of money and property revenue was less than budget by $13 thousand due to greater investment earnings than expected as investment returns continued to rise, but lower than expected rents and concessions revenue. Intergovernmental revenue was greater than budget by $1.1 million, primarily due to higher than expected governmental grants received in the current fiscal year. Charges for current services were greater than budget by $1.6 million primarily due to recreation program fees exceeding expectations, offset by garbage collection revenues falling short of budget. Other revenue was under budget by $291 thousand due to miscellaneous revenues falling short of expected receipts, offset by higher than expected contributions. Expenditures, overall, were $844 thousand less than budgeted primarily due to accurate budgeting by most departments. Unexpected shortfalls in community development, transportation, environmental support and protection and leisure, cultural, and information services were more than offset by budget savings in human services, public safety, and policy development and implementation. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At the end of FY 2016-17, the City had $393.6 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 of this report. 6.1.E. - Page 38