AgdaPkt 2002-01-14 - Laserfiche WebLink

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?,i c-zl Capital Proiects Funds Summary Capital projects funds are used to account for the resources dedicated to the construction and acquisition of capital facilities except those capital facilities financed by enterprise funds. During the year ended June 30, 2001, revenue for the GID 1-64 facilities fee fund was $4 million compared to $790,000 for the year ended June 30, 2000. The increase resulted from the construction of the Electronic Arts complex addition and the Lido subdivision in 2000/01. The City expended over $5 million in 2000/01 for general capital projects. They included the completion of the building for Fire Station No. 11, the improvement and rehab of the City's storm drain collection system, the City's contribution to the Redwood City Elementary School District for the purchase of playground equipment, and the sidewalk replacement program. Moreover, $2.9 million was spent for various infrastructure projects in Redwood Shores that were funded by the GID 1-64 facility fees, including wetlands mitigation program, the Redwood Shores Parkway widening, the levee improvement project, and the Green Park. Enterprise Funds Summa~ Water Fund For the fiscal year ended June 30, 2001, the water enterprise fund had retained earnings available for appropriation of $9.1 million. This amount is in addition to the $2.0 million emergency reserve and $500,000 operating reserve that the Council has directed staff to maintain. In terms of the City Council's adopted policy of total annual revenues and expenses in balance, cash basis revenues ($15.151 million) outpaced cash expenses and capital outlays ($13.369 million) by $1.782 million. Two factors account for this continued trend. The pace and scale of development generated nearly $400,000 in additional connection fees and charges. And, also related to the economy, total water demand was 2% higher than projected, but the usage occurred at the top tiers of the rate structure, which translated into nearly $1 million in revenues beyond the budgeted amount. Sewer Fund The sewer enterprise fund ended 2000/01 with $1.8 million in retained earnings available for appropriation, which is consistent with Council's direction to maintain a $1.0 million emergency reserve. The same Council policy of total annual revenues and expenses in balance applies to the sewer fund as well. Cash basis revenues of $8.853 million were in excess of cash expenses and capital outlays of $8.047 million.