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<br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> <br />Water Utility - Net assets of the water utility fund increased $.3 million in the current year to a total of $46.7 <br />million. <br /> <br />Sewer Utility - The sewer utility fund incurred an operating loss of $1.4 million in the current year, up from the <br />operating loss of $.6 in the prior year. Revenues increased by $1.1 million while expenses increased $2 million <br />over the prior year. Non-operating revenues declined by $.5 million this year as a result of a decrease in the value <br />of the City's investment in the South Bayside System Authority. <br /> <br />Parking Fund - Operating revenues increased by $33,000 this year to $446,000, while operating expenses decreased <br />to $420,000, a decrease of $10,000. Net non-operating revenues (expenses) increased from $9,817 in FY 2003/04 <br />to $126,181 in FY 2004/05 primarily as a result of capital contributions in the current year. <br /> <br />Port Fund - Operating revenues were up 11.4% while operating expenses were up 18.3% from FY 2003/04. Non- <br />operating revenues (expenses) were down 29% primarily due to the receipt in FY 2003/04 of one-time <br />contributions and legal settlements. Overall, net assets increased from $30.3 million to $32 million, or 6%. <br /> <br />GENERAL FuND BUDGETARY HIGHLIGHTS <br /> <br />Property taxes exceeded budget by $3 million primarily due to the receipt of a $2.5 million payment from the <br />County of San Mateo due to the over-deduction of Education Revenue Augmentation Fund amounts from the City <br />In pnor years. <br /> <br />Sales and other taxes exceeded budget by $1.8 million mostly due to better than anticipated sales tax revenue ($.8 <br />million), higher utility users' taxes ($0.5 million), transient occupancy taxes ($0.2 million), and property transfer <br />tax ($.3 million). <br /> <br />Charges for services were $.8 million less than budgeted primarily due to planning services revenue which did not <br />meet the City's expectations. <br /> <br />Expenditures, overall, were $1 million less than budgeted as departments exercised greater fiscal restraint with <br />discretionary expenditures because of the City's difficult financial condition. <br /> <br />10 <br />