Laserfiche WebLink
6.G. - Page 42 of 187 <br />City of Redwood City <br />Management's Discussion and Analysis <br />For the fiscal year ended June 30, 2018 <br />revenues were $91.8 million this fiscal year, an increase of $8.2 million over last fiscal year, while net non- <br />operating revenues (expenses) were a negative $17.8 million compared to a negative $2.5 million the <br />prior fiscal year. Net non-operating revenues (expenses) experienced a $15.3 million increase primarily <br />due to $13.1 million in costs related to ending residential uses of the Docktown Marina and a decrease in <br />the change in the investment in SVCWA of $2.7 million (current fiscal year decrease of $2.6 million versus <br />an increase of $153 thousand in the prior fiscal year). <br />Enterprise fund operating expenses were $80.4 million this fiscal year, an increase of $10.2 million from <br />the prior fiscal year, due to higher operating expenses in the water utility fund ($5.1 million), the sewer <br />utility fund ($2.4 million), the parking fund ($382 thousand), the port fund ($1.1 million), and the <br />Docktown Marina fund ($1.2 million). <br />Water Utility - The water utility fund realized operating income of $3.4 million in the current fiscal year, <br />higher than the operating income of $2.3 million in the prior fiscal year. Operating revenues increased by <br />$6.2 million, while operating expenses increased by $5.1 million. After non-operating revenues <br />(expenses), capital contributions, and transfers into the water fund, net position increased by $4.0 million. <br />Sewer Utility - The sewer utility fund realized operating income of $8.2 million in the current fiscal year, <br />lower than the operating income of $10.4 million in the prior fiscal year. Operating revenues increased <br />by $139 thousand, while operating expenses increased by $2.4 million from the prior fiscal year, primarily <br />due to the operating costs of SVCWA. During the current fiscal year, SVCWA issued approximately $141 <br />million in wastewater revenue bonds. The City's share of the bond issue was approximately $82.2 million. <br />After non-operating revenues (expenses), capital contributions, and transfers out of the sewer fund, net <br />position increased by $5.5 million. <br />Parking Fund - Operating revenues increased by $727 thousand this fiscal year to $2.7 million, while <br />operating expenses increased by $382 thousand from the prior fiscal year to $3.4 million. After non- <br />operating revenues (expenses), capital contributions, and transfers into the parking fund, net position <br />increased by $3.0 million. <br />Port Fund - Operating revenues were up $1.5 million while operating expenses were up $1.1 million over <br />FY 2016-17. After non-operating revenues (expenses), net position increased by $1.9 million. <br />Docktown Marina- Operating revenues decreased by $364 thousand while operating expenses increased <br />by $1.2 million. During FY 2017-18, the general fund transferred $6.2 million into the Docktown Marina <br />Fund in relation to a litigation settlement agreement to end residential uses at the marina. After non- <br />operating revenues (expenses) and transfers into the Docktown Marina fund, net position decreased by <br />$9.1 million. In addition, the parking fund and equipment services fund loaned the Docktown Marina fund <br />$1.7 million and $6.0 million in FY 2017-18, respectively. <br />GENERAL FUND BUDGETARY HIGHLIGHTS <br />Property taxes exceeded budget by $586 thousand primarily due to the continued strength of the housing <br />market. <br />15 221 <br />