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6.G. - Page 43 of 187 <br />City of Redwood City <br />Management's Discussion and Analysis <br />For the fiscal year ended June 30, 2018 <br />Sales and other taxes were higher than budget by $223 thousand primarily due to strong transient <br />occupancy tax, franchise tax revenues, and property transfer tax revenues, but were partially offset by <br />lower than expected sales tax and utility users' tax revenues. <br />Licenses and permits exceeded budget by $487 thousand due to higher than expected building permit <br />and fire permit fees. <br />Fines, forfeitures, and penalties exceeded budget by $160 thousand due to higher than expected parking <br />fines. <br />Use of money and property revenue was less than budget by $141 thousand due to lower than expected <br />investment earnings and a temporary decrease in fair value of investments, but were partially offset by <br />greater than expected rents and concessions revenue. <br />Intergovernmental revenue was less than budget by $470 thousand, primarily due to lower than expected <br />governmental grants received in the current fiscal year. <br />Charges for current services were greater than budget by $1.6 million primarily due to recreation program <br />fees and plan check fees exceeding expectations. <br />Other revenues exceeded budget by $242 thousand due to higher than expected miscellaneous revenues <br />and contribution from the Port of Redwood City. <br />Expenditures, overall, were $4.6 million less than budgeted primarily due to cost savings and vacancies in <br />a majority of departments. Unexpected shortfalls in general engineering, redevelopment, human services <br />assistance, parks and recreation, and other administrative support services were more than offset by <br />budget savings in all other programs. <br />CAPITAL ASSETS AND DEBT ADMINISTRATION <br />Capital Assets <br />At the end of FY 2017-18, the City had $418.1 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 />16 222 <br />