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6.F. - Page 2 of 15
<br />Summary of Recommended Budget Changes by Fund Type
<br />Revenues
<br />$
<br />Expenditures
<br />Net Change in
<br />Fund Balance
<br />$
<br />General Fund
<br />2,981,510
<br />1,647,887
<br />1,333,623
<br />Special Revenue Funds
<br />5,891,981
<br />2,582,165
<br />3,309,816
<br />Capital Projects Funds
<br />1,074,140
<br />906,515
<br />167,625
<br />Enterprise Funds
<br />-
<br />(70,404)
<br />70,404
<br />Internal Services Funds
<br />-
<br />59,476
<br />(59,476)
<br />Total Revisions
<br />9,947,631
<br />5,125,639
<br />4,821,992
<br />General Fund
<br />The proposed General Fund increase of $3.0 million to revenues and transfers -in is primarily attributed to
<br />an estimated increase of $1.5 million as a result of the new Transaction and Use Tax (half -cent sales tax
<br />increase) that will go into effect on April 1, 2019. In addition, Transient Occupancy Taxes are increasing
<br />by approximately $1.0 million due to rising hotel occupancy rates. The remaining increase of $480,000
<br />includes $286,000 in new grant revenue received, as well as $195,000 in updated revenue estimates based
<br />on actual revenue recorded so far in FY 2018-2019.
<br />The net increase in expenditures and transfers -out of $1.6 million is primarily attributed to $910,000 in
<br />appropriations for operating expenses and professional services. Grant appropriations account for a
<br />$400,000 increase, offset by revenue. An increase of $175,000 is included for California Department of
<br />Tax and Fee Administration preparatory work to implement the new Transactions and Use Tax (local sales
<br />tax). Also included is a $100,000 transfer -out from the General Fund to the Special Revenue Fund to
<br />record Human Services Financial Assistance endowment funds.
<br />Special Revenue Funds
<br />Proposed revenue increases in the Special Revenue Fund of $5.9 million are primarily attributed to $4.1
<br />million in contributions for the Rule 20 Middlefield Road Underground Utility Project, and $1.2 million in
<br />grant revenue received for the Bay Front Canal Management Restoration Project. In addition, an increase
<br />of $450,000 is attributed to new Special Revenue Fund revenue for miscellaneous Parks, Recreation, and
<br />Community Services grants and donations. Budget was not previously established in this new fund. Also
<br />included is a $100,000 transfer -in from the General Fund to the Special Revenue Fund to record Human
<br />Services Financial Assistance endowment funds.
<br />Offsetting the grant revenue are appropriations totaling $2.6 million, of which $2.1 million is attributed
<br />to the Rule 20 Middlefield Road Underground Utility Project, and $500,000 for the Middlefield Road
<br />Streetscape Project, in which traffic mitigation contributions are in the prior year's fund balance.
<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore
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