AgdaPkt 2007-12-17 - Laserfiche WebLink

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Attachment 4 Transfers Each y�ar funds are transferred out of the general fund to support the traffic safety fund. In FY 2006/07 $973,316 was transferred ta the traffic safety fund. Also, an amount equal to the utility users' tax revenue less the Public Financing Authority bond payment is transferrec� to the rapital outlay fund. This transfer amounted to $6.3 million in FY 2006/07. In FY 2006/07 the general fund also transferred $2.6 million to the capital outlay fund as a one-time support for the construction of the new Redwood Shores Library. A transfer of $1.1 million dollars was made in FY 2p06/07 to the self-insurance fund to help caver a deficit resulting from increased liability in the workers' compensation fund. A $350,000 transfer was made to the parking fund to help support operating deficit as the new downtown operations has not become selfi-sufficient. Fund Balance The net ef#ect af the revenues, expenditures, transfers, and changes in other func� balance reserves has been an increase of $2.8 million in the unreserved fund bafance (available for any Counci! designated expenditure) bringing the balance to $23.9 miflion. In FY 1999/00, the Council adopted a Finance Committee recommendation to maintain this amount between 15% and 20% of estimated revenues. Applying this formula (using FY 2007/08 budgeted revenues) leaves approximately $8.5 million in excess fund balance. In view af the financial risks confronting the City, staff recommends that these funds be retained in the general fund to be used to sustain the organization in the event any of these risks materialize or the City experiences #he effects of another economic down#urn. Special Revenue Funds High(ights Special revenue funds are used to account for revenue received from specific taxes or other dedicated revenue saurces {other than for majar capital projects) restricted by law or administrative actinn to expenditures for specified purpases. Property tax increment revenues received by the Redevelopment Agency tota(ed $9.5 million in FY 2006/07 compared to $8.4 mi[lion in FY 2Q05/06. This represents a 13.8% increase arising primarily from the completion of the Downtown Retail Cinema project, which is privatsfy owned. The transportation fund r�ceives re�enue #rom the San Mateo Caunty Transp�rtation Autharity based on the voter approved (Measure A} countywide one-half of one percent sales and use tax levied for transportation-related programs and projects. In FY 2006/Q7, the City received $1,314,067 in "Measure A" revenue campared to $1,278,604 in FY 2005/06. This represents a 3% increase. Gas tax revenues (received from the state through gasoline taxes paid by motorists) remained relatively leve) at $1.438 miilion in FY 2006/07 compared to $1.447 million in FY 2005/06. These funds may only be used for roadway maintenance and construction purposes as defined in sections 21�5, 2106, and 2107 ofi the State Streets and Highway Codes. According to the State Board of Equalization there is a slight downward trend in consumption as gasoline prices continue to increase. 3