AgdaPkt 2007-12-17 - Laserfiche WebLink

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M��G��'r's D�SC�ss�o��A��,�s�s Transportation revenues decreased due to the receipt of one-time transportation grant revenue in the prior fiscal year. Environmental support and protection revenue decreased due to the planned decline in assessment revenue related to the General Improvement District 1-64. Leisure, cultural and information services increased primarily due to an increase in grant revenue for the construction of the new Redwood Shores Library. Policy, development and implementation revenues increased due to increased revenues from the state for mandated program reimbursement. Ke�elements of the increase/decrease in e�penses for go�ernmental acti�ities are as follows: Total expenses were up 2.9% or $2.83 million due mostly to increases in public safety, transportation, leisure, and cultural and information services expenses, offset by a decline in community development and environmental support and protection expenses. Public safety expenses increased $1.3 million due to the loss resulting from the retirement of prior year capital assets related to the computer aided dispatch system. Transportation expenses increased $3.6 million due to the increased expenses in the street pavement management program during FY 2006/07, and the loss related to the retirement of transportation-related capital assets. Leisure, cultural and information services expenses increased $.6 million due to an increase in parks-related capital improvements. Community development expenses declined $1.9 million due to the one-time expenses in FY 2005/06 for the donation of land held for development for the El Camino/Vera affordable housing project to First Community Housing along with a monetary grant for the Cedar Street affordable housing proj ect. Environmental support and protection expenses declined $.8 million due to decreased activity in the storm-related capital improvement program. B�s�ss-T��A��s Business-type activities increased the City's net assets by$3 million in FY 2006/07. Ke�elements accounting for increases or decreases in re�enues and e�penses are as follows: Business-type revenues were higher in FY 2006/07 than the previous year as the increase in utility rates increased revenues. Investment earnings increased due to the increased cash for the water utility and the Port. Parking fund revenues increased significantly due to the new downtown parking metering system and the new public underground parking garage. The water utility's expenses were lower in FY 2006/07 primarily due to a decrease in the water conservation program in FY 2006/07, and the capitalization of the City's water main replacement program which was expensed in prior years. Sewer utility expenses increased significantly (27%) due to the increased charges by the South Bayside System Authority (the City's provider of waste water treatment) to cover their increased operating and anticipated capital costs. The expenses of the parking fund increased 200% mainly due to the new parking facility operations program set up to account for the operation costs associated with the new downtown underground parking garage, along with increased staffing related to downtown public safety, and management of the parking program. The Port of Redwood City experienced a 3.7% decrease in expenses due to decreased operating expenses. F�TANC�AL ANAL�S�S OF T'�E C�T�'S F�JNDS As noted earlier,the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Go�ernmental Funds The general government functions are contained in the general, special revenue, debt service, and capital proj ect funds. The focus of the City's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular,unreserved fund balance may serve as a useful measure of the City's net resources available for spending at the end of the fiscal year. 8