AgdaPkt 2007-12-17 - Laserfiche WebLink

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M��G��'r's D�SC�ss�o��A��,�s�s Transfers out of the general fund increased $3.9 million in FY 2006/07 resulting from increased transfers out for capital proj ects and a one-time transfer to the self-insurance fund. Capital Outla�Fund - This fund accounts for resources provided to finance general governmental capital projects. In FY 2006/07, the capital outlay fund generated $2.9 million in revenue, most of which was from interest and intergovernmental grants. This fund was also the recipient of$8.9 million of transfers from the general fund. Total outlays were $11.6 million of which $8.6 million met with City's criteria for capitalization. The balance ($3 million) was expended in FY 2006/07. Total outlays in the prior year (FY 2005/06) were $8.2 million. All of the capital outlay fund's $27.4 million fund balance is reserved or designated for specific capital projects. Rede�elopment Agenc� Fund - This fund accounts for resources provided to finance the City's Redevelopment Agency, a separate legal entity organized pursuant to the community redevelopment law of the Health and Safety Code of the State of California. The City Council also serves on the Board of Directors of the Redevelopment Agency. The Redevelopment Agency's fund balance decreased by$2.9 million primarily due to the expenditure of proceeds of bonds issued for the downtown revitalization efforts in FY 2003/04. Proprietar�Funds Enterprise fund net assets totaled $126.3 million at the end of the fiscal year, an increase of $3.2 million over the restated prior year balance of $123.1 million. Enterprise operating revenues were $42.3 million this year, an increase of$4.4 million from last year, while net non-operating revenues (expenses) were $.3 million compared to $(.5)million the prior year. Enterprise fund operating expenses were $39.8 million this year, up $4.2 million from the prior year, most of which was due to higher operating expenses in the parking and sewer utility funds. Water Utilit� - Net assets of the water utility fund increased $3.3 million in the current year to a total of $52 million. Sewer Utilit� - The sewer utility fund incurred an operating loss of $1.2 million in the current year, up from the operating loss of$.3 million in the prior year. Revenues increased by $2.5 million while expenses increased $3.5 million over the prior year due to an increase in the amount charged by the South Bayside System Authority to cover its increased operating and anticipated capital costs. Parl�ing Fund - Operating revenues increased by $424,000 this year to $862,000, while operating expenses increased to $1.7 million, an increase of $1.2 million due to the expanded parking program downtown, including increased setup costs and maintenance associated with the new meters and parking spaces. The general fund transferred$350,000 into the parking fund to partially cover the operating deficit. Port Fund - Operating revenues were down 11% while operating expenses were down 3.8% from FY 2005/06. Interest income increased 66% from $418,000 to $693,000. Overall, net assets increased from $34 million to $37 million, or 7.4%. GENERAL F�JND B�JDGETAR�H�G�L�G�TS Property taxes exceeded budget by $1.3 million primarily due to the receipt of a $2.6 million payment from the County of San Mateo due to the over-deduction of Education Revenue Augmentation Fund amounts from the City in prior years, which exceeded the estimated amount by$1 million. Sales and other taxes exceeded budget by $2.6 million mostly due to better than anticipated sales tax revenue ($1.7 million), higher utility users' taxes ($.4 million), transient occupancy taxes ($.2 million), and business license taxes ($.2 million). Licenses and permits exceeded budget by$.6 million due to higher construction activity during the year. 10