AgdaPkt 2007-12-17 - Laserfiche WebLink

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M��G��'r's D�SC�ss�o��A��,�s�s Intergovernmental revenue exceeded budget by $.4 million due to the unanticipated $.5 million receipt from the state for mandated program reimbursement. Charges for services were $.8 million more than budgeted primarily due to plan checking and planning services revenue related to unanticipated increases in construction activity, along with unanticipated increases in recreation program fees. Expenditures, overall, were $1.7 million less than budgeted as departments continued to exercise greater fiscal restraint with discretionary expenditures because of the City's past difficult financial condition. CAP�TAL ASSETS AND DEBT ADM�T�STRA'TION Capital Assets - At the end of FY 2006/07, the City had $328.6 million, net of depreciation, invested in a broad range capital assets used in governmental and business-type activities, as shown in the table below. Additional information on the City's capital assets can be found in Note 4 and Note 16 of this report. Capital Assets at Year-end(in Millions) Governmental Business-Type Activities Activities Total 2007 2006 2007 2006 2007 2006 Variance $ $ $ $ $ $ Land 29.304 27.775 3.448 3.448 32.752 31.223 4.897% Streets 75.745 64.592 75.745 64.592 17.267% Construction in progress 70.533 81.210 47.690 31.354 118.223 112.564 5.027% Buildings 57.445 56.403 10.915 10.243 68.360 66.646 2.572°Io Equipment 16.693 17.615 1.366 0.945 18.059 18.560 -2.699% Improvements 7.731 81.750 80.175 89.481 80.175 11.607% Harbor improvements 3.305 3.302 3.305 3.302 0.091% Parks,bridges,etc. 21.609 20.989 21.609 20.989 2.954% Traffic signals 2.452 2.138 2.452 2.138 14.687% Storm drains 8.131 7.123 8.131 7.123 14.151% Less accumulated depreciation (69.762) (64.033) (39.736) (37.676) (109.498) (101.709) 7.658% Total capital assets 219.881 213.812 108.738 91.791 328.619 305.603 7.531% Go�ernmental Acti�ities Land increased due to the acquisition of right-of-way in conjunction with the Pacific Shores project. The substantial (13%) decrease in Construction in Progress is driven by the completion of construction projects in connection with downtown revitalization efforts and the completion of Seaport Boulevard improvements related to Pacific Shores, which was the primary increase in streets. Buildings increased due to renovations completed on the Schaberg Library building. Equipment decreased primarily due to the reclassification of capital assets to improvements. Improvements also increased due to the completion of the downtown revitalization construction projects. Parks increased due to Fleishman Park renovations, and storm drains increased due to the completion of work at the Redwood Shores lagoon. Traffic signals increased due to the improvement of downtown traffic signals. Business-T�pe Acti�ities The $16.3 million increase in Construction in Progress resulted primarily from the recycled water project. The buildings increased by $.6 million due to completed Port projects. Equipment increased primarily due to the purchase of new parking meters for downtown. The increase in improvements was related to the water system replacement. Long-Ter�n Debt - Issues described in detail in Notes 6 and 7 to Financial Statements. During FY 2006/07 the City's Public Financing Authority issued$15 million of water revenue bonds. 11