AgdaPkt 2019-12-16 Joint SA PFA - Laserfiche WebLink

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6.A. - Page 4 of 191 Of the total $9.7 million utility users' tax revenue, $4.2 million was from the communication users' tax. By City Council direction, utility users' tax is used to pay debt service ($400 thousand) on the Public Financing Authority lease, with the remaining balance transferred to the Capital Outlay Fund for the City's general Capital Improvement Program. Notably, the debt was paid in full in FY 2018-19; therefore, no further debt service will be paid from utility users' tax in FY 2019-20. Transfers Transfers in to the General Fund totaled $1.7 million and transfers out of the General Fund totaled $17.6 million in FY 2018-19. Details of the transfers in/out are described below. Transfers in from: $ Amount Reason Redwood Shores Maintenance Fund $ 626,733 Reimburse GF for maintenance costs Community Benefits Fund 700,000 Funding for childcare facility Capital Outlay Fund 415,000 Interest income transferred back Internal Services Fund 4,000 Interest income transferred back Total $ 1,745,733 Transfers out to: $ Amount Reason Traffic Safety Fund $ 1,565,976 Reimburse operating costs Funding for sidewalk repairs and security Capital Outlay Fund Redwood Shores Landscape Maintenance Fund Parking Fund Water Fund Docktown Fund Human Services Financial Assistance Fund Employee Benefits Fund Capital Outlay Fund 1,450,000 improvements to facilities 33,020 Reimburse operating costs 43,424 Reimburse operating costs 188,374 Reimburse operating costs 41470,519 Reimburse operating costs 100,000 Correction for $ previously transferred to GF 850,000 Additional contribution to retiree health trust 8,860,899 UUT revenues to fund capital projects Affordable Housing Fund 87,256 AB1717 UUT revenues for affordable housing Total $ 17,649,468 Fund Balance As of June 30, 2019, there was $41.2 million in unassigned fund balance. This is an increase of $16.2 million from June 30, 2018. This increase is due to revenues and transfers in exceeding expenditures and transfers out by $21.1 million in FY 2018-19, minus the required General Fund reserve contribution of $2.2 million, and minus the revenues that are restricted, committed, or assigned for specific purposes, which amounted to $2.7 million. The resulting balance is the $16.2 million increase in unassigned fund balance. In June 2017, the Council adopted a policy to maintain a General Fund balance reserve amount of 15 percent of the following fiscal year's estimated revenues. Applying this formula to FY 2019-20 budgeted revenues results in an amount of $17.6 million over the $23.6 million reserve threshold. The amount of operating balance available for use is $17.1 million due to a required accounting entry of $500 thousand for a temporary fair value adjustment of the City's investments. Page 4 of 6 .AL . City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 11