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6.A. - Page 42 of 191 City of Redwood City Management's Discussion and Analysis For the fiscal year ended June 30, 2019 General Fund — General fund revenues increased approximately $16.5 million this fiscal year due to increases in all revenues, except for fines, forfeitures and penalties, intergovernmental revenues, and other revenues. These increases were a result of the continued growth in the local economy and an increased rate of return on city investments. The increase in property taxes of $9.3 million resulted primarily from an increase in assessed valuations. There was a large increase in revenue received in the general fund for property taxes in the former redevelopment area (downtown). This revenue increased by $1.4 million, or 20.3 percent, in FY 2018-19 to $8.3 million. Sales and other taxes increased by $4.5 million, primarily due to an increase of $3.8 million in sales tax revenue and $1.0 million in transient occupancy taxes. $2.4 million of the increase in sales tax revenue is attributable to the passage of Measure RR, the half -cent sales tax increase passed by Redwood City voters in November 2018. Licenses and permits increased by $336 thousand, primarily due to an increase in building permit revenue related to increases in building activity ($237 thousand) and the implementation of cannabis permits and related fees, which resulted in new revenue of $264 thousand, offset by a decrease of $165 thousand in fire and other permits. Fines, forfeitures, and penalties decreased by $97 thousand, due to a decrease in parking citations and library fines. Use of money and property increased by $1.8 million, due to an increase in interest income of $743 thousand and an increase of $1.1 million in the change in fair value of the City's investments. Intergovernmental revenues decreased by $732 thousand primarily due to the decrease in federal, state and county grants. Charges for current services increased $1.7 million, primarily due to an increase of $1.1 million in revenue received from the City of San Carlos for fire services provided and an increase of $343 thousand in recreation program revenues. General fund expenditures decreased by $3.2 million over the prior fiscal year. The decrease primarily resulted from a $7.1 million reduction in the City's contribution to the Section 115 pension trust investment account (recorded in the policy development and implementation category), offset by increases in all expenditure categories except leisure, cultural and information services, capital outlay, and interest and fiscal charges. The amounts of the increases were as follows: community development ($1.5 million), human services ($115 thousand), public safety ($2.8 million), transportation ($19 thousand), and environmental support and protection ($48 thousand). The amounts of the decreases were as follows: leisure, cultural, and information services ($616 thousand), policy development and implementation ($7.0 million), capital outlay ($15 thousand), and interest and fiscal charges ($688). Transfers out of the general fund decreased by $2.7 million in FY 2018-19 primarily due to a decrease of $1.7 million in the transfer to the Docktown Marina fund and $3.0 million in the transfer to the self- insurance internal service fund to cover increased workers' compensation costs. These decreases were partially offset by increases of $465 thousand to the internal services fund $1.5 million the capital outlay fund. 14 49