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

Browse Search

6.A. - Page 43 of 191 City of Redwood City Management's Discussion and Analysis For the fiscal year ended June 30, 2019 Capital Outlay Fund -This fund accounts for resources provided to finance general governmental capital projects. In FY 2018-19, the capital outlay fund generated $2.7 million in revenue, most of which was from contributions from Pacific Gas and Electric for utility undergrounding, Stanford University development contributions, the Magical Bridge Foundation for the Magical Bridge playground, and use of money and property (investment income). This fund was also the recipient of transfers from the general fund of $8.9 million, Utility Users' Tax, which has been allocated to support the City's infrastructure, and $1.5 million in one-time transfers for sidewalk repairs ($700 thousand) and security upgrades at City facilities ($750 thousand). Total outlays were $9.9 million, of which $5.6 million met the City's criteria for capitalization. The balance ($4.3 million) was expended on non -capitalized projects in FY 2018-19. Total outlays in the prior fiscal year (FY 2017-18) were $7.9 million. Of the capital outlay fund's $33.3 million fund balance, $33.5 million of it was assigned to capital projects. Proprietary Funds - Enterprise fund net position totaled $284.6 million at the end of the fiscal year, an increase of $27.1 million, or 10.5 percent, over the prior fiscal year's balance of $257.5 million. Enterprise operating revenues were $95.1 million this fiscal year, an increase of $3.3 million over last fiscal year, while net non-operating revenues (expenses) were $5.1 million compared to a negative $17.8 million the prior fiscal year. Net non-operating revenues (expenses) experienced an increase of $22.9 million, primarily due to $12.1 million in lower costs related to ending residential uses of the Docktown Marina, an increase of $3.5 million in investment earnings, and an increase in the change in the investment in SVCWA of $7.3 million (current fiscal year increase of $4.7 million versus a decrease of $2.6 million in the prior fiscal year). Enterprise fund operating expenses were $80.9 million this fiscal year, an increase of $.5 million, or 0.6 percent, from the prior fiscal year. This is due to higher operating expenses in the sewer utility fund ($3.7 million) and the port fund ($1.2 million), which were partially offset by lower operating expenses in the water utility fund ($3.6 million), parking fund ($31 thousand), and the Docktown Marina fund ($723 thousand). Water Utility - The water utility fund realized operating income of $9.0 million in the current fiscal year, $5.6 million higher than the operating income of $3.4 million in the prior fiscal year. Operating revenues increased by $2.0 million, while operating expenses decreased by $3.6 million. After non-operating revenues (expenses), capital contributions, and transfers into the water utility fund, net position increased by $12.3 million, compared to $4.0 million in the prior fiscal year. Sewer Utility - The sewer utility fund realized operating income of $5.3 million in the current fiscal year, $2.9 million lower than the operating income of $8.2 million in the prior fiscal year. Operating revenues increased by $897 thousand, while operating expenses increased by $3.7 million from the prior fiscal year, primarily due to the operating costs of SVCWA. After non-operating revenues (expenses), capital contributions, and transfers out of the sewer utility fund, net position increased by $11.3 million, compared to $5.5 million in the prior fiscal year. Parking Fund - The parking fund realized an operating loss of $720 thousand in the current fiscal year, slightly higher than the operating loss of $695 thousand in the prior fiscal year. Operating revenues decreased by $56 thousand this fiscal year to $2.6 million, while operating expenses decreased by $31 thousand from the prior fiscal year to $3.4 million. After non-operating revenues (expenses), capital contributions, and transfers into the parking fund, net position increased by $404 thousand, compared to $3.0 million in the prior fiscal year. 15 50