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6.A. - Page 44 of 191 City of Redwood City Management's Discussion and Analysis For the fiscal year ended June 30, 2019 Port Fund — The port fund realized operating income of $2.4 million in the current fiscal year, $400 thousand lower than the operating income of $2.8 million in the prior fiscal year. Operating revenues increased by $708 thousand, while operating expenses were up $1.1 million over FY 2017-18. After non- operating revenues (expenses), net position increased by $1.7 million, compared to $1.9 million in the prior fiscal year. Docktown Marina — The Docktown Marina fund realized an operating loss of $1.8 million in the current fiscal year, slightly better than the operating loss of $2.2 million in the prior fiscal year. Operating revenues decreased by $292 thousand, while operating expenses decreased by $723 thousand. During FY 2018-19, the general fund transferred $4.5 million into the Docktown Marina Fund in relation to a litigation settlement agreement to end residential uses at the marina. After non-operating revenues (expenses) and transfers into the Docktown Marina fund, net position increased by $1.5 million, compared to a decrease of $9.1 million in the prior fiscal year. In addition, during FY 2017-18, the parking fund and equipment services fund loaned the Docktown Marina fund $1.7 million and $6.0 million, respectively. During FY 2018-19, the Docktown Marina fund was able to repay the parking fund and equipment services fund $850 thousand and $3.0 million, plus interest, respectively. It is expected that the Docktown Marina fund will repay the parking fund and equipment services fund in full in FY 2019-20. GENERAL FUND BUDGETARY HIGHLIGHTS Property taxes exceeded budget by $8.4 million primarily due to the continued strength of the local housing market and higher than expected Education Revenue Augmentation Fund revenues, including one-time accelerated payments of this revenue stream. Sales and other taxes were higher than budget by $1.3 million, primarily due to strong sales tax, transient occupancy tax, property transfer tax, and business license tax revenues, but were partially offset by lower than expected franchise tax and utility users' tax revenues. Licenses and permits exceeded budget by $399 thousand due to higher than expected building permit and cannabis permit and related fees. Fines, forfeitures, and penalties exceeded budget by $108 thousand due to higher than expected parking fines. Use of money and property revenue exceeded budget by $1.7 million due to higher than expected rents and concessions revenue, investment earnings, and a temporary increase in fair value of investments. Intergovernmental revenue was less than budget by $109 thousand, primarily due to lower than expected governmental grants and homeowners' property tax relief revenues received in the current fiscal year. Charges for current services revenue exceeded budget by $3.1 million primarily due to fire service fees, forfeited construction and demolition debris deposit revenue, and recreation program fees exceeding expectations. Other revenues exceeded budget by $109 thousand due to higher than expected miscellaneous revenues and contribution from the Port of Redwood City. 16 51