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6.A. - Page 2 of 191
<br />annual audit. The Sub -Committee recommends that the City Council accept the City's Comprehensive
<br />Annual Financial Report.
<br />General Fund Highlights
<br />The General Fund's fund balance increased by $21.1 million, from $30.2 million at June 30, 2018 to $51.3
<br />million at June 30, 2019. General fund revenues increased approximately $16.5 million this fiscal year due
<br />to increases in all revenues, except for fines, forfeitures and penalties, intergovernmental revenues, and
<br />other revenues. These increases were a result of the continued growth in the local economy and an
<br />increased rate of return on city investments. General fund expenditures decreased by $3.2 million over
<br />the prior fiscal year. The decrease primarily resulted from a $7.1 million reduction in the City's
<br />contribution to the Section 115 pension trust account (recorded in the policy development and
<br />implementation category), offset by increases in all expenditure categories except leisure, cultural and
<br />information services, capital outlay, and interest and fiscal charges.
<br />Below is a comparison table of prior fiscal year versus current fiscal year, and current fiscal year budget
<br />versus actuals for General Fund revenues and expenditures, not including transfers in/out.
<br />2018 2019
<br />Actual Actual Change % Change
<br />Revenue $ 143,135,100 $ 159,620,802 $ 16,485,702 11.5%
<br />Expenditures $ 125,859,231 $ 122,646,404 $ (3,212,827) -2.6%
<br />2019 2019
<br />Budget Actual Variance % of Budget
<br />Revenue $ 144,719,718 $ 159,620,802 $ 14,901,084 110.3%
<br />Expenditures $ 133,905,876 $ 122,646,404 $ 11,259,472 91.6%
<br />Revenues
<br />Total General Fund revenues for FY 2018-19 were $159.6 million. This was $16.5 million, or 11.5 percent
<br />more, than the revenue received in FY 2017-18, and $14.9 million, or 10.3 percent more, than the final
<br />adjusted budget.
<br />The revenue increase this fiscal year compared to last fiscal year is primarily due to an increase in property
<br />taxes, sales tax, transient occupancy taxes, interest income, and charges for services related to fire
<br />services. Actual revenues were higher than budgeted primarily due to property taxes, transient occupancy
<br />taxes, sales tax, recreation program fees, and interest income coming in higher than expected.
<br />Select General Fund revenue highlights include:
<br />• Property taxes exceeded prior year by $9.3 million, primarily due to growth in assessed value. The City
<br />received $11.0 million in excess Education Revenue Augmentation Fund revenue. This was $5.4
<br />million more than the prior fiscal year amount. This amount was much higher than estimated due to
<br />a one-time acceleration in the timing of payments from the County of San Mateo. This level of funding
<br />is higher than can be expected in the future, primarily due to the one-time accelerated timing of
<br />payments, and due to recent and potential changes in school financing, which the County Controller
<br />has indicated could significantly reduce this revenue source in future fiscal years.
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<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org
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