AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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ATTACHMENT 3 Employee costs continue to represent the highest single source of expenditures accounting for 790/0 of all general fund expenditures. Transfers Each year funds are transferred out of the general fund to support the traffic safety fund. In FY 2007/08 $1 million was transferred to the traffic safety fund. Also, an amount equal to the utility users' tax and communication users' tax revenue Jess the Public Financing Authority bond payment is transferred to the capital outlay fund. This transfer amounted to $7.3 million in FY 2007/08. In FY 2007/08 the general fund also transferred $466,000 to the. capital outlay fund as a one-time support for the construction of the new Redwood Shores Library. A $654,000 transfer was made to the parking fund to help support an operating deficit as the new downtown . parking operations have not become self-sufficient. Fund Balance The net effect of the revenues, expenditures, transfers, and changes in other fund balance reserves has been a very slight decrease of $14,000 in the unreserved fund balance (available for any Council designated expenditure) maintaining the balance at $23.9 million. In FY 1999/00, the Council adopted a Finance Committee recommendation to maintain this amount between 150/0 and 200/0 of estimated revenues. Applying this formula (using FY 2008/09 budgeted revenues) leaves approximately $7.7 million in excess fund balance. In view of the rapidly deteriorating economy, staff recommends that these funds be retained in the general fund to be used to provide time to the City to financially reposition itself. Special Revenue Funds Highlights Special revenue funds are used to account for revenue received from specific taxes or other dedicated revenue sources (other than for major capital projects) restricted by law or administrative action to expenditures for specified purposes. Property tax increment revenues received by the Redevelopment Agency totaled $10.9 million in FY 2007/08 compared to $9.5 million in FY"2006/07. This represents a 14.4% increase arising primarily from the completion of the Downtown Retail Cinema project, which is privately owned. The transportation fund receives revenue from the San Mateo County Transportation Authority based on the voter approved (Measure A) countywide one-half of one percent sales and use tax levied for transportation-related programs and projects. In FY 2007/08, the City received $1.351 million in "Measure A" revenue compared to $1.314 million in FY 2006/07. This represents a 2.80/0 increase. Gas tax revenues (received from the state through gasoline taxes paid by motorists) declined 2% t6 $1.404 million in FY 2007/08 compared to $1.438 million in FY 2006/oi These funds may only be used for roadway maintenance and construction purposes" as defined in sections 2105, 2106, and 2107 of the State Streets and Highway Codes. According to the State Board of Equalization there is a slight downward trend in consumption as gasoline prices increased through FY 2007/08.