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

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ATTACHMENT 3 rate stabilization fund. The net amount of the water rate stabilization fund leaves a balance of $2.6 million which is $100,000 greater than the $2.0 million emergency reserve and $500,000 operating reserve that the Council has directed staff to maintain. In terms of the City Council's adopted policy to keep total annual revenues and expenses in balance, cash basis revenues of $23.1 million including interest earnings were less than cash operating expenses (including debt service payments) of $24.3 million. Operating expenses exceeded revenues primarily due to increased rates for water charged to the City by SFPUC, and actual water usage exceeding projected usage by 9%. - Sewer Fund The same Council policy of total annual revenues and expen~es in balance applies to the sewer fund as well. Cash basis revenues of $16.6 million were more than cash operating" and capital outlays of $16.2 million. For fiscal year end~d June 30, 2008, the sewer enterprise fund ended with a balance of $789,000 in retained earnings available for appropriation. Parkina Fund Redwood City maintains on-street and off-street parking spaces within the downtown area including the downtown underground parking garage which opened in May 2006. In FY 2007/08 operating revenues increased to $1.1 million compared to $860,000 in FY 2006/07 r while operating expenses increased to $2.2 million, an increase of $500,000 from FY 2006/07. The increase in operating expenses is attributed to costs associated with the maintenance and operations of the new parking garage and costs associated with increased public safety patrol in the downtown area. The general fund also transferred $654,000 to the parking fund to cover the operating deficit. During FY 2007/08, the City transferred the public underground parking garage from the Redevelopment Agency to the parking fund in the amount of $21.5 million. Port The net assets for the Port increased by $2.4 million for the fiscal year ended June 30, 2008. Operating revenues increased slightly from $5.52 million in FY 2006/07 to $5.59 million in FY 2007/08 while operating expenses decreased from $3.5 million in FY 2006/07 to $3.4 million in FY 2007/08. Self-Insurance Fund Highlights The self-insurance internal service fund had positive net cash provided by operating ac~ivities of $1 million resulting from a decline in general liability and workers' compensation claims payments. ALTERNAnVES Council could elect not to accept the financial report which would result in additional costs associated with additional field work required to be completed by Caporicci & Larson. The additional field work is required to comply with new auditing guidelines which require that financial reports be published soon after field work is completed.