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

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.. . . . .:'MANAGEMEl\T'S DISCUssiON.AND ANALYSIS. . MO. . . statements;. governmental Jund financfal ~tatemerits focus on near.term inflows and outflo\\'S of Spendable ..resources, as well as on balances of-spendable resources available at the end of the fiscal year. .Such infonnation may ~ useful in evaluating the City's near-term financing requirements.: . ., Because the focus of g~vemmenta] funds is': n~ower .,than: that of the: go~emmeni~wide financial statements, it is . useful to compare the. information presented for governmental funds. with. slmHar infonnation presented for . governmental activities in the government-wide. financial starementc;. . By doing :so, readers may beuer understarid the lon.g-tenn impact of the City's.near-term financing decisions. Bot~..the governmental.fund balance sheet and the governmental fund statement, of-revenues, expenditures, and changes in fund balances provide a reconciliati.on to facilitate this cOlnparison betWeen g<wemmental .funds and govern.mental activities; The Ci~ of Redwood City maintains 27 in.dividual gove~enta.i .funds.. Inforrnationis presented :separately in the governmental fund balance sheet and in. the governmental fund statement of revenues, expenditures, and chan.ges in fund' balances for. the. general ,fund,. the. capital outlay fund~ and'. the redevelopmt.~t agency fund. which are. considered to be major fUnds: Data from the other. 24 governmental funds .are combined. into a single~ aggregated presentation. lndividual fund: data for .each of these non-major governmental funds is provided in the form. of com~ining. s~ternents else"v.here.in,this report~: ,.-. . . . The City of Redwood City .3.dopts .an ,annual appropriated. budget for: its. generaf fuDdand ~development agency fund. A budgetary comparison statement has been .provided for the general:fuud and redevelopment-agency fund to demonstrate co~plianc7: with this budget. . . ,.. . .. .. The goverm~e,ital fu~d fi:.nan!ci~l :f;~.at~~ents may ~ found. o~ pages 20- 2.~ of tilis report. ,::: ProprietarY .funds are maintained. in'two ways.. Enterprise .funds';are used:to report the same functions presente~ as ... . 'busin.ess-type actiVities. in the gove~ment-wide financial statements. The City uses.enteIprise funds to .account for ;; water~', sewer~. parking, and 'Port operatiops~., Internal services funds:.are used .to account for costS of. the City's , : equipment: services;. the. City) :insurance. program, .the costs of the City's telephone/communicatioris and .. information technology .services," maintenance : and repair' .of buildings, custodial. services~ dell very . service, ;and; employee: benefitS.. .. Because. these . services. predominantly · benefitgovemniental rather: than business-type . ! functions, they have been included \Vlthin governmental ~ctivitiesin the government-wide finahcial statements. . . ..: Theprop~i.eraryfundfinanclal st':zt~rrien~s m~b~found on'p~ges 25~2r~fth~ report.., Since the CitY"sint~al: service furids provide goods and .seTv1ces only to the City~s .governmental and 'btisiness-. type: activities,: their .activitiesarereporied,oruy'in total at" the fund leveL .Internal service-funds may n<.lt b~ major .futlds because their revenues: are. derived from Qther CitY funds: These revenues are. eliininated:. in Ql.e. City.wide fmancia.J statementsiand any related'profits:or losses .are returned to. the activities:which created t~~ri1; along with any resid~l net ass~ts (jfthe internal service f~nds. ; .. . .. . Compari~on,s: of budge;: arid: '~~tual .financial informatibn are presented only: for. the general fund and: :othet major .Junds,that are special revenue. fund~. ' , ;,. . . : . 'Fiduciary Funds. . .. '. ,.. :. . : . . The City : maintains fiduciary; funds that account'.f.or tax free employee and eniployer contributions made under-the.. : provisions: of section 125 of the Internal Revenue:-Code (cafeteria: benefits. fund), . for: employer contributionsito a retiiee:medical insurance fund,:' and. fOf: trimsactions involving the. Seaport . Consolidated Assessment District, the Pacific Shores Conunuility Facilities: Distric~: and' the Shores Transportation .!n.1provement District: The City'~' fiduciary activities arc .reported in. the 'separate Statement.of Fiduciary. Net }\ssets and the Agency Funds :Statement . of Changes in Assets and Liabilities. The accounting used for fid~ciary fWlds is mu.c;h like that used for.proprietary funds: These activities are excluded fr~m the Ciiy'sother financial. statements because the City cannot use these assets to.firianceitsown operations~. .. , .. . .:: . . . . .. . . . :l7zefidJciarYfundfinaAci"a[siai~jTlent may be/aund on page 28 ofthis:relJOrt.,.. . 0 . . . . . . ,M - . . .5