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

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.' " '. .. . . .. ,. MANAGEMENT-'.S DISaJSSJON AND 'ANALYSIS ": '. ". Community development~evenues decreased d~e to the various one-time planning and building fees collected in the prior year related to .developments such as the Stanford Medical, Sequoia Hospital, and Costeo projects, , combined with a decrease in community development block grant revenue.. : Tran~ortation revenues .4ecreased due : to the termination. of Generallmprovement:District 1964 assessments'afterFY 2006/07. .Leisure.. cultuta1:and. .. "~information services :increased: primarily due to an 'increase in grant :revenue for the:' construction of :the n.ew Redwood Shores .Library. Policy,. development, and .implementation revenues..increased primarily. due to increased' revenu,es received from other agencies: for computer pT9gramming and.desktop support.. ,. . -:-:: <Key elements.ofthe increase/decrease inexP~nses.'for governmental activities: are as follows: . Total expenses were.up 3A% :or $3.34 million due mostlY to increases in: community development, public safety,.. and leisure, .and culrural and inf()rmatio~.services. expenses,.offset by.:: a .:decline in transportation and environmental . support. an~ protection expenses.. Community development expenses. increased $25:mi11ion. due to the donation of : lan& to the Peninsula Habitat foc.:'Hwnanity, and increased effortS in code...enforcement,: climate protection,. and '. community building. :Public safety expenses increased $2.9.. million due to, .higher -salary and benefit costs and the ..... reinstatement of fire engine 9.to full staffing: Leisure, cultural and inforrilation services expenses increased- $1.5- million due.,to increased salary and benefit costs and maintenance costs associated. with the new courthouse 'square. ! Transportation. expenses declined $2~ 7 million due to the one-time,: expense. in FY. 2006/07 related: to the retirement :oftransportation~related capital assets. Environmental sUPpQrt and protection ;expensesdeclined $.9 million due to dec.reased; ac~ivity ~: the ~tonn~related capital improvement pro~dm.. . .. .. . . . BUSfNESS~ TYPE. ACT1YITIES . .. 'B.usjne~s~type activities. prior. to transfers increased the City's net as~ets by $6~2niilI~onjn: FY 2007/08. Key elements ~~counting for increases; ijr decreases :"in revenues and' exp~nses: ~re as. follows: : ....:. Business-type revenues were bigher in IT 200!/08. than the previous year: as the increase -in utility rates increased : revenues.. Parking fund revenues contimied to increase due to the.rtew;downtowri..parking metering system and the . --: :i: new .public :uriderground p~kinggarage. . . , ;. . .... . .. . i ; .. . The water utility's expens.~s ~ere higher in FY 2007/08 primarily due .toan.'lncreaSe of $l.milIion paid to the S~ Francisco Water Department f9T water purchaSes:.::3nd increased depreciation expense. related to the recycled water .. ..: :~apital assets. . . . .. . :. . ., . . ; ., . Sewer. u~iIity expenses decr~sed: due to th~:'accel~rated. charges. by the South Bayside. Sy.ste~ Auth~rity (the city'.s'. . provider. of wastewater treatmbnt) in FY 2006/07 to coyer their anticipate.~. capital costs. '.. . The .expenses ,of tbe::p8rki~g :fun~. i~creased :2.2~A> hi~i~IY. due to the. ne~: parking facility operationsPJ:~gr~m _~et up to acc<lunt for the operation costs assOciated with the. new. doWntown underground'.parki1)g garage. .along with increased. staffing related'to do~tovm public safety, and management of the. parking program. . . . , The Port:,of Redwo~d city e~perienced a 2.9%.:decreasein expen~es i:)Il~i\y' d~~ to..:lo,wer depreciatio~ expense: , resulting from ach!eving full amortization of berth dredging in the prior fiscal year. .. ;. ,. . . >;'FINAN(::r.4:L ANALYSIS OF. THE. CITY'S FUNDS . . As ~ot~d earlier~ the City uses fund acc'o~til1g to ~ns~~.and de~~nsb-ate.:c~mPliarice with fitian~e-r~lated legal requirements. \ ... . ..'. ..,. . .. ... Governmental Funds ..' ... ; ":: :', ", ". . . The general' government functions are . contained in the general', special revenue,. debt service, and capital. project. .funds.:The foCus of the City's governmental funds is: to provide information on near.'.term' in"flows. outflows, and , balances of"spendable resources; : "Such. information is useful 'in i assessing the iCit)r'.s' financing requirements. . In . ,. particular,-unreserved fund:balance may serve as a usefuFrrieasure.ofthe. City's net resources.available:for spending at the end of the fiscal. year. ' .: :. .. . ,. .. . .: !:,:-:, .. ,.! 8, . ;: : r;; . ";.;:..~:.~-~".'"":' J;. :