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<br />At June 30,.2008, the City's governmental ~ fundsreported combinep fund balances of $123.4 million, which is
<br />essentially the same .as the beginning year balance. ..
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<br />. :Govemmental fund revenues. increased $5;6 million this year to $1l3..8 million. lricreasesin the general fund,
<br />c.apital outlay fun~. and redevelopment agency fund revenues were offset by decreases in the grants fund, the traffic
<br />:. nutigationJees fund, and the GID 1-64 facilities.bonds fund.. Expenditures. "including capital outlay,: increased $4.4
<br />:,. milIion1his year to $113 ~3 million., : Most .of the increase, was attributable to higher. c.apitaJ outlay expenditures in.
<br />FY 2007/08 related. to:theconstruction of the new 'Redwood Shores library. This increase was partially offset by..
<br />decreased capital outlay expenditures for the Courthouse Plaza project... . .
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<br />: . The general fund is the primary operntilfg fund. or the City." At June 30" 2008, unreserv~d fund balance. of the
<br />. ..:.. general fund was $40.9: million. of. whlch $23.'9 m.illion is. available :for subsequent years', expenditures.: while -totaL
<br />" fund balance i.ncreased to $46 million from a beginning fund balance of $45 million. ..As a.measure of the general
<br />.. ,fund'8 liquidity, ir may be usefur to compare both: unreserved fund balance. and; total fund balance to total" fund
<br />expenditures. . Unreserved fuildbalance. represents. 55% of totalfund~: expenditures, .whiletotal fund' balance
<br />represents 63% of that same amount.. The Cityts general fund balance increased by $1.5 million during the CWTent
<br />fiscal year. :. . . . .. .
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<br />. , The:follo\Vipg are the. major"f~n~s thai: qualified;und~r the repo~ing;criteria for major funds selection:.
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<br />Gcn.cralFund - Generaf fund. revenues in~7eased:: approxlmately $1.8 ..mil.lion this fiscal' year primarily due .:to
<br />increases in property taxes and. other taxes. . Property taxes increased $2.1 .rmllion.resulting from. growth in. assessed
<br />.valuation 'of:8.66% driven by .continued, development in 'the;'City .and: increased . prices for existing residential
<br />.prop.emes. These increases in Property tax were,augmented by anincreas.e i~ the amount of reimbursement from,-
<br />. San JvfateoCounty fOT;prioryear payments to the Ed~cation Revenue Augmentation Fund (ERAF): The general
<br />fund:received $2.7 inilliop from the. county .~s its .share of the E~~F rebate in FY 2007/08, anincrease:of$~,31~870. .
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<br />... ERAFt which was createclby state lav/in:the early "t990's;allowed'the.state to shIft on.an ongoing basis a portial}
<br />of each city, county, and special districfs property taxes to school.districts~: This shift allowed the state t().:decrease
<br />the state's general fund. support to schools throughout'the staie and con.comitantly re.duced'state funding of schools.
<br />Within each county, ERAF.:revenues are: allocated to . schools based. upon a forinula.that consipers; among.. several
<br />factors, the average daily attendance. and the amount oLeach school district's:: own property tax; tevenue. Within..
<br />San Mateo County, the : outcome of applying: this fonnulawas that the school districts; did nofrequlre.: all of the
<br />fimds. shifted from the. cities, county, and special districts. Consequently; these funds, were returned to each entitY
<br />.:in,proportion tothe amount tha~ was initially collected.., .. ,. . ........ .
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<br />Genera.l fund revenues also increased due to a$1.7 million .combined increase iritrans~ent oc:cupancy tai arid utility..
<br />,:.users'.tax~: offset by a $l.niillion decrease in. sales tax resulting from adecl~.e;in new :vchi~le sales~. .
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<br />: <kneral :fund'e~pendit~es incr~sed $4' inilli~n :~s a. r~sult.,of a.$614,OOOjn~tease: in.: expenditUres: relat~d : to '
<br />increascp cod~ enforcemenh climate protection, and community building.. Ad4itionaIly,.law enforcement increased
<br />· $2.2 million due to increased Salary and benefits.. . Fire safety increased $1.1 minion due to the reinstatement .of frre .
<br />. ..: e~gine 9, along With':increased salaiy and benefits'.:. . Parks and recreation .increaSed' .$.1.1 mimon due to enhanced.
<br />programs' :which; were offset b)' :increased user. fees.. Information .services increased $396,000 primarily due to :'
<br />increased expenditures for literacy programs:and payment ofpnor.,years.:rent to San Mateo County for the; Fair
<br />OakS library. Also, policy, devdopment,'andimplementation1expenditures .decreased $1.7 million due to. decreases..
<br />: inprofessionaI- :services.related to: negotiations regarding : the potentiar use .of the Century. 12 Theater: site as aD
<br />'automall, ,and. the:. transfer. ofi-etiree.:health costs t~ the employee benefits internal. service fund, with direct
<br />.. allocationo.fthe retiree health costs back to all departments.. .. ..
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<br />: Transfers out 'of~e;general'fund decreased '$1.8.~i11jori In<FY 2,007/08 resuiti~g fr~mone*time transfers out in FY :
<br />2006/0?for ~api~l projec.ts.and to. the self-i~~urance.fund. ... . '.
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<br />. Capital Outlay Fund ~ This fund.accounts for resources provided. to finance gen.era1 governmental capital projects.
<br />.In :FY 20.07108; the capital . outlay. fund .generated :$6.7 million. in reve.n1i~, :inost of which ~as from interesdmd
<br />.intergovemt;nen~l gr"cints.' ThIS fund:was also the recipient of $7~8',~illim~. oqransfeis from ,the general;fu~d. To.ta1
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