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<br />."i. :M,\Ni\:GEMENT'S DlSCUSSIOI'i A-NI):AkAl.YSIs:
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<br />.~utlays .were S12.9 million .of wJlichs.JO.2 mill.ion met with City's crjt~ria for .capitalizatio~.. The balance ($2.7
<br />. million) was; expended in .lFY 2007 108 . Totei.' outlays. in the prior : year (FY 2006/07) were $11.6 million. :Of the . .
<br />....:,. :capital outlay fund's $27.6:iJllil1.ion fund:balan~e, $26 mi\lion.is reserved. or designated for specific capital:projc.cts.
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<br />:;Redevelopmcnl. Agency Fund.':' This::rti.nd. ac~ounts for resou~c.es provid~d :t(di~ance..the City's Redevelopment.
<br />Agency, a .separate legaJ: entIty' organized: pursuaiit" to the community redevelopment la~' of the Health and.' Safety
<br />.. Codc.:of the State of California; Th.e. CitY CounCir..also serves 'on th-e Board of O'irectors of the Redevelopment
<br />Agency. The Redevelopment Agency's:fllnd 'balance increased by $1.4 million primarily due to.increased.properry,
<br />. . tax revenue in FY 2007/08..: . .
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<br />:Proprietary Funds:. . ':. . -. ,. ... .. .
<br />. .Enterprise fund net .assets totaled $:150.rm'il1ion: anhe<end of the fiscal.year, an increase or $24.3 million over the'
<br />. .prior year balance of$126.lmillion. EI~terprise. operatiqg revenues were $46 million this year, an increa~e of$3.7
<br />. . miHion over. last year, while net noh~operatjng.revcnues:(expensesi were $1.7 mi.llion .compared to $.3 million the
<br />. prior year. ..Net non-operating revenues (expensesYexperienced a$2A.:million change due to the FY 2006/07 $1
<br />million decrea,se ,in authorityhivestmenl, conihined vvith the FY 2007io8 .rncreases in:grant r~venue.of $.7 mimon
<br />and intcrcs.t incOlne of $.6, miJlion. . ... . . . .. .
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<br />Enterprise fund operating expenses were. $42.:5 miifibn this y~ar,llp. $2.. 7' ~iIJibn' from the.prj~r yea;, .most ofwh'ich .
<br />was due.~o hi~er'operating exp~nses inthe;p~rkirig ~J'd, water.utility f~mds. .. .
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<br />:'\Vaier UtllitY:.:Nct assets of the .water utilityfu~cid~~reased $:1:: million, i~.the.current year to a total of$5.) million.
<br />. .This' reduction resulted from net .ulcome of .~$~.l million. net of $4 million transfer out of capital assets to
<br />.: : governmental activities. .:: ... . . ... . ..
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<br />: iSewer. {Jtility:. The sc~er:uti1ity Jund ,rea.I1zed .operating incOIn,e :of $1;;lnillion 'in. the.current year,. up from the
<br />. .. operating:19ss of $1]2 niillion. itf the prior year.: Revenues ii1.cr~ased ;by $1.7. million .while expenses: decreased
<br />. .: .':. $.563 milHon .from the prior year d~)(~to: a decrease. in the amount .charged by.the South Bayside . System Authority
<br />, . .,:': to covedts operating:and. anticipated c,spitalcosts.': . . . .. .. . .
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<br />:,:: Parki~g F:lI;nd ~ Operating: revenues .increa.r.;ed by $236,000 this Y,ear" t~ $1.1 ,million,wbile.'operatingexpense:s
<br />: . .'increa~d: to. $2~2 million, an increase: of $.~: miJJion due ,to the : expanded:, parking. program downtown, '.including
<br />increased: costS associated: \\fith increased staffi~g' related'to dtw~ntown public :safely.: The .:general fund .transferred.
<br />. :: $654,000; int"o tIle .parking fund to partially cover the operating dencit. [)uri~g.FY 2007/08 the CitY transferred th.e
<br />:'. pubiic ;un:derground 'parking. garage: from the Redevelopment Agen~y to the. parking fund in: the: amount ,of $21 :.5 .
<br />.million. .. . . . :. .. .. .., . .. .. .... .. . .... ,:....
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<br />, . Port: 'Fund. -. Operating .re~enues were ~p 1.:~%' ~hil"~ operating~xpe:nse's wer~. :,down. 2.9% from. FY: .2006/07. .
<br />Interest illcome decreased: 14%., from $693.000 to .$593~OOO. Overall, net assets increased from $37, miHionto$39,
<br />million.:or 6.4%, ,. . . .... ..
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<br />;GENERA.LFVND: BiJDGETA~Y iIIC:;IILIGHTS
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<br />: :,<p~operty taX~sexc~ded budget: by $1.2 n1illio.n,primarily .~ue: to'.tbe receipt; ~f a .$2.7' minion Payment from the.
<br />. 'County of San :Mateo due:tb trc over.deduction ,of Edll~ation. Revenue Augmentation Fund amounts from the City
<br />in piioryears, which exceeded..the cstimat~amountbY$li,:mil:lion.. .: .:. .. . .., .. '
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<br />Sales:~md other ~es: Were iles.s than.;budget!by $.5 ,miUion,.mostly:due to an:.unantici.pated decline in sales tax.
<br />,. . revenue, ($1 ~nilIion) and property transfer tax ($.3 miIlion);:.offset by higher utility users' taxes ($.6 million) and..
<br />.: transient'occupancy taxes ($.2 million).. . . ,. .... :. . . ... ..
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<br />::Uc~nses arid penniis.e~~eeded budget b)1 .$5 million du~: to higi1er const~uction acti~ity .duril~gthe ye~~
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<br />lntergovemmental:revenue;was l~ss than budget by $~2 million: due to an: unanti~jpatei ~duction in ~dtor vehicle
<br />.;' .. in-lieu tax. . . ,'. ... : .. . .., . . .. -. .. . . . . .
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