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6.C. - Page 46 of 196 City of Redwood City Management's Discussion and Analysis For the fiscal year ended June 30, 2020 facilities district fund ($1.2 million), offset by a decrease in the low and moderate income housing asset fund ($1.8 million), debt service fund ($400 thousand), and parks impact and in lieu fund ($3.3 million). The general fund is the primary operating fund of the City. At June 30, 2020, unassigned fund balance of the general fund was $42.8 million, while total fund balance increased to $55.8 million from a beginning fund balance of $51.3 million, as a result of revenues and transfers in of $165.5 million exceeding expenditures and transfers out of $161.0 million. Unassigned fund balance increased $1.5 million during the current fiscal year. The general fund net change in fund balance of $4.5 million was comprised of the following fund balance category changes: decrease of $300 thousand in nonspendable fund balance, increase of $700 thousand in restricted fund balance, increase of $1.3 million in committed fund balance, increase of $1.3 million in assigned fund balance, and an increase of $1.5 million in unassigned fund balance As a measure of the general fund's liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 30.1% of total fund expenditures, while total fund balance represents 39.2% of that same amount. The following are the major funds that qualified under the reporting criteria for major funds selection: General Fund — General fund revenues increased approximately $5.4 million this fiscal year due to increases in sales and other taxes, use of money and property, the fair value adjustment of investments, and other revenues. These increases were partially offset by decreases in property taxes, licenses and permits, fines, forfeitures and penalties, intergovernmental revenues, and charges for current services. Property taxes decreased by $700 thousand, primarily due to a decrease in ERAF of $4.2 million, offset by increases in secured property taxes. Sales and other taxes increased by $4.4 million, primarily due to an increase of $6.7 million in sales tax revenue, which is primarily attributable to the passage of Measure RR, the half -cent sales tax increase passed by Redwood City voters in November 2018, an increase in business license tax revenue of $400 thousand, and an increase of $100 thousand in property transfer taxes. These increases were partially offset by a decrease in transient occupancy tax of $2.6 million due to a large decrease in occupancy rates that began in April 2020, as a result of COVID-19 and the resulting stay-at-home order, a decrease in franchise taxes of $100 thousand, and a decrease of utility users' tax revenue of $100 thousand. Licenses and permits decreased by $1.4 million, primarily due to a decrease in building permit revenue. Fines, forfeitures, and penalties decreased by $97 thousand, due to a decrease in parking citations and library fines. Use of money and property increased by $4.7 million, due to a large accounting entry related to the fair value adjustment of investments as of June 30, 2020 Intergovernmental revenues decreased by $100 thousand primarily due to a decrease in federal, state and county grants. 14 133