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6.C. - Page 49 of 196 <br />City of Redwood City <br />Management's Discussion and Analysis <br />For the fiscal year ended June 30, 2020 <br />Fines, forfeitures, and penalties were less than budget by $100 thousand due to lower than expected <br />parking fines. <br />Use of money and property revenue exceeded budget by $8.3 million due to higher than expected <br />investment earnings and a temporary increase in fair value of investments. <br />Intergovernmental revenue was less than budget by $400 thousand, primarily due to lower than expected <br />governmental grants, homeowners' property tax relief, and public safety sales tax revenues received in <br />the current fiscal year. <br />Charges for current services revenue exceeded budget by $800 thousand primarily due to police and fire <br />service fees, planning service fees, and other current service charges. <br />Other revenues exceeded budget by $100 thousand due to higher than expected miscellaneous revenues <br />and contribution from the Port of Redwood City. <br />Overall, expenditures were $11.2 million less than budgeted primarily due to reductions in programs as a <br />result of COVID-19 and vacancies in a majority of departments. Unexpected shortfalls in subdivision <br />engineering, redevelopment, COVID-19 emergency rental assistance, financial services, and other <br />administrative support services, were all offset by budget savings in all other programs. <br />CAPITAL ASSETS AND DEBT ADMINISTRATION <br />Capital Assets <br />At the end of FY 2019-20, the City had $475.8 million, net of depreciation, invested in a broad range of <br />capital assets used in governmental and business -type activities, as shown in the table below. Additional <br />information on the City's capital assets can be found in Note 4 of this report. <br />Capital Assets at fiscal Year-end (in Millions) <br />17 136 <br />Governmental <br />Business -Type <br />Activities <br />Activities <br />Total <br />2020 <br />2019 <br />2020 <br />2019 <br />2020 <br />2019 <br />Variance <br />Land <br />31.963 <br />31.963 <br />3.126 <br />3.126 <br />35.089 <br />35.089 <br />0.00% <br />Streets <br />132.556 <br />128.121 <br />132.556 <br />128.121 <br />3.46% <br />Construction in progress <br />61.691 <br />38.502 <br />16.149 <br />10.026 <br />77.840 <br />48.528 <br />60.40% <br />Buildings <br />83.550 <br />83.309 <br />62.686 <br />62.686 <br />146.236 <br />145.995 <br />0.17% <br />Equipment <br />29.391 <br />28.578 <br />2.253 <br />2.111 <br />31.644 <br />30.689 <br />3.11% <br />Improvements <br />14.932 <br />14.137 <br />243.200 <br />237.254 <br />258.132 <br />251.391 <br />2.68% <br />Harbor improvements <br />4.828 <br />4.828 <br />4.828 <br />4.828 <br />0.00% <br />Parks and bridges <br />44.104 <br />42.213 <br />44.104 <br />42.213 <br />4.48% <br />Traffic signals <br />6.561 <br />6.333 <br />6.561 <br />6.333 <br />3.60% <br />Storm drains <br />20.486 <br />20.331 <br />20.486 <br />20.331 <br />0.76% <br />Less accumulated depreciation <br />(178.140) <br />(167.521) <br />(103.497) <br />(96.676) <br />(281.637) <br />(264.197) <br />6.60% <br />Total capital assets <br />247.094 <br />225.966 <br />228.745 <br />223.355 <br />475.839 <br />449.321 <br />5.90% <br />17 136 <br />