AgdaPkt 2009-12-14 - Laserfiche WebLink

Browse Search

ATTACHMENT 1 Capital Projects Funds Highlights Capital projects funds are used to account for the resources dedicated to the construction and acquisition of capital facilities, except those capital facilities financed by enterprise funds. The City expended $13.3 million in FY 2008/09 for general capital projects. The more visible projects on which funds were expended in FY 2008109 are: the Sidewalk Replacement Program ($1.9 million), the acquisition of the "Cemex" site on Maple Street ($4.8 million), and Hoover Park Renovation ($724,0�0). During the year ended June 30, 2009, General Improvement District 1-fi4 facilities fee fund revenue was $113,000 compared to $384,000 for the year ended June 30, 2008. Enterprise Funds Highlights Water Fund In terms of the City Council's adopted policy to keep total annual revenues and expenses in balance, cash basis revenues of$23.251 million including interest earnings were less than cash operating expenses (including debt service payments} of $24.95 million. The total net working capita! in the wa#er fund as of June 30, 2009 was $7.6 million which is $2.7 million less than the target of$10.3 million ($2.4 million for an emergency reserve and $8.3 million for a rate stabilization reserve). Based on the adopted FY 2008/09 budget, the total net working capital as of June 30, 2009 should have been $9.9 million. Revenues generated from water sales and service fees were 9.5% less than the projected amount at the end of FY 2008/09. As a result of Redwood City's water conservation efforts, total water sales for FY 2008/�9 were 7% less than the projected amount. It must be noted that a percentage decrease in water sales is nofi 1:1 with a decrease in revenues. The water rate structure is composed of inclining rate blocks where the more a customer uses, the more he pays. Revenues, therefore, are dependent upon the amount of water sold in the various tiers. The greater the decrease in water sold at the higher tier, the greater the decrease in total revenue. Staff will be exploring options to increase the net working capital and will present these options to the Council Utilities Committee for consideration as part of the development of the water fund long-terrn financial plan. Sewer Fund The same Council policy of total annual revenues and expenses in balance applies to the sewer fund as well. Cash basis revenues vf $19 million were more than cash operating and capital outlays of$16.7 million. For fiscal year ended June 30, 2009, the sewer enterprise fund ended with a balance of $2.9 in retained earnings available for appropriation. Parkin�Fund Redwood City maintains on-street and off-street parking spaces within the downtown area including the downtown underground parking garage which opened in May 2006.