AgdaPkt 2009-12-14 - Laserfiche WebLink

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ATTACHMENT 1 In FY 2008/09 operating revenues decreased to $854,000 compared to $1.063 million in FY 2007I08 due to a reductian in hours during which parking fees were charged. Expenses, however, increased to $2.5 million, an increase of$356,040 or 16% from FY 2007/08. The increase in operating expenses is attributed to costs associated with the maintenance and operations of the new parking garage and costs associated wifih increased public safety patrol in the downtown area. The general fund also transferred $1.1 million to the parking fund to cover the operating deficit. Port The net assets for the Port decreased by $16.6 million for the fiscal year ended June 30, 2009. This significant decrease is primarily attributable to the Port expensing $20 million of costs incurred in connection with the liquid bulk terminal hazardous waste cleanup that had been previously reflected as construction in progress. Without this reclassification the Port's net assets would have in�reased by $3.4 million. Operating revenues decreased slightly from $5.59 million in FY 2007/08 to $5.36 rnillion in FY 2008/09 while operating expenses remained flat at$3.4 million. Self-Insurance Fund Highlights The self-insurance internal senrice fund had positive net cash provided by operating activities of$200,000 as premiums charged to operating departments covered operating expenses. During FY 2008/�9 the self-insurance fund advanced $2.5 million to the capital outlay fund to provide a portion of financing needed to acquire the "Cemex" property on Maple Street. This advance is schedu(ed to be repaid, with interest, on June 30, 2013. AL.TERNATIVES Council could elect not to accept the financial report which would �esult in additional costs associated with additional field work required to be completed by Caporicci & Larson. The additional field work is required to comply with new auditing guide[ines which require that financial reports be published soon after field work is completed. FISCAL IMPACT The costs associated with not accepting the financial report will range from $2,000 to $3,000 for additional auditing services depending on how much additional field work is required. These amounts are currently not budgeted; a budget amendment would be required. �t�iv� Brian Pont Peter ingra Director of Finance City Manage . ATTACHMENTS None RELATEO DOCUMENTS 1N CITY GLERK'S OFFICE None