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Page 4 of 8 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org The City’s total net position increased by $32.7 million, or 4.6 percent in FY 2024-25 relative to FY 2023- 24. This net increase is comprised of a $13.1 million increase in governmental activities net position and a $19.5 million increase in business-type activities net position. Further details on the increases in net position are described in the ACFR. General Fund Revenue (Actuals) General fund revenues increased by $6.5 million this fiscal year primarily due to increases in property taxes and the ‘other revenues’ category. Some of these increases were offset by revenue declines, particularly charges for services. Property taxes increased by $2.4 million, primarily due to incremental increases across several categories, including secured property tax and the rebate of Educational Revenue Augmentation Funds. Sales and other taxes were up slightly, $0.6 million, to fiscal year 2023-24 revenues. Within this category, sales tax decreased $0.7 million as inflationary pressures impacted discretionary spending on taxable goods. Franchise taxes were flat to the prior fiscal year, and transient occupancy taxes increased slightly, $0.4 million, as occupancy rates and room rates stabilized after a period of recovery from pandemic-era lows. Business license taxes increased by nearly $0.2 million to $3.7 million, and the utility users’ tax increased by $0.5 million to a total of $11.8 million. Licenses and permits increased by $0.2 million, stabilizing after a decline of $1.8 million in building permitting revenue from the prior fiscal year. Fines, forfeitures, and penalties were flat to the prior fiscal year, finishing at just under $0.4 million. Investment income, including unrealized gains on investment holdings, was down $0.3 million, reflecting the current interest rate environment and the duration of the City’s investment holdings. Intergovernmental revenues decreased by $0.5 million primarily due to a decrease in federal, state and county grants, which by nature will fluctuate annually. Charges for current services decreased by $0.7 million. This decrease was largely due to charges for fire services decreasing year-over-year due to timing issues with billing for services provided to San Carlos in fiscal year 2022-23 that were corrected in 2023-24. This decrease was partially offset with increases in recreation and planning service charges. General Fund Expenditures (Actuals) General fund expenditures increased by $13.7 million over the prior fiscal year. Public safety ($5.1 million) and leisure, cultural and information services ($7.2 million) increased year-over-year. These increases were partially offset by a reduction in expenditures of $3.4 million in community development activities. Transfers out of the general fund increased by $12.0 million, to $28.5 million, in fiscal year 2024-25. 7.C. - Page 4 of 269 23