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Page 5 of 8 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />General Fund Budget vs. Actual Results <br />Overall, revenues were $18.1 million higher than budget primarily due to better-than-projected <br />performance for investment income, charges for services, and other revenues. <br />Property taxes were slightly below $0.6 million, the budgeted amount of $83.3 million. Better-than- <br />expected results in the Educational Revenue Augmentation Fund rebate and Property Tax in lieu of Vehicle <br />License Fee revenues were offset by secured, unsecured, and former redevelopment agency taxes not <br />meeting expectations. Overall, the variance in property tax revenue budget-to-actuals was minimal and <br />reflected accurate projections. <br />Sales taxes were below budgeted amounts by $0.6 million and reflected the continued slightly downward <br />trend in taxable sales. Utility users taxes exceeded budget by $1.4 million, reflecting an increase in utility <br />rates, and other taxes exceeded budgeted amounts by $0.5 million, primarily due to stronger than <br />expected business license tax revenue. <br />Licenses and permits exceeded budgeted amounts by $0.8 million, which was largely a function of fire <br />permit revenues that were $0.5 million above expected amounts. <br />Fines, forfeitures, and penalties finished the year slightly below budget at $0.38 million, and investment <br />income was $4.0 million above budget, finishing at $6.2 million. The latter was the result of better-than- <br />expected returns on the City’s investment portfolio attributable to the general fund, as well as a $2.4 <br />million unrealized gain on investments. <br />Intergovernmental revenue finished at $8.1 million, $2.0 million better than the final budgeted amount. <br />This was predominantly the result of increased grant funding and program reimbursements. <br />Charges for current services revenue was higher than budget by $7.5 million and was primarily due to <br />better-than-expected amounts for planning and building services, fire services, and recreation services. <br />Overall, operating expenditures were $0.2 million lower than the final budget appropriation. While there <br />were budget-to-actual variances amongst the various operating departments, these variances were <br />generally modest. Worth noting is that most departments slightly exceeded their final budget <br />appropriations, with this overage being offset by a $3.1 million positive variance in general government <br />activities. <br />Capital Outlay Fund <br />This fund accounts for resources provided to finance general governmental capital projects. In fiscal year <br />2024-25, the capital outlay fund generated $1.6 million in revenue, which was almost entirely from <br />investment income. This fund was also the recipient of transfers totaling $19.2 million from the general <br />fund, which predominantly comes from utility users’ tax that has been allocated to support the City’s <br />infrastructure. Transfers out of this fund totaled $1.4 million. <br />7.C. - Page 5 of 269 <br />24