AgdaPkt 2011-01-10 - Laserfiche WebLink

Browse Search

ArrACH��FB 1 Page 7 Parkinq 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. In FY 2009/10 operating revenues increased to $1,005,328 compared to $840,414 in FY 2008/09 due to increased traffic downtown as people were drawn to the downtown area by the theater, restaurants, and City sponsored events. Expenses decreased to $2.462 million, a decrease of $68,000 or 2.7% from FY 2008/09. The decrease in operating expenses is attributed to one-time expenses in the prior year related to pump repair in the downtown underground parking garage and improved cost containment. The general fund also transferred $.9 million to the parking fund to cover the operating deficit. Port The net assets for the Port increased by �2.1 milfion far the fiscal year ended June 3Q, 2010. Operating revenues increased 4.4% from $5.359 million in FY 2008/09 to $5.595 million in FY 2009/10 while operating expenses increased 4.6% from $3.377 million in FY 2008/09 to $3.532 million in FY 2009/10. Self-Insurance Fund Highlights The self-insurance internal service fund had positive net cash provided by operating activities of $361,000 as premiums charged to operating departments covered operating expenses. During FY 2008/09 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. During FY 2009/10, $1 million of this advance was repaid. This advance is scheduled to be fully repaid, with interest, on June 30, 2013. ALTERNATIVES Council could elect not to accept the financial report which would resuit 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 guidelines 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. � �-�^ � Brian onty Robert B, Bell Director of Finance Interim City Manager ATTACHMENTS 1. Redwood City's Comprehensive Annual Financial Report June 30, 2010 2. Redevelopment Agency's Basic Financial Statements June 30, 2010 3. Sing(e Audit Report RELATED DOCUMENTS IN CITY CLERK'S OFFICE None