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6.1 B MANAGEMENT'S DISCUSSION AND ANALYSIS Page 33 Capital Outlay Fund - This fund accounts for resources provided to finance general governmental capital projects. , In FY 2009/10, the capital outlay fund generated $3 million in revenue, most of which was from interest and intergovernmental grants. This fund was also the recipient of $7.4 million of transfers from the general fund. Total outlays were $7.6 million of which $2 million met with City's criteria for capitalization. The balance ($5.6 million) was expended in FY 2009/10. Total outlays in the prior year (FY 2008/09) were $13.3 million. Of the capital outlay fund's $22.2 million fund balance, $22.1 million is reserved or designated for specific capital projects. Redevelopment Agency Fund - This fund accounts for resources provided to finance the City's Redevelopment Agency, a separate legal entity organized pursuant to the community redevelopment law of the Health and Safety Code of the State of California. The City Council also serves on the Board of Directors of the Redevelopment Agency. The Redevelopment Agency's fund balance decreased by $3.6 million due to the required $3.6 million payment made to the State of California to assist the State in covering its budget deficit. low and Moderate Income Housing Fund - This fund accounts for redevelopment property tax increment revenues which are restricted for low and moderate income housing. The fund balance increased by $3.1 million as projects were delayed, and cash was loaned to the Redevelopment Agency fund to enable the Redevelopment Agency fund to make the required $3.6 million payment to the State of California. Proprietary Funds Enterprise fund net assets totaled $160.6 million at the end of the fiscal year, an increase of $9 million over the prior year balance of $151.6 million. Enterprise operating revenues were $50 million this year, an increase of $1.5 million over last year, while net non-operating revenues (expenses) were $1.7 million compared to $4.9 million the prior year. Net non-operating revenues (expenses) experienced a$3.2 million change due to the decreases in grant revenue of $3 million and decrease in the interest expense of $.6 million, offset by minor changes in other non-operating revenues (expenses). Enterprise fund operating expenses were $44 million this year, up $1.3 million from the prior year, most of which was due to higher operating expenses in the sewer utility funds. Water Utility - Net assets of the water utility fund increased $2.8 million in the current year to a total of $58.6 million. This increase resulted from a decrease in expenses related to water conservation and water meter replacement, and a decrease in interest expense. Sewer Utility - The sewer utility fund realized operating income of $2.6 million in the current year, down slightly from the operating income of $2.7 million in the prior year. Revenues increased by $1.5 million while expenses increased $1.7 million over the prior year due to increased costs associated with the South Bayside System Authority for wastewater treatment. Parking Fund - Operating revenues increased by $165,000 this year to $1 million, while operating expenses remained at $2.5 million. The general fund transferred $979,000 into the parking fund to partially cover the operating deficit. Port Fund - Operating revenues were up 4.4% while operating expenses were up 4.6% from FY 2008/09. Interest income decreased 69% from $346,000 to $108,000. Overall, net assets increased from $23 million to $25 million, or 9%. GENERAL FUND BUDGETARY HIGHLIGHTS Property taxes exceeded budget by $.7 million primarily due to the receipt of a$3.9 million payment from the County of San Mateo due to the over-deduction of Education Revenue Augmentation Fund amounts from the City 10