AgdaPkt 2011-01-10 - Laserfiche WebLink

Browse Search

6.1 B MANAGEMENT'S DISCUSSION AND ANALYSIS Page 34 in prior years, which exceeded the estimated amount by $1.4 million and offset the $.7 million unfavorable budget variance of the secured and unsecured property tax. Sales and other taxes were less than budget by $1.1 million mostly due to an unanticipated decline in sales tax revenue ($.8 million), transient occupancy taxes ($.2 million) and utility users' tax ($.5 million), offset by higher property transfer tax ($.5 million). Licenses and permits were less than budget by $.7 million due to continued decline in construction activity during the year. Interest income was $120,000 less than budgeted as interest rates continued to decline. Charges for services were $.2 million less than budgeted primarily due to a continued decline in plan checking and planning services revenue related to decreased construction activity, offset by unanticipated increases in planning services revenues related to the Stanford and Saltworks projects. Other revenue exceeded budget by $117,000 due primarily to the write off of old developer deposits for which records do not exist. Expenditures, overall, were $3 million less than budgeted primarily due to an unspent appropriation of $.2 million for the City's General Plan and $.6 million in reimbursable planning projects which are encumbered as of lune 30, 2010, savings in law enforcement of $.4 million due to vacancies, and citywide vacancies due to a temporary hiring freeze across departments. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets - At the end of FY 2009/10, the City had $376.1 million, net of depreciation, invested in a broad range capital assets used in governmental and business-type activities, as shown in the table below. Additional information on the City's capital assets can be found in Note 4 and Note 16 of this report. Capital Assets at Year-end (in Millions) Governmental Business-Type Activities Activities Total 2010 2009 2010 2009 2010 2009 Variance $ $ $ $ $ $ Land 34.105 34.105 3.448 3.448 37.553 37.553 0.000% Streets 102.497 101.113 102.497 101.113 1.369% Construction in progress 9.422 10.419 24.603 22.955 34.025 33374 1.951% Bui I di ngs 83.181 80.956 58.169 56.832 141350 137.788 2.585% Equipment 20.503 20.175 1.470 1.445 21.973 21.620 1.633%a Improvements 15.803 13.705 119.874 112.377 135.677 126.082 7.610% Harbor improvements 4.171 3.446 4.171 3.446 21.039% Parks, bridges, etc. 27.346 27.346 27.346 27346 0.000% Traffic signals 2.815 2.661 2.815 2.661 5.787%a Storm drains 9.612 9.612 9.612 9.612 0.000% Less accumulated depreciation 91.551 83.332 49351 45.688 140.902 129.020 9.209% Total capital assets 213.733 216.760 162.384 154.815 376.117 371.575 1.222% 11