AgdaPkt 2005-01-24 - Laserfiche WebLink

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5.IB~1 Capital projects funds are used to account for the resources dedicated to the construction and acquisition of capital facilities except those capital facilities financed by enterprise funds. The City expended over $4 million in FY 2003/04 for general capital projects. Some of the more visible projects on which funds were expended in FY 2003/04 include: the sidewalk replacement program ($.6 million), 5th Avenues and bay front storm drain reconstruction ($.3 million), and Andrew Spinas Park renovations ($.6 million). During the year ended June 30,2004, GID 1-64 facilities fee fund revenue was $30,1 å5 compared to $705,700 for the year ended June 30, 2003. The decrease was due to less building activity in the Redwood Shores area and will likely remain low due to almost complete build-out of the Redwood Shores peninsula. Enterorise Funds Hiahliqhts Water Fund For the fiscal year ended June 30, 2004, the water enterprise fund had retained earnings available for appropriation of $1.3 million. This amount is in addition to the $2.0 million emergency reserve and $500,000 operating reserve that the Council has directed staff to maintain. In terms of the City Council's adopted policy to keep total annual revenues and expenses in balance, cash basis revenues of $16.1 million were less than cash operating and capital outlays of $16.8 million. Sewer Fund The sewer enterprise fund ended FY 2003/04 with $1.5 million in retained earnings available for appropriation. The same Council policy of total annual revenues and expenses in balance applies to the sewer fund as well. Cash basis revenues of $1 0.9 million were more than cash operating and capital outlays of $10.3 million. Parkina Fund Redwood City maintains on-street and off-street parking spaces within the downtown area. The parking fund had net loss of $7,700 for the year ending June 30, 2004 while generating $98,200 of cash in FY 2003/04. The reason behind this apparent contradiction is that the parking fund is required to recognize non-cash expenses primarily depreciation for the parking structure. Port The net assets for the Port increased by $1.7 million for the fiscal year ended June 30, 2004. Operating revenues increased 10.4% from $4.8 million to $5.3 million while operating expenses increased from $2.8 million to $3.3 million, or 17.9%. The Port's subvention to the City increased 22% from $290,000 in FY 2002/03 to $355,000 in FY 2003/04. 4