AgdaPkt 2012-01-09 - Laserfiche WebLink

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ATTACHMENT1 6.1. B. - Page 7 Capital Projects Funds Highlights 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 $6.7 million in FY 2010/11 for general capital projects. The more visible projects on which funds were expended in FY 2010/11 are: the Sidewalk Replacement Program ($.9 million), the Play Equipment Replacement Program ($0.7 million) and the Hawes Park Bleacher Project ($0.6 million). During the year ended June 30, 2011, General Improvement District 1-64 facilities fee fund expended $.3 million for the Exterior Levee Certification, and $.3 million for Shoreline Park. Enterprise Funds Highlights Water Fund In terms of the City Council's adopted policy to keep total annual revenues and expenses in balance, cash basis revenues of $26.286 million including interest earnings were less than cash operating and capital outlay expenses (including debt service payments) of $28.829 million. Of the capital outlay expenses, $2.5 million were covered by bond proceeds. The total net working capital in the water fund as of June 30, 2011 was $7.9 million which is $1.7 million more than the target of $6.2 million ($2.0 million for an emergency reserve and 25% of operation and maintenance expenses for a rate stabilization reserve). Based on the adopted FY 2010/11 budget, the total net working capital as of June 30, 2011 was estimated to be $5.2 million. Revenues generated from water sales and service fees were $.4 million or 1.5% more than the projected amount at the end of FY 2010/11. Operating expenses were less than budget by $.8 million. Sewer Fund The same Council policy of total annual revenues and expenses in balance applies to the sewer fund as well. Cash basis revenues of $21.578 million were slightly less than cash operating and capital outlays of $21.730 million. For fiscal year ended June 30, 2011, the sewer enterprise fund ended with a balance of $4.4 in net assets available for appropriation. Parkina Fund Redwood City maintains 1,229 on-street and 1,627 off-street parking spaces within the downtown area including the downtown underground parking garage which opened in May 2006. In FY 2010/11 operating revenues increased to $1,100,304 compared to $1,005,328 in FY 2009/10 due to increased traffic downtown as people were drawn to the downtown area by the theater, restaurants, and City sponsored events. Expenses decreased to $2.413 million, a decrease of $49,000 or 2% from FY 2009/10. The decrease in operating expenses is attributed to one-time expenses in the prior year for professional services related to the parking garage. The general fund also transferred $.783 million to the parking fund to cover the operating deficit.