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ATTACHMENT1 <br /> 6.1. B. - Page 8 <br /> Port <br /> The net assets for the Port increased by $3.5 million for the fiscal year ended June 30, <br /> 2011. Operating revenues increased 2.5% from $5.595 million in FY 2009/10 to $5.734 <br /> million in FY 2010/11 while operating expenses increased 6.4% from $3.533 million in <br /> FY 2009/10 to $3.760 million in FY 2010/11. <br /> Self-Insurance Fund Highlights <br /> The self-insurance internal service fund had negative net cash used by operating <br /> activities of $495,000 as premiums charged to operating departments did not cover the <br /> increased operating expenses. During FY 2008/09 the self-insurance fund advanced <br /> $2.5 million to the capital outlay fund to provide a portion of financing needed to acquire <br /> the "Cemex" property on Maple Street. During FY 2010/11, $1 million of this advance <br /> was repaid. This advance is scheduled to be fully repaid, with interest, on June 30, <br /> 2013. <br /> ALTERNATIVES <br /> Council could elect not to accept the financial report which would result in additional <br /> costs associated with additional field work required to be completed by Caporicci & <br /> Larson. The additional field work is required to comply with auditing guidelines which <br /> require that financial reports be published soon after field work is completed. <br /> FISCAL IMPACT <br /> The costs associated with not accepting the financial report will range from $2,000 to <br /> $3,000 for additional auditing services depending on how much additional field work is <br /> required. These amounts are currently not budgeted; a budget amendment would be <br /> required. <br /> Brian Ponty Robert B. Bell <br /> Director of Finance City Manager <br /> ATTACHMENTS <br /> 1. Redwood City's Comprehensive Annual Financial Report June 30, 2011 <br /> 2. Redevelopment Agency's Basic Financial Statements June 30, 2011 <br /> 3. Single Audit Report <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> None <br />