AgdaPkt 2012-01-09 - Laserfiche WebLink

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MANAGEMENT'S DISCUSSION AND ANALYSIS 6.1. B. - Page 36 Transfers out of the general fund decreased $11.4 million in FY 2010/11 primarily due to the transfer to the 1998 City Hall Lease Revenue Certificates of Participation fund to cover the early redemption of the outstanding certificates of participation in the prior year. Capital Outlay Fund - This fund accounts for resources provided to finance general governmental capital projects. In FY 2010/11, the capital outlay fund generated $.3 million in revenue, most of which was from interest. This fund was also the recipient of $8.5 million of transfers from the general fund. Total outlays were $6.7 million of which $1.6 million met with City's criteria for capitalization. The balance ($5.1 million) was expended in FY 2010/11. Total outlays in the prior year (FY 2009/10) were $7.6 million. Of the capital outlay fund's $23 million fund balance, $3.9 million was nonspendable and $16.6 million was committed. 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 $.4 million due to the required $.7 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 decreased by $13 thousand. Proprietary Funds Enterprise fund net assets totaled $173.2 million at the end of the fiscal year, an increase of $11.6 million over the prior year balance of $161.6 million. Enterprise operating revenues were $54J million this year, an increase of $4.7 million over last year, while net non-operating revenues (expenses) were $3.5 million compared to $1.7 million the prior year. Net non-operating revenues (expenses) experienced a$1.8 million change due to the increases in grant revenue of $1.4 million and increase in investment in sewer authority. Enterprise fund operating expenses were $47.8 million this year, up $3.6 million from the prior year, most of which was due to higher operating expenses in the sewer utility fund. Water Utility - Net assets of the water utility fund increased $4.4 million in the current year to a total of $64.1 million. This increase resulted from increased charges for services. Sewer Utility - The sewer utility fund realized operating income of $2 million in the current year, down from the operating income of $2.6 million in the prior year. Revenues increased by $1.6 million while expenses increased $2.1 million over the prior year due to increased costs associated with the South Bayside System Authority for wastewater treatment, and the one-time costs associated with the Redwood Shores sewer spill. Parking Fund - Operating revenues increased by $95 thousand this year to $1.1 million, while operating expenses decreased slightly to $2.4 million. The general fund transferred $783 thousand into the parking fund to partially cover the operating deficit. Port Fund - Operating revenues were up 4.4% while operating expenses were up 2.5% from FY 2009/10. Grant revenue increased by $1.5 million to $1.9 million. Overall, net assets increased from $24.9 million to $28.4 million, or 14%. GENERAL FUND BUDGETARY HIGHLIGHTS Property taxes exceeded budget by $.7 million primarily due to the receipt of a$3.5 million payment from the County of San Mateo due to the over-deduction of Education Revenue Augmentation Fund amounts from the City 10