AgdaPkt 2012-01-09 - Laserfiche WebLink

Browse Search

MA,v 6.1. B. - Page 37 ID ANALYSIS in prior years, which exceeded the estimated amount by $1 million and offset the $.3 million unfavorable budget variance of the secured and unsecured property tax. Sales and other taxes were greater than budget by $1.8 million mostly due to an unanticipated increase in sales tax revenue ($1.1 million), transient occupancy taxes ($.6 million), and property transfer tax ($.1 million). Licenses and permits were less than budget by $.3 million due to construction activity during the year not meeting expectations. Intergovernmental revenue exceeded budget by $.2 million primarily due to a payment by the State of California for excess motor vehicle license fee revenue from prior years. Other revenue was less than budget by $.2 million due to a decline in miscellaneous one-time receipts. Expenditures, overall, were $1.4 million greater than budgeted primarily due to unbudgeted payments associated with employee separations and paid public safety overtime exceeding budget. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets - At the end of FY 2010/11, the City had $382.2 million, net of depreciation, invested in a broad range of 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 2011 2010 2011 2010 2011 2010 Variance $ $ $ $ $ $ Land 34.105 34.105 3.448 3.448 37.553 37.553 0.000% Streets 105.008 102.497 105.008 102.497 2.450% Construction in progress 8.981 9.422 22.618 24.603 31.599 34.025 -7.130% Buildings 83.181 83.181 58.169 58.169 141.350 141.350 0.000% Equipment 21.049 20.503 1.606 1.470 22.655 21.973 3.104% Improvements 15.803 15.803 134.552 119.874 150.355 135.677 10.818% Harbor improvements 4.177 4.171 4.177 4.171 0.144% Parks, bridges, etc. 28.700 27.346 28.700 27.346 4.951% Traffic signals 2.815 2.815 2.815 2.815 0.000% Storm drains 11.093 9.612 11.093 9.612 15.408% Less accumulated depreciation (100.111) (91.551) (52.976) (49.351) (153.087) (140.902) 8.648% Total capital assets 210.624 213.733 171.594 162.384 382.218 376.117 1.622% Governmental Activities The 4.7% decrease in Construction in Progress is driven by the completion of construction projects in connection with the Redwood Shores levee and the EI Camino Real improvements which translated into increases in streets and storm drains. Equipment increased primarily due to the purchase of various replacement vehicles. Parks increased primarily due to park improvements at Hawes and Shoreline Parks. 11