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5.1D -i <br />Caoltal Protects Funds Summary <br />Capital projects funds are used to account for the resources dedicated to the construction <br />and acquisition of capital facilities except those capital facilities financed by enterprise <br />funds. <br />The City expended over $8.3 million in 2002/03 for general capital projects. Some of the <br />more visible projects on which funds were expended in FY2002/03 include: the sidewalk <br />replacement program ($1 million), Police Department voice radio ($.9 million), Roosevelt <br />reconstruction ($1.1 million), and Hoover play field renovations ($1.4 million). <br />During the year ended June 30, 2003, GID 1 -64 facilities fee fund revenue was $705,700 <br />compared to $3.1 million for the year ended June 30, 2002. The decrease was due to less <br />building activity in the Redwood Shores area and will likely remain low due to almost <br />complete build -out of the Redwood Shores peninsula. <br />Enterorise Funds Summary <br />Water Fund <br />For the fiscal year ended June 30, 2003, the water enterprise fund had retained earnings <br />available for appropriation of $3.5 million. This amount is in addition to the $2.0 million <br />emergency reserve and $500,000 operating reserve that the Council has directed staff to <br />maintain. <br />In terms of the City Council's adopted policy of total annual revenues and expenses in <br />balance, cash basis revenues of $14.5 million were less than cash operating and capital <br />outlays of $14.6 million. <br />Sewer Fund <br />The sewer enterprise fund ended 2002/03 with $659,000 in retained earnings available for <br />appropriation. <br />The same Council policy of total annual revenues and expenses in balance applies to the <br />sewer fund as well. Cash basis revenues of $8.5 million were less than cash operating <br />and capital outlays of $10.3 million. A substantial component to the decrease in cash was <br />a shortfall in revenues. When revenues were estimated in the spring of 2002, the <br />perception of the affects of the local economy on the flow -based commercial revenues did <br />not reflect the degree to which commercial facilities were becoming vacant. We were too <br />optimistic about the growth in new connections, even though we had begun reducing <br />estimates in 2001. Thus connection fees and on- going, additional revenues were lower <br />than anticipated. <br />0 <br />