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e <br />� D <br />Parking Fund <br />Redwood City maintains on- street and off - street parking spaces within the downtown area. <br />The parking fund had net income of $19,000 for the year ending June 30, 2003 while <br />generating $130,000 of cash in 2002/03. The reason behind this apparent contradiction <br />is that the parking fund is required to recognize non -cash expenses primarily depreciation <br />for the parking structure. <br />Port <br />The net assets for the Port increased by $2.6 million for the fiscal year ended June 30, <br />2003. Operating revenues increased 14.3% from $4.2 million to $4.8 million while <br />operating expenses increased from $2.5 million to $2.8 million, or 12 %. <br />X BYanPo <br />Director of Finance and <br />Financial Planning <br />Q I'd A44j- <br />J�Greenhorn <br />Accountant <br />(ZI <br />Edward P. Everett <br />City Manager <br />Attachments <br />Attachment 1 - Comprehensive Annual Financial Report for Year Ended June 30, 2003 <br />5 <br />