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ATTACHMENT1 6.1.F. - Page 8 For fiscal year ended June 30, 2012, the sewer enterprise fund ended with a balance of $6.979 in net assets available for appropriation. Parkinq Fund Redwood City maintains 1,229 on-street and 1,627 off-street parking spaces within the downtown area including the downtown underground parking garage which opened in May 2006. In FY 2011/12 operating revenues increased to $1,267,531 compared to $1,100,304 in FY 2010/11 due to increased traffic downtown as people were drawn to the downtown area by the theater, restaurants, and City sponsored events. Expenses remained level at $2.41 million. Port The net assets for the Port increased by $2.956 million for the fiscal year ended June 30, 2012. Operating revenues increased 6.4% from $5.734 million in FY 2010/11 to $6.102 million in FY 2011/12 while operating expenses increased 13.1% from $3.760 million in FY 2010/11 to $4.255 million in FY 2011/12. During FY 2011/12 the Port issued bonds in the amount of $10 million to finance construction of the Port's wharf 1 and 2 redevelopment project. Self-Insurance Fund Highlights The self-insurance internal service fund had net cash provided by operating activities of $16,984 as premiums charged to operating departments covered the operating expenses. During FY 2008/09 the self-insurance fund advanced $2.5 million to the capital outlay fund to provide a portion of financing needed to acquire the former "Cemex" property on Maple Street. During FY 2011/12, the remaining $.5 million of this advance was fully repaid. ALTERNATIVES Council could elect not to accept the financial report which would result in additional costs associated with additional field work required to be completed by Badawi and Associates. The additional field work is required to comply with auditing guidelines which require that financial reports be published soon after field work is completed. FISCAL IMPACT The costs associated with not accepting the financial report will range from $2,000 to $3,000 for additional auditing services depending on how much additional field work is required. These amounts are currently not budgeted; a budget amendment would be required. ENVIRONMENTAL REVIEW This is not a project under CEQA as defined in CEQA guidelines. Brian Ponty Robert B. Bell Director of Finance City Manager ATTACHMENTS None RELATED DOCUMENTS IN CITY CLERK'S OFFICE None