AgdaPkt 2013-01-28 - Laserfiche WebLink

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MA,v,6.1.F. - Page 40 �D ANALYSIS Proprietary Funds Enterprise fund net assets totaled $182.6 million at the end of the fiscal year, an increase of$9.4 million over the prior year balance of $173.2 million. Enterprise operating revenues were $60.6 million this year, an increase of $5.9 million over last year, while net non-operating revenues (expenses) were $.2 million compared to $3.5 million the prior year. Net non-operating revenues (expenses) experienced a $3.3 million change due to the increase in interest expense of$2.7 million and the decrease in investment in sewer authority. Enterprise fund operating expenses were $52.5 million this year, up $4.7 million from the prior year, most of which was due to higher operating expenses in the water utility fund. Water Utility- Net assets of the water utility fund remained at$64.1 million in the current year. Sewer Utility - The sewer utility fund realized operating income of $5.1 million in the current year, up from the operating income of$2 million in the prior year. Revenues increased by$3.2 million while expenses remained flat compared to the prior year. Parking Fund - Operating revenues increased by $167 thousand this year to $1.268 million, while operating expenses increased slightly to $2.415 million. The general fund transferred $608 thousand into the parking fund to cover the operating deficit. Port Fund - Operating revenues were up 6.4% while operating expenses were up 13.1% from FY 2010/11. Grant revenue decreased by$.4 million to $1.5 million. Overall, net assets increased from $28.4 million to $31.3 million, or 10%. GENERAL FUND BUDGETARY HIGHLIGHTS Property taxes exceeded budget by $2.5 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 in prior years, which exceeded the estimated amount by $1.1 million and the receipt of property tax increment in the amount of$1.9 million which was not included in the adopted budget as it resulted from the February 1, 2012 dissolution of the Redevelopment Agency. Sales and other taxes were greater than budget by $2.6 million mostly due to an unanticipated increase in sales tax revenue ($1.3 million),transient occupancy taxes ($.7 million), and property transfer tax($.2 million). Licenses and permits were less than budget by$.1 million due to construction activity during the year not meeting expectations. Intergovernmental revenue was less than budget by $.2 million primarily due to budgeted motor vehicle license fee revenue which is no longer received from the State of California. Charges for current services exceeded budget by $1.3 million due to developer reimbursed legal fees for the Saltworks and Stanford development projects, planning fees related to increased private development projects, and new, unanticipated revenues received from contributions for downtown programs previously funded by the former Redevelopment Agency. Other revenue was less than budget by$.3 million due to a decline in miscellaneous one-time receipts. Expenditures, overall, were$4.8 million greater than budgeted primarily due to unbudgeted payments associated with employee separations and paid public safety overtime exceeding budget, in addition to unbudgeted expenditures related to the activities of the former Redevelopment Agency which was dissolved February 1, 2012. 12