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ATTACHMENT 1 <br /> 7.1.G. - Page 8 <br /> Parking Fund <br /> Redwood City maintains 1,229 on- street and 1,370 off - street parking spaces within the <br /> downtown area including the downtown underground parking garage which opened in <br /> May 2006. In FY 2012/13 operating revenues increased to $1.367 million compared to <br /> $1.268 million in FY 2011/12 due to increased traffic downtown as people were drawn <br /> to the downtown area by the theater, restaurants, and City sponsored events. <br /> Expenses remained level at $2.4 million. <br /> Port <br /> The net assets for the Port increased by $0.67 million for the fiscal year ended June 30, <br /> 2013. Operating revenues increased 2.6% from $6.102 million in FY 2011/12 to $6.263 <br /> million in FY 2012/13 while operating expenses increased 2.1% from $4.255 million in <br /> FY 2011/12 to $4.343 million in FY 2012/13. <br /> Self- Insurance Fund Highlights <br /> The self- insurance internal service fund had net cash used by operating activities of <br /> $1.444 million as premiums charged to operating departments were not sufficient to <br /> cover the increase in workers' compensation claims. To offset the deficit in operating <br /> activities, the general fund transferred $100,000 and the employee benefits fund <br /> transferred $1.465 million to cover the increased workers' compensation costs. Despite <br /> these transfers, the self- insurance fund ended up with negative equity of $1.4 million as <br /> of June 30, 2013. <br /> ALTERNATIVES <br /> Council could elect not to accept the financial report which would result in additional <br /> costs associated with additional field work required to be completed by Badawi & <br /> Associates. The additional field work is required to comply with auditing guidelines <br /> which require that financial reports be published soon after field work is completed. <br /> FISCAL IMPACT <br /> The costs associated with not accepting the financial report will range from $2,000 to <br /> $3,000 for additional auditing services depending on how much additional field work is <br /> required. These amounts are currently not budgeted; a budget amendment would be <br /> required. <br /> ENVIRONMENTAL REVIEW <br /> This is not a project under CEQA as defined in CEQA guidelines. <br /> Brian Ponty Robert B. Bell <br /> Director of Finance City Manager <br /> ATTACHMENTS <br /> None <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> None <br />