AgdaPkt 2014-01-13 Interview, Closed and Regular

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City of Redwood City 7.1. G. - Page 42 Management's Discussion and Analysis For the year ended June 30, 2013 Enterprise fund operating expenses were $55.2 million this year, up $2.7 million from the prior year, most of which was due to higher operating expenses in the water utility fund, and the first year of expenses for the Docktown Marina. Water Utility - Net position of the water utility fund increased to $66.2 million in the current year from $64.1 in the prior year. Sewer Utility - The sewer utility fund realized operating income of $8.3 million in the current year, up from the operating income of $5.1 million in the prior year. Revenues increased by $2.5 million while expenses decreased $0.73 million from the prior year. Parking Fund - Operating revenues increased by $99 thousand this year to $1.37 million, while operating expenses increased slightly to $2.426 million. The general fund transferred $442 thousand into the parking fund to cover the operating deficit. Port Fund - Operating revenues were up 2.6% while operating expenses were up 2% from FY 2011/12. Grant revenue decreased $1.5 million. Overall, net position increased from $31.3 million to $32 million, or 2.1 %. Docktown Marina - This fund's activity began in March 2013. During this first year of operations it had $0.251 million in operating revenues, $0.243 in operating expenses, and $0.242 in capital contributions resulting in net assets of $0.250 million. GENERAL FUND BUDGETARY HIGHLIGHTS Property taxes exceeded budget by $2.7 million primarily due to the receipt of a $4.2 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 $1.7 million and the receipt of residual property tax distribution attributable to the former Redevelopment Agency in the amount of $2.5 million which exceeded the estimated amount by $1.1 million. Sales and other taxes were greater than budget by $2.5 million mostly due to an unanticipated increase in sales tax revenue ($2.2 million), property transfer tax ($0.2 million), and business license tax ($0.1 million). Licenses and permits were greater than budget by $0.7 million due to construction activity during the year exceeding expectations. Use of money and property tax revenue was less than budget by $0.1 million due to lower investment earnings than expected as interest rates remained low. Intergovernmental revenue was greater than budget by $0.1 million primarily due to receipt of unbudgeted motor vehicle license fee revenue in addition to unbudgeted State Mandated program reimbursement. Charges for current services were less than budget by $0.2 million due to fire services fees and recreation program fees falling below budget, offset by planning related fees which exceeded budget as planning activity exceeded expectations. 14