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MINUTE ORDER CITY COUNCIL MEETING January 10, 2000 MO. 00-177 CITY CLERK DEPARTMENT Redwood City DATE: January 25, 2000 Attention: City Manager City Attorney Finance SUBJECT Acknowledge Receipt and Accept the Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 1999 Meeting of the Council of the City of Redwood City on January 10, 2000. Present: Councilmember Harmett, Howard, Ira, Jordan, Pierce, Vice Mayor Claire and Mayor Ruskin Absent: None The following motion was made, carried and entered on the Minutes: Financial Services Director Ponty began his report confining discussion to the General Fund activities, as it is the fund of which Council has the most discretion and will answer questions on any part of the document. He stated sales tax was up 13% and continues to be the largest source of funding in the General Fund at 30% of General Fund Revenue or 15.3 million dollars. The downside of sales tax is that it remains very concentrated. Of the 15.3 million dollars, over 7.5 million dollars is generated by just 25 businesses in Redwood City. Property tax remains the second largest source of revenue at 24% of the General Fund Revenue, or 12.4 million dollars. Property taxes were up 11% over the prior year, attributed to the strong housing and commercial markets with building activities going on the past year. The Transient Occupancy Tax, or hotel tax, was up $391,000. or 24% and is now slightly above 2 million dollars a year. The Utility Users Tax was up 7% and the one major revenue that declined was building permit revenue. The building permit revenue had declined 22% or $442,000. On the expenditure side, expenditures were up 10% over the prior year and within budget. Employee costs continue to be the single largest functional category of expenditure with almost two thirds of the Oeneral Fund devoted to Salaries and Benefits. By activity, Public Safety continues to be the largest single source of expenditures with approximately 55% of the General