AgdaPkt 2016-01-11 Closed and Joint SA PFA

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City of Redwood City 6.1.E. - Page 100 Notes to the Basic Financial Statements For the year ended June 30, 2015 NOTE 10—NET POSITION AND FUND BALANCES(CONTINUED) C. Deficit Fund Equity/Net Position The Docktown Marina enterprise fund had negative net position of $165,104 due to the net pension liability resulting from the implementation of GASB Statement No. 68. The Successor Agency private purpose trust fund had negative net position of$20,630,247 due to long- term debt outstanding for bonds used to finance various downtown improvements. The self-insurance internal service fund had negative net position of $1,135,908 due to higher liability and worker's compensation claims than budgeted and actuarial liability adjustments. The internal services fund had a negative net position of $11,434,624 due to the net pension liability resulting from the implementation of GASB Statement No. 68. NOTE 11—FUNDS WITH EXPENDITURES EXCEEDING APPROPRIATIONS Fire, Library, Parks, Recreation and Community Services and Police department expenditures exceeded appropriations in the general fund primarily due to unbudgeted program expenditures for which there were sufficient revenues available. NOTE 12—INTERFUND TRANSFERS AND TRANSACTIONS A. Transfers The following interfund transfers were made during the year: Fund Receiving Transfers Fund Making Transfers Amount Transferred General Fund Non-major Governmental Funds 300,000 )1) Capital Outlay Fund 201,649 (2) Internal Service Funds 14,722 (2) Capital Outlay Fund General Fund 8,570,005 (3) Non-major Governmental Funds General Fund 1,333,595 (1) (3) Capital Outlay Fund 1,793,128 (1) Non-major Governmental Funds 28,011 (3) Docktown Marina Fund General Fund 22,230 (1) Internal Service Funds General Fund 2,200,000 (1) Total Interfund Transfers 14,463,340 71