AgdaPkt 2016-01-11 Closed and Joint SA PFA

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6.1.E. - Page 107 Notes to the Basic Financial Statements For the year ended June 30, 2015 NOTE 16—CONSTRUCTION,OTHER SIGNIFICANT COMMITMENTS AND ENCUMBRANCES(CONTINUED) Purchase orders are issued throughout the fiscal year to encumber the budgets in the governmental funds. Following are the outstanding encumbrances as of June 30, 2015: Major Funds: $ General Fund 583,937 Capital Outlay Fund 1,163,851 Total Major Funds 1,747,788 Non-Major Funds 4,567,591 Total Encumbrances 6,315,379 NOTE 17—SOUTH BAYSIDE WASTE MANAGEMENT AUTHORITY The City is a member of the South Bayside Waste Management Authority (SBWMA), a joint powers authority established to purchase the solid waste transfer station located in San Carlos, California from Browning-Ferris Industries. Currently there are 12 public entities that are members of this organization. Each of these members also, by individual and separate legislative action, has entered into a franchise agreement with Recology for solid waste collection within their respective jurisdictions. The SBWMA issued $20 million in bonds in 1999 to provide funds for the purchase of the transfer station. The debt issued by the SBWMA is not an obligation of any of the member entities. During FY 2009-10, SBWMA issued $58.5 million in bonds to finance improvements at the solid waste transfer station, and the remaining balance of the 1999 bonds were retired. The SBWMA also serves as a regional forum for member entities to collectively pursue other solid waste management matters such as rate setting, solid waste reduction, and meeting recycling goals as required by state law. Audited financial statements are available from the SBWMA, c/o the City of San Carlos, 600 Elm Street, San Carlos, CA 94070. The following is SBWMA's condensed unaudited financial results for the year- ended June 30, 2015. Total assets 77,211,191 Total liabilities 55,749,160 Total net position 21,462,031 78