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City of Redwood City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2016
<br />NOTE 5 — INVESTMENT IN SILICON VALLEY CLEAN WATER AUTHORITY (Continued)
<br />The condensed unaudited financial information of the JPA as of June 30, 2016 is as follows:
<br />Total Assets
<br />$
<br />304,262,866
<br />Deferred Outflows of Resources
<br />Redwood City
<br />3,547,927
<br />Total Liabilities
<br />13,261,248
<br />224,521,135
<br />Deferred Inflows of Resources
<br />4,125,769
<br />Total Net Position
<br />$
<br />79,163,889
<br />Total Operating Revenues
<br />$
<br />50,284,840
<br />Total Operating Expenses
<br />30,749,580
<br />Total Operating Income (loss)
<br />19,535,260
<br />Other Income (loss)
<br />(5,785,038)
<br />Net Income (loss)
<br />$
<br />13,750,222
<br />Cumulative Agency Balances:
<br />Belmont
<br />$ 21,179,816
<br />San Carlos
<br />5,012,757
<br />Redwood City
<br />39,710,068
<br />West Bay Sanitation District
<br />13,261,248
<br />Total Net Position
<br />$ 79,163,889
<br />NOTE 6 — GOVERNMENTAL ACTIVITIES LONG-TERM DEBT
<br />A. Description
<br />6.1.D. - Page 83
<br />Redwood City has no outstanding general obligation bonds. The following is the only long-term
<br />obligation of the City.
<br />2013 Public Financing Authority Refunding lease — In May 2013, the City entered into a lease agreement
<br />with BBVA Compass Bank in the amount of $3,360,000 to refund the 2003 Public Financing Authority
<br />Bonds. Net proceeds of $3,292,748 plus the 2003 Public Financing Authority Bond Reserve were utilized
<br />for the purpose of establishing an irrevocable escrow to refund $5,880,000 of the City's 2003 Public
<br />Financing Authority Bonds. Principal is due in annual installments of $347,486 to $687,180, with total
<br />principal and interest remaining on the lease in the amount of $2,450,768 through July 15, 2018.
<br />Payments are made from the Public Financing Authority Refunding Lease Debt Service fund out of lease
<br />payment revenue received from the general fund, requiring less than 10% of net revenues. The refunding
<br />resulted in a decrease in total debt service payments of $347,302 and an economic gain of
<br />$270,485.
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