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City of Redwood City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2017
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<br />NOTE 5 – INVESTMENT IN SILICON VALLEY CLEAN WATER AUTHORITY (CONTINUED)
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<br />The condensed unaudited financial information of the JPA as of June 30, 2017 is as follows:
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<br />Total Assets $ 304,774,427
<br />Deferred Outflows of Resources 4,117,386
<br />Total Liabilities 225,860,283
<br />Deferred Inflows of Resources 1,352,904
<br />Total Net Position $ 81,678,626
<br />Total Operating Revenues $ 38,333,303
<br />Total Operating Expenses 31,172,180
<br />Total Operating Income (loss) 7,161,123
<br />Other Income (loss) (4,646,384)
<br />Net Income (loss)$ 2,514,739
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<br />Cumulative Agency Balances:
<br />Belmont 20,951,130$
<br />San Carlos 6,840,208
<br />Redwood City 39,863,182
<br />West Bay Sanitation District 14,024,106
<br />Total Net Position $ 81,678,626
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<br />NOTE 6 – GOVERNMENTAL ACTIVITIES LONG‐TERM DEBT
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<br />A. Description
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<br />Redwood City has no outstanding general obligation bonds. The following is the only long‐term
<br />obligation of the City.
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<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 for
<br />the purpose of establishing an irrevocable escrow to refund $5,880,000 of the City’s 2003 Public Financing
<br />Authority Bonds. Principal is due in annual installments of $347,486 to $687,180, with total principal and
<br />interest remaining on the lease in the amount of $2,450,768 through July 15, 2018. Payments are made
<br />from the Public Financing Authority Refunding Lease Debt Service fund out of lease payment revenue
<br />received from the general fund, requiring less than 10% of net revenues. The refunding resulted in a
<br />decrease in total debt service payments of $347,302 and an economic gain of $270,485.
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<br />6.1.E. - Page 81
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