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City of Redwood City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2017
<br />
<br />
<br />
<br />NOTE 6 – GOVERNMENTAL ACTIVITIES LONG‐TERM DEBT (CONTINUED)
<br />
<br />B. Changes in Long‐Term Obligations
<br />
<br />As of June 30, 2017, the City had the following long‐term obligations outstanding:
<br />
<br />Interest
<br />Rate
<br />Beginning
<br />Balance Additions Retirements
<br />Ending
<br />Balance
<br />Due within
<br />One year
<br />Governmental Activities:%$$$$$
<br />Revenue Bonds
<br />2013 PFA Refunding Lease 1.51 1,711,586 676,920 1,034,666 687,180
<br />Total Bonds and Loans 1,711,586 676,920 1,034,666 687,180
<br />Accrued Sick Leave and Vacation 11,066,600 922,640 432,796 11,556,444 446,269
<br />Total Governmental Activities Long‐Term Debt 12,778,186 922,640 1,109,716 12,591,110 1,133,449
<br />
<br />
<br />At year‐end, $1,011,176 of internal service fund compensated absences is included in the above
<br />amounts. For the governmental activities, compensated absences are generally liquidated by the
<br />general fund.
<br />
<br />C. Annual Repayment Requirements for Long‐Term Debt
<br />
<br />Fiscal
<br />Year End
<br />June 30 Principle Interest
<br />$$
<br />2018 687,180 13,039
<br />2019 347,486 2,624
<br />1,034,666 15,663
<br />Refunding Lease
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<br />
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<br />NOTE 7 – BUSINESS‐TYPE ACTIVITIES LONG‐TERM DEBT
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<br />A. Description
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<br />Revenue Bonds:
<br />
<br />Port of Redwood City 2012 Revenue Bonds – In June 2012, bonds were issued in the amount of
<br />$10,000,000 to finance construction of the Port’s Wharf 1 & 2 Redevelopment Project. The bonds are due
<br />in annual installments of $386,916 to $725,679 through 2032, with total principal and interest remaining
<br />of $11,134,407. The bonds are payable out of net revenues of the Port, which are expected to equal at
<br />least 120% of the annual debt service requirement.
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<br />6.1.E. - Page 82
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