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<br />CITY OF REDWOOD CITY, CALIFORNIA <br />RECONCILIA nON OF THE <br />GOYERNMENTALFUNDS-BALANCESHEET <br />WITH THE STATEMENT OF NET ASSETS <br />JUNE 30, 2005 <br /> <br />TOTAL FUND BALANCES -- TOTAL GOVERNMENTAL FUNDS <br /> <br />Amounts reported for Governmental Activities in the Statement of <br />Net Assets are different from those reported in the Governmental Funds above because of the following: <br /> <br />CAPITAL ASSETS <br />Capital assets used in Governmental Activities are not current assets or financial resources and therefore are not <br />reported in the Governmental Funds. <br /> <br />ALLOCATION OF INTERNAL SERVICE FUND NET ASSETS <br />Internal service funds are not governmental funds. However, they are used by management to charge the costs of certain activities, <br />such as insurance and central services and maintenance, to individual governmental funds. The assets and liabilities of the <br />Internal Service Funds are therefore included in Governmental Activities in the Statement of Net Assets. <br /> <br />ACCRUAL OF NON-CURRENT REVENUES AND EXPENSES <br />The amounts below are revenues in the statement of activities that do not provide current financial resources and therefore <br />are not reported as revenues in the Funds: <br />Interest revenue <br />Deferred revenue <br /> <br />LONG TERM ASSETS AND LIABILITIES <br />The assets and liabilities below are not due and payable in the current period and therefore are not reported in the Funds: <br />Unamortized bond discounts and issuance costs <br />Long-term debt <br />Interest payable <br />Non-current portion of accrued sick leave and vacation <br /> <br />NET ASSETS OF GOVERNMENTAL ACTIVITIES <br /> <br />See accompanying notes to financial statements <br /> <br />21 <br /> <br />$ <br /> <br />138,084,578 <br /> <br />190,607,116 <br /> <br />10,652,329 <br /> <br />258,238 <br />540,696 <br /> <br />1,620,780 <br />(78,871,726) <br />(831,531) <br />(5,437,386) <br /> <br />256,623,094 <br />