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6.G. - Pagf Red o od 187 <br />City <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2018 <br />NOTE 17 - SOUTH BAYSIDE WASTE MANAGEMENT AUTHORITY (CONTINUED) <br />Audited financial statements are available from the SBWMA, c/o the City of San Carlos, 600 Elm Street, <br />San Carlos, CA 94070. The following is SBWMA's condensed unaudited financial results for the fiscal year <br />ended June 30, 2018: <br />S <br />Total assets 74,506,626 <br />Total liabilities 54,235,476 <br />Total net position 20,271,150 <br />NOTE 18 - RELATED PARTY TRANSACTIONS <br />In June 2000, the City's former Redevelopment Agency authorized a First Time Homebuyer Program <br />targeted to City employees and school teachers from the Redwood City Elementary School District. <br />Under the program, the Agency offered first time homebuyers financial assistance in the purchase of a <br />home within the City of Redwood City. These loans bear no interest and are secured by third deeds of <br />trust on the property. No payments are due until five years after the date of purchase. This loan <br />program was extended to City employees who met the criteria of the program. As of January 31, 2012, <br />the program was discontinued due to the dissolution of the Redevelopment Agency. As of June 30, <br />2018, one employee had a loan due to the City in the amount of $29,427. <br />NOTE 19 - PRIOR PERIOD ADJUSTMENT <br />The City recorded prior period adjustments to eliminate the previously reported net OPEB obligation, <br />and to recognize deferred outflows of resources and net OPEB liability as of June 30, 2017. <br />The City recorded a prior period adjustment to adjust the capital assets in government -wide to account <br />for the land transfer from Successor Agency Private -Purpose Trust Fund last fiscal year. <br />The City recorded a prior period adjustment to adjust the unavailable revenue in transportation grants <br />fund to account for the grants unreceived within 60 days after year end last fiscal year. <br />The City recorded a prior period adjustment to adjust the deposit payable in general fund to correct the <br />classification of the deposit payable amount in the general fund in the prior fiscal year. <br />91 297 <br />