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CITY OF REDWOOD CITY,CALIFORNIA <br /> RECONCILIATION OF THE <br /> GOVERNMENTAL FUNDS-BALANCE SHEET <br /> WITH THE STATEMENT OF NET ASSETS <br /> JUNE 30,2007 <br /> � <br /> TOTAL FLJND BALANCES--TOTAL GOVERNMENTAL FLJNDS 123,400,521 <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 /> CAPITAL ASSETS <br /> Capital assets used in Governmental Activities are not current assets or financial resources and therefore are not 213,700,085 <br /> reported in the Governmental Funds. <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. 13,805,751 <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 523,380 <br /> Deferred revenue 773,280 <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 1,484,829 <br /> Long-term debt (71,610,664) <br /> Interest payable (730,576) <br /> Accrued sick leave and vacation (7,240,515) <br /> NET ASSETS OF GOVERNMENTAL ACTIVITIES 274,106,091 <br /> See accompanying notes to financial statements <br /> 21 <br />