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PROPRIETARY FUND FINANCIAL STATEMENTS <br /> Enterprise funds account for City operations financed and operated in a manner similar to a private <br /> business enterprise. The intent of the City is that the cost of providing goods and services be financed <br /> primarily through user charges. <br /> The concept of major funds established by GASB Statement 34 extends to enterprise funds. The City has <br /> identified all of its enterprise funds as major funds in fiscal year 2006/07. <br /> GASB 34 does not provide for the disclosure of budget vs. actual comparisons regarding enterprise funds. <br /> WATER UTILITY FUND <br /> This fund is used to account for the provision of water services to the residents of Redwood City and <br /> some residents of areas adjacent to the City. All activities necessary to provide such services are <br /> accounted for in these funds, including, but not limited to, administration, operations, maintenance, <br /> capital improvements, financing, and billing/collections. <br /> SEWER UTILITY FUND <br /> This fund is used to account for the provision of sewer services to the residents of Redwood City and <br /> some residents of areas adjacent to the City. All activities necessary to provide such services are <br /> accounted for in these funds, including, but not limited to, administration, operations, maintenance, <br /> capital improvements, financing, and billing/collections. <br /> PARKING FUND <br /> This fund is used to account for on-street and off-street parking operations within the boundaries of the <br /> central business district of the City. All activities necessary to provide metered parking within the district <br /> are accounted for in these funds, including, but not limited to, administration, operations and <br /> maintenance, capital improvements, meter collection, and financing including related debt service. The <br /> authority for the formation of the district and the issuance of revenue bonds are contained in the State of <br /> California's Streets and Highway Code. <br /> PORT OF REDWOOD CITY�PORT FUND� <br /> This fund is used to account for Port activities within the Port Department as defined in the City Charter. <br /> These activities include, but are not limited to, administration, maintenance and operations, and Port <br /> improvements. Management of the Port of Redwood City is provided by the Port Commission, whose <br /> members are appointed for five-year terms by the City Council. The only limitation to the <br /> commissioner's authority is the power to levy taxes, which must be approved by the City Council. Also, <br /> the City Charter provides that the City Treasurer is the Port Treasurer and the City Attorney is the Port <br /> Attorney. This fund is included in this report because both the Bureau of Census and the State of <br /> California require the City to include a summary of the Port's financial transactions in the respective <br /> reports. <br /> INTERNAL SERVICE FUNDS <br /> These funds are used to account for the financing of goods and services provided by one city department <br /> to others on a cost reimbursement basis. Internal service funds are included with enterprise funds as both <br /> use the same accounting and financial reporting. <br /> 24 <br />