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NOTE 4—CAPITAL ASSETS�CONTINUED�
<br /> B. Depreciation Allocatlon
<br /> Depreciation expense was charged to functions and programs based on their usage of the related assets. The
<br /> amounts allocated to each function or program are as follows:
<br /> Governmental Activities
<br /> Community Development $ 3 5,912
<br /> Human Services 78,527
<br /> Public Safety 894,375
<br /> Transportation 3,5 3 5,622
<br /> Leisure, cultural, and information services 1,3 85,107
<br /> Policy development and implementation 445,759
<br /> Environmental support and protection 92,909
<br /> Total Depreciation Expense-Governmental Activities $ 6,468,211
<br /> Business-Type Activities
<br /> Water Utility Fund $ 932,834
<br /> Sewer Utility fund 426,219
<br /> Parking Fund 126,848
<br /> Port of Redwood City 673,760
<br /> Total Depreciation Expense-Business-Type Activities $ 2,159,661
<br /> NOTE S—INVESTMENT IN SOUTH BAYSIDE SYSTEM AUTHORITY
<br /> Redwood City has an investment of$16,113,218 in a joint powers authority (JPA) with the cities of San
<br /> Carlos and Belmont and the West Bay Sanitation District. In addition, the City and the Port of Redwood
<br /> City have investments of $2,259,091 and $400,000, respectively, in South Bayside System Authority
<br /> (SB SA) capacity rights. This JPA, SB SA, operates and maintains a sewer plant which was j ointly
<br /> constructed with Environmental Protection Agency federal and state grants and contributions from
<br /> participating entities. The JPA is run by its board of directors which is comprised of four members. The
<br /> City Councils of each member city and the board of the West Bay Sanitation District each select one of
<br /> their own members to serve on this board. No member agency has control of SBSA's budget, finances, or
<br /> operations. The board acts autonomously of the respective member agencies.
<br /> Audited financial statements are available from South Bayside System Authority, 1400 Radio Road,
<br /> Redwood City, CA 94065. The condensed audited financial information of the JPA as of June 3 0, 2007
<br /> is as follows:
<br /> Total assets $ 82,079,3 85
<br /> Total liabilities 25,622,472
<br /> Total fund equity 56,456,913
<br /> Total operating revenues 14,234,724
<br /> Total operating expenses 14,435,199
<br /> Total operating income(loss) (200,475)
<br /> Net income (loss) 5,535,657
<br /> Cumulative agency contributions:
<br /> Belmont $ 3,956,949
<br /> San Carlos 5,499,132
<br /> Redwood City 18,3 72,3 09
<br /> West Bay Sanitation District 13,206,248
<br /> Capital assets (net depreciation) $ 41,034,638
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