AgdaPkt 2007-12-17 - Laserfiche WebLink

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NOTE 1 g—RELATED PARTY TR.ANSACTIONS In June 2000, the City's Redevelopment Agency authorized a First Time Homebuyer Program targeted to City employees and school teachers from the Redwood City Elementary School District. Under the program, the Agency offers first time homebuyers financial assistance in the purchase of a home within the City of Redwood City. These loans bear no interest and are secured by third deeds of trust on the property. No payments are due until five years after the date of purchase. This loan program is extended to City employees who meet the criteria of the program. As of June 30, 2007, one employee had a loan due to the City in the amount of$40,592. In August 2003, the City made a housing assistance loan to the City Attorney to acquire real property in compliance with the employment agreement for $250,000 repayable in 30 years with an interest rate of 5.00% per annum on the unpaid loan balance. Interest of 3.75% per annum shall be deferred (non- compounded) and payable on the earlier of: (1) the transfer of the fee title to the property in whole or in part by the sale or otherwise; (2) within 12 months of the termination of his employment for any reason with the City; (3)within six months after the property ceases to be his principal residence; or(4) 30 years after the recordation of the deed of trust. As of June 3 0, 2007, the outstanding balance of this loan receivable was $171,581. NOTE 19—PRIOR PERIOD ADJUSTMENT The City recorded a prior period adjustment to the capital assets to delete capital assets no longer owned by the City, and to record capital assets for items previously expensed in error. Net Assets, As Previously Prior Period Net Assets, Reported Adjustment As Restated A. Government-wide Statement Governmental Activities: Net Assets $262,849,992 $687,123 $263,537,115 Business Activities: Net Assets $120,650,818 $2,481,726 $123,132,544 B. Fund Financial Statements Water Utility Fund $47,081,729 $1,586,691 $48,668,420 Sewer Utility Fund $33,481,643 $895,035 $34,376,678 60