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6.A. - Page 89 of 191
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2019
<br />NOTE 5 — INVESTMENT IN SILICON VALLEY CLEAN WATER AUTHORITY (CONTINUED)
<br />The condensed unaudited financial information of the JPA as of June 30, 2019 is as follows:
<br />Total Assets
<br />$
<br />479,334,378
<br />Deferred Outflows of Resources
<br />San Carlos
<br />5,611,134
<br />Total Liabilities
<br />20,783,277
<br />378,937,205
<br />Deferred Inflows of Resources
<br />1,246,858
<br />Total Net Position
<br />$
<br />104,761,449
<br />Total Operating Revenues
<br />$
<br />68,827,874
<br />Total Operating Expenses
<br />35,202,864
<br />Total Operating Income (loss)
<br />33,625,010
<br />Other Income (loss)
<br />(8,781,740)
<br />Net Income (loss)
<br />$
<br />24,843,270
<br />Cumulative Agency Balances:
<br />Belmont
<br />$ 34,399,881
<br />Redwood City
<br />42,012,663
<br />San Carlos
<br />7,565,628
<br />West Bay Sanitation District
<br />20,783,277
<br />Total Net Position
<br />$ 104,761,449
<br />NOTE 6 — GOVERNMENTAL ACTIVITIES LONG-TERM DEBT
<br />A. Description
<br />2013 Public Financing Authority Refunding lease — In May 2013, the City entered into a lease agreement
<br />with BBVA Compass Bank in the amount of $3,360,000 to refund the 2003 Public Financing Authority
<br />Bonds. Net proceeds of $3,292,748 plus the 2003 Public Financing Authority Bond Reserve were utilized for
<br />the purpose of establishing an irrevocable escrow to refund $5,880,000 of the City's 2003 Public Financing
<br />Authority Bonds. Principal is due in annual installments of $347,486 to $687,180, with total principal and
<br />interest remaining on the lease in the amount of $2,450,768 through July 15, 2018. Payments are made from
<br />the Public Financing Authority Refunding Lease Debt Service fund out of lease payment revenue received
<br />from the general fund, requiring less than 10% of net revenues. The refunding resulted in a decrease in total
<br />debt service payments of $347,302 and an economic gain of $270,485. As of June 30, 2019, this refunding
<br />lease was paid off.
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