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<br />....MANAGEMEN"t'S:DISCUSSION AND A."lAI.~YSls
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<br />;rhe .City-Wide . Financial Stateme.nts provide a longer-tenn. viev.' of th~ City's activities as a whole, and comprise: .
<br />the Statement'of Net Assets and the Statement of Activities. TheStatementcof Net Assets J,rovidcs. information .
<br />aboutth~ finat:lcial position of the City as.a whole, including all its. capital assets.and long-term liabilities.on the full .
<br />: , accruaL ba~is"similar to that used by corporations. Over time~ increaSes or decreases in net assets may serve as a.
<br />. useful indicator :of whether. the. financial :position. of the City is. improving or deteriorating. The Statement. of .
<br />Activities'provides iriformation about all the City's revenues and all it') expenses; also on the full accrual basis, with.
<br />the 'e.mphasls on measuring net revenues or exp<..-nses of each of the City's programs. The Statement of Activities
<br />explains in detail the change i~ Net~ssets for the year:: ' ... .
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<br />All of ~e: City's activities ate grouped into government .a~tiViries'and business-~ activities,: as explained below.
<br />AU the .amounts ,in the Statement- 9f Net Assets and the Statement :of Activities are separated .into governmental
<br />acth/ities aridbusine~s-tYPe activities in order to.provide a summary of these two activities of.~he City as a ~hole.
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<br />The Fund Financial Statements report the. C~ty's operations in m.ore detaIl than the.govern:mertt-wide,statements and.:
<br />fo.cus ~primarily on the. short...term activities- 'of the City's general fund and other major funds. The, Fund Financial
<br />statements measure only. . current revenues and expenditures and fund balances;. they, exclude capital assets, .long-
<br />tenn debt, and o~her long~term a~lounts.' . . . .. ., ... '.:.. ., .
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<br />.' Major funds account for.the major finanCial acti"ities of the CitY .and are.presented:individually, while the actiVities..
<br />;. of non-major funds. are presented in summary,' with subordinate schedules. presenting the detail for each of these
<br />...: . other'funds, Major funds are ex.plained below. ,.' . -. ' ,
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<br />'The Go'vernment-wide.Finantial Stat~eDts. . . .. .'.: .
<br />'~e S~tement of Net Assets apdthe State~ent of ActiVities pres~t.infoimati~p. about th.e fol~owing:. '
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<br />GovemmentaL~ctivities - Alt:ofihe; Cit)fsbasic services: are. considered to be governn;entaf"actiVities, i.npludi~g:
<br />general' government;. .coIl1munity.. development.. public: safety.. public . .works, culture-rec:reation, public
<br />improvements~.planning!and z.oning"and :general administration services: These services are supported by general"..
<br />City revenues such as taxes, and by speCific program revenues such ~s.developer fees. . :.
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<br />Business-type. 'Activities. ~. All the; city'~ :enterprise acti\;7ities are reported:'.hete,. including. water, sewer, parking,
<br />and the Port of Redwood City. Unlike governmental services, these $eMces are :supported by charges paid by users
<br />.base~on thc.amount ofthe:s~rvic.e:thcy use. .... ' .
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<br />Government-wide financial .statements .are.,prqlared on the .actroal basis, which means they. mea.sure the flow of all
<br />economic. resources of. the City 'as a wh~le. .i . .. .
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<br />· Thegovernmen.H.vide financial statements. may be fouiul on pages J 6- J 7 of thtsreport.,
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<br />Furt4 'FInancial :statements " :' .' ,: ';" :; :~ :. ..'. . '
<br />A fwid' is :a grouping :01 related accounts that is used .to .maintain control over" resoUrces that have been segregated :
<br />. forspeciflcacrivities or objectives. The, City of Redwood City, like other. state and local go~emments. Uses fund
<br />,accountiTig..toensure and :demonsti"ate compliance with:financ;e-related legal requirements.. All of thefunas of the.;
<br />. . ;City' of Redwood CitY :can be divided'into three categories: :govemmental funds, proprietary fuiids, and fiduciary
<br />(funds.': ,.. . ' ... ... . .
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<br />Fund financial stat~m~ts provide detailed information ab6ut ~a~h.of.the Ci~y's ~osi sigrliflcant funds,.calle(fmajor
<br />funds. The concept..of major. funds, and the detemnnation :01' which are major'.funds,..wasestablished by GASB.'
<br />.Statement 34 and replaces ~he concept of:c~mbining : like funds. and presenting them in total.. Instead, each major:. :
<br />fund is presented individually, With. all non-major funds summarized 'and presented only in a single column.,... ..
<br />.. Subordinate. schedules present .the detail of these non-major funds.: Major funds present the major activities of the.
<br />. City for the year, and may. change from year to year as a result of changes iri the pattern of the City's activities... .
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<br />Governme~tal fund fimmcial :statements .are prepared on the modified .accrual basis, \Vhich:mea~s they measure
<br />. .only: current fina.t}ciaLresources and. uses, Capital assets .3J:"1d other .long-lived assets, along with long-term.
<br />.li~bilit}e~, arc not p~esented in. the governmental fund financi~ state~~ts.. . Unlike the government~wide fli1ancial
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