AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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. : .~ ~ .:: ..... .'1 . . . PROPRIETARY FUND F'INANCIAL:.STATEMENTS I'...,.. Enterprise funds account" for City operations fin~nced.;and operated in a :manner .similar to a. })rivate . business enterprise. The. intent of the City is that the cost ~f providing goods and services be fi~ced :primarily through user :charges. .. . . .. The concept~fm~;or fu~i1s established by GASB StatementJ4 .extends to.cnterprise funds. The City has identified all of its enterprise fvnds as major funds in fiscal year 2007/08. . . . . .. .. . . . . GASB 34 does . not provide for. the djsclosu.re of budget VS. actual comparisons regarding. en~erprise funds. . . . . WATER UTlLlTVFuND ;.. .. . 'This fund is used to account for. the provision of water services to: the residents. of :Redwood. City and. some residents of.areas adjacent -to the;. City..: All activities necessary to provide such services are accounted. for. iri these. fundS,. including, hut n~t.. ;limited to; administration1: operations, maintenance, capital improvements. financing, and. billin8lcollections. . . . . . . SEWER .UTILlTY FuND ..... . . . . . This fund is used to. acCQUIlt .for. the provision. of sewer; servi~es to the residents of Redwood City and some residents of :areas adjacent to the City. AU activities .,necessary to provide .;such services are accounted for .in : these funds,.. including, but not limited. to, administration, operations. maintenance..: capital improvemenis,financing, and billinglcol~ections. . ..... . . . . .. : i . . PARKING .FUND :,. . . This fund is used to acco~nt for. on-street and off-street .parking operations within the boundaries of the central business di~trict 9.f:the. .CitY~. . AU. activities necessaIY: .to .pro'vide metered parking within the district are acco~ted fo( in these. funds,:. including, hut not limited "to, administration, <?perations and maintenance, :capital improvements, meter col]ectjon~ .and financing including related debt service. The . authority for the formation of the. district and, the.: issuarice of revenue bonds are contained in the Statc. of .Califo~la.'s StreetS and HighwayCode. . . : . :. . .. . .:. . PORT OF REDWOOD CITY (PORT FuND). ; This fund is,usedto account for Port activities::within the Port. Department as defmed in the City Charter. These .activities include, ;but are'.no! limlted to, :adminisJration, maintenance; 311doperations, and .Port improvements. . Management ~f the Port ,of Redwood City.is proVided~y the Port Commission, whose ; members are~ appointed .:for five-year terms by tl1e. 'City ~unci1. . .The: only limitation to the. commissioner's authority iSithe power to levy taxes. which.must.b6: approved by the City Council.. .Also; . . the City Charter proVides that the. City Treasurer is th~ Port Treasurer.and.the Citi' Attorney:is the;Port Attorney.. This fund is included in this .report because . both the Bureau or Census and the., State of: Californi~require the City t.o include a: summ~ry. of the Port's flnancial transactions. in the;respective reports. . . . . INTERNAL SERVICE FuNDS . . . . . .. . These funds are LJsed to at:coUnt for the fina~cing of goods.and services provided by .one City department : to others on a cost reimbursement basis. Inte.rnal service funds are included with enterprise funds as both . use the same accounting and financia~; repOrting. . .,. . .: .:. :.,\:. :: .:i;':