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6.1 B - Attachment No. 4
<br /> NOTE 4-CAPITAL ASSETS(CONTINUED�
<br /> B. Depreciation Allocation
<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 $ 173,580
<br /> Human Services 79,201
<br /> Public Safety 1,103,418
<br /> Transportation 4,853,707
<br /> Leisure, cultural,and information services 1,688,854
<br /> Policy development and implementation 790,613
<br /> Environmental support and protection 141,121
<br /> Total Depreciation Expense-Governmental Activities $ 8,830,494
<br /> Business-Type Activities
<br /> Water Utility Fund $ 1,862,378
<br /> Sewer Utility fund 453,172
<br /> Parking Fund 580,047
<br /> Port of Redwood City 539,660
<br /> Total Depreciation Expense-Business-Type Activities $ 3,435,257
<br /> NOTE 5—INVESTMENT IN SOUTH BAYSIDE SYSTEM AUTHORITY
<br /> Redwood City has an investment of$17,811,143 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 $2,073,864 and $400,000, respectively, in South Bayside System Authority
<br /> (SBSA) stage II construction. SBSA operates and maintains a sewer plant which was jointly constructed
<br /> with federal and state grants and contributions from participating entities. The SBSA is run by its board
<br /> of directors which is comprised of four members. The City Councils of each member city and the board
<br /> of the West Bay Sanitation District each select one of their own members to serve on this board. No
<br /> member agency has control of SBSA's budget, finances, or operations. The board acts autonomously of
<br /> 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 30, 2009
<br /> is as follows:
<br /> Total assets $ 75,479,241
<br /> Total liabilities 13,123,076
<br /> Total fund equity 62,356,165
<br /> Total operating revenues 17,612,087
<br /> Total operating expenses 19,094,655
<br /> Total operating income(loss) (1,482,568)
<br /> Net income(loss) 2,581,035
<br /> Cumulative agency contributions:
<br /> Belmont $ 4,885,334
<br /> San Carlos 6,272,002
<br /> Redwood City 19,885,007
<br /> West Bay Sanitation District 12,949,875
<br /> Capital assets(net depreciation) 43,992,218
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