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Private Purpose Custodial <br />Trust Funds Funds <br />ADDITIONS: <br />Property taxes 3,507,029$ 1,016,434$ <br />Member contributions - 178,488 <br />Investment income 79,245 152,463 <br />Miscellaneous revenue 31,976 789,127 <br />Total additions 3,618,250 2,136,512 <br />DEDUCTIONS: <br />Administrative expenses 56,852 1,314,032 <br />Payments on conduit bonds - principal - 615,000 <br />Payments on conduit bonds - interest - 354,712 <br />Depreciation 515,311 - <br />Interest expense 1,291,933 - <br />Total deductions 1,864,096 2,283,744 <br />Change in net position 1,754,154 (147,232) <br />NET POSITION (DEFICIT): <br />Beginning of year, as previously reported (8,349,499) 44,719,632 <br />Adjustments 362,050 (41,726,295) <br />Beginning of year, as restated (Note 19)(7,987,449) 2,993,337 <br />End of year (6,233,295)$ 2,846,105$ <br />City of Redwood City <br />Statement of Changes in Fiduciary Net Position <br />Fiduciary Funds <br />For the Year Ended June 30, 2025 <br />See accompanying Notes to the Basic Financial Statements. <br />54 <br />7.C. - Page 86 of 269 <br />105