|
City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />
<br />90
<br />Note 6 – Investment in Silicon Valley Clean Water Authority (Continued)
<br />
<br />During the fiscal year ended June 30, 2025, the City contributed $18,907,488 toward the cost of operating and
<br />maintaining the facility and paid debt principal and interest of $17,323,963 that included the state revolving fund loan
<br />and the financing agreements to finance the construction and rehabilitation of the SVCW’s wastewater system. The
<br />City also contributed $2,428,332 toward capital improvements and capital reserves.
<br />
<br />The City Port Fund's acquisition of capacity rights allows the City and its tenants to discharge 400,000 gallons per day
<br />of wastewater to SVCW's treatment facility. The Port is carrying the capacity rights at the original acquisition cost of
<br />$1.00 per gallon for a total amount of $400,000.
<br />
<br />Audited financial statements are available from Silicon Valley Clean Water Authority, 1400 Radio Road, Redwood
<br />City, CA 94065.
<br />
<br />
<br />Note 7 – Capital Assets
<br />
<br />A. Governmental Activities
<br />
<br />The summary of changes in governmental activities capital assets for the year ended June 30, 2025, is as follows:
<br />
<br />Balance
<br />July 1, 2024, Transfers/ Balance
<br />as restated Additions Deletions Reclassifications June 30, 2025
<br />Capital assets, not being depreciated
<br />Land 34,593,078$ -$ -$ -$ 34,593,078$
<br />Construction in progress 108,968,640 25,442,100 - (3,973,922) 130,436,818
<br />Total capital assets, not being depreciated 143,561,718 25,442,100 - (3,973,922) 165,029,896
<br />Capital assets, being depreciated/amortized
<br />Buildings 87,953,170 - - - 87,953,170
<br />Improvements other than buildings 42,892,254 2,132,696 - 1,295,314 46,320,264
<br />Parks 57,164,604 - - 116,495 57,281,099
<br />Streets 169,423,952 4,843,721 - - 174,267,673
<br />Bridges 2,248,335 - - - 2,248,335
<br />Traffic signals 7,928,336 649,750 - - 8,578,086
<br />Storm drains 22,085,274 1,433,707 - - 23,518,981
<br />Machinery and equipment 39,715,816 662,345 (852,281) 2,562,113 42,087,993
<br />Subscription assets 4,693,002 1,151,760 (3,985,849) - 1,858,913
<br />Total capital assets, being depreciated/amortized 434,104,743 10,873,979 (4,838,130) 3,973,922 444,114,514
<br />Accumulated depreciation/amortization:
<br />Buildings (43,488,038) (1,710,300) - - (45,198,338)
<br />Improvements other than buildings (11,274,827) (2,257,817) - - (13,532,644)
<br />Parks (29,758,907) (2,112,113) - - (31,871,020)
<br />Streets (107,882,155) (5,833,962) - - (113,716,117)
<br />Bridges (2,248,338) - - - (2,248,338)
<br />Traffic signals (3,876,294) (314,241) - - (4,190,535)
<br />Storm drains (6,948,786) (668,942) - - (7,617,728)
<br />Machinery and equipment (25,236,022) (2,279,140) 814,629 - (26,700,533)
<br />Subscription assets (4,307,376) (238,615) 3,985,849 - (560,142)
<br />Total accumulated depreciation/amortization (235,020,743) (15,415,130) 4,800,478 - (245,635,395)
<br />Total capital assets, being depreciated/amortized, net 199,084,000 (4,541,151) (37,652) 3,973,922 198,479,119
<br />Total capital assets, net 342,645,718$ 20,900,949$ (37,652)$ -$ 363,509,015$
<br />7.C. - Page 122 of 269
<br />141
|