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City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
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<br />Note 7 – Capital Assets (Continued)
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<br />C. Fiduciary Fund
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<br />The summary of changes in Fiduciary Fund capital assets for the year ended June 30, 2025, is as follows:
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<br />Balance Transfers/ Balance
<br />July 1, 2024 Additions Deletions Reclassifications June 30, 2025
<br />Capital assets, not being depreciated
<br />Land 2,560,739$ -$ -$ -$ 2,560,739$
<br />Total capital assets, not being depreciated 2,560,739 - - - 2,560,739
<br />Capital assets, being depreciated
<br />Improvements other than buildings 17,541,496 - - - 17,541,496
<br />Machinery and equipment 953,244 - (27,467) - 925,777
<br />Total capital assets, being depreciated 18,494,740 - (27,467) - 18,467,273
<br />Accumulated depreciation/amortization:
<br />Improvements other than buildings (8,132,868) (469,022) - - (8,601,890)
<br />Machinery and equipment (835,148) (46,289) 25,092 - (856,345)
<br />Total accumulated depreciation (8,968,016) (515,311) 25,092 - (9,458,235)
<br />Total capital assets, being depreciated, net 9,526,724 (515,311) (2,375) - 9,009,038
<br />Total capital assets, net 12,087,463$ (515,311)$ (2,375)$ -$ 11,569,777$
<br />Depreciation expense for the fiduciary fund for the year ended June 30, 2025 was $515,311.
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<br />Note 8 – Long-Term Liabilities
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<br />A. Summary
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<br />Annual Original
<br />Final Interest Principal Issue Outstanding at
<br />Maturity Rate Installments Amounts June 30, 2025
<br />Governmental Activities
<br />Direct Borrowing:
<br />Subscription liability 2029 2.40% $52,685 - $300,711 n/a 1,042,545$
<br />Public Borrowing:
<br />General Obligation Bonds, Series 2013
<br />(Library Improvement Project)2051 3.00% - 4.00% $1,205,000 - $3,000,000 56,885,000$ 54,430,000
<br />Total Governmental Activities 56,885,000$ 55,472,545$
<br />Business-Type Activities
<br />Direct Borrowing:
<br />Lease Liability 2066 1.50% $65,107 - $85,560 n/a 3,337,627
<br />Subscription liability 2029 2.40% $40,623 - $53,305 n/a 191,572
<br />Public Borrowing:
<br />Port of Redwood City Revenue Bonds Series 2012 2032 4.20% $294,620 - $725,679 10,000,000 4,495,133
<br />Port of Redwood City Revenue Refunding
<br />Bonds Series 2015 2030 2.00% - 4.00% $365,000 - $540,000 6,940,000 2,675,000
<br />Water Revenue Refunding Bonds Series 2013 2034 2.75% - 5.00% $830,000 - $1,960,000 26,870,000 -
<br />Water Revenue Refunding Bonds Series 2015 2035 3.00% - 4.00% $710,000 - $1,370,000 20,235,000 11,895,000
<br />Water Revenue Refunding Bonds Series 2017 2035 2.00% - 5.00% $245,000 - $480,000 6,300,000 4,085,000
<br />Water Revenue Refunding Bonds Series 2024 2034 5.00% $1,200,000 - $1,770,000 14,445,000 13,245,000
<br />Total Business-Type Activities 84,790,000$ 39,924,332$
<br />Fidiciary Funds
<br />Public Borrowing:
<br />2003 Tax Allocation Bonds 2032 2.75% - 5.00% $292,669 - $1,889,861 33,997,448 6,736,935
<br />Total Fiduciary Fund 33,997,448$ 6,736,935$
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