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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 8 – Long-Term Liabilities (Continued)
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<br />B. Governmental Activities (Continued)
<br />
<br />2021 Lease Revenue Refunding Bonds (Continued)
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<br />The annual debt service requirements are as follows:
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<br />Year Endin g
<br />June 30, Principal Interest Total
<br />2026 1,300,000$ 1,789,050$ 3,089,050$
<br />2027 1,355,000 1,737,050 3,092,050
<br />2028 1,405,000 1,682,850 3,087,850
<br />2029 1,465,000 1,626,650 3,091,650
<br />2030 1,520,000 1,568,050 3,088,050
<br />2031-2035 8,570,000 6,877,250 15,447,250
<br />2036-2040 10,225,000 5,226,750 15,451,750
<br />2041-2045 11,850,000 3,598,500 15,448,500
<br />2046-2050 13,740,000 1,710,750 15,450,750
<br />2051-2055 3,000,000 90,000 3,090,000
<br />Total 54,430,000$ 25,906,900$ 80,336,900$
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<br />Subscription Liability
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<br />The City has entered into subscription-based information technology arrangements (SBITAs) for services related
<br />to cloud-based software applications, data storage and management services. Under the terms of these
<br />arrangements, the City does not take possession of the software at any time and the vendor provides ongoing
<br />services for the software's operation. The subscription periods vary, with initial non-cancellable terms ranging from
<br />2 to 5 years. The calculated interest rate used was 2.40%.
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<br />As of June 30, 2025, the capitalized right-to-use assets related to SBITAs were $1,858,913 and the total subscription
<br />liability was $1,042,545, of which $495,953 is reported as a current liability representing the amount due within
<br />the next fiscal year.
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<br />The annual debt service requirements are as follows:
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<br />Year Ending
<br />June 30, Principal Interest Total
<br />2026 495,953$ 4,426$ 500,379$
<br />2028 427,699 1,682,850 2,110,549
<br />2029 57,711 1,626,650 1,684,361
<br />2027 61,182 1,753 62,935
<br />Total 1,042,545$ 3,315,679$ 4,358,224$
<br />7.C. - Page 126 of 269
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