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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 />124
<br />Note 19 ‒ Adjustments and Restatements of Beginning Balances (Continued)
<br />
<br />These errors resulted from a lack in proper internal controls over year-end close procedures in prior years. The effects
<br />of these error corrections are summarized below in the “Error Correction” columns in the table below.
<br />
<br />June 30, 2024,
<br />As Previously
<br />Reported
<br />Restatement -
<br />GASB 101
<br />implementation
<br />Adjustments -
<br />Major and
<br />Nonmajor Fund
<br />Reclassification
<br />Error
<br />Correction -
<br />GASB 84/87
<br />Implementation
<br />Error
<br />Correction -
<br />Construction in
<br />Progress
<br />Error
<br />Correction -
<br />Receivable and
<br />Unearned
<br />Revenue
<br />Error
<br />Correction -
<br />PERS Payable
<br />Error
<br />Correction -
<br />RDA Items
<br />June 30, 2024,
<br />As Restated
<br />Government-wide
<br />Governmental activities 292,568,574$ (2,183,378)$ -$ 33,781$ 35,661,036$ (5,889,055)$ 6,984,791$ 137,950$ 327,313,699$
<br />Business-type activities 381,384,321 (163,061) - (52,927) - - - - 381,168,333
<br />Total government-wide 673,952,895$ (2,346,439)$ -$ (19,146)$ 35,661,036$ (5,889,055)$ 6,984,791$ 137,950$ 708,482,032$
<br />Governmental funds
<br />Major funds:
<br />General Fund 120,123,010$ -$ -$ 33,781$ 794,612$ 6,984,791$ -$ 127,936,194$
<br />Transportation Grants Fund - - 13,833,879 - - (6,715,972) - - 7,117,907
<br />Capital Outlay Fund 36,506,978 - - - - - - (362,050) 36,144,928
<br />Nonmajor funds 93,597,729 - (13,833,879) - - 32,305 - 500,000 80,296,155
<br />Total governmental funds 250,227,717$ -$ -$ 33,781$ -$ (5,889,055)$ 6,984,791$ 137,950$ 251,495,184$
<br />Proprietary funds
<br />Enterprise funds
<br />Major funds:
<br />Water Fund 137,356,789$ (84,826)$ -$ -$ -$ -$ -$ -$ 137,271,963$
<br />Sewer Fund 153,364,480 (64,245) - - - - - - 153,300,235
<br />Port of Redwood City Fund 53,683,965 - - - - - - - 53,683,965
<br />Parking Fund 37,389,698 - (37,389,698) - - - - - -
<br />Non-major funds:
<br />Parking Fund - (12,564) 37,389,698 (52,927) - - - 37,324,207
<br />Docktown Marina Fund (410,611) (1,426) - - - - - - (412,037)
<br />Total enterprise funds 381,384,321$ (163,061)$ -$ (52,927)$ -$ -$ -$ -$ 381,168,333$
<br />Internal service funds
<br />Equipment Services Fund 32,290,724$ (14,764)$ -$ -$ -$ -$ -$ -$ 32,275,960$
<br />Self-Insurance Fund 20,035,763 (5,704) - - - - - - 20,030,059
<br />Internal Services Fund (15,463,956) (159,449) - - - - - - (15,623,405)
<br />Employee Benefits Fund 5,364,252 - - - - - - - 5,364,252
<br />Total internal service funds 42,226,783$ (179,917)$ -$ -$ -$ -$ -$ -$ 42,046,866$
<br />Private purpose trust fund (8,349,499)$ 362,050$ -$ -$ -$ -$ -$ -$ (7,987,449)$
<br />Custodial funds
<br />Pacific Shores Community Facilities District Fund 20,361$ -$ -$ -$ -$ -$ -$ -$ 20,361$
<br />Shores Transportation Improvement District Fund 1,577,980 - - - - - - - 1,577,980
<br />One Marina Community Facilities District Fund 502,865 - - - - - - - 502,865
<br />Redwood City 2020 Fund 659,616 - - - - - - - 659,616
<br />South Bayside Waste Management Authority 41,667,798 - - (41,667,798) - - - - -
<br />Net-6 Fire JPA Fund 291,012 - - (58,497) - - - - 232,515
<br />Total custodial funds 44,719,632$ -$ -$ (41,726,295)$ -$ -$ -$ -$ 2,993,337$
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<br />Note 20 – Commitments and Contingencies
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<br />A. Litigation
<br />
<br />The City is currently a party to various claims and legal proceedings. Although the outcome of these lawsuits is not
<br />presently determinable, it is management’s opinion that the ultimate liabilities, if any, resulting from such claims
<br />and proceedings will not materially affect the financial position of the City.
<br />
<br />B. Federal and State Grants
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<br />The City participates in various federal grant programs, the principal of which are subject to program compliance
<br />audits pursuant to the Single Audit act as amended. Accordingly, the City’s compliance with applicable grant
<br />requirements will be established at a future date. The amount of expenditures which may be disallowed by the
<br />granting agencies cannot be determined at this time, although the City anticipates such amounts, if any, will be
<br />immaterial.
<br />7.C. - Page 156 of 269
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