|
City of Redwood City
<br />Management’s Discussion and Analysis (Unaudited) (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />
<br />10
<br />GOVERNMENT-WIDE OVERALL FINANCIAL ANALYSIS
<br />
<br />Net Position
<br />
<br />As noted previously, net position may serve over time as a useful indicator of a government's financial position. In the
<br />case of the City of Redwood City, assets and deferred outflows of resources exceeded liabilities and deferred inflows
<br />of resources by $741.2 million at the close of the fiscal year.
<br />
<br />Total Total
<br />2025 2024 2025 2024 2025 2024 Variance
<br />$$ $$$$
<br />Cash and investments 327,580 326,722 166,847 162,135 494,427 488,857 1.14%
<br />Other assets 57,851 43,461 72,116 66,425 129,967 109,886 18.27%
<br />Capital assets 363,509 342,646 256,894 249,344 620,403 591,990 4.80%
<br /> Total assets 748,940 712,829 495,857 477,904 1,244,797 1,190,733 4.54%
<br />Total deferred outflows of
<br /> resources 77,384 93,914 8,241 10,748 85,625 104,662 -18.19%
<br />Long-term liabilities 417,348 385,424 71,965 78,070 489,313 463,494 5.57%
<br />Other liabilities 63,476 87,493 19,433 15,577 82,909 103,070 -19.56%
<br /> Total liabilities 480,824 472,917 91,398 93,647 572,222 566,564 1.00%
<br />Total deferred inflows of
<br /> resources 5,058 6,512 11,991 13,620 17,049 20,132 -15.31%
<br />Net Position:
<br /> Net investment in capital assets 306,530 321,969 213,598 202,882 520,128 524,851 -0.90%
<br /> Restricted 138,145 145,302 11,259 10,685 149,404 155,987 -4.22%
<br /> Unrestricted (deficit) (104,233) (139,957) 175,852 167,601 71,619 27,644 159.08%
<br /> Total net position 340,442 327,314 400,709 381,168 741,151 708,482 4.61%
<br />(Amounts in thousands)
<br />Net position
<br />Activities
<br />Governmental Business-type
<br />Activities
<br />
<br />The largest portion (83.7%) of the City’s net position reflects its capital assets (e.g., land, buildings, machinery, and
<br />equipment) less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets
<br />to provide services to residents; accordingly, these assets are not available for future spending. Although the City’s
<br />investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt
<br />must be provided from other sources, as the capital assets themselves cannot be used to liquidate these liabilities.
<br />
<br />The restricted portion of the City’s net position represents resources that are subject to external restrictions on how they
<br />may be used. Unrestricted net position may be used to meet the government’s ongoing obligations (although portions
<br />of unrestricted net position may, by law or contract, be only used for specified purposes and may not necessarily be
<br />used for any general governmental purpose) to residents and creditors.
<br />
<br />
<br />7.C. - Page 42 of 269
<br />61
|