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City of Redwood City
<br />Management’s Discussion and Analysis (Unaudited) (Continued)
<br />For the Year Ended June 30, 2025
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<br />CAPITAL ASSETS AND LONG-TERM DEBT ADMINISTRATION
<br />
<br />Capital Assets
<br />
<br />At the end of fiscal year 2024-25, the City had $620.4 million, net of depreciation and amortization, invested in a broad
<br />range of capital assets used in governmental and business-type activities, as shown in the table below. Additional
<br />information on the City’s capital assets can be found in Note 7 of this report.
<br />
<br />2025 2024 2025 2024 2025 2024 Variance
<br />$$$$$$
<br />Land 34,593 34,593 3,126 3,126 37,719 37,719 0.0%
<br />Streets 174,268 169,424 - - 174,268 169,424 2.9%
<br />Construction in progress 130,437 108,969 20,371 11,323 150,808 120,292 25.4%
<br />Buildings 87,953 87,953 62,685 62,685 150,638 150,638 0.0%
<br />Equipment 42,088 39,716 2,348 2,348 44,436 42,064 5.6%
<br />Improvements 46,320 42,892 300,481 294,584 346,801 337,476 2.8%
<br />Harbor improvements - - 4,329 4,329 4,329 4,329 0.0%
<br />Right-to-use leased property - - 3,589 3,588 3,589 3,588 0.0%
<br />Parks and bridges 59,529 59,413 - - 59,529 59,413 0.2%
<br />Traffic signals 8,578 7,928 - - 8,578 7,928 8.2%
<br />Storm drains 23,519 22,085 - - 23,519 22,085 6.5%
<br />SBITA intangible assets*1,859 4,693 238 - 2,097 4,693 -55.3%
<br />Less accumulated depreciation/amortization (245,635) (235,021) (140,272) (132,639) (385,907) (367,660) 5.0%
<br /> Total capital assets 363,509 342,645 256,895 249,344 620,404 591,989 4.8%
<br />*SBITA stands for Subscription-Based Information Technology Arrangement
<br />(Amounts in thousands)
<br />Capital Asset Investments
<br />Governmental
<br /> Activities
<br />Business -Type
<br />Activities Total
<br />
<br />Governmental Activities
<br />
<br />During fiscal year 2024-25, total capital assets, net of depreciation and amortization, increased $20.9 million to $363.5
<br />million. Capital investments included a number of improvements at City facilities to ensure they remain in good
<br />condition for community use, including $13.3 million in improvements at the Veterans Memorial Building/ Senior
<br />Center. Other projects of note included $3.0 million in improvements for critical work at the 101/Highway 84
<br />interchange; $2.6 million for storm drain improvements; $1.0 million for Redwood Avenue paving; and $0.6 for
<br />synthetic turf replacement.
<br />
<br />Business-type Activities
<br />
<br />During fiscal year 2024-25, total capital assets, net of depreciation and amortization, increased $7.6 million to $256.9
<br />million. Construction in progress had a $9.1 million net increase due to the completion of several water and sewer
<br />projects and the inclusion of several new projects in process. These adds were primarily water distribution system and
<br />sewer collection system assets.
<br />7.C. - Page 49 of 269
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