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City of Redwood City <br />Management’s Discussion and Analysis (Unaudited) (Continued) <br />For the Year Ended June 30, 2025 <br /> <br /> <br />18 <br />Long-Term Debt <br /> <br />At the end of fiscal year 2024-25, the City had a total of $130.7 million in long-term debt obligations, including its <br />obligations related to accrued sick leave and vacation. Of this amount, $86.3 million is attributable to governmental <br />activities and includes $60.7 million in outstanding lease revenue bonds for the Veterans Memorial Building/ Senior <br />Center facility and $24.6 million in liabilities for accrued sick leave and vacation time for employees. The remaining <br />$44.4 million in outstanding long-term debt is attributable to business-type activities and includes $7.2 million in <br />outstanding revenue bonds for the Port of Redwood City and $31.5 million in outstanding water enterprise revenue <br />refunding bonds. Additional information on the City’s outstanding debt can be found in Note 8 of the Notes to the Basic <br />Financial Statements section of this document. <br /> <br />2025 2024 2025 2024 2025 2024 Variance <br />$$$$ $ $ <br />Revenue bonds - 38,700 43,800 38,700 43,800 -11.6% <br />Lease revenue bonds 60,700 62,200 - 60,700 62,200 -2.4% <br />Leases liability - 3,300 700 3,300 700 371.4% <br />SBITA liability 1,000 400 200 1,200 400 200.0% <br /> Total long-term debt 61,700 62,600 42,200 44,500 103,900 107,100 -3.0% <br />(Amounts in thousands) <br />Outstanding Debt <br />Governmental <br />Activities <br />Business-Type <br />Activities Total <br /> <br />Special Assessment District Debt <br /> <br />Special assessment districts in different parts of the City have also issued debt to finance infrastructure and facilities <br />construction in their respective districts. <br /> <br />At June 30, 2025, a total of $8.5 million in special assessment district debt was outstanding, issued by two special <br />assessment districts. This debt is secured only by special assessments on the real property in the district issuing the debt, <br />and is not the City’s responsibility, although the City does act as these Districts’ agents in the collection and remittance <br />of assessments. <br /> <br />Private Purpose Trust Fund Debt <br /> <br />On February 1, 2012, the Redevelopment Agency of the City of Redwood City was dissolved pursuant to California <br />State law, and as of that date, the long-term debt associated with the former Redevelopment Agency was transferred to <br />a private purpose trust fund for the Successor Agency. At June 30, 2025, the Successor Agency had tax allocation <br />bonds outstanding in the amount of $23.4 million, including principal and interest. <br /> <br />7.C. - Page 50 of 269 <br />69