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NOTE 1 7 - SOUTH BA YSIDE WASTE MANAGEMENT AUTHORITY (CONTINUED) Audited financial statements are available from the SBWMA, c/o the City of San Carlos, 600 Elm Street, San Carlos, CA 94070. The following is SBWMA's condensed unaudited financial results for the year- ended June 30, 2004. Total assets T otalliabilities Total equity $ 29,580,491 18,628,026 $ 10,952,465 NOTE 18 - RELATED PARTY TRANSA CTI ONS In June 2000, the City's Redevelopment Agency authorized a First Time Homebuyer Program targeted to City employees and school teachers from the Redwood City Elementary School District. Under the program, the Agency offers first time homebuyers financial assistance in the purchase of a home within the City of Redwood City. These loans bear no interest and are secured by third deeds of trust on the property. No payments are due until five years after the date of purchase. This loan program is extended to City employees who meet the criteria of the program. As of June 30, 2004, two employees had $200,000 in loans due to the City. In August 2003, the City made a housing assistance loan to the City Attorney to acquire real property in compliance with the employment agreement for $250,000 repayable in 30 years with an interest rate of 5.00% per annum on the unpaid loan balance. Interest of 3.75% per annum shall be deferred (non- compounded) and payable on the earlier of: (1) the transfer of the fee title to the property in whole or in part by the sale or otherwise; (2) within 12 months of the termination of his employment for any reason with the City; (3) within six months after the property ceases to be his principal residence; or (4) 30 years after the recordation of the deed of trust. As of June 30, 2004, the outstanding balance of this loan receivable was $235,192. NOTE 19 - PRIOR PERIOD ADJUSTMENTS The City recorded a prior period adjustment to the capital assets of the enterprise funds to delete capital assets below the $5,000 threshold and to convert the depreciation method to the citywide method of one- half year of depreciation taken during the year of purchase. Additionally, the internal service fund activity was partially allocated to the enterprise funds during the previous fiscal year. As the amount allocable to enterprise funds is immaterial, this practice is being discontinued and the prior period allocation is being reversed out of beginning net assets. A. Go vemm en t- wide Statement Net Assets As previously Reported Prior Period AQjustments Net Assets, As Restated Governmental Activities: Net Assets $231,693,239 $(207,488) $231,485,751 Business Type Activities: Net Assets $118,096,230 $609,375 $118,705,605 55