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<br />are to be financed or recovered primarily through user charges, or (b) where the governing <br />body has decided that periodic determination of revenues earned, expenses incurred or net <br />income is appropriate for capital maintenance, public policy, management control, accountability <br />or other purposes. Revenues are fully accrued to include unbilled services at year end. <br /> <br />The City uses the accrual basis of accounting for its "proprietary funds," including the <br />City's water enterprise fund. Revenues are recognized when earned and expenses are <br />recognized when the related liabilities are incurred. All assets and liabilities for these funds are <br />included on the balance sheet with this measurement focus. Fund equity (i.e., net total assets) is <br />segregated into restricted and unrestricted. <br /> <br />The proprietary funds apply all applicable Governmental Accounting Standard Board <br />("GASB") pronouncements as well as applicable pronouncements of the Financial Accounting <br />Standard Board, Accounting Principles Board and any Accounting Research Bulletins issued on <br />or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. <br /> <br />See "APPENDIX B - CITY OF REDWOOD CITY AUDITED FINANCIAL STATEMENTS" for a <br />more complete summary of the City's accounting policies. <br /> <br />Outstanding Enterprise Obligations <br /> <br />The City currently does not have any outstanding debt secured by Net Revenues. <br /> <br />Enterprise Historical and Projected Operating Results <br /> <br />The following table presents historical and projected operating results of the Water <br />Enterprise. The projections are based on the City's Water Financing Plan dated December 2004, <br />and include projected debt service on the Bonds and the additional series of Bonds expected to <br />be issued in subsequent Fiscal Years. <br /> <br />33 <br />