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<br />CITY OF REDWOOD CITY, CALIFORNIA
<br />PROPRIETARY FUNDS
<br />STATEMENT OF NET ASSETS
<br />JUNE 30, 2004
<br />
<br /> Business- Type Activities-Enterprise Funds Governmental
<br /> Water Sewer Activities-
<br /> Utility Utility Parking Port of Internal Service
<br /> Fund Fund Fund Redwood City Totals Funds
<br /> $ $ $ $ $ $
<br />ASSETS
<br />Current assets:
<br />Cash and investments available for operations 9,602,497 3,538,763 857,072 9,638,806 23,637,138 13,336,868
<br />Receivables (net of allowance for uncollectibles):
<br />Accounts 1,410,650 1,267,633 1,625 556,032 3,235,940 109,966
<br />Due from other governmental agencies 246
<br />Due from other funds 6,000,000 6,000,000 2,000,000
<br />Inventory of supplies at cost 42,390 42,390 258,041
<br />Prepaid expenses 200,731 200,731
<br />Total current assets 17,055,537 4,806,396 858,697 10,395,569 33,116,199 15,705,121
<br />Noncurrent assets:
<br />Cash and investments, restricted 1,803,499 1,803,499
<br />Capital assets:
<br />Nondepreciable 2,827,525 736,871 822,913 22,911,649 27,298,958
<br />Depreciable buildings, property, equipment
<br />and infrastructure, net 28,443,266 11,415,707 5,026,240 10,392,440 55,277,653 4,885,424
<br />Unamortized bond discounts & issuance costs 535,098 535,098
<br />Investment in sewer authority 19,316,828 400,000 19,716,828
<br />Investment in sewage capacity rights 1,839,668 1,839,668
<br />Total noncurrent assets 31,270,791 33,309,074 5,849,153 36,042,686 106,471,704 4,885,424
<br />Total assets 48,326,328 38,115,470 6,707,850 46,438,255 139,587,903 20,590,545
<br />LIABILITIES
<br />Current liabilities:
<br />Accounts payable 1,449,024 1,018,450 6,709 1,029,890 3,504,073 388,946
<br />Deposits payable 90,941 11,048 186,488 288,477
<br />Insurance claims payable 7,128,314
<br />Accrued sick leave and vacation 380,810 210,840 14,959 88,473 695,082 742,956
<br />Environmental liability 3,643,500 3,643,500
<br />Revenue bonds payable - current portion 200,000 200,000
<br />Loans/leases payable - current portion 22,231 22,231
<br />Deferred revenue 165,917 165,917
<br />Accrued interest payable 72,478 72,478
<br />Total current liabilities 1,920,775 1,229,290 32,716 5,408,977 8,591,758 8,260,216
<br />Proprietary fund long-term debt 1,300,000 10,700,142 12,000,142
<br />Total liabilities 1,920,775 1,229,290 1,332,716 16,109,119 20,591,900 8,260,216
<br />NET ASSETS
<br />Invested in capital assets,
<br />net of related debt 31,270,791 12,152,578 4,549,153 19,491,445 67,463,967 4,885,424
<br />Restricted for capital projects 394,578 394,578
<br />Restricted for debt service 1,170,526 1,170,526
<br />Unrestricted 15,134,762 24,733,602 825,981 9,272,587 49,966,932 7,444,905
<br />Total net assets 46,405,553 36,886,180 5,375,134 30,329,136 118,996,003 12,330,329
<br />
<br />See accompanying notes to financial statements
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