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<br />Depreciation expense was charged to functions and programs based on their usage of the related assets. The
<br />amounts allocated to each function or program are as follows:
<br />
<br />Governmental Activities
<br />Community Development
<br />Human Services
<br />Public Safety
<br />Transportation
<br />Leisure, cultural, and information services
<br />Policy development and implementation
<br />Equipment Services
<br />Internal Services
<br />Total Depreciation Expense-Governmental Activities
<br />
<br />NOTE 4 - CAPITAL ASSETS ( CONTINUED)
<br />
<br />B.
<br />
<br />Depreciation Allocation
<br />
<br />Business- Type Activities
<br />Water Utility Fund
<br />Sewer Utility fund
<br />Parking Fund
<br />Port of Redwood City
<br />Total Depreciation Expense- Business- Type Activities
<br />
<br />NOTE 5 - INVESTMENT IN SOUTH BA YSIDE SYSTEM AUTHORITY
<br />
<br />$
<br />
<br />10,331
<br />77,853
<br />477,543
<br />3,021,966
<br />1,107,953
<br />291,072
<br />703,777
<br />33,446
<br />5,723,941
<br />
<br />$
<br />
<br />$
<br />
<br />946,954
<br />397,313
<br />97,360
<br />506,322
<br />1,947,949
<br />
<br />$
<br />
<br />Redwood City has an investment of $19,316,828 in a Joint Powers Authority (JPA) with the cities of San
<br />Carlos and Belmont and the West Bay Sanitation District. In addition, the City and the Port of Redwood
<br />City have investments of $1,839,668 and $400,000, respectively, in South Bayside System Authority
<br />(SBSA) capacity rights. This JP A, SBSA, operates and maintains a sewer plant which was jointly
<br />constructed with Environmental Protection Agency federal and state grants and contributions from
<br />participating entities. The JP A is run by its board of directors which is comprised of four members. The
<br />City Councils of each member city and the board of the West Bay Sanitation District each select one of
<br />their own members to serve on this board. No member agency has control of SBSA's budget, finances, or
<br />operations. The board acts autonomously of the respective member agencies.
<br />
<br />Audited financial statements are available from South Bayside System Authority, 1400 Radio Road,
<br />Redwood City, CA 94065. The condensed audited financial information of the JP A as of June 30, 2004
<br />is as follows:
<br />
<br />Total assets
<br />T otalliabilities
<br />Total fund equity
<br />Total operating revenues
<br />Total operating expenses
<br />Total operating income (loss)
<br />Net income (loss)
<br />Cumulative
<br />Belmont
<br />San Carlos
<br />Redwood City
<br />West Bay Sanitation District
<br />Fixed assets (net depreciation)
<br />
<br />agency
<br />
<br />$
<br />
<br />5,119,335
<br />6,718,532
<br />21,156,495
<br />14,486,359
<br />48,597,765
<br />
<br />38
<br />
<br />$
<br />
<br />53,897,871
<br />1,598,471
<br />52,299,400
<br />9,641,921
<br />12,582,483
<br />(2,940,562)
<br />(385,428)
<br />
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