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6.1. B. - Page 89 NOTE 15 — LITIGATION AND CONTINGENT LIABILITIES The City generally follows the practice of recording liabilities resulting from claims and legal actions only when they become fixed or determinable in amount. There are lawsuits pending in which the City is a party. In the opinion of the City Attorney, the City has adequate legal defenses and/or reserves to cover such liability if it does arise. NOTE 16 — CONSTRUCTION, OTHER $IGNIFICANT COMMITMENTS AND ENCUMBRANCES As of June 30, 2011, the City has the following significant commitments: $3,480,699 for consulting services associated with Saltworks (to be reimbursed by the developer). Purchase orders are issued throughout the fiscal year to encumber the budgets in the governmental funds. Following are the outstanding encumbrances as of June 30, 2011: Major Funds: General Fund $ 4,451,600 Capital Outlay Fund 548,541 Redevelopment Agency Fund 104,184 Low and Moderate Income Housing Fund 311,723 Total Major Funds 5,416,048 Non-Major Funds 643,788 Total Encumbrances $ 6,059,836 NOTE 17 — SOUTH BAYSIDE WASTE MANAGEMENT AUTHORITY Redwood City is a member of the South Bayside Waste Management Authority (SBWMA), a joint powers authority established to purchase the solid waste transfer station located in San Carlos, California from Browning-Ferris Industries. Currently there are 12 public entities that are members of this organization. Each of these members also, by individual and separate legislative action, has entered into a franchise agreement with Recology for solid waste collection within their respective jurisdictions. The SBWMA issued $20 million in bonds in 1999 to provide funds for the purchase of the transfer station. The debt issued by the SBWMA is not an obligation of any of the member entities. During FY 2009/10, SBWMA issued $58.5 million in bonds to finance improvements at the solid waste transfer station, and the remaining balance of the 1999 bonds were retired. The SBWMA also serves as a regional forum for member entities to collectively pursue other solid waste management matters such as rate setting, solid waste reduction, and meeting recycling goals as required by state law. 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, 2011. Total assets $ 89,995,102 Totalliabilities 65,203,183 Total equity $ 24,791,919 63