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6.1. B. - Page 47 CITY OF REDWOOD CITY, CALIFORNIA <br /> RECONCILIATION OF THE <br /> GOVERNMENTAL FUNDS - BALANCE SHEET <br /> WITH THE STATEMENT OF NET ASSETS <br /> JUNE 30, 2011 <br /> 5 <br /> TOTAL FUND BALANCES--TOTAL GOVERNMENTAL FUNDS 103,316,803 <br /> Amounts reported for Governmental Activities in the Statement of <br /> Net Assets are different from those reported in the Governmental Funds above because of the following: <br /> CAPITAL ASSETS <br /> Capital assets used in Governmental Activities are not current assets or financial resources and therefore are not 201,991,549 <br /> reported in the Governmental Funds. <br /> ALLOCATION OF INTERNAL SERVICE FUND NET ASSETS <br /> Internal service funds are not governmental funds. However, they are used by management to charge the costs of certain activities, <br /> such as insurance and central services and maintenance, to individual governmental funds. The assets and liabilities of the <br /> Internal Service Funds are therefore included in Governmental Activities in the Statement of Net Assets. 20,419,855 <br /> ACCRUAL OF NON-CURRENT REVENUES AND EXPENSES <br /> The amounts below are revenues in the statement of activities that do not provide current financial resources and therefore <br /> are not reported as revenues in the Funds: <br /> Interestrevenue 73,149 <br /> Deferred revenue 794,607 <br /> LONG TERM ASSETS AND LIABILITIES <br /> The assets and liabilities below are not due and payable in the current period and therefore are not reported in the Funds: <br /> Unamortized bond issuance costs 1,212,925 <br /> Long-term debt (51,743,800) <br /> Interest payable (430,833) <br /> Accrued sick leave and vacation (8,655,656) <br /> Net OPEB obligation (5,830,350) <br /> NET ASSETS OF GOVERNMENTAL ACTIVITIES 261,148,249 <br /> See accompanying notes to financial statements <br /> 21 <br />