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6.1. B. - Page 70
<br /> NOTE 4 — CAPITAL ASSETS �CONTINUED�
<br /> 8. Depreciation Allocation
<br /> Depreciation expense was charged to functions and programs based on their usage of the related assets.
<br /> The amounts allocated to each function or program are as follows:
<br /> Governmental Activities
<br /> Community Development $ 239,080
<br /> Human Services 76,775
<br /> Public Safety 1,154,890
<br /> Transportation 4,831,599
<br /> Leisure, cultural, and information services 1,958,058
<br /> Policy development and implementation 886,599
<br /> Environmental support and protection 206,590
<br /> Total Depreciation Expense-Governmental Activities $ 9,353,591
<br /> Business Activities
<br /> Water Utility Fund $ 2,274,180
<br /> Sewer Utility fund 487,922
<br /> Parl<ing Fund 580,047
<br /> Port of Redwood City 796,655
<br /> Total Depreciation Expense-Business-Type Activities $ 4,138,804
<br /> NOTE 5— INVESTMENT IN $OUTH BAYSIDE SYSTEM AUTHORITY
<br /> Redwood City has an investment of $30,397,712 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 $2,896,340 and $400,000, respectively, in South Bayside System Authority
<br /> (SBSA) stage II construction. SBSA operates and maintains a sewer plant which was jointly constructed
<br /> with federal and state grants and contributions from participating entities. The SBSA is run by its board
<br /> of directors which is comprised of four members. The City Councils of each member city and the board
<br /> of the West Bay Sanitation District each select one of their own members to serve on this board. No
<br /> member agency has control of SBSA's budget, finances, or operations. The board acts autonomously of
<br /> the respective member agencies.
<br /> Audited financial statements are available from South Bayside System Authority, 1400 Radio Road,
<br /> Redwood City, CA 94065. The condensed financial information of the JPA as of June 30, 2011 is as
<br /> follows:
<br /> Total Assets $ 142,476,541
<br /> Total Liability 70,162,139
<br /> Total Fund Equity $ 72,314,402
<br /> Total Operating Revenues $ 23,227,167
<br /> Total Operating Expenses 20,455,095
<br /> Total Operating Income (loss) 2,772,072
<br /> Other Income (loss) (385,670)
<br /> Net Income (loss) $ 2,386,402
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