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6.1.F. - Page 76 ,
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2012
<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 $ 502,814
<br /> Human Services 76,775
<br /> Public Safety 1,191,858
<br /> Transportation 4,660,826
<br /> Leisure,cultural,and information services 1,863,435
<br /> Policy development and implementation 724,258
<br /> Environmental support and protection 230,781
<br /> Total Depreciation Expense-Governmental Activities $ 9,250,747
<br /> Business-Type Activities
<br /> Water Utility Fund $ 2,593,148
<br /> Sewer Utility fund 544,154
<br /> Parking Fund 580,047
<br /> Port of Redwood City 1,143,176
<br /> Total Depreciation Expense-Business-Type Activities $ 4,860,525
<br /> NOTE S—INVESTMENT IN$OUTH BAYSIDE$YSTEM AUTHORITY
<br /> Redwood City has an investment of$31,789,837 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 $3,294,383 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 unaudited financial information of the JPA as of June 30, 2012
<br /> is as follows:
<br /> Total Assets $ 146,360,142
<br /> Total Liability 71,008,046
<br /> Total Fund Equity $ 75,352,096
<br /> Total Operating Revenues $ 24,862,896
<br /> Total Operating Expenses 21,445,950
<br /> Total Operating Income(loss) 3,416,946
<br /> Other Income(loss) (379,254)
<br /> Net Income(loss) $ 3,037,692
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