CITY AND COUNTY OF SAN FRANCISCO. NOTES TO BASIC FINANCIAL STATEMENTS (Continued)

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Elwin Warren
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1 (7) Capital Assets Primary Government Capital asset activity of the primary government for the year ended June 30, 2001 was as follows (in Governmental Activities Land... $ 124,772 $ 6,767 $ - $ 131,539 Construction in progress , , ,172 Total capital assets, not being depreciated , , ,711 Facilities and improvements... 1,517,656 16,272-1,533,928 Machinery and equipment ,719 24,330 4, ,117 Property held under lease... 4, ,816 Total capital assets, being depreciated... 1,720,191 40,602 4,932 1,755,861 Less accumulated depreciation for: Facilities and improvements ,132 28, ,432 Machinery and equipment ,412 25,985 4, ,745 Property held under lease... 4, ,280 Total accumulated depreciation ,824 54,285 4, ,457 Total capital assets, being depreciated, net... 1,317,367 (13,683) 280 1,303,404 Governmental activities capital assets, net... $ 1,681,138 $ 140,257 $ 280 $ 1,821,115 63

2 Business-type activities Land... $ 182,137 $ 2,437 $ (275) $ 184,299 Construction in progress... 1,079, ,137 (691,488) 1,234,234 Total capital assets, not being depreciated... 1,261, ,574 (691,763) 1,418,533 Facilities and improvements... 6,624, ,931 (4,483) 7,284,615 Machinery and equipment , ,962 (28,025) 915,552 Infrastructure ,898 1, ,562 Property held under lease Easements ,831 9, ,523 Total capital assets, being depreciated... 8,093, ,249 (32,508) 8,920,076 Less accumulated depreciation for: Facilities and improvements... 1,781, ,596 (5,298) 1,968,168 Machinery and equipment ,897 36,703 (24,805) 421,795 Infrastructure ,236 20, ,663 Property held under lease Easements... 21,386 5,655-27,041 Total accumulated depreciation... 2,331, ,587 (30,103) 2,555,976 Total capital assets, being depreciated, net... 5,761, ,662 (2,405) 6,364,100 Business-type activities capital assets, net... $ 7,023,565 $ 1,453,236 $ (694,168) $ 7,782,633 64

3 Depreciation expense was charged to functions/programs of the primary government as follows (in Governmental Activities: Public protection... $ 11,510 Public works transportation and commerce... 13,260 Human welfare and neighborhood development Community Health Culture and recreation... 11,895 General administration and finance... 13,410 Capital assets held by the City's internal service funds charged to the various functions on a prorated basis based on their usage of the assets... 2,915 Total depreciation expense - governmental activities... $ 54,285 Business-type activities: Airport... $ 119,195 Transit... 47,826 Port... 7,156 Water... 24,338 Power... 9,509 Hospitals... 7,571 Sewer... 37,938 Garages... 1,054 Total depreciation expense - business-type activities... $ 254,587 Equipment is generally estimated to have useful lives of 3 to 40 years, except for certain equipment of the Water Department that has an estimated useful life of up to 75 years. Facilities and improvements are generally estimated to have useful lives from 5 to 50 years, except for utility type assets of the Water Department and Hetch Hetchy Project (Water/Hetch Hetchy), the Clean Water Program, the San Francisco Municipal Railway (Muni), Laguna Honda Hospital (LHH), and the Port of San Francisco (Port) that have estimated useful lives from 51 to 100 years. These long-lived assets include reservoirs, aqueducts, pumping stations of Water/Hetch Hetchy, Cable Car Barn facilities and structures of Muni, building and structures of LHH, and pier substructures of the Port and totaled $1.4 billion as of June 30, In addition, the Water/Hetch Hetchy had utility type assets with useful lives over 100 years which totaled $4.5 million at June 30, During the fiscal year ended June 30, 2001 the City s Enterprise Funds incurred total interest expense and interest income of approximately $268.0 million and $108.9 million, respectively. Of these amounts, interest expense and interest income of approximately $65.9 million and $12.4 million respectively, was capitalized as part of the cost of constructing proprietary capital assets. The net amount of approximately $53.5 million was capitalized into capital assets. 65

4 Component Unit - Redevelopment Agency Capital asset activity of the Redevelopment Agency for the year ended June 30, 2001 was as follows (in Property held under lease... $ 32,792 $ 16,624 $ - $ 49,416 Construction in progress Total capital assets not being depreciated... 33,061 16,670-49,731 Facilities and improvements , ,311 Leasehold improvements... 21,602 21,602 Machinery and equipment... 7, (82) 7,096 Total capital assets being depreciated , (82) 164,009 Less accumulated depreciation and amortization for: Facilities and improvements... (18,725) (3,381) - (22,106) Leasehold improvements... (5,626) (432) - (6,058) Machinery and equipment... (4,723) (831) - (5,554) Total accumulated depreciation and amortization... (29,074) (4,644) - (33,718) Total capital assets being depreciated, net ,610 (4,237) (82) 130,291 Redevelopment Agency capital assets, net... $ 167,671 $ 12,433 $ (82) $ 180,022 66

5 (8) Bonds, Loans, Capital Leases and Other Payables The following is a summary of long-term obligations of the City as of June 30, 2001 (in GOVERNMENTAL ACTIVITIES Final Remaining Maturity Interest Type of Obligation and Purpose Date Rates Amount GENERAL OBLIGATION BONDS (a): Affordable housing to 8.0% $ 96,775 City hall improvement project to 5.6% 30,685 Fire protection to 7.0% 17,715 Museums to 7.0% 24,800 Parks and playgrounds to 7.0% 86,665 Public safety improvements to 7.0% 78,425 Schools to 7.0% 141,965 Seismic safety loan program to 7.65% 28,050 Zoo facilities to 6.5% 32,750 Refunding to 5.75% 415,705 General obligation bonds - governmental activities ,535 LEASE REVENUE BONDS: San Francisco Finance Corporation (b) to 5.5% 104,575 San Francisco Parking Authority (c) to 6.0% 32,900 San Francisco Social Services Corporation (d) to 7.75% 1,740 Moscone Convention Center Garage (d) to 4.0% 5,690 Moscone Convention Center Expansion (e) % * 157,500 Lease revenue bonds - governmental activities ,405 OTHER LONG-TERM OBLIGATIONS: Certificates of participation (c) to 8.5% 225,707 Loans (c) & (f) to 6.7% 15,816 Capital leases payable (d) & (f) to 8.05% 232,485 Accrued vacation and sick leave (d) & (f) ,513 Accrued workers' compensation (d) & (f) ,199 Estimated claims payable (d) & (f) ,967 Other long-term obligations - governmental activities ,687 Governmental activities total long-term obligations... $ 2,144,627 Debt service payments are made from the following sources: (a) Property tax recorded in the Debt Service Fund. (b) Lease rental revenues from lessee departments in the General Fund and Enterprise Funds. (c) Revenues recorded in Special Revenue Funds. (d) Revenues recorded in the General Fund. (e) Hotel taxes and other revenues recorded in the General and Special Revenue Funds. (f) User-charge reimbursements from General Fund, Special Revenue Funds and Enterprise Funds. Internal Service Funds predominantly serve the governmental funds. Accordingly, long term liabilities for them are included in the above amounts. * The Bonds are issued with variable rates. Interest rate at the date of issuance through June 30, 2001 is 5.02%. 67

CITY AND COUNTY OF SAN FRANCISCO. NOTES TO BASIC FINANCIAL STATEMENTS (Continued)

CITY AND COUNTY OF SAN FRANCISCO. NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (8) Bonds, Loans, Capital Leases and Other Payables The following is a summary of long-term obligations of the City as of June 30, 2001 (in thousands): GOVERNMENTAL ACTIVITIES Final Remaining Maturity