AgdaPkt 2002-01-14 - Laserfiche WebLink

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REDEVELOPMENT AGENCY OF T~ CITY OF REDWOOD CITY Notes to Component Unit Financial Statements NOTE 1 - SUM2VIARY OF SIGNIFICANT ACCOLrNTI/NG POLICIES (Continued) I G. Fund Equity Governmental fi,md balances represent the net current assets of each fund. Net current assets generally represent a fund's cash and receivables, less its liabilities. Portions ora fund's balance may be reserved or designated for future expenditure. Reserves are resWicfions pIaced by outside entities, such as other governments, which reswict the expenditures of the reserved funds to the purpose intended by the entity wh/ch provided the funds. The Agency cannot modify or remove these restrictions or reserves. Designations are imposed by the Agency Board to reflect future spending plans or concerns about the availability of future resources. Designations may be modified, amended or removed by Board action. H. Property Taxes San Mateo County assesses properties and bills, collects, and distributes property taxes as follows: Secured Unsecured Lien/levy dates January 1 January 1 Due dates 50% on November 1 & March 1 July 1 Delinquent as of December 10 & April 10 August 1 The te~L,, "unsecured" refers to taxes on personal property other than real estate, land and buildings. These taxes are secured by liens on the property being taxed. Property tax revenues are recogrnzed by the Agency in the fiscal year they are assessed, prov/ded they become available as defmed above. Under the County's Teeter plan, the County remits 100% of the taxes levied to the Agency within sixty days of the due date. Investment in Land Held for Redevelopment The Agency has purchased parcels of land for redevelopment in order to develop or redevelop blighted properties within the city limits of Redwood City. Such land parcels are accounted for at the lower of cost, estimated net realizable value, or agreed-upon sales price if a disposition agreement has been made with a developer. J. Totals (Memorandum Only) Although each of the Agency's funds is a separate accounting entity, the Combined Financial Statements also include total columns, which are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these colunms do not present £mancial position or results of operations, in conformity with generalIy accepted accounting principles. Neither is such data comparable to a consolidation, since no interfund eliminations have been made in the aggregation of this data.