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<br />Redevelopment Agency of the City of Redwood City <br />Notes to Basic Financial Statements, Continued <br />For the year ended June 30, 2005 <br /> <br />1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued <br /> <br />J. Property Taxes <br /> <br />San Mateo County assesses properties and bills, collects, and distributes property taxes as follows: <br /> <br /> Secured Unsecured <br />Lien/levy dates January 1 January 1 <br />Due date 50% on November 1 and February 1 July 1 <br />Delinquent as of December 10 & April 10 August 1 <br /> <br />The term "unsecured" refers to taxes on personal property other than real estate, land and buildings. These <br />taxes are secured by liens on the property being taxed. Property tax revenues are recognized by the Agency <br />in the fiscal year they are assessed provided they become available as defined above. Under the County's <br />Teeter plan, the County remits 100% of the taxes levied to the Agency within sixty days of the due date. <br /> <br />2. CASH AND INVESTMENTS <br /> <br />The Agency has pooled its cash and investments with the City in order to achieve a higher return on <br />investment. Certain restricted funds, which are held and invested by independent outside custodians <br />through contractual agreements, are not pooled. These restricted funds include cash with fiscal agents. <br /> <br />The investments made by the City are limited to those allowable under State statutes and include the <br />following types of investments: <br /> <br />. <br />. <br /> <br />Bankers Acceptance <br />State of California Local Agency Investment Fund (LAIF) <br />Certificate of Deposit <br />Commercial Paper <br />Government Agency Securities <br />Money Market Certificates <br />Passbook Savings Accounts <br />San Mateo County Investment Pool <br />Treasury Bills and Notes <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br />. <br /> <br />All cash and investments are stated at market value. Pooled investment earnings are allocated monthly <br />based on the average cash and investment balances of the various funds and related entities of the City. <br />Cash and investments available for operations amounts to $15,507,450 as of June 30, 2005. Restricted cash <br />and investments at June 30, 2005 amounted to $12,783,894. <br /> <br />See the City's Comprehensive Annual Financial Report for disclosures related to cash and investments and <br />the related custodial risk categorization. <br /> <br />24 <br />