Laserfiche WebLink
<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 />4. CAPITAL ASSETS <br />The Agency's capital assets at June 30 comprise: <br /> Balance Balance <br /> Asset Type July 1, 2004 Additions Deletions Transfers June 3O, 2005 <br /> Land $ 916,057 $ 120,837 $ $ 2,089,770 $ 3,126,664 <br /> Machinery and equipment 14,965 14,965 <br /> Improvement other than building 120,455 (120,455) <br /> Storm Drains 4,101,302 4,101,302 <br /> Construction in progress 12,486,253 7,386,461 (2,089,770) 17,782,944 <br /> Less accumulated depreciation (63,416) (110,587) 9,034 (164,969) <br /> Total capital assets, net $ 17,575,616 $ 7,396,711 $ (111,421) $ $ 24,860,906 <br /> <br />Depreciation expense is charged to community development based on its usage of the related assets. <br /> <br />5. LOW AND MODERATE INCOME HOUSING SET ASIDE <br /> <br />The Agency is required to set aside a portion of the property tax increments it receives to increase and <br />improve the City's supply of low and moderate income housing. The amount set aside must equal twenty <br />percent of each year's property tax increments. <br /> <br />6. INTERFUND TRANSACTIONS <br /> <br />A. Transfer Between Funds <br /> <br />With the Agency Board approval, resources may be transferred from one Agency fund to another. The <br />purpose of the majority of transfers is to reimburse a fund which has made an expenditure on behalf of <br />another fund. <br /> <br />During the year ended June 30, 2005, the Redevelopment Special Revenue Fund transferred $1,145,128 and <br />the Low and Moderate Income Housing Special Revenue Fund transferred $286,281 to the 1997 Tax <br />Allocation Refunding Bonds Fund for debt service requirements. In addition, the Redevelopment Special <br />Revenues Fund transferred $792,664 to the 2003 Tax Allocation Bonds Fund for debt service requirements. <br /> <br />26 <br />