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Redevelopment Agency of the City of Redwood City <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30,2007 <br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued <br /> B. Basis of Accountin8/Measurement Focus, Continued <br /> Governmental Fund Financial Statements - Governmental fund financial statements include a Balance Sheet <br /> and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds. <br /> An accompanying schedule is presented to reconcile and explain the differences in net assets as presented in <br /> these statements to the net assets presented in the government-wide financial statements. The Agency has <br /> presented all funds as major funds. <br /> The followings are the Agency's major funds: <br /> Redevelopment Agency Fund <br /> This fund accounts for funds to be provided by loans and/or property tax increment from specific <br /> redevelopment areas for redevelopment projects within those areas. <br /> Low and Moderate Income Housing Fund <br /> This fund accounts for redevelopment property tax increment revenues which may be used strictly for low <br /> and moderate income housing. <br /> 1997 Tax Allocation Refunding Bonds Fund <br /> This fund accounts for bonds issued in 1997 to prepay a loan received by the Redevelopment Agency from the <br /> Redwood City Public Financing Authority, which in turn used the proceeds to defease the Public Financing <br /> Authority Series B bonds. <br /> 2003 Tax Allocation Bonds Fund <br /> This fund accounts for bonds issued in 2003 to finance various downtown improvements by the <br /> Redevelopment Agency <br /> Low and Moderate Income Housing Projects Bonds Fund <br /> This fund accounts for tax increment bonds that were issued by the Public Financing Authority to finance <br /> construction of certain Redevelopment Agency projects. <br /> All governmental funds are accounted for on a spending or "current financial resources" measurement focus and <br /> the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included <br /> on the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund Balances present <br /> increases (revenues and other f inancing sources) and decreases (expenditures and other f inancing uses) in net <br /> current assets. Under modified accrual basis of accounting, revenues are recognized in the accounting period <br /> in which they become both measurable and available to finance expenditures of the current period. <br /> Revenues are recorded when received in cash, except that revenues subject to accrual (generally 60 days after <br /> year-end) are recognized when due. The primary revenue sources, which have been treated as susceptible to <br /> accrual by the Agency, are property tax, sales tax, intergovernmental revenues and other taxes and investment <br /> income. Expenditures are recorded in the accounting period in which the related fund liability is incurred. <br /> 23 <br />