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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 /> G. Fund Ba lances <br /> In the governmental fund financial statements, governmental funds report reservations of fund balances for <br /> amounts that are not available f or appropriation or are legally restricted by outside parties f or use f or a specif ic <br /> purpose. Designations of fund balances represent tentative management plans that are subject to change. <br /> H. Net Assets <br /> In the government-wide f inancial statements,net assets are classif ied in the f ollowing categories: <br /> Invested in Capital Assets, Net of Related Debt - This amount consists of capital assets net of accumulated <br /> depreciation and reduced by outstanding debt that attributed to the acquisition, construction, or <br /> improvement of the assets. <br /> Restricted Net Assets - This amount is restricted by external creditors, grantors, contributors, or laws or <br /> regulations of other governments. <br /> Unrestricted Net Assets - This amount is all net assets that do not meet the definition of"invested in capital <br /> assets,net of related debt" or"restricted net assets." <br /> I. Use of Estimates <br /> The preparation of financial statements in conformity with generally accepted accounting principles requires <br /> management to make estimates and assumptions that aff ect certain reported amounts and disclosures. <br /> Accordingly, actual results could differ from those estimates. <br /> J. Property Taxes <br /> San Mateo County assesses properties and bills,collects, and distributes property taxes as f ollows: <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 /> The term "unsecured" ref ers 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 in <br /> the fiscal year they are assessed provided they become available as defined above. Under the County's Teeter <br /> plan,the County remits 100% of the taxes levied to the Agency within sixty days of the due date. <br /> 26 <br />