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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 /> 4. CAPITAL ASSETS
<br /> The Agency's capital assets at June 30,2007 comprise:
<br /> Balance Balance
<br /> Asset Type July 1,2006 Additions Deletions Transfers June 30,2007
<br /> Non-depreciable Assets:
<br /> Land $ 3,126,664 $ - $ - $ - $ 3,126,664
<br /> Construction in progress 29,780,764 4,869,724 (31,044) (6,947,503) 27,671,941
<br /> Total non-depreciated assets 32,907,428 4,869,724 (31,044) (6,947,503) 30,798,605
<br /> Depreciable Assets:
<br /> Machinery and equipment 14,965 - (14,965) 925,777 925,777
<br /> Less accumulated depreciation
<br /> on machinery and equipment (13,201) (23,144) 13,201 - (23,144)
<br /> Improvements other than buildings - - - 6,021,726 6,021,726
<br /> Less accumulated depreciation
<br /> on improvements other than buildings - (61,079) - (61,079)
<br /> Storm drains 4,101,302 - - - 4,101,302
<br /> Less accumulated depreciation
<br /> on storm drains (256,331) (102,533) - - (358,864)
<br /> Total depreciable assets 3,846,735 (186,756) (1,764) 6,947,503 10,605,718
<br /> Total capital assets,net $ 36,754,163 $ 4,682,968 $ (32,808) $ - $ 41,404,323
<br /> Depreciation expense of $186,756 was charged to community development program based on its usage of the
<br /> related assets.
<br /> 5. LOW AND MODERATE INCOME HOUSING SET ASIDE
<br /> The Agency is required to set aside a portion of the property tax increments it receives to increase and improve
<br /> the City's supply of low and moderate income housing. The amount set aside must equal twenty percent of
<br /> each year's property tax increments. The Agency was in compliance with the twenty percent set-aside
<br /> requirement for fiscal year 2006-2007.
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