AgdaPkt 2007-12-17 - Laserfiche WebLink

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NOTE 1 O—NET ASSETS AND FUND BALANCES�CONTINUED� Land Held for Redevelopment—Land held by governmental funds for redevelopment is reserved as it is not available to finance current operations. Low Income Housing - Pursuant to California Health and Safety Code, Division 24, Section 3334.2, 20% of all property tax increment revenues received by the Redevelopment Agency must be set aside and used exclusively for projects related to low and moderate income housing. Inventory - Inventory held within governmental funds is reserved as it is not available to finance current operations. Prepaid Items - Expenditures that are paid in the current fiscal year for services or products to be provided in the following fiscal year. Advances to Other Funds- Long-term amounts to be repaid by other funds are reserved. Debt Service - Funds which legally may only be used for debt service are reserved within the appropriate fund. Designations: Subsequent Year's Expenditures - In accordance with Article XIII B of the California Constitution, any unspent funds at the year-end should either be returned to the taxpayers or designated for expenditures in the subsequent year. It is the Council's desire to appropriate this money in the following year. Capital Projects - The City maintains reserves for unexpended appropriations for capital outlay projects within the fund in which these projects have been appropriated. Street Projects - The City maintains a reserve for unexpended appropriations for capital outlay projects within the general fund. Since these projects are funded by transfers from the general fund, the City desires to ensure that sufficient resources will be available to transfer to the special gas tax fund when capital outlay expenditures are incurred. Sandpiper Park - Funds received from the sale of land to the Belmont/Redwood Shores School District are held in reserve and will be expended over a 15-year period to supplement funding for the maintenance of Sandpiper Park. Library Bequest—Funds received by the library to be used for specific library-related programs. Retiree Medical Benefits - The City has designated funds to be utilized in progressively funding the annual required contribution after the City implements GASB Statement No. 45 in fiscal year 2007/08. General Plan - Funds received from building permits to be set aside for maintenance of the City's general plan. Geographic Information System (GIS) — Funds received from building permits to be set aside for maintenance of the City's GIS computer program. Unrealized Gain—This description represents the income recorded to mark the City's investments to fair value. As the City intends to hold all investments to maturity, the unrealized gain will not materialize, and therefore, it is reflected as designated fund balance. 54