AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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:! . .,.. . . , .. .' . .. ... . ,. . : i' .; .. ..NOTE.IO'-.NET AsSETS AND FuND BALANCES (CONTINUED) B" ; Fund Balances. Resenes and Designation.~ In the fund. fmancial statet11:ents, fund balances represent the net current assets of each .fund. Net current assets.generally represent a ftmd '5 cash and r~~eivables, less its liabilities. Portions of a fund's balance may : ',be reserved or designated for future exPenditure. ,. Reserves: . .::Portions of fund balan~e have been'reserved. for specific purposes as follo~s: .Encuinbrances. -:Areservation is reported for encumbrances outstanding atiyear-erid since they,are : not considered an expenditure or.liabillty and are reappropri.ated in the. subsequent year. , . . : Loans , - An: am~unt equal to: the non-current portion. of 10aJis is reserved:' as it is not available to finance .current operations. The non-current: portion ,is that principal portion of a loan which is not expected to;be:Tepaid within)2 months. : . .: ' .. . .. , . .. ' . .. Land Held' for Redevelopment - L~md held by governmental fUIlds Jor redevelopment is reserved as, ..it 1S not availabkto. finance. current operations. ' .. '. . , ., . , , . ,. " .' . . Lo.w Income Housing - Pursuant t():t~lifoinia:Healthand Safety ~ode,Djvision:24': Section 3334.2,: .. ..20% of all property tax increment revenues;received by the RedevdopmentAgency must-be set. aside. . and used exclusively for projects related to low and moderate income housing. : . . : . .. Inventory ~ I~ventorY held within govemme~ltal fund.s is reserv~d ,as. it.. is :n~t' aV;iilable to finance . current operations. ; . , . ", . : Prepaid: Items -! Expenditures that .are: paid in the current fiscal year: fOTservices or ptoducts to be . .' provided in: the"following fiscal year. ' . . . .' . . ': '. '. :. '.. : : '. : . Advan,ces to Ot~eru.Funds,- Long-tem amoUnts to ~'e r~paid by other foods 'are r~served. Debt Service - Funds which legally may only be ~ed for deot ~~ce ~re reserved within the appropriate fuild. , . Designations: . . !' . Subsequent Year's Expenditures -In.accordance ~rjth Article xm Bofthe;Califomi~ Constitution, any. unspent funds ~~. the' year-end should either be returned to. the; taxpayers. or designated for . .,expenditures in. the subsequent year. : ltis the CouncWs desu-e to appropriate this money iT! ,the : followingyear.,r ..: .." .. .. . ..." . . Capital Projects';. Th~. City' maintains: reserVes. for unexpended appropriati6ns. for. ~apital :outiay . ;' : projects within the fund. in which these projects have been appropriated.. . ,. ; . .. . . . . ." . .'. :Street Projects.. The City maintains a ;reserve for: uneXpended appropriations '.fo~ .capital outlay . · .projects within, thegene1;'al fun~. Since the.se proje~ts are fLmded by transfers from the. general fund,. . .the City desires to ensure that sufficient resources \\Till be available to trans~~ to the special gas tax: ; :.: : fund when capital outla)': expe,-.ditures. are inc.urred ,. ,. .. . . ' ..,.. . " . Sandpiper Park - Funds .received.from th~ sale of land, to theBelmontJRedw~d Shores Schooi' District are held. in reserve and will pc ~xp'ended over a 15-year period to supplement funding for the .: maintenance of Sandpiper Park. . .. .. " " . Libra)")' Bequest -:, F~nds. recei vedby: the: library to: b~ use~ J?T. specific. ~ibraiy-re,hited programs; . 55: '.! .' :,:'i: :': '; ~