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

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Redevelopment Agency of the City of Redwood City Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances For the year ended June 30, 2008 Net Change in Fund Balances - Total Governmental Funds Amounts reported for governmental activities in the Statement of Activities are different because: Governmental fWlds report capital outlay as expenditures. In the statement of activities, however, the cost of those assets is aUocated over their estimated useful lives as depreciation expense, Capital asset additions Loss on disposal of Capital assets Capital contribution to the City was reported in the Government-Wide Statement of Activilies and Chang.es in Net Assets, but it did not require the use of current financial resources. Therefore, it was not reported as expenditures in governmental funds. Depreciation expense on capital assets was reported in the Government-Wide Statement of Activities and Changes in Net Assets, but it did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in governmental funds. Revenues that have not met the revenue recognition criteria in the Fund Financial statements are recognized as revenue in the Government-Wide Financial Statements. Governmental funds report bond issuance costs as expenditures. In the Government-Wide statement of Net Assets, however, the cost of issuance is amortized over the life of the bond. This amowlt represents the annual amortization of the cost of issuance. Bond proceeds provide current financial resources to governmental funds, but issuing debt increase long-term liabilities in the statement of net assets. Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net assets. Principal repayment Amortization of premium Accreted interest on capital appreciation bonds Interest expense on long-term debt is reported in the Government-Wide Statement of Activities and Changes in Net Assets, but they do not require the use of current financial resources. Therefore, interest expense is not reported as expenditures in governmental funds. This amount represents the l~ha.nge from prior year. Change in Net Assets of Governmental Activities See accompanying Notes to Basic Financial Statements. 19 $ 2,556,4] 1 1,044,252 (133,299) (21,462,437) (359,628) 276,048 (47,794) 1,252,321 30,771 (1,360,588) 26,911 $ (18,177,032)