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<br />Redevelopment Agency of the City of Redwood City <br />Notes to Basic Financial Statements, Continued <br />For the year ended June 30, 2008 <br /> <br />1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued <br /> <br />G. Fund Balances <br /> <br />In the governmental fund financial statements, governmental funds report reservations of fund balances <br />for am.ounts that are not available for appropriation or are legally restricted by outside parties for use <br />for a specific purpose. Designations of fund balances represent tentative managelnent plans that are <br />subject to change. <br /> <br />H. Net Assets <br /> <br />In the government-wide financial statements, net assets are classified in the following categories: <br /> <br />lnvested in Olpital Assets, Net of Related Debt - This amount consists of capital assets net of <br />accumulated depreciation and reduced by outstanding debt that attributed to the acquisition, <br />construction, or ilnprovement of the assets. <br /> <br />Restricted Net Assets - This amount is restricted by external creditors, grantors, contributors, or laws <br />or regulations of other governments. <br /> <br />Unrestricted Net Assets - This amount is all net assets that do not meet the definition of "invested in <br />capital assets, net of related debt" or "restricted net assets," <br /> <br />I. Use of Estimates <br /> <br />The preparation of financial statements in conformity with generally accepted accounting principles <br />requires management to make estimates and assumptions that affect certain reported an10unts and <br />disclosures. Accordingly, actual results could differ from those estimates. <br /> <br />J. Property Taxes <br /> <br />San Mateo County assesses properties and bills, collects, and distributes property taxes as follows: <br /> <br />Secured <br /> <br />Unsecured <br /> <br />Lien/levy dates January 1 <br /> <br />January 1 <br /> <br />Due date 50% on November 1 and February 1 <br /> <br />July 1 <br /> <br />Delinquent as of December 10 & April 10 <br /> <br />August 1 <br /> <br />The term '1 unsecured" refers to taxes on personal property other than real estate, land and buildings. <br />These taxes are secured by liens on the property being taxed. Property tax revenues are recognized by <br />the Agency in the fiscal year they are assessed provided they become available as defined above. Under <br />the County's Teeter plan, the County remits 100% of the taxes levied to the Agency within sixty days of <br />the due date. <br /> <br />"1"- <br />