Laserfiche WebLink
<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 />K. New Pronouncements <br /> <br />In 2008, the Agency adopted new accounting standards in order to conform to the following <br />Governmental Accounting Standards Board Statement: <br /> <br />)0 GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment <br />Benefits (OPE B) other than Pensions- the Statement establishes standards for the <br />measurement, recognition, and display of OPEB costs and related liabilities (assets), note <br />disclosures, and, if applicable, required supplementary information in the financial reports <br />of State and local government employers <br /> <br />~ GASB Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity <br />Transfers of Assets and Future Revenues - the Statement establishes accounting and financial <br />reporting standards for transactions in which a government receives, or is entitled to, <br />resources in exchange for future cash flows generated by collecting specific receivables or <br />specific future revenues. <br /> <br />~-.,4: <br /> <br />)0 GASB Statement No, 50, Pension Disclosures - An Amendment ofGASB Statements No, 25 and <br />27 - This Statement more closely aligns the financial reporting requirements for pensions <br />with those for other postempIoyment benefits (OPEB) and in doing so, enhances <br />infolmation disclosed in notes to financial statements or presented as required <br />supplementary information (RSI) by pension plans and by employers that provide pension <br />benefits. . <br /> <br />2. CASH AND INVESTMENTS <br /> <br />The Agency has pooled its cash and investments with the City in order to achieve a higher return on <br />investment. Certain restricted funds, which are held and invested by independent outside custodians <br />through contractual agreements, are not pooled. These restricted funds include cash with fiscal agents. <br /> <br />The investments made by the City are limited to those allowable under State statutes and include the <br />following types of investments: <br /> <br />. Bankers Acceptance <br />. State of Califonua Local Agency Investment Fund (LAIF) <br />. Certificate of Deposit <br />. COlnmerciaI Paper <br />. Government Agency Securities <br />. Money Market Certificates <br />. Passbook Savings Accounts <br />. San Mateo County Investment Pool <br />. Treasury Bills and Notes <br /> <br />27 <br />