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6.1 B - Attachment No. 2 <br /> Redevelopment Agency of the City of Redwood City <br /> Notes to Basic Financial Statements,Continued <br /> For the year ended June 30,2009 <br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,Continued <br /> K. New Pronouncements <br /> In 2009, the Agency adopted new accounting standards in order to conform to the following <br /> Governmental Accounting Standards Board Statement: <br /> ➢ GASB Statement No. 49,Accounting and Financial Reporting for Pollution Remediation Obligations - <br /> the Statement establishes accounting and financial reporting standards for <br /> pollution/contamination remediation obligations and remediation activities to address the <br /> detrimental effects of existing pollution. <br /> ➢ GASB Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and <br /> Local Governments and GASB Statement No. 56, Codification of Accounting and Financial Reporting <br /> Guidance Contained in the AICPA Statement on Auditing Standards. These Statements incorporate <br /> certain accounting and financial reporting guidance for state and local governments into <br /> GASB's authoritative literature. <br /> 2. CASH AND INVESTMENTS <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 /> The investments made by the City are limited to those allowable under State statutes and include the <br /> following types of investments: <br /> • Bankers Acceptance <br /> ♦ State of California Local Agency Investment Fund(LAIF) <br /> • Certificate of Deposit <br /> ♦ Commercial 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 /> All cash and investments are stated at fair value. Pooled investment earnings are allocated monthly based <br /> on the average cash and investment balances of the various funds and related entities of the City. Cash and <br /> investments available for operations amounted to $10,060,922 as of June 30, 2009. Restricted cash and <br /> investments at June 30,2009 amounted to$5,460,955. <br /> See the City's Comprehensive Annual Financial Report for disclosures related to cash and investments and <br /> the related custodial risk categorization. <br /> 27 <br />