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6.1 B <br /> Redevelopment Agency of the City of Redwood City ATiF�IPvIE <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended june 30, 2010 <br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued <br /> G. Fund Balances <br /> In the governmental fund financial statements, governmental funds report reservations of fund balances <br /> for amounts 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 management plans that are �I <br /> subject to change. I <br /> H. Net Assets <br /> In the goverrunent-wide financial statements, net assets are classified in the following categories: <br /> Invested in Capital Assets, Net o{ 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 improvement of the assets. <br /> Restricted Net Assets - This amount is restricted by external creditors, grantors, contributors, or laws <br /> or regulations of other governments. <br /> Unrestricted Net Assets (Dehcit) - This amount is all net assets that do not meet the definition of <br /> "invested in capital assets, net of related debt" or "restricted net assets." <br /> I. Use of Estimates <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 amounts and <br /> disclosures. Accordingly, actual results could differ from those estimates. <br /> J. Property Taxes <br /> San Mateo County assesses properties and bills, collects, and distributes properiy taxes as follows: <br /> Secured Unsecured <br /> Lien/levy dates January 1 January 1 <br /> Due date 50% on November 1 and February 1 July 1 <br /> Delinquent as of December 10 & April 10 August 7 <br /> The term "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 /> 26 <br />