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6.1 B <br /> Redevelopment Agency of the City of Redwood City AT �,a��iE�,�� <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2010 <br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued <br /> K. New Pronouncements <br /> In 2010, the Agency adopted new accounting standards in order to conform to the following <br /> Governxnental Accounting Standards Board Statement: <br /> ➢ GASB Statement No. 51, Accounting and Financial Reporting for Intangible Assets - the Statement <br /> requires that all intangible assets not specifically excluded by its scope provisions be classified <br /> as capital assets. Governxnents possess many different types of assets that may be considered <br /> intangible assets, including easements, water rights, patents, trademarks, and computer <br /> software. <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 /> investrnent. 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 Investrnent 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 Investrnent 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 investrnent balances of the various funds and related entities of the City. Cash and <br /> investments available for operations amounted to $11,543,865 as of June 30, 2010. Restricted cash and <br /> investrnents at June 30, 2010 amounted to $1,772,066. <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 />