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Redevelopment Agency of the City of Redwood City 6.1. B. - Page 184 <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2011 <br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued <br /> IC New Pronouricerrierrts <br /> In 2011, the Agency adopted new accounting standards in order to conform to the follo�nTing <br /> Governmental Accounting Standards Board Statement: <br /> ➢ GASB Statenlent No. 54, Fund Balance Repo��ting and Goz�ernniental Fund Type Definitions - fl1e <br /> Statement establishes criteria for classifying fund balances ulto specifically defined <br /> classifications and clarifies defuzitions for governmental funds. There was no effect on the <br /> Agency's net assets by adoptulg the accounting standard, however the Agency reclassified it's <br /> governnlental funds' fund balailces as of Jw1e 30ri�, 2011. <br /> ➢ GASB Statement No. 59, Financial Instri�nients Omnibiis - the Statenlent updates and inlproves <br /> existing standards regarding the financial reportulg and disclosure requirenlents of certaul <br /> financial instrunlents and external investnlent pools for whicll significant issues have been <br /> identified in practice. There was no effect on the Agency's net assets by adopting the accounting <br /> standard. <br /> 2. CASH AND INVESTMENTS <br /> The Agency has pooled its cash and investments �nTith the City in order to achieve a higher return on <br /> investment. Certaul restricted fwlds, which are held and invested by independent outside custodians <br /> through contractual agreenlents, are not pooled. These restricted funds include cash with fiscal agents. <br /> The investnlents nlade by t11e City are linuted to those allowable under State statutes and include the <br /> followulg types of investments: <br /> • Bankers Acceptance <br /> • State of Califorilia Local Agency Investnlent Fui1d (LAIF) <br /> • Certificate of Deposit <br /> ♦ Conlnlercial Paper <br /> ♦ Government Agency Securities <br /> • Money Market Certificates <br /> • Passbook Savings Accowlts <br /> • San Mateo County Investment Pool <br /> • Treasury Bills and Notes <br /> All cas11 and ulvestnlents are stated at fair value. Pooled investrnent eanlulgs are allocated inonthly based <br /> on the average cash and ulvestnlent balances of the various funds and related entities of the City. Cas11 and <br /> investrnents available for operations amounted to $14,705,046 as of June 30, 2011. Restricted cash and <br /> ulvestnlents at June 30, 2011 anlounted to $1,680,000. <br /> ?� <br />