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URA Resolution No. 1078
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2012-2016 No. 1063-1081
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URA Resolution No. 1078
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7/12/2016 1:50:49 PM
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1/13/2016 3:08:51 PM
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City Recorder
CMO_Document_Type
Resolutions
Document_Date
1/11/2016
Document_Number
URA Resolution 1078
CMO_Effective_Date
1/11/2016
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CRO
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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br /> <br />(1) Summary of Significant Accounting Policies, continued <br />(D) Measurement Focus, Basis of Accounting, and Financial Statement Presentation <br />Measurement focus refers to what is measured by a fund. Basis of accounting refers to when revenues <br />and expenditures are recognized in the accounts and reported in the financial statements. <br />The government-wide financial statements are accounted for using an economic resources measurement <br />focus, whereby all assets and liabilities are reported in the Statement of Net Position. The increases and <br />decreases in net position are reported in the Statement of Activities.The accrual basis of accounting is <br />used whereby revenues are recorded when earned and expenses are recorded when a liability is <br />incurred, regardless of the timing of related cash flows. <br />The governmental fund financial statements are accounted for using a current financial resources <br />measurement focus. The Balance Sheet generally reports only current assets and current liabilities; and <br />the Statement of Revenues, Expenditures, and Changes in Fund Balances presents increases and <br />decreases in fund balance. These funds use the modified accrual basis of accounting whereby revenues <br />are recorded when susceptible to accrual (both measurable and available). "Measurable" means that the <br />amount of the transaction can be determined. "Available" is defined as being collectible within the current <br />period or soon enough thereafter (60 days) to be used to liquidate liabilities of the current period. <br />Expenditures, other than interest on long-term obligations, are recorded when the fund liability is incurred. <br />Real and personal property taxes were levied as of July 1 for the fiscal year on values assessed as of <br />January 1. Property taxes are an enforceable lien on both real and personal property as of July 1 and are <br />due and payable in three installments on November 15, February 15, and May 15. All property taxes are <br />billed and collected by Lane County and remitted to the Agency. In the governmental fund financial <br />statements, property taxes are reflected as revenues in the fiscal period for which they were levied, <br />provided they are due, or past due and receivable within the current period, and collected within the <br />current period or expected to be collected soon enough thereafter to be used to pay liabilities of the <br />current period (60 days). Otherwise, they are reported as deferred inflows of resources. In the <br />government-wide financial statements, property tax revenues are fully recognized at the time of levy. <br />Property taxes which are held at year-end by the collecting agency, Lane County, and are remitted to the <br />City within the 60-day period are reported as "Due from other governments." <br />Repayment of revolving loans and miscellaneous revenues (except investment earnings) are recorded as <br />revenues when received in cash because they are generally not measurable until actually received. <br />Investment earnings are recorded as earned since they are measurable and available. Rental income is <br />typically received in advance and is reported as unearned when appropriate. <br />Governmental Funds <br />Governmental funds finance all of the functions of the Agency. The measurement focus is upon <br />determination of changes in current financial resources, rather than upon net income determination. The <br />following are the Agency's Downtown District governmental funds: <br />General Fund <br />The General Fund is the general operating fund of the Agency. It is used to account for all financial <br />resources except those required to be accounted for in another fund. Principal sources of revenue <br />are rental income, interest on investments, principal and interest payments on outstanding loans, and <br />transfers from the Debt Service Fund. Primary expenditures of the General Fund are made for <br />downtown development loans and grants as well as to pay Downtown District administration costs. <br />continued <br />22 <br />
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