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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 />(J) Indirect Expenses <br />The Agency’s Statement of Revenues, Expenditures, and Changes in Fund Balances include <br />reimbursement to the City’s Central Services department for general services provided to the Agency by <br />the City’s General Fund. The charge for general service costs is based on an approved overhead cost <br />plan. The overhead cost reimbursement has been included in program expenses in the Statement of <br />Activities. <br />(2) Reconciliation of Government-wide and Fund Financial Statements <br />(A) Explanation of Certain Differences Between the Government-wide Statement of Net Position and the <br />Governmental Fund Balance Sheet <br />The Balance Sheet for governmental funds (Exhibit 3) includes a reconciliation between total fund <br />balances and total net position in the Statement of Net Position (Exhibit 1). The following are selected <br />elements of that reconciliation: <br />The Statement of Net Position reports receivables at their net realizable value. However, receivables not <br />available to pay for current-period expenditures are deferred in governmental funds. The details of this <br />$2,830,250 difference are as follows: <br />Receivables: <br /> Interest$58,060 <br /> Taxes231,287 <br /> Loans and notes2,633,496 <br /> Subtotal2,922,843 <br /> Allowance for uncollectibles(92,593) <br /> Net adjustment$2,830,250 <br />Capital assets are not financial resources in governmental funds, but are reported in the Statement of Net <br />Position at their net depreciable value. The details of this $495,794 difference are as follows: <br />Capital assets reported in the Statement of Net Position: <br /> Land$493,317 <br /> Other capital assets (net of accumulated depreciation)2,477 <br /> Net adjustment495,794 <br />All liabilities are reported in the Statement of Net Position. However, if they are not due and payable in <br />the current period, they are not recorded in governmental funds.The details of this $3,314,300 difference <br />are as follows: <br />Bonds payable$(3,300,000) <br />Accrued interest payable(14,300) <br /> Net adjustment$(3,314,300) <br />continued <br />25 <br />