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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br /> <br />(4) Detailed Notes on All Funds, continued <br />(B) Unavailable Revenue, continued <br />The various components of unavailable revenue consist of the following: <br />Total <br />Property taxes receivable: <br /> Debt Service Fund$188,507 <br /> Riverfront Special Revenue Fund100,840 <br />Notes receivable: <br /> General Fund2,633,496 <br />Total unavailable/unearned revenue$2,922,843 <br />(C) Capital Assets <br />Capital assets activity for the year ended June 30, 2015 was as follows: <br />BeginningEnding <br />balanceIncreasesDecreasesbalance <br />Governmental activities: <br />Capital assets, not being depreciated <br /> Land$493,31700493,317 <br /> Total capital assets, not being depreciated493,31700493,317 <br />Capital assets, being depreciated <br /> Improvements 02,54102,541 <br /> Total capital assets being depreciated02,54102,541 <br /> Less accumulated depreciation for: <br /> Improvements 0(64)0(64) <br /> Total accumulated depreciation0(64)0(64) <br /> Total capital assets, being depreciated, net02,47702,477 <br /> Governmental activities capital assets, net$493,3172,4770495,794 <br />(D) Noncurrent Liabilities <br />The Urban Renewal Agency issues tax increment bonds to finance major construction projects within its <br />districts. These bonds are serviced by tax increment revenues. When an urban renewal district is first <br />created, the assessed property value within the district boundaries is established as a “frozen base”. The <br />Urban Renewal Agency receives property taxes related to the incremental increase in the property value <br />that is in excess of the “frozen base.” <br />continued <br />28 <br />