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<br /> <br />Governmental funds. Governmental funds are used to account for activities where emphasis is placed on <br />available financial resources, rather than upon net income determination. Therefore, unlike the government-wide <br />financial statements, governmental fund financial statements focus on the acquisition and use of current <br />spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. <br /> <br />Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is <br />useful to compare the information presented for governmental funds with similar information presented for <br />governmental activities in the government-wide financial statements. By doing so, readers may better understand <br />the long-term impact of the government’s near-term financial decisions. Both the governmental funds Balance <br />Sheet and the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances <br />provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. <br />These reconciliations can be found on Exhibits 3 and 5 of this report. <br /> <br />The Agency maintains two taxing districts: the Downtown District and the Riverfront District. The Agency <br />maintains six individual governmental funds to account for these two districts: a general fund, a debt service fund, <br />and a capital projects fund for the Downtown District; and a special revenue operating fund, a program revenue <br />fund, and a capital projects fund for the Riverfront District. Each fund is presented separately in the governmental <br />funds Balance Sheet and in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund <br />Balances. For narrative on the funds and projects see the URA section of the adopted budget. <br /> <br />The basic governmental fund financial statements can be found on Exhibits 3 and 4 of this report. <br /> <br />Notes to the basic financial statements. The notes provide additional information that is essential to a full <br />understanding of the data provided in the government-wide and fund financial statements. They are an integral <br />part of the financial statements and should be read in conjunction with them. <br /> <br />Required supplementary information. The Agency adopts an annual appropriated budget for all its funds. To <br />demonstrate compliance with the budget, budgetary comparison statements have been provided for the General <br />Fund and the Riverfront Special Revenue Fund as required supplementary information. <br /> <br />Government-wide Financial Analysis <br /> <br />The Agency’s assets exceeded liabilities by $23,008,340 at the close of the most recent fiscal year compared to a <br />net position of $19,519,570 in the previous year. <br /> <br />A portion of the Agency’s net position (14.98%) reflects its investment in capital assets (land). The Agency uses <br />these capital assets to plan and develop designated properties within the urban renewal district boundaries. <br />Consequently, these assets are not available for future spending. The remaining balance of net position <br />($19,561,690) may be used to meet the government’s ongoing obligations, in accordance with the Urban <br />Renewal Plans of the two districts and subject to fund limitations. <br /> <br /> <br /> <br /> <br /> <br /> <br />8 <br />December 10, 2018, Meeting - Item 3