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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br /> <br />Notes to Basic Financial Statements <br /> <br />continued <br />(1) Summary of Significant Accounting Policies, continued <br /> <br />(J) Fund Balance, continued <br /> <br />Fund balance is reported as restricted when the constraints placed on the use of resources are either: (a) <br />externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or <br />regulations of other governments; or (b) imposed by law through constitutional provisions or enabling <br />legislation. <br /> <br />(K) Indirect Expenses <br /> <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 /> <br /> <br />(2) Reconciliation of Government-wide and Fund Financial Statements <br /> <br />(A) Explanation of Certain Differences Between the Government-wide Statement of Net Position and the <br />Governmental Fund Balance Sheet <br /> <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 /> <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 />$2,128,531 difference are as follows: <br /> <br />Receivables: <br /> Interest $ 83,930 <br /> Taxes 149,317 <br /> Loans and notes 1,956,826 <br /> Subtotal 2,190,073 <br /> Allowance for uncollectibles (61,542) <br /> Net adjustment $ 2,128,531 <br /> <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 $3,446,650 difference are as follows: <br /> <br />Capital assets reported in the Statement of Net Position: <br /> Land $ 3,446,650 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />25 <br />December 10, 2018, Meeting - Item 3