Agenda Packet 12-9-19 Meeting - Laserfiche WebLink

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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON Notes to Basic Financial Statements continued (1) Summary of Significant Accounting Policies, continued (J) Fund Balance, continued Fund balance is reported as nonspendable when the resources cannot be spent because they are either in a nonspendable form or legally or contractually required to be maintained intact. Resources in nonspendable form include inventories, prepaids and deposits. Fund balance is reported as restricted when the constraints placed on the use of resources are either: (a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation. (K)Indirect Expenses The Agency’s Statement of Revenues, Expenditures, and Changes in Fund Balances include reimbursement to the City’s Central Services department for general services provided to the Agency by the City’s General Fund. The charge for general service costs is based on an approved overhead cost plan. The overhead cost reimbursement has been included in program expenses in the Statement of Activities. (2)Reconciliation of Government-wide and Fund Financial Statements (A) Explanation of Certain Differences Between the Government-wide Statement of Net Position and the Governmental Fund Balance Sheet The Balance Sheet for governmental funds (Exhibit 3) includes a reconciliation between total fund balances and total net position in the Statement of Net Position (Exhibit 1). The following are selected elements of that reconciliation: The Statement of Net Position reports receivables at their net realizable value. However, receivables not available to pay for current-period expenditures are deferred in governmental funds. The details of this $2,399,625 difference are as follows: Receivables: Interest $ 30,523 Taxes 154,329 Loans and notes 2,340,499 Subtotal 2,525,351 Allowance for uncollectibles (125,726) Net adjustment $ 2,399,625 Capital assets are not financial resources in governmental funds, but are reported in the Statement of Net Position at their net depreciable value. The details of this $4,719,547 difference are as follows: Capital assets reported in the Statement of Net Position: Land $ 4,719,547 Net adjustment $ 4,719,547 25 December 9, 2019, Meeting - Item 3CC Agenda - Page 265