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Item 4: Resolution on Receipt of the FY09 Annual Financial Report
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Item 4: Resolution on Receipt of the FY09 Annual Financial Report
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Agenda Item Summary
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1/11/2010
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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(1)Summary of Significant Accounting Policies, continued <br />(F)Receivables <br />All receivables are shown net of an allowance for uncollectibles in the Statement of Net Assets. <br />(G)Capital Assets <br />Capital assets include land, construction in progress, buildings, improvements, and infrastructure having <br />initial useful lives extending beyond a single reporting period and a cost of more than $5,000. <br />Infrastructure assets in the Agency include streets and street improvements. <br />Except for infrastructure placed in service prior to July 1, 1980, all capital assets have been capitalized in <br />the government-wide financial statements. In accordance with the current financial resources <br />measurement focus, capital assets are not capitalized in the governmental fund financial statements. <br />All purchased capital assets are valued at historical cost. Historical cost is measured by the cash or cash <br />equivalent price of obtaining an asset, including ancillary charges necessary to place the asset into its <br />intended location and condition for use. Additions, improvements, and other capital outlays that <br />significantly extend the useful life of an asset are capitalized. Amounts expended for maintenance and <br />repairs are charged to expenditures in the appropriate funds as incurred and are not capitalized. <br />Capital assets are depreciated unless they are inexhaustible in nature (e.g., land). Depreciation is an <br />accounting process used to allocate the cost of capital assets to expense in a systematic and rational <br />manner to those periods expected to benefit from the use of the capital asset. Depreciation is not <br />intended to represent an estimate in the decline of fair market value, nor are capital assets net of <br />accumulated depreciation intended to represent an estimate of the current condition of the assets, or the <br />maintenance requirements needed to maintain the assets at their current level of condition. <br />Depreciation is computed over the estimated useful lives of the capital assets. All estimates of useful lives <br />are based on actual experience by City departments with identical or similar capital assets. Infrastructure <br />assets are depreciated using a composite depreciation method. All other categories of assets are <br />depreciated on the straight-line basis of accounting. The estimated useful lives of the various categories <br />of assets are as follows: <br /> Estimated <br /> useful life <br />Category <br /> Buildings 40 years <br /> Improvements other than buildings 20 years <br /> Infrastructure 25 years <br />Upon disposal of capital assets, cost and accumulated depreciation are removed from the accounts and, <br />if appropriate, a gain or loss on the disposal is recognized. In accordance with the composite <br />depreciation method, no gain or loss is recorded upon disposal, but rather, cost is removed from the <br />capital asset account and charged to the accumulated depreciation account. <br />Capital assets are reported net of accumulated depreciation in the Statement of Net Assets, and <br />depreciation expense is reported in the Statement of Activities in the urban renewal redevelopment <br />function. <br />(H)Fund Balances <br />In the fund financial statements, governmental funds report reservations of fund balance for amounts that <br />are not available for appropriation or are legally restricted by outside parties for use for specific purposes. <br />continued <br />
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