8G Consent 2008 0107 - Laserfiche WebLink

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REDEVELOPMENT AGENCY OF SAN LEANDRO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2007 SUMMARY OF SIGINIFICANT ACCOUNTING POLICIES (Continued) J. Deferred or Unearned Revenues Deferred revenues represent anoff--set for revenue in which asset recognition criteria has been met, but where revenue recognition criteria has not been met_ The Agency has reported as deferred revenues, receivables from project developer and notes receivable from homeowners and related accrued interest; as such amounts are measurable but are not available. K. Net Assets and Fund Equity In the Government-Wide Financial Statements, net assets are classified in the following categories: Invested in Capital Assets. Net of Related Debt -This amount consists of capital assets net of accumulated depreciation and reduced by outstanding debt that attributed to the acquisition, construction, or improvement of the assets. Restricted Net Assets -This amount is restricted by external creditors, grantors, contributors, or laws or regulations of governments. Unrestricted Net Assets -This amount is all net assets that do not meet the definition of "invested in capital assets, net of related debt" or "restricted net assets as defined above. Tn the Fund Financial Statements, fund equity are reservations and designations of fund balances of governmental funds and unrestricted net assets of proprietary funds are created to either satisfy legal covenants, including State laws, that require a portion of the fund equity be segregated or identify the portion of the fund equity not available for future expenditures. L. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. 21