10A Action 2009 0120 - Laserfiche WebLink

Home

ALAMEDA COUNTY REDEVELOPMENT AGENCY - SAN LEANDRO JOINT PROJECT AREA NOTES TO BASIC FINANCIAL STATEMENTS JilNE 30, 2008 Government-wide and Fund Financial Statements -The government-wide financial statements (i.e., the statement of net- assets and the statement of activities) report information of the Agency activities as a whole. For the most part, the effect of interfund activity has been removed from these statements. The Agency only uses governmental activities, which normally are supported by taxes, grants and contributions. The statement of activities demonstrates the degree to which direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenues include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not included among program revenue are reported instead as general revenues. Separate financial statements are provided for governmental funds. Major individual governmental funds are reported as separate columns in the fluid fmancial statements. Budget Basis of Accounting -Agency prepares its budget on a basis consistent with accounting principles generally accepted in the United States of America. The actual results of operations are presented in the Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual to provide a meaningful comparison of actual results with the budget. The legal level of budgetary control is at the fund level. There were no budget amendments during the year. C. Implementation of New GASB Pronouncements The Agency is a blended component unit of the Alameda County (the County). The County has implemented Governmental Accounting Standards Board Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. This statement addresses other post employment benefits (OPEB). This Statement improves the relevance and usefulness of financial reporting by (a) requiring systematic, accrual-basis measurement and recognition of OPEB cost (expense) over a period that approximates employees' years of service and (b) providing information about actuarial accrued liabilities associated with OPEB and whether and to what extent progress is being made in funding the plan. In September 2006, the GASB issued Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues. This Statement establishes accounting and financial reporting standards for transactions in which a government receives, or is entitled to, resources in exchange for future cash flows generated by collecting specific receivables or specific future revenues. It also contains provisions that apply to certain situation in which a government does not receive resources but, nevertheless, pledges or commits future cash flows generated by collecting specific future revenues. z2