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SAN LEANDRO REDEVELOPMENT AGENCY
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
<br />Assigned fund balances are amounts constrained by the Agency's intent to be used for a specific
<br />purpose, but are neither restricted nor committed. Intent is expressed by the Agency Board or its
<br />designee and may be changed at the discretion of the Agency Board or its designee. This category
<br />includes encumbrances; Nonspendables, when it is the City's intent to use proceeds or collections for
<br />a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects and Debt
<br />Service Funds which have not been restricted or committed.
<br />Unassigned fund balance represents residual amounts that have not been restricted, committed, or
<br />assigned. This includes the residual fund deficits, if any, of Debt Service or Capital Projects. funds.
<br />Detailed classifications of the City's Fund Balances, as of June 30, 2010, are below:
<br />Capital Projects Funds
<br />General West Low and
<br />Total
<br />Debt Plaza Agency Joint San Leandro Moderate
<br />Governmental
<br />Fund balances: Service Fund Project Area Project Area Project Area Housing
<br />Funds
<br />Nonspendable $2,475,000
<br />$2,475,000
<br />Restricted for:
<br />Low and moderate income
<br />housing activities $3,114,300
<br />3,114,300
<br />Debt service $4,948,964
<br />4,948,964
<br />Capital projects:
<br />Plaza project area $1,019,797
<br />1,019,797
<br />Agency joint project area $5,764,606
<br />5,764,606
<br />West San Leandro
<br />project area 1,480,017
<br />1,480,017
<br />$4,948,964 $1,019,797 $5,764,606 $3,955,017 $3,114,300
<br />$18,802,684
<br />K. Use of Estimates
<br />The preparation of financial statements in conformity with generally accepted accounting principles
<br />requires management to make estimates and assumptions that affect certain reported amounts and
<br />disclosures. Accordingly, actual results could differ from those estimates.
<br />L. Budgets and Budgetary Accounting
<br />The Agency adopts a budget annually to be effective July 1 for the ensuing fiscal year. Budgeted
<br />expenditures are adopted through the passage of a resolution. This resolution constitutes the maximum
<br />authorized expenditures for the fiscal year and cannot legally be exceeded except by subsequent
<br />amendments of the budget by the Agency Board.
<br />An operating budget is adopted each fiscal year for the Debt Service Fund. Public hearings are
<br />conducted on the proposed budgets to review all appropriations and sources of financing. Capital
<br />projects are budgeted by the Agency Board over the term of the individual projects. Since capital
<br />projects are not budgeted on an annual basis, they are not included in the budgetary data.
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