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City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2013 <br />NOTE 3 — LOANS RECEIVABLE (Continued) <br />At June 30, 2013, the City was owed, in its Low/Moderate Asset Housing Fund, $8,748,892 which <br />includes (1) loans made to the City property owners who meet the HUD requirements for financial <br />assistance for property improvements and first time home buyer loans; (2) a loan made to Ruth Rogers <br />and Sara Bagwell; (3) a loan made to Eden Housing, Inc.; (4) a loan made to San Leandro Senior <br />Housing; (5) a loan made to Citizens' Housing Corporation for property improvements; and (6) a loan <br />made to Mercy Housing for the construction of the Casa Verde. Because the notes do not meet the City's <br />availability criteria for revenue recognition, the City has deferred the revenue related to these loans. <br />Revenues are recognized in the year of repayment. Loans are secured by trust deeds. In the Government - <br />Wide Financial Statement, $613,368 of the receivable was eliminated. <br />At June 30, 2013, the City was owed, in its Community Development Block Grant Special Revenue <br />Fund, $773,949 for various housing assistance loans made by the City. The terms of repayment vary. <br />Because the notes do not meet the City's availability criteria for revenue recognition, the City has <br />deferred the revenue related to these loans. Revenue is recognized in the year of repayment. The loans <br />are secured by trust deeds. In the Government -Wide Financial Statement, $718,675 of the receivable was <br />eliminated. <br />At June 30, 2013, the City was owed, in its HOME Special Revenue Fund, $3,182,014 for a housing <br />assistance loan made by the City to Citizens' Housing Corporation. The terms of repayment vary. <br />Because the note does not meet the City's availability criteria for revenue recognition, the City has <br />deferred the revenue related to this loan. Revenue is recognized in the year of repayment. The loan is <br />secured by trust deeds. <br />At June 30, 2013, the City was owed, in its Housing In -Lieu Special Revenue Fund, $593,521 for a <br />housing assistance loan made by the City to the Estabrook Senior Housing for low -moderate housing <br />construction. The terms of repayment vary. Because the note does not meet the City's availability <br />criteria for revenue recognition, the City has deferred the revenue related to this loan. Revenue is <br />recognized in the year of repayment. The loan is secured by trust deeds. <br />NOTE 4 — DEFERRED OUTFLOWS/INFLOWS OF RESOURCES <br />In addition to assets, the statement of financial position or balance sheet will sometimes report a separate <br />section for deferred outflows of resources. This separate financial statement element, deferred ou flows of <br />resources, represents a consumption of net position or fund balance that applies to a future period(s) and <br />so will not be recognized as an outflow of resources (expense/expenditure) until then. <br />In addition to liabilities, the statement of financial position or balance sheet will sometimes report a <br />separate section for deferred inflows of resources. This separate financial statement element, deferred <br />inflows of resources, represents an acquisition of net position or fund balance that applies to a future <br />period(s) and so will not be recognized as an inflow of resources (revenue) until that time. <br />56 <br />