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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2015 <br /> <br /> <br />NOTE 17 – SUCCESSOR AGENCY ACTIVITIES (Continued) <br /> <br />C. Capital Assets <br /> <br />The Successor Agency assumed the capital assets of the former Redevelopment Agency as of February 1, <br />2012. All capital assets are valued at historical cost or estimated historical cost if actual historical cost is <br />not available. Contributed capital assets are valued at their estimated fair market value on the date <br />contributed. The Successor Agency’s policy is to capitalize all assets with costs exceeding certain <br />minimum thresholds and with useful lives exceeding two years. <br /> <br />All capital assets with limited useful lives are depreciated over their estimated useful lives. The purpose <br />of depreciation is to spread the cost of capital assets equitably among all users over the life of these assets. <br />The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of <br />capital assets. <br /> <br />Depreciation of all capital assets is charged as an expense against operations each year and the total <br />amount of depreciation taken over the years, called accumulated depreciation, is reported on the balance <br />sheet as a reduction in the book value of capital assets. <br /> <br />Balance Balance <br />June 30, 2014 Additions June 30, 2015 <br />Non-depreciable Assets: <br />Land 2,949,885$ $2,949,885$ <br />Depreciable Assets: <br />Buildings and Improvements 1,713,996 1,713,996 <br />Total Depreciable Assets 1,713,996 1,713,996 <br />Accumulated Depreciation: <br />Buildings and Improvements (338,685) ($34,282) (372,967) <br />Total Accumulated Depreciation (338,685) (34,282) (372,967) <br />Depreciable Assets, Net 1,375,311 (34,282) 1,341,029 <br />Total Private Purpose <br />Trust Fund Activity <br />Capital Assets, Net 4,325,196$ (34,282)$ 4,290,914$ <br /> <br /> <br />81