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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2021 NOTE 15 – JOINTLY GOVERNED ORGANIZATIONS (Continued) The Authority is governed by the East Bay Dischargers Commission (Commission). The Commission consists of five members, one from each Agency. The ownership of the Joint Facilities is as follows: 13.74%, City of San Leandro; 29.44% Oro Loma/Castro Valley; 14.72% City of Hayward; and 42.10% Union Sanitary District. The City’s share of the expenses are recorded as expenses of the Water Pollution Control Fund. NOTE 16 – SUCCESSOR AGENCY ACTIVITIES A. Cash and Investments Cash and Investments at June 30, 2021, consisted of the following: Statement of net position: Cash and Investments 3,244,064$ Cash and Investments held by fiscal agents 21 Total cash and investments 3,244,085$ The Successor Agency pools its cash and investment with the City in order to achieve a higher return on investment. Certain restricted funds, which are held and invested by independent custodians through contractual agreements, are not pooled. These restricted funds include cash with fiscal agents. B. Capital Assets The Successor Agency assumed the capital assets of the former Redevelopment Agency as of February 1, 2012. All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Contributed capital assets are valued at their estimated fair market value on the date contributed. The Successor Agency’s policy is to capitalize all assets with costs exceeding certain minimum thresholds and with useful lives exceeding two years. All capital assets with limited useful lives are depreciated over their estimated useful lives. The purpose of depreciation is to spread the cost of capital assets equitably among all users over the life of these assets. The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of capital assets. 87348