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City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2010 <br />NOTE 3 — LOANS RECEIVABLE <br />At June 30, 2010, the City had the following loans receivable reported in its Fund Financial Statements: <br />Governmental Funds: <br />General Fund <br />$ 30,000 <br />Special Revenue Funds: <br />Non Major Funds: <br />Community Development Block Grant (CDBG) <br />841,871 <br />Housing In -Lieu <br />637,000 <br />HOME Fund <br />3,235,000 <br />Capital Projects Funds: <br />Redevelopment Agency <br />1,387,590 <br />Redevelopment Agency Low/Mod Housing <br />8,219,517 <br />Total Governmental Funds 14,350,978 <br />Less: CDBG (778,285) <br />Less: RDA Capital (484,545) <br />Less: RDA Low -Moderate (2,664,560) <br />Total Government -wide Financials $ 10,423,588 <br />At June 30, 2010, the City was owed, in the General Fund, $30,000 for assistance to close escrow related to property <br />acquisition. <br />At June 30, 2010, the City was owed, in its Community Development Block Grant Special Revenue Fund, $841,871 <br />for various housing assistance loans made by the City. The terms of repayment vary. Because the notes do not meet <br />the City's availability criteria for revenue recognition, the City has deferred the revenue related to these loans. <br />Revenue is recognized in the year of repayment. The loans are secured by trust deeds. In the Government -wide <br />Financial Statement, $ 778,285 of the receivable was eliminated. <br />At June 30, 2010, the City was owed, in its Housing In -Lieu Special Revenue Fund, $637,000 for a housing assistance <br />loan made by the City to the Estabrook Senior Housing for low -moderate housing construction. The terms of <br />repayment vary. 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 secured by trust <br />deeds. <br />1 <br />At June 30, 2010, the City was owed, in its HOME Special Revenue Fund, $3,235,000 for a housing assistance loan <br />made by the City to Citizens' Housing Corporation. The terms of repayment vary. Because the note does not meet the <br />City's availability 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. I <br />54 <br />