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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2024
<br />
<br />
<br />NOTE 18 – SUCCESSOR AGENCY ACTIVITIES
<br />
<br />A. Cash and Investments
<br />
<br />Cash and investments at June 30, 2024, consisted of the following:
<br />
<br />Statement of net position:
<br />Cash and Investments 4,493,344$
<br />Cash and Investments held by fiscal agents 868
<br />Total cash and investments 4,494,212$
<br />
<br />
<br />The Successor Agency pools its cash and investment with the City in order to achieve a higher return on
<br />investment. Certain restricted funds, which are held and invested by independent custodians through
<br />contractual agreements, are not pooled. These restricted funds include cash with fiscal agents.
<br />
<br />B. 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 />C. Long-Term Debt Obligations
<br />
<br />At June 30, 2024, future debt service requirements for the Successor Agency were as follows:
<br />
<br />Balance Balance Current Long-Term
<br />June 30, 2023 Retirements June 30, 2024 Portion Portion
<br />2013 Refunding Lease Revenue Bonds
<br />Successor Agency Portion 1,049,000$ (249,000)$ 800,000$ 258,000$ 542,000$
<br />2014 Tax Allocation Refunding Bonds
<br />Successor Agency Portion 8,950,000 (740,000) 8,210,000 765,000 7,445,000
<br />2018 Tax Allocation Refunding Bonds, Series A
<br />Successor Agency Portion 16,415,000 (710,000) 15,705,000 740,000 14,965,000
<br />Direct Borrowings:
<br />Owner Participation Agreements 414,170 - 414,170 - 414,170
<br />Total 26,828,170 (1,699,000) 25,129,170 1,763,000 23,366,170
<br />Plus (Less) unamortized:
<br />Premium (2013 LRB)32,114 (8,562)23,552 8,562 14,990
<br />Premium (2014 TARB)939,133 (81,664)857,469 81,664 775,805
<br />Premium (2018 TARB)1,378,679 (86,168) 1,292,511 86,168 1,206,343
<br />Total Long-Term Debt 29,178,096$ (1,875,394)$ 27,302,702$ 1,939,394$ 25,363,308$
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