CRA Minutes 05/09/2008 - Laserfiche WebLink

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CITY OF CASSELBERRY, FLORIDA COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements Year Ended September 30, 2007 Note 1 . Summary of significant accounting policies Reporting Entity - The City of Casselberry, Florida Community Redevelopment Agency (the "CRA") is a component unit of the City of Casselberry, Florida (the "City"). The seven member governing board of the CRA consists of three members appointed by the Seminole County, Florida (the "County") governing board and four members appointed by the City of Casselberry, Florida (the "City") governing board. The CRA was created pursuant to Section 163.356, Florida Statutes, through ordinances passed by the City and the County. It was created by City resolution 95-889 dated March 6, 1995. Its primary activities include the rehabilitation, conservation or redevelopment of slum or blighted areas within the City. The City provides accounting and administrative support to the CRA without charge; the CRA does not have personnel or administrative facilities. Pursuant to Florida Statute 163.387, the CRA is funded primarily by incrementa! ad valorem tax revenues levied and remitted in approximately equal amounts as contributions to the Trust Fund by the County and the City. The CRA is economically dependent on such revenue. The accounting policies of the CRA conform to accounting principles generally accepted in the United States of America as applicable to independent special CRAs. The following is a summary of the more significant policies: Basis of Accounting - Government fund financial statements are organized for reporting purposes on the basis of a General Fund, the CRA's major fund, which accounts for all activities of the CRA and is accounted for using the modified accrual basis of accounting. Revenues are recognized when they become measurable and available as net current assets. "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to pay liabilities of the current period. The CRA considers all revenues available if collected within 60 days after year-end. Expenditures are recognized when the related fund liability is incurred. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Cash Equivalents - Cash equivalents consist of demand deposits and highly liquid investments with maturities of 90 days or less. Capital Assets - The CRA defines capita! assets as assets with an initial, individual cost of $1,000 or more and an estimated useful life in excess of two years. Such assets are recorded at historical cost in the government-wide financial statements. The CRA does not have donated fixed assets. Depreciable capital assets consist only of signs that are depreciated using the straight-line method over their estimated lives of 25 years. Accumulated depreciation has been recorded based on estimated depreciation since the date each capital asset was available for service. 11