Laserfiche WebLink
<br />CITY OF CASSELBERRY, FLORIDA <br />COMMUNITY REDEVELOPMENT AGENCY <br />Notes to Financial Statements <br />Year Ended September 30, 2007 <br /> <br />Note 1 - Summary of significant accounting policies (continued) <br /> <br />Budget - On or before September 30 of each year, the CRA's Board of Directors adopts an annual <br />budget sufficient to support the anticipated work program for the year. The budget includes revenues <br />from all sources, including City and County contributions to the Trust Fund, interest, and such other <br />fund sources legitimately available to the CRA. The CRA's Board of Directors can legally amend the <br />budget to the extent deemed necessary, provided the budget remains in balance at the fund level. <br />CRA management other than the Board of Directors cannot amend or transfer appropriations. <br /> <br />Use of Estimates - The preparation of the financial statements require management to make use <br />estimates that affect reported amounts. Actual results could differ from those estimates. <br /> <br />Note 2 - Cash and cash equivalents <br /> <br />The following is a summary of the CRA's cash and cash equivalents: <br /> <br />Type <br /> <br />Carrying Value <br /> <br />Demand deposits <br />Local Government Surplus Funds Trust Fund <br /> <br />$ 1,201,348 <br />569,776 <br />$ 1,771,124 <br /> <br />Demand Deposits - Demand deposits are insured by the Federal Deposit Insurance Corporation <br />(FDIC) up to $100,000. Amounts in excess of $100,000 are secured by the Public Deposits Trust <br />Fund maintained by the Treasurer of the State of Florida. The Trust Fund is a multiple financial <br />institution pool with the ability to assess its members' financial institutions for collateral shortfalls if a <br />member fails. For this reason, deposits are considered substantially insured. <br /> <br />Local Government Surplus Funds Trust Fund - The CRA is authorized by Florida Statutes to <br />invest in the Florida State Board of Administration's (SBA) Local Government Surplus Funds Trust <br />Fund Investment Pool. The SBA is not a registrant, nor regulated by, the Securities and Exchange <br />Commission or any other regulatory agency; however, the SBA has adopted operating procedures <br />consistent with the requirements for a 2a-7 like pool and the fair value of the pool is equal to the value <br />of the pool shares. Such investments are stated at amortized cost, which approximates fair value, <br />and are not rated as to credit quality. The CRA withdrew all funds from the SBA and redirected such <br />amounts to other investments subsequent to year-end. <br /> <br />The CRA's cash and cash equivalents are pooled with those of the City. Earnings from the pooled <br />funds are allocated to the CRA based on the CRA's proportionate share of the pool. <br /> <br />12 <br />