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<br />CITY OF CASSELBERRY, FLORIDA <br />COMMUNITY REDEVELOPMENT AGENCY <br />Notes to Financial Statements <br />Year Ended September 30, 2007 <br /> <br />Note 3 - Changes in capital assets <br /> <br />The following is a summary of changes in capital assets during the year ended September 30,2007: <br /> Balance Balance <br /> October 1, September 30, <br /> 2006 Additions Deletions 2007 <br />Governmental Activities <br />Capital assets not depreciated: <br />Land $ 428,174 $ $ $ 428,174 <br />Construction in progress 106,390 (106,390) <br />Total capital assets not being depreciated 534,564 (106,390) 428,174 <br />Capital assets being depreciated: <br />Signs 42,937 42,937 <br />Total capital assets being depreciated 42,937 42,937 <br />Less accumulated depreciation for: <br />Signs 7,157 3,434 10,591 <br />Total accumulated depreciation 7,157 3,434 10,591 <br />Governmental activities capital assets $ 570,344 $ (3,434) $ (106,390) $ 460,520 <br /> <br />Land, as shown above, includes approximately $302,000 of Concord property for which the <br />acquisition was funded by the CRA but the title was inadvertently placed in the City's name. The title <br />was to be transferred to the CRA during fiscal year 2007. However, in fiscal year 2007 the City took <br />some of the land for right-of-way for a City project. The City plans to transfer title of the land to the <br />CRA once the project is completed since the property line has changed as a result of the City's right- <br />of-way acquisition. <br /> <br />Construction in progress shows $106,390 of deletions which represent abandoned construction in <br />progress for the consulting fees related to the City Center Project, for which, in prior years, the eRA <br />had intended to fund. In the current year, the project was abandoned. As a result, construction in <br />progress has been decreased and general government expenses have been increased at the entity- <br />wide level. <br /> <br />Depreciation expense amounted to $3,434 during fiscal 2007 which is included in general government <br />expense on the statement of activities. <br /> <br />Note 4 - On Behalf Interest Payments <br /> <br />On September 9, 2005, the CRA Board of Directors approved an agreement to pay the interest on a <br />three-year, interest only note payable on behalf of the City. This agreement was to cover the <br />financing cost associated with land the City purchased at the request of the CRA. The remaining <br />commitment for this note for fiscal year ended September 30, 2008 is $120,292. <br /> <br />13 <br />