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CITY OF CASSELBERRY, FLORIDA COMMUNITY REDEVELOPMENT AGENCY NOTES TO FINANCIAL STATEMENTS Year Ended September 30, 2013 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Reporting Entity The City of Casselberry, Florida Community Redevelopment Agency (the "CRA ") is a blended 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's 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, conserva- tion, 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 incremental ad valorem tax revenues levied and remitted in amounts proportionate to property tax values for each participating entity. 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. These financial statements present the financial position and results of operations controlled by or dependent upon the CRA. In evaluating the CRA as a reporting entity, management has addressed all potential component units for which the CRA may or may not be financially accountable and, as such, be includable in the CRA's financial statements. No component units exist which would require inclusion in the CRA's financial statements. Government -wide and Fund Financial Statements The CRA has only governmental activities and only one function, and, as such, it is eligible for special - purpose financial statement presentation; accordingly, the government -wide financial statements are presented together with the governmental fund financial statements, described below, with an adjustment column presented to reconcile the two sets of statements.