CRA 04/17/2014 Minutes - Laserfiche WebLink

Home Browse Search

W1105 EVA I NO V bye 14 0111 1' NOTES TO FINANCIAL STATEMENTS Year Ended September 30, 2013 NOTE 2 - RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS Adjustments were made to include capital assets (net of accumulated depreciation) on the statement of net position. This resulted in a net difference between ending General Fund balances and total net position of $2,210,723. Total fund balance Capital assets, net Total net position $ 1,313,818 2,210,723 $ 3,524,541 Adjustments were made to include depreciation expense and eliminate capital outlay expenditures on the statement of activities. This resulted in a net difference between "excess revenues over expenditures" and "change in net position" of $55,083. Excess of revenues over expenditures $ 182,294 Less: Depreciation expense (55,083) Change in net position $ 127,211 NOTE 3 - POOLED CASH AND EQUIVALENTS The CRA's pooled cash and equivalents account is combined with the pooled cash of the City. The City's cash accounts consist of interest- bearing, demand accounts and certificates of deposit, all of which were entirely covered by federal depository insurance or by a multiple financial institution collateral pool pursuant to the Public Depository Security Act of the State of Florida. This Act requires that the City maintain deposits only in "qualified public depositories." All qualified public deposi- tories must deposit with the State Treasurer eligible collateral in such amounts as required by the Act. In addition, qualified public depositories are required under the Act to assume mutual responsibility against loss caused by the default or insolvency of other qualified public depositories of the same type. Should a default or insolvency occur, the State Treasurer will implement procedures for payment of losses according to the validated claims of the City. Earnings from the pooled funds are allocated to the CRA based on the CRA's proportionate share of the pool. -11-