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LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) Financial Statement Presentation (Continued) • Net Investment in Capital Assets — This component of net assets consists of capital assets, including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings Pal dare attributable to the acquisition, construction, or improvements of those assets. • Restricted Net Position — This component of net position consists of cons is placed on e: the use of assets through external constraints imposed by creditors (such 4 Ahrough debt covenants), grantors, contributors, or laws or regulation of othe/ ;governments or constraints imposed by law through constitutional provisions of 1014ablig legislation. r� • Unrestricted Net Position — This component of net positio�n,congists of assets that do not meet the definition of Restricted or Net Investment in Capita- Assets. When both restricted and unrestricted resources are �a* rii_able for use, generally it is the Authority's policy to use restricted resources first. '' $ Government -Wide Financial Statements The Statement of Net Position and the `Sat M4 t of Activities display information about the Authority as a whole. The Authority's Statement of Net Position and Statement of Activities are fu combined with the governmental nd��naiici,al statements. The Authority is viewed as a special purpose government and has the Tt* Qf combining these financial statements. 'eported by adjusting the governmental fund types to report on The Statement of Net Positi �)�fi is the full accrual basis, econoi16 resource basis, which recognizes all long-term assets and receivables as well as long-term debt and obligations. Any amounts recorded due to and due from other funds,,a -e, eliminated in the Statement of Net Position. The Statement of Activities is reported by adjusting the governmental fund types to report only items relat c t(, .burrent year revenues and expenditures. Items such as capital outlay are allocated�oer-their estimated useful lives as depreciation expense. Internal activities between governmenfaf funds, if any, are eliminated by adjustment to obtain net total revenue and expense in the, ao.ernment-wide Statement of Activities. Fund Financial Statements As discussed above, the Authority's fund financial statements are combined with the government -wide statements. The fund financial statements include a Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances. —13—