Laserfiche WebLink
LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO THE FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2019 <br />NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <br />Measurement Focus (Continued) <br />Governmental fund types are accounted for on a spending or financial flow measurement focus. <br />Accordingly, only current assets and current liabilities are included on the balance sheet, and the <br />reported fund balances provide an indication of available spendable or appropriable red goes. <br />Operating statements of governmental fund types report increases and decreases in"av' ii 'ble <br />spendable resources. f j <br />Fund Balances <br />GASB Statement No. 54, Fund Balance Reporting and Governmentr�lld-type Definitions, <br />requires the classification of fund balances in governmental funds psing tne�llowing hierarchy: <br />Nonspendable: amounts that cannot be spent either because they -are in nonspendable form or <br />because they are legally or contractually required to be mairitaiped intact. The Authority does <br />not have any nonspendable fund balances. <br />Restricted: amounts that can be spent only <br />provisions, or enabling legislation, or because <br />Authority does not have any restricted fund b j, <br />pt oAy for purposes determined by a formal action of the <br />3, Idle hihhest level of decision -making authority for the <br />,,,no= -hater than the end of the fiscal year. Commitments may <br />only through ordinances or resolutions approved by the <br />any committed fund balances. <br />Committed: amounts that can be s <br />Board of Directors. The Board <br />Authority. This action must be m, <br />be established, modified, or ` scn <br />Board. The Authority does vt�la` <br />for Specific purposes because of constitutional <br />of'coristraints that are imposed externally. The <br />�y <br />Assigned: amounts that d�not meet the criteria to be classified as restricted or committed, but <br />that are intended to be us�d for specific purposes. The Authority has not adopted a formal policy <br />regarding the a s pnt of fund balances. The Authority does not have any assigned fund <br />balances. <br />Unassigng�: all other spendable amounts in the General Fund. <br />Zen exenditures are incurred for which restricted, committed, assigned or unassigned fund <br />balancres are available, the Authority considers amounts to have been spent first out of restricted <br />funds, then committed funds, then assigned funds, and finally unassigned funds. <br />-15- <br />