Laserfiche WebLink
LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO THE FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2014 <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 fisonrces. <br />Aerating statements of governmental fund types report increases and decreases"ift "'W 'ble <br />spendable resources. <br />Fund Balances <br />GASB Statement No. 54, Fund Balance Reporting and Governm tc� un�d--type Definitions, <br />requires the classification of fund balances in governmental funds wj'ng_ heY oilowing hierarchy: <br />Nonspendable: amounts that cannot be spent either because_ the%rei in nonspendable form or <br />because they are legally or contractually required to be main t ned intact. The Authority does <br />not have any nonspendable fund balances. <br />Restricted: amounts that can be spent only fof� n' pecific purposes because of constitutional <br />fl ix <br />provisions, or enabling legislation, or because�of 06pristraints that are imposed externally. The <br />Authority does not have any restricted fund lalances. <br />Committed amounts that can be spe. 'All, lfpr purposes determined by a formal action of the <br />Board of Directors. The Board.=%s1tha. highest level of decision -making authority for the <br />Authority. This action must be4fladehno4l-ater than the end of the fiscal year. Commitments may <br />be established, modified, or.yescinded='only through ordinances or resolutions approved by the <br />Board. The Authority does:p&oave any committed fund balances. <br />Assigned: amounts:, iat do not'. meet the criteria to be classified as restricted or committed, but <br />that are intended,t&be�used for specific purposes. The Authority has not adopted a formal policy <br />regarding the Ws ignmen of fund balances. As of September 30, 2014, the District has assigned <br />$119,104 of�thwe leneral Fund Balance to cover a budget deficit for the fiscal year ending <br />September 30,,;2 15: <br />other spendable arnounts'iri the General Fund. <br />Whe f�,,expenditures are incurred for twhidh restricted, committed, assigned or unassigned fund <br />balances are available, the Authority considers amounts to have been spent first out of restricted Total ; <br />funds, then committed fiords, then assigned fiinds,. and.finally unassigned funds. <br />. ,tY ?�;G.i•f',.1: .. '\��Y�tiii l$ i�i. .�: _t�� ci: <br />