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LA PORTE REDEVELOPME NT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 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 borrowingsAhat ;are attributable to the acquisition, construction, or improvements of those assets;`" r ■ ■ • Restricted Net Position — This component of net position consists of constraints -placed on the use of assets through external constraints imposed by creditors -,(such as_ttfirough debt covenants), grantors, contributors, or laws or regulation of otl erw:;_governments or constraints imposed by law through constitutional provisions or enabling legislation. 11 Y • Unrestricted Net Position — This component of net position consists of assets that do not meet the definition of Restricted or Net Investment in_Cani'- I—Wssets. When both restricted and unrestricted resources are,_ available for use, generally it is the Authority's policy to use restricted resources first. ,. Government-Wi&Tinancial Statements The Statement of Net Position and the';Statemeni of Activities display information about the Authority as a whole. The Authority'sm Stateent of Net Position and Statement of Activities are combined with the governmental fund fit aneial statements. The Authority is viewed as a special purpose government and has the optior'of combining these financial statements. The Statement of Net Position is reported by adjusting the governmental fund types to report on the full accrual basis, economic 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;are eliminated in the Statement of Net Position. The Statem&t of Activities is reported by adjusting the governmental fund types to report only items related'o``current year revenues and expenditures. Items such as capital outlay are allocated overtheir estimated useful lives as depreciation expense. Internal activities between govemmentatJfunds, if any, are eliminated by adjustment to obtain net total revenue and expense in the government -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-