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' LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO THE FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2015 <br />a 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 resources. <br />Operating statements of governmental fund types report increases and decreasesin .ava fable <br />spendable resources. <br />V� tC�1n�yJ <br />Fund Balances <br />GASB Statement No. 54, Fund Balance Reporting and <br />requires the classification of fund balances in governmental <br />)efinitions, <br />hierarchy: <br />Nonspendable: amounts that cannot be spent either because.atheytiare, in nonspendable form or <br />because they are legally or contractually required to be maintained intact. The Authority does <br />not have any nonspendable fund balances. <br />Restricted: amounts that can be spent only for specific' -`purposes because of constitutional <br />provisions, or enabling legislation, or because:"of constraints that are imposed externally. The <br />Authority does not have any restricted fund balances. <br />Committed: amounts that can be spent only for purposes determined by a formal action of the <br />Board of Directors. The BoardAs the highest level of decision -making authority for the <br />Authority. This action must be-made`no later than the end of the fiscal year. Commitments may <br />be established, modified, or.,rescinded'only through ordinances or resolutions approved by the <br />Board. The Authority does not have any committed fund balances. <br />Assigned: amounts that do not` meet the criteria to be classified as restricted or committed, but <br />that are intendedJ6,be,used for specific purposes. The Authority has not adopted a formal policy <br />regarding the assignment of fund balances. As of September 30, 2015, the District has assigned <br />$15,625 of the General Fund fund balance to cover a budget deficit for the fiscal year ending <br />September 30 ,2016: <br />Unassigned:; all other spendable amounts in the General Fund. <br />When;:ekpenditures are incurred for which restricted, committed, assigned or unassigned fund <br />balances 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 />