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LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO THE FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2014 <br />NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued) <br />Accounting Estimates <br />The preparation of financial statements in conformity with accounting principles generally <br />accepted in the United States of America requires management to make estimates and <br />assumptions that affect the reported amount of assets and liabilities and disclosure of A ntJ4 ent <br />assets and liabilities at the date of the financial statements and the reported amountsrQr e e es <br />and expenditures during the reporting period. Actual results could differ from th�s11esfuar�tes. <br />NOTE 3. DEPOSITS AND INVESTMENTS`~ <br />Deposits <br />Custodial credit risk is the risk that, in the event of the fa lures a depository financial <br />institution, a government will not be able to recover deb si�s� or will not be able to recover <br />collateral securities that are in the possession of an outsclearty The Authority's deposit policy <br />for custodial credit risk requires compliance with the promisioris of Texas statutes. <br />Texas statutes require that any cash bal <br />Federal Deposit Insurance Corporation <br />pledge to the Authority of securities eli€ <br />Authority, having an aggregate markef, <br />uninsured cash balance in the fundvcJ <br />the carrying amount of the Audioty <br />same. Of the bank balance, $250;0 00 <br />balance was covered by collate ai pledg( <br />depository., s� <br />.nee in�ai y;,,fund shall, to the extent not insured by the <br />or Ats successor, be continuously secured by a valid <br />itleun the laws of Texas to secure the funds of the <br />e; p lading accrued interest, at all times equal to the <br />icl%such securities are pledged. At the fiscal year end, <br />eposits was $662,290 and the bank balance was the <br />was covered by federal depository insurance and the <br />d in the name of the Authority and held in a third party <br />The carrying values bf the deposits are included in the Governmental Funds Balance Sheet and <br />the Statement o 9t Position at September 30, 2014, as listed below: <br />Wit 63 <br />.l .r <br />SCi ` lilt I : part <br />-16- _0. <br />