HomeMy WebLinkAboutNC Comprehensive Report (Finance) (70)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(12) Prior Period Adjustments
The accompanying financial statements include adjustments that resulted in the
restatements of beginning fund balances/net assets. The following summarizes the effect
of the prior period adjustments to beginning fund balance net assets as of July 1, 2011:
Fund balance/Net assets -beginning of
year, as previously reported
To adjust land held for resale for land
not previously recorded
Fund balance/Net assets -beginning of
year, as restated
Low and
Moderate
Income Capital Project
Housing Redevelopment Housing
Program Fund Fund
$16,104,647 43,592,498
40,000 903,000 755,000
$16,144,647 44,495,498 755,000
(13) Accumulated Fund Deficits
The following funds had fund deficits at June 30, 2012:
STP/Local Transnet Highway Special Revenue Fund
$(533,290)
The City is in the process of identifying a repayment method of the funds noted. The
deficit fund balances will remain on the books until an agreed upon method is approved
by the City Council of the City of National City.
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