HomeMy WebLinkAboutNC Comprehensive Report (Finance) (73)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(16) Successor Agency Trust for Assets of Former Redevelopment Agency, (Continued)
The difference between the extraordinary loss recognized in the fund financial statements
and the extraordinary loss recognized in the fiduciary fund financial statements is
reconciled as follows:
Total extraordinary loss reported in governmental funds -
increase to net assets of the Successor Agency Trust Funds
Capital assets recorded as an increase to net assets of the
Successor Agency Trust Funds
Elimination of deferred revenue reported in the Successor
Agency Trust Funds
Accrued bond interest reported as a decrease to net assets
of the Successor Agency Trust Funds
Long-term debt reported as a decrease to net assets
ofthe Successor Agency Trust Funds
Net decrease to net assets of the Successor Agency Trust Fund
as a result of initial transfers (equal to amount of extraordinary
gain reported in the government -wide financial statements
ofthe City
$(59,950,984)
(2,502,361)
(62,500)
2,027,524
71,115,000
$10,626,679
As a part of the extraordinary items reflected in the accompanying financial statements,
the Successor Agency Trust received $6,545,720 in net assets associated with the low and
moderate income housing program of the former redevelopment agency and remitted the
same to the Housing Fund of the City that was established as a successor to the low and
moderate income housing program of the former redevelopment agency.
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