City of Port St . Lucie , Florida Community Redevelopment Agency
NOTE 1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A .
REPORTING ENTITY
The City of Port St . Lucie Community Redevelopment Agency ( the " CRA ") is an incremental tax district and component unit created by the City of Port St . Lucie ( the " City "). The City adopted a Findings and Declaration of Necessity Report on January 22 , 2001 ( Resolution # 01-R2 ) and created the CRA ( Ordinance 01-01 ) in February 12 , 2001 , pursuant to Florida Statutes 163 , Part III . The governing body of the CRA consists of the five members of the City Council with the Mayor of the City serving as Chair of the CRA and pursuant to the appointment of the governing body , the Vice Mayor serving as Vice Chair .
In 2001 , the City designated a CRA along U . S . 1 in eastern Port St . Lucie ( the " Original CRA "). Since 2001 , three additional areas have been formally designated as part of the Community Redevelopment Area : Lentz Grove ( now known as " East Lake Village ") in 2003 , the Port St . Lucie Boulevard / Riverwalk District in 2006 ( the " CRA Expansion Area "), and the Southern Grove District in 2012 .
B .
GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting . The government-wide financial statements include a statement of net position and a statement of activities . These statements report financial information for the CRA as a whole . These statements include the statement of net position and the statement of activities .
The Statement of Net Position reports all assets and liabilities of the CRA , including long-term assets and long-term liabilities and other obligations . Under the accrual basis of accounting , revenues are recorded when earned and expenses are recorded when a liability is incurred , regardless of the timing of related cash flows . Property taxes and intergovernmental revenues are recognized as revenues in the year for which they are levied .
The Statement of Activities demonstrates the degree to which the direct expenses and indirect costs of a given function , or segment , are offset by program revenues . Direct expenses are those that are clearly identifiable with a specific function or segment . Indirect Expenses are those costs that are allocated to functions and activities in accordance with the CRA ' s and City ' s adopted indirect cost allocation plan combined . The " Expenses " column includes both direct and indirect expenses . Program revenues include 1 ) charges to customers or applicants who purchase , use , or directly benefit from goods , services , or privileges provided by a given function or segment and 2 ) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment . Taxes and other items not assigned as program revenues are reported instead as general revenues .
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