City of Port St . Lucie , Florida Community Redevelopment Agency Notes to the Financial Statements For the Year Ended September 30 , 2021
NOTE 1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ( CONTINUED )
Fund Financial Statements
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting . Revenues are recognized as soon as they are both measurable and available . Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period . For this purpose , the CRA considers revenues to be available if they are collected within 45 days after the end of the current fiscal period . Property taxes are accounted for when measurable and available . No accruals for the property tax levy becoming due in November 2021 are included in the accompanying financial statements since such taxes are levied for the subsequent fiscal year and are not yet considered available at September 30 , 2021 .
Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred . Exceptions to this general rule include principal and interest on long-term debt , and expenditures related to claims and judgments , which are recognized when due .
C .
POOLED CASH AND INVESTMENTS
The CRA ' s cash and cash equivalents are considered to be cash on hand , and demand deposits . The City established an investment policy in accordance with Section 218.415 , Florida Statutes that allows the CRA to invest in relatively low risk securities , such as certificates of deposit , money market accounts , and U . S . Government Securities and Agencies . Investments are stated at fair value or amortized cost , which approximates fair value . Resources of all the City funds ( including the CRA ), have been combined into investment pools for the purpose of maximizing investment yields . Investment revenue is comprised of interest and dividends and realized and unrealized gains and losses on investments . Investment revenue on pooled investments are allocated monthly based upon equity balances of the respective funds . Accrued interest on pooled investments is grouped with pooled cash and investments on the balance sheet at year-end .
D .
CAPITAL ASSETS
The CRA ' s property and infrastructure assets with useful lives of more than one year are stated at historical cost and comprehensively reported in the government-wide financial statements . The CRA has no capital assets that meet the definition of intangible assets per GASB No . 51 , Accounting and Financial Reporting for Intangible Assets . The CRA maintains infrastructure asset records consistent with all other capital assets . Donated assets are stated at acquisition value on the date donated . The CRA generally capitalizes assets with cost of $ 5,000 or more as purchases and construction outlays occur . The costs of normal maintenance and repairs that do not add to the asset value or materially extend useful lives are not capitalized . Capital assets are depreciated using the straight-line method . When capital assets are disposed , the cost and applicable accumulated depreciation are removed from the respective accounts , and the resulting gain or loss is recorded in operations .
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