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 )
D . CAPITAL ASSETS ( CONTINUED )
Estimated useful lives , in years , for depreciable assets are as follows : Assets
Years
Buildings 5 - 50 Improvements , other than buildings 2 - 50
Infrastructure 20 - 50 Mobile equipment 3 - 30 Furniture , machinery , and equipment 3 - 30
E .
COMPENSATED ABSENCES
It is the CRA ' s policy to permit employees to accumulate earned but unused vacation and sick pay benefits , which will be paid to employees upon separation from CRA service if they meet certain criteria . These benefits , plus their related taxes , are classified as compensated absences . The accumulated compensated absences are accrued when incurred in the governmentwide financial statements for both the current and long-term portions . Compensated absences are reported in the CRA fund financial statements only if they are due and payable as of September 30 , 2021 .
F .
LONG-TERM DEBT AND BOND DISCOUNTS / PREMIUMS
In the government-wide financial statements outstanding debt is reported as liabilities . Bond discounts or premiums are amortized over the terms of the respective bonds using the effective interest rate method .
G .
DEFERRED OUTFLOWS
Deferred outflows of resources represent a consumption of net position that applies to a future period and will not be recognized as an outflow of resources ( expense ). In the government-wide financial statements , the difference between the reacquisition price and the net carrying value of refunded debt is amortized over the terms of the respective bonds using the effective interest rate method and reported as deferred outflows .
H .
ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period . Actual results could differ from management ' s estimates .
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