Financial Report - Moreno Valley

Community Redevelopment Agency
of the City of Moreno Valley
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the Statement of Activities
June 30, 2011
Net change in fund balances of governmental funds $ (27,548,138)
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlay as expenditures. However, in the statement of
activities the cost of these assets is allocated over their estimated useful lives and reported
as depreciation expense. (581,285)
Net book value of disposed assets. (125,983)
Redevelopment projects that develop capital assets for the City of Moreno Valley are not
recognized as assets of the Agency (construction in progress), but are reported as
community development expenditures. 8,117,633
Repayment of principal on long-term debt consumes current financial resources of
governmental funds, but does not have any effect of net assets in the statement of activities. 26,447,236
Accrued interest payable on long-term debt reported in the statement of activities does not
require the use of current financial resources and, therefore, is not reported as an
expenditure in governmental funds. 2,166
Proceeds of long-term debt is revenue in the governmental funds, but these are additions
to the statement of net assets. (2,397,749)
Revenues in the statement of activities that do not provided current financial resources are not
reported as revenues in the statement of revenues, expenditures, and changes in fund balances.
These revenues are reported as deferred revenue in the balance sheet of governmental funds. 237,520
Change in net assets of governmental activities $ 4,151,400
See Notes to Financial Statements 10