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COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Reconciliation of the Balance Sheet of Governmental Funds <br />to the Statement of Net Assets <br />June 30, 2011 <br />Fund balances for governmental funds $ 124,693,359 <br />Amounts reported for governmental activities in the Statement of Net Assets are <br />different because: <br />Capital Assets used on governmental activities are not financial resources and, <br />therefore, are not reported in the governmental funds. 685,382 <br />Long -term liabilities, including tax allocation bonds, loans payable, <br />compensated absences, and other postemployment benefits (OPEB) are not <br />due and payable in the current period and, therefore, are not reported in the <br />governmental funds. <br />Tax allocation bonds and loans payable $ (111,050,142) <br />Compensated absences (738,585) <br />Other postemployment benefits obligation (526,062) (112,314,789) <br />Deferred issuance costs are reported as assets and amortized over the life of <br />the associated issued debt, reported net of amortization. <br />Deferred issuance costs 778,321 <br />Amortized amount (32,430) <br />745,891 <br />Accrued interest payable for the current portion of interest due on long -term <br />liabilities has not been reported in the governmental funds. (3,176,720) <br />Long -term receivables are not available to pay for current period expenditures <br />and, therefore, are deferred on the modified accrual basis in governmental <br />funds. 38,340,133 <br />Net assets of governmental activities $ 48,973,256 <br />See accompanying notes to the basic financial statements. <br />18 <br />