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COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of <br />Governmental Funds to the Statement of Activities <br />For the Year Ended June 30, 2011 <br />Net change in fund balances - total governmental funds $ 19,616,783 <br />Amounts reported for governmental activities in the Statement of Activities are <br />different because: <br />Governmental funds report capital outlays as expenditures. However, in the <br />Statement of Activities, the costs of those assets, such as land, are capitalized. <br />This is the amount by which capital outlay was used to purchase land. 685,382 <br />Revenues in the statement of activities that do not provide current financial <br />resources are reported as deferred revenue in the fund. This is the amount <br />by which deferred revenues decreased in the current period. (491,196) <br />The issuance of long -term debt provides current financial resources to <br />governmental funds, while the repayment of the principal of long -term debt <br />consumes the current financial resources of governmental funds. Neither <br />transaction, however, has any effect in the net assets. This is the net effect of <br />these differences in the treatment of long -term debt and related items. <br />Principal payments <br />700500 <br />Proceeds from bond issuance <br />(66,790,000) <br />Bond discount, net of amortization <br />358,266 <br />Bond premium amortization <br />190,850 <br />Deferred amounts for refunding and <br />amortization of discounts <br />(196,760) <br />Payments on loans <br />44706 <br />4,675,222 <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 for long -term bonds and loans is not reported in the <br />governmental funds. This is the net change in accrued interest for the current 1,586,173 <br />period. <br />Compensated absences and other postemployment health benefits expenses <br />reported in the Statement of Activities do not require the use of current <br />financial resources and, therefore, are not reported as expenditures in <br />governmental funds. (218,902) <br />Change in net assets of governmental activities $ 26,599,353 <br />See accompanying notes to the basic financial statements. <br />20 <br />