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(Z) <br />COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Notes to the Basic Financial Statements (Continued) <br />Year Ended June 30, 2011 <br />In the government -wide statements, net assets represent the difference between assets and liabilities. Net <br />assets invested in capital assets consist of capital assets, net of accumulated depreciation, reduced by the <br />outstanding balances of any borrowings used for the acquisition, construction or improvement of those <br />assets. Net assets invested in capital assets, net of related debt, excludes unspent debt proceeds. At June <br />301 2011, all of the Agency's depreciable capital assets were fully depreciated, and land had no related <br />debt associated. Net assets are reported as restricted when there are limitations imposed on their use <br />either through the enabling legislation adopted by the Agency or through external restrictions imposed <br />by creditors, grantors or laws or regulation of other governments. Restricted resources are used first to <br />fund appropriations. Unrestricted net assets are not restricted for use through legislation or external <br />restrictions. <br />(n) Use of Estimates <br />The preparation of these financial statements requires management to make estimates and assumptions. <br />Those estimates and assumptions affect the reported amount of assets, liabilities, revenues, and <br />expenses, as well as contingent assets and liabilities and note disclosures. Actual results could differ <br />from those estimates. Management also determines the accounting principles to be in used in the <br />preparation of financial statements. <br />(o) Pass - Through Payments <br />Under the California Redevelopment Law (Health and Safety Code Section 33607.5), the Agency is <br />obligated to pass - through tax increment received from the Project Area, after deducting a minimum of <br />20% for Housing Set Aside funds (Health and Safety Code Section 33334.2), to other agencies within <br />the Project Area. In addition, the Agency is obligated to pass - through an additional amount of tax <br />increment to districts within the Project Area as basic aid payments pursuant to California <br />Redevelopment Law (Health and Safety Code Section 33676). <br />CASH AND INVESTMENTS <br />Cash and investments as of June 30, 2011, are classified in the accompanying financial statements <br />as follows: <br />Statement of Net Assets: <br />Cash and investments <br />Investments with fiscal agent <br />Total cash and investments <br />27 <br />$ 9713011614 <br />6,746,113 <br />$ 10410471727 <br />