California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 3 - Accounting Procedures for Special Districts
Article 10 - Redevelopment Agencies
Section 1115.8 - Land and Improvements Held for Disposal

At the option of the redevelopment agency, such costs may be accounted for as (1) period charges or (2) Investments--Land and Improvements Held for Disposal. If an agency elects to use option (2) such investments will be stated at lower of cost or market value. In addition Annual Reports of Financial Transactions submitted to the State Controller will include an analysis of changes in the investments account balance. Such analysis shall be in the format and contain the information required by the State Controller.