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 1116 - Funds and Account Groups
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The funds and account groups defined in this Section are prescribed for use by agencies in the accounting situations indicated.
(a) Redevelopment Clearing. The fund used to temporarily account for transactions not conveniently posted directly to a project. All such entries are subsequently allocated and transferred to appropriate project funds. (Use of this fund is optional).
(b) Project Fund. The fund used to account for all current assets and liabilities, investments, revenues and expenditures of a project.
(c) Debt Service Fund. The fund used to account for the payment of interest and principal on long-term debt. This is the special fund referred to in the Health and Safety Code to which tax increment monies are allocated and paid.
(d) Long Term Debt Group of Accounts. A self-balancing group of accounts used to record and fairly present a project's liability for long-term debt at any time from date of issuance until the debt is retired.
(e) General Fixed Asset Group of Accounts. A self-balancing group of accounts used to present the cost, or assigned value in lieu of cost, of fixed assets owned by the redevelopment project.
