Sarasota County Comprehensive Annual Financial Report 2019

Englewood Community Redevelopment Agency Notes to Financial Statements September 30, 2019 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Englewood Community Redevelopment Agency (the Agency) have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Agency’s accounting policies are described below. A. REPORTING ENTITY The Englewood Community Redevelopment Agency (Englewood CRA) is a dependent special district of Sarasota County, Florida (the County). The Englewood CRA was established on March 31, 1998 (County Resolution 1998-064) with the purpose of improving the economic viability of the community of Englewood. The Englewood CRA is governed by the Sarasota County Redevelopment Agency (the Agency) which was established on May 26, 1998 (County Resolution 1998-122) in accordance with Chapter 163, Part III, of the Florida Statutes. The Agency’s board consists of the same members as the Sarasota Board of County Commissioners. The Agency also receives recommendations from the Englewood CRA Advisory Board which was established on May 26, 1998 (County Resolution 1998-123) and is composed of seven appointed members of the community. The financial statements of the County include all governmental functions and operations controlled by, or dependent upon, the County. The County’s financial statements include the financial transactions of the Englewood Community Redevelopment Agency. B. BASIS OF PRESENTATION The Agency’s financial statements consist of the fund financial statements and notes to the financial statements. Fund Financial Statements The accounts of the Agency are organized on the basis of funds, each of which is considered a separate accounting entity. Fund structures, where applicable, have been designed to comply with all requirements of the bond resolutions and regulatory provisions or administrative action. The operations of each fund are accounted for with a separate set of self-balancing accounts comprised of its assets, liabilities, equities, revenues and expenditures, or expenses, as appropriate. The only fund for the Agency is a governmental fund. Governmental Funds Governmental Funds focus primarily on the sources, uses, and balances of current financial resources. 249