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CCP 05-19-2003
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CCP 05-19-2003
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<br />1 <br />I. Note 1: <br />1 <br />1 <br />1 <br />I <br />1 <br />1 <br />1 <br />.e <br />I <br />I <br />I <br />I <br />I <br />I <br />I. <br />I <br />I <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br /> <br />SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED <br /> <br />Property Taxes <br /> <br />The Council annually adopts a lax levy in December and certifies it to the County for collection in the following <br />year. The County is responsible for collecting all property taxes for the City. These taxes attach an enforceable <br />lien on taxable property within the City on January I" and are payable by the property owners in two installments. <br />The taxes are collected by the County Auditor and tax settlements are made to the City during January, July and <br />December each year. <br /> <br />Taxes payable on homestead property, as defined by Minnesota statutes, were partially reduced by a market value <br />credit aid. The credit is paid to the City by the State of Minnesota in lieu of taxes levied against the homestead <br />property. The State remits this credit in two equal installments in October and December each year. <br /> <br />Delinquent taxes receivable include the past six years' uncollected taxes. Delinquent taxes have been offset by a <br />deferred revenue liability for delinquent taxes not received within 60 days after year end. <br /> <br />Accounts Receivable <br /> <br />Accounts receivable include amounts billed for services provided before year end. Unbilled utility enterprise <br />fund receivables are also included for services provided in 2002. The City annually certifies delinqueut water <br />and sewer accounts to the County for collection in the following year. Therefore, there has been no allowance for <br />doubtful accounts established. <br /> <br />Special Assessments <br /> <br />Special assessments represent the flllancing for public improvements paid for by benefiting property owners. <br />These assessments are recorded as receivable upon certification to the County. Special assessments are <br />recognized as revenue when they are received in cash or v..rithin 60 days after year end. All special assessments <br />receivable are offset by a deferred revenue liability. <br /> <br />Interfund Receivables and Payables <br /> <br />Transactions behveen funds that are representative oflendinglborrowing arrangements outstanding at the end of <br />the fiscal year are referred to as either "interfund receivables/payables" (i.e.) the current portion of inter fund <br />loans) or "advances to/from other funds" (i.e., the non-current portion of interflUld loans). All other outstanding <br />balances between funds are reported as "due to/from other funds". <br /> <br />Inventories and Prepaid Items <br /> <br />The inventories are stated at the lower of cost or market on the [lIst-in, first-out (FIFO) method. <br /> <br />Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid <br />items. <br /> <br />-14- <br />
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