2024 Financial Statements - Laserfiche WebLink

Home

NOTE 1- SUMMARY OF SlIGNIFICANT ACCOUNTING POLICIES.(CONTIiNUED) The City reports all investments at fair value. The City categorizes its fair value measurements within the l fair value hierarchy established by accounting principles generally accepted in tlhe United States of America. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level I inputs are quoted prices -in active markets for identical'assets_ Level 2 inputs are. significant —other observable inputs; and bevel 3*iriputs are significant unobservable inputs. Debt securities -classified. in Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on thie securities' relationship to benchmark - quoted prices. Investment pools/mutual funds reporting fair value measurements using NAV —filet Asset Value.have no unfunded commitments,. the redemption frequency is daily and no redemption notice is. required. See Note 2 for the City's recurring fair value measurements as of year-end. F. Receivables' Utility and miscellaneous accounts receivable are reported at gross.. Since the City is. generally able to certify delinquent. amounts to the county for. collection as special assessments, no allowance for uncollecdlble accounts has been provided on current receivables. All receivables are expected to be:. collected. wits;in one yeah with the exception of defened special 'assessments and property taxes. receivable, G. Property Taxes .Property tax levies are. set. by the City Council. by December of Bch year,. and are certified to :Ramsey County for collection in the following year, fin Minnesota; counties act as collection agents for all property taxes. The county spreads all levies over taxable pr9p�erty.. Such taxes become a lien on January 1. and are recorded as receivables by the.. City on that date. Real property taxes inay be paid by taxpayers*in mio equal installments on May IS and Octobez l S.. Personal property taxes are due in full on May 15. The county provides tax settlements to cities an4.other taxing districts three times a year; in July,. December,-and.Jonuary. Property tAkes A*re-recognized as ieventie in the year levied in the government -wide financial statements. I. t. governmental .fund financial. statements, taxes are recognized as revenue when received in. cash or within 60 days after year-end. Taxes which remain unpaid at December 31;.nre. classified as delinquent taxes receivable, and -are offset by. a%deferred inflow of resources :in the* governmental fund financial statements. H. Special. Assessments Special assessments represent the' financing for public' improvements .paid for .by -benefiting property owners. Special. assessments are reeprded as receivables upon. certifieatioi* to the. county:. Special assessments are recognized.as revenue in tite year levied in the government-wide'financial*stateinents.. In the govern 'ment''al fund financial statements, special assessments are recognized as -revenue when received in cash or within :60 days after year-end. Governmental fund special assessments receivable which remain unpaid on December•"31., are offset by a deferred inflo,.;, of resources in the governmental fund financial statements: .1. Prepaid Items Certain payments to vendors reflect costs applicable to future aceounting periods and are recorded as prepaid iterns in .bath .government -wide and fund financial statements. Prepaid :items. are reported using the consumption method and recorded as expenditures/expenses at the time of consumption. '.21-