2002 Comprehensive Annual Finanical Report (CAFR)

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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2002 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) D. Assets, liabilities, and net assets or equity (Continued) 2. Receivables and payables (Continued) Property taxes are submitted to the County Auditor by December 28 of each year, to be levied on January 1 on property values assessed as of the same date. The tax levy notice is mailed in March with the first half payment due on May 15 and the second half Payment is due on October 15. Unpaid taxes at December 31 become liens on the respective property and are .classified in the financial statements as delinquent taxes receivable. 3. Restricted Assets Certain assets in the water fund are restricted to the extent of the customer deposits, which are carried as liabilities. 4. Capital Assets Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business - type activities columns in the government -wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of more than $500 and an estimated useful life in excess of 2 years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value on the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extended assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Property, plant and equipment of the City is depreciated using the straight line method over the following estimated useful lives: Wo