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.� � CITY OF ROSEViLLE. MIMNESOTA <br />.�.. �. MOTES TO FIMANCIAL fTATEMENTS (CONTINUED) <br />� DECENBER 31. 1991 <br />Mote 1- Sunnerv of Si9nifieant Accantins Polieies (Contirxxd) <br />The�Canty spreada tbe levid wer �ll taxabte properiy in the City. Sueh a:es became reeeivables of the City <br />aa.of Janwry�t. <br />. ..Property..t�zes �re p�y�ble in aqwl irutaltments by property ov�ers to tbe Canty �s toltows: <br />�.Person�t.properiy - Pebru�ry 28 end Jux 30 <br />�'��Resl.property • May 15 �nd Ottolxr 15 <br />The:Canty.remita the oollectiona to the City n+d other taxinp districts four times � yesr, on or betore <br />Jmwry 20,.Aprit 19, July 5, rd Daeember <. <br />Property tax�.rwenue is recoMod �h�n it beeanes ine�su�eble �nd aveil�ble. Taxes eiue fran Raaisey County on <br />Oeeember 31, 1991, �re i�cluded f� 1991 ravmue. <br />Unp�fd tuces ��t Oxembar �31 becane limc on the �espeetive prope�ty uW ere elassified in the financial <br />stetements ss:delinquent.tazes reeeivabls. The reerivable is fully offaet by Mferred revmue es it is not <br />wai�leble to fin�nce eurrent experditures. <br />Citip in.MimesoU operKe vxier � tevy lin�itation lew which �llan �n ineresse in the tez lery eeeh yesr in <br />xeordance,rith �st�te statutory provisiau. That inerene ws 3X fo� 1997. Levys for baded irdebtedness are <br />not-lisited by.the tar. ��. . <br />Taxes p�yable�.on hamesteed property (es defi�ed by St�te statutea) �re perti�lly reduced by a hamestead and <br />apricultural afd�(NACA)..This aid is p�id to the City by the State in lieu of taxes levied agsinat hanesteed <br />property. The Stste.ren�its Shis �id in to aqwl irot�llmenta in July and Oecember exh year. <br />. Fixed �ssets -..General fixed esaets are not eapitelized in the furds used to sequire or canstruct them. Instead, <br />upit�l aequi.eitio� end earetructim ere refleeted �s experditures in povernnenul tvda, snd tbe releted assets <br />aro 4eported �in the genenl fixed assets xcant group. All purchesed fixed sssets are vatued at cost where <br />historiesl:��reeords are ev�ileble ard �t an eatiiaeted historiul eoat rhere no Aietoricat records ezist. <br />Donetcd fixed,assets.are vatued et their esiimsted fsir merket value on the dete rxeived. <br />fixed saseta.of tMe En[erprise fvds are cepitslized in these fvds. Depreeistim ia cherped es an expmse <br />sp�irot operetions, and is provided m the str�ipht•line sethad. The follorinp teble simrerixed depreciable <br />lives of types of property. .. <br />Yeers <br />. Buildirp ud Strueture� 25• GO <br />... Furniture, equipwmc, vehieles 5- 20 <br />... Dfatrihution �yste� EO'l00 <br />The:eoets ot.normsl msintenance erd �epsin tbat do not edd to the velue ot the esset or meterielly exterd esset <br />live� �re notcepiceli=ed. t�rovements ere cepiUlized end ckpreci�ted over the raneininq useful lives of <br />. the�:related fiaed �esete, �� eppliteble. <br />33 <br />