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CITY OP ROSHVILLS NOT85 TO PINANCIAL STATHMHNTS DBCSMHBR 31, 1994 N 1 S £ S� �£� t A t� P 1' (C nt'nued) S. Sudgete and Budgetary Accounting The City adopta an azu�ual budget for the General and Special Revenue £unde vhich are psepared on the modiEied ac<xval baeie of accounting. The adopted budget indicatee the amount that can be expended by each fund baeed on detailed budget eseimatee £or individual expenditure accounte. Management may make budget modi£icatione within the £und level. All budget revieione at the £und level muet be authorized by the City Covncil at the requeet o£ the City Managez. The Council under Mixu�eeota State Statutee Section 412.'/31 can modify or amend [he budget i£ unappropriated £unde aze available. Budget modification at the fund level Wae neceeeazy in 1994 £or the Recxeation Fund and the Licenae Center Pund. The amendmente ineluded increaeee of $1'/,000 and $50,00o reepectively. A71 avpplemental appmpxiatione aze £inanced either by tranafere fsom the Contingeney Seetion of the General Pund budget or by revenuee received in exceee of the budgeted amounts. All bvdgee amounta lapee at the end of the year to the extent they have not been ezpended. The level which expendituree may not legally exeeed appzopriations ie at the fund level. F. Aasete, Liabilitiee and Fund Hguity Inveeemente - City inveetmente are carried at <oet, which approximatee market. ( See note 3£or discloeurea relating to caeh management and inveetmenta.) Inveetmente reported in the defexred compeneation plan are reported by the plan'e truateee at marke[ value. eropertv Taxea - Prvperty tax leviee are eet by the City Council in Dccember each yeaz and are eertified to the County for collettion the following yeaz. Zn Mi�eeota, countiee att ae collection agen[e foz all property ta�cee. The County epreade the leviea over all ta�cable pmperty in the City. Such taxee become receivablee o£ the City ae of Sanuary 1. Property taxes are payable in equal inetallmente by property ownere to the County ae followe: Pereonal property - Pebruary 28 and June 30 Real pmpesty - May 15 and October 15 The Coux�ty remite the collectione to the City and other taxing districte Eour timea a year, on or before January 20, Apxil 19, Su1y 5, and December 4. Property taz revenue ie recorded when it becomee measurable and available. Taxee due from Rameey County on December 31� 1994, aiE 1I1C1Uded in 1994 ievC2�U¢. � Unpaid taxea at December 31 become liene on the reepeetive property and are claeeified in the financial etatemente ae delinquent ta�cea reeeivable. The reeeivable ie £ully o££eeY by defened revenue ae it ie not available to finance current e�.pendituzee. Taxes payable on homestead pmperty (ae de£ined by S[ate etatutee) axe partially redueed by a homeetead and agricultssral aid (EtACA). Thie aid ie paid to the City by the State in lieu o£ ta�cea levied againet homeetead pzopeKy. The State zemits this aid in two equal inetallmente in July and Deeember eath year. Fixed Aeeete - General Fixed aeaete are not capitalized in the funde ueed to acguire or conetzuct them. Inetead, capital acquisition and conetxvction are reflected ae expendituree in governmental funda, and the related aeeets are reported in the general £ixed aeeete account gmup. A71 purchaeed £ixed aeeete are valued ae coet where hietorical retorde are available and at an eatimated hietorical coet where no hietorical secorde exiet. Donated fixed aeeete are valued at their eetimated £air market value on the date received. Fixed aeeeta o£ the entespriee £unde are capi[alized in theee funde. Depreciation ie chasged ae an e�cpenee againet opesatione, and ie provided on the etraight-line method. The following table eummarized depzeciable livee oE typea of property. Yeaie Building and Structu2ee 25- 40 Furniture, equipment, vehiclee 5- 20 Dietribution eyatem 80-100 The coets of normal maintenance and repaire that do not add to the value of the aeaet or materially extand aeeet livee are not capitalized. Impxovemente are capitalized and depreciated over the remaining ueeEul livee of the zelated £ixed aeeeta, as applicable. Public domain ("infraetzucture") general fixed aeeete conaieting of roade, Eridgee, curbe and gutteze, etraete and aidewalks, and lighting eyeteme are not depreciated. Theee aeeete are zeportad in the genexal fixed aseet group. 32