Annual_Report_1998_001 - Laserfiche WebLink

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. ;. • • V � �: Not�*� of S,y �fica�t Acco�ntLn_e Poli i c- ont'n I F. Assets, Liabilities encl F�wcl Equity jpy�j�(& - City investc�rNs ere camed at fair vahie (Sce No[e 4). Securities trazlecl on �tional ezchenges are valuecl et [he last repoReJ salee prica. Invesdnents t6at do no[ heve en established market are reported e[ estimated fuir value. T6e City investments az D�ember 31, 1998 required rm estimates. �reM Taces - Property ta� levies are se[ by [he City Council in Duember euch yeur azul are certifiecl to Remsey County for collec[ion the following year. In Minnesota, counties act as collection agents for all property tuxes. The CwuYy sp�rsds the levies over all [axable property in the City. Such Ittxes become rueivables of the City as of Jenuary 1. Property tases are payable in equal iastalLnents by prapeRy owners to the County as follows: Fz¢sonal property - Febnwry 28 an:! Jut�:, 3Q Real proparty - May IS aucl October 15 The County remits the collections to the City anci other txxing districts four .imes a yeav; on or before January 20, April 79, July 5, sncl December 4. PropeRy ta� reve�e is recorcleel when it becomes measurable ancl availxble. Taxes due from Ramsey County on December 31, 1998, are includecl in 1998 revenue. Unpaicl tazes at December 31 become liens on the respeclive property arKl xre class�ed in the P�naricisl stetements as delinquent taxes receivable. The receivable is fully offset by defercecl revenue as it is not available to finaoce current ezperclitures. Taxes peyebk oc� Iwmesteed property (tts definecl by state stahrtes) are partially reclucecl by a homesteatl azicl agrieuitural aid (HACA). Tk�is aid is paicl to the City by tl�e State in lieu af tazes Ieviad against homestead property. The State remits this aid in two equal iastallments in July ani December each year. Fixui Assets - Geueral fizeel assets are not capitnlizeci in [he futKLs used to acquire or construct them. Instead, capita! ecquisition ancl constn�ction are reFlQeted es expenditures in govemmental funcls, azxl the relatecl asse[s are repoAed in the generel fixed assets account group. All purchssed fued assets are valuecl at cost where historical records are available and et en estinwted historical cost where uo historicai recorcts ezist. Domtecl fixecl asse[s are valuecl at their estimatecl fair market value on the de[e receivacl. Fi�eecl assets of the �te�prise fiinls are cepitalizacl in these funds. Depruiation is ek�argecl as an expense against operetions ancl is providecl on c6e strxight-line met6od. 17�e following table summxrizes depreciable :ive� �f types of properiy. Fixect Asset Years Buildings ancl sWctures 25 - 40 FumiNre, equipmeu[, vehicles 5- 20 Distnbutiou systems 80 - 100 The costs of normel enei�[enance az�cl repairs Hu[ do aot actd ro the value of the esset or msterially extercl ess& livas are not cepitalized. Improvaments are eapi[alizacl and deprecietecl over the remxining useful lives of the reletecl fixed assets, as appGcable. Public docnain ("infrastrvcNre") general fixad acse[s consisting af ronds, bridges, curbs and gutters, strcets and sidewalks, a�ul lighting systems are not depreciated. These assets are repoRed in [he general fixecl asset group. 32