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Annual_Report_1998_001
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Annual_Report_1998_001
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. :. <br />. . � : .�Ky <br />� u� �� <br />� 1 S of Si �fic� t Acco �^t' � policies - continued <br />Interest u capitalized on proprietary funcls' essets acqu'vecl with Gixexempt debt. The emouut of interest to be capitalizecl is calculatecl by <br />o�{.�� �� ey,�u�ce inctureci from Ihe clute of Ihe borrowing until completion of [he projec[ with interes[ earned on investecl procaecls <br />over tl�e sarne perial. <br />c..��;ot e=ceeaments - Special assessments are leviecl egainst lhe benefit[acl properties for the essessable costs of spacial essessment <br />improvement projects i� 8��'�rt1a�'�e �es�amentts are collectible ove a'ft rtn of years generally coas�steo wi het e term of years�of he , <br />complete or substeNially cAmP <br />releted bond issue. Collect�on of annuai ins[allments (inclucling interest) is I�ncxlled by [he County in the seme nu�nner as property tarzes. <br />property owners are allowecl to prepay total fucure instaliments without interest or prepeyment penalties. <br />inveotories - Imet�[ones 1�ew bY the e+�e�e �°�s are statecl at [he lower of coet or marke[, using the first-in, first-ou! methal. The cost <br />of inventory is reco6mizeel e.s expense et the time the items are sold or usecl (coasumption metha�)• <br />� t'l�rv rvic ch �ees are recognizecl �v1�en e+v*'a� "'«h no allawance for uncollutible as delinquent accounts are certifieJ as a lien against <br />the property billed. Unbilled utility service charges are includecl in receivables at yearc�cl• <br />Fnr.�mbr ��c.es - Encumb�ances represent purchese commitments. <br />. .� � Com �arv T'� Off Pav - The Ciry compe+�+etes etnPloyces upou terminetion for unuead vacetion encl compensa:ory <br />time off. Employees are not compenseted for unusecl sick pey upon [emtination of employment excep[ upon8 �i'r�e� � o��e ry <br />��P�oyaes eye antitled W oce-helf of their accwriulete�x` leave up to one month'c }wy. in the propriatary fuu[Is, <br />time off are accrued when earnad encl sick pey is expensecl when puyment is macle. Vacation, compensatory time off, a�l sick pay eca <br />recognized when peYeb�e from expencleble, available financial resources in the govemmenlal fimds• The noneurcent liability for the <br />govertunental funcls is reflected in the general long-term debt account group representing the City's commitment to funcl such costs from <br />fuNre operations. <br />cnch Flows - For pur�oses of [his statement, ell highly IiquiJ investments (inclucling restricteJ assels) with a mstunty of tivee months or <br />less when purehasecl are considerecl to be cash equivnlents. The proprietary fimds� interest in the City's eesh ercl imestment poot is <br />coosidered to be a cash equivalent. <br />yj��' Thete are a mimber of claims iar workerc' con. penation arul !iability clat�age in the �°tert�al service fu°c!s which have occurred <br />but have not yet baen conveyed to the City on December 31 of each year. The C�tY P�eP�� 8° �t�e of cleims besed on historicel <br />infora�etion enl subsequent events. The amount of [he estimate is expenaed e+✓1 shown es e cuttant liability for tbe raporting yea*• <br />Ipa bRelirement Benefits - The City dces not provide for employee post-retirement benefits. <br />G. Comparative Date/Rectassifica[ions <br />Comparative data for the prior year is presentecl to provide an u�ulerstancling of chenges m[he City's ficuu�cial position end operations. <br />Ce:tain emounts presentacl ui the prior year cle�n heve be�a reclassified in order to be coasistent with the cureent year's presentation. <br />H. Total Cohimns on Combinecl Statements <br />Total cohimns on [he combinecl sts[emeots arfe� �i� °�iti neiresul�of operetions� or�cesh flows�inaconformity with generelly eo�cetlptecl <br />enelysis. Deta in tLese coluc�uis do not preseH P° , . <br />ecco�u�ting principies. Neither is sech clata comryirable to a consolidntion. Interfu*xl eliminshans ha°e not lreen made in the aggregahor. <br />of this data. — <br />�3 <br />
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