Laserfiche WebLink
• CITY OF FALCON HEIGHTS, NNUNNNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />For the Year Ended December 31, 2003 <br />NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />D. Assets, Liabilities and Net Assets or Equity (Continued) <br />2. Receivables and Payables <br />All trade and property tax receivables are shown at a gross amount since both are <br />assessable to the property taxes and are collectible upon the sale of the property. <br />Property taxes are submitted to the County Auditor by December 28 of each year, to be <br />levied on 3anuary 1 on property values assessed as of the same date. The tax levy notice <br />is mailed in March with the first half payment due on May 15 and the second half <br />payment is due on October 15. <br />Unpaid taxes at December 31 become liens on the respective property and are classified <br />in the financial statements as delinquent tax receivable. <br />3. Prepaid Items <br />• Certain payments to vendors reflect costs applicable to future accounting periods and are <br />recorded as prepaid items in both government-wide and fund financial statements. <br />4. Capital Assets <br />Capital assets, which include property, plant, equipment and infrastructure assets (e.g., <br />roads, sidewalks and similar items), are reported in the applicable governmental or <br />business-type activities columns in the government-wide financial statements. Capital <br />assets are defined by the government as assets with an initial, individual cost of more than <br />$ 5,000 (amount not rounded) and an estimated useful life in excess of two years. Such <br />assets are recorded at historical cost or estimated historical cost if purchased or <br />constructed. Donated capital assets are recorded at estimated fair market value at the date <br />of donation. <br />The costs of normal maintenance and repairs that do not add to the value of the asset or <br />materially extend assets lives are not capitalized. <br />• <br />48 <br />