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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report
Date
12/31/2014
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />I. SPECIAL ASSESSMENT REVENUE RECOGNITION (CONTINUED) <br />Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that property <br />until full payment is made or the amount is determined to be excessive by the City Council or court action. <br />If special assessments are allowed to go delinquent, the property is subject to tax forfeit sale and the first <br />proceeds of that sale (after costs, penalties and expenses of sale) are remitted to the City in payment of <br />delinquent special assessments. Generally, the City will collect the full amount of its special assessments <br />not adjusted by City Council or court action. Pursuant to State Statutes, a property shall be subject to a tax <br />forfeit sale after three years unless it is homesteaded, agricultural or seasonal recreational land in which <br />event the property is subject to such sale after five years. <br />J. INVENTORIES AND PREPAIDS <br />The original cost of materials and supplies has been recorded as expenditures/expenses at the time of <br />purchase in both the Governmental and Proprietary Funds. These funds do not maintain material amounts <br />of materials and supplies. <br />Certain payments to vendors reflect costs applicable to future accounting periods and are reported as <br />prepaid items under the purchases method in both government -wide and fund financial statements. <br />K. INTERFUND RECEIVABLES/PAYABLES <br />During the course of operations, numerous transactions occur between individual funds for goods provided <br />or services rendered. The year-end balances are classified as interfund receivables and payables on the <br />governmental fund balance sheets. The non-current portion of interfund loans are reported as "advances <br />to/from other funds." Advances between funds are offset by a nonspendable fund balance account in the <br />general fund to indicate they are not available for appropriation and are not expendable from available <br />financial resources. <br />L. CAPITAL ASSETS <br />Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads, sidewalks, <br />street lights, and similar items) are reported in the applicable governmental or business -type activities <br />columns in the government -wide financial statements. Capital assets exceeding the City's capitalization <br />threshold of $2,500 are recorded at historical cost or estimated historical cost if purchased or constructed. <br />The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend <br />asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects <br />are constructed. All existing City infrastructure has been capitalized regardless of date placed in service. <br />Depreciation on exhaustible assets is recorded as an allocated expense in the statement of activities with <br />accumulated depreciation reflected in the statement of net position. Capital assets are depreciated using the <br />straight-line method over their estimated useful lives. Since surplus assets are sold for an immaterial <br />amount when declared as no longer needed for City purposes, no salvage value is taken into consideration <br />for depreciation purposes. Useful lives vary from 3 to 30 years for Buildings, Office Furniture and <br />Equipment, Vehicles, Machine Shop and Equipment and Other assets, and 25 to 50 years for Infrastructure. <br />Capital assets not being depreciated include land. <br />41 <br />
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