Laserfiche WebLink
1 <br /> CITY OF ST. ANTHONY ' <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31 , 1999 <br /> 1 <br /> Note 1 . Significant Accounting Policies, continued <br /> F. Cash and Investments, continued <br /> For purposes of the statement_ of cash flows of the Proprietary Funds, the City con- ' <br /> siders cash and investments in the cash management pool to be cash_ and cash equiva- <br /> lents, since all amounts 'in the pool are deemed cash on demand. Investments of <br /> the Liquor Fund purchased with a maturity of less than three months are considered <br /> r <br /> cash equivlents. ' <br /> G. Property Taxes <br /> Property tax levies are approved and certified to the county by the City in December ' <br /> of each year for collection in the following year. The county spreads all - levies over <br /> over taxable property and acts as collection agent (responsible for billing and col- ' <br /> lecting) for such taxes. Property taxes become a lien on the property on the first <br /> day of. the year collectible. . Property taxes are payable in two equal installments by <br /> property owners, usually .in• May and October. The county remits tax collections to <br /> the City and other taxing authorities three times during the year. The City has no <br /> authority or ability to enforce payment of property taxes by property owners; this <br /> authority is possessed by the county. <br /> The City recognizes property taxes as revenue when it becomes both measurable and <br /> available to finance current period expenditures. Revenue is recognized in the year <br /> of anticipated collection, with amounts due from the county and received early in the ' <br /> following year recorded -as unremitted taxes receivable. Taxes which remain unpaid <br /> at year-end are classified as delinquent taxes receivable. An allowance is provided <br /> for the full amount of delinquent taxes because of the uncertainty of collection and <br /> availability of the delinquent amounts. ' <br /> Taxes payable on homesteaded property (as defined by state statutes) are partially <br /> reduced by a homestead credit. This credit is paid by the State to ,the City in lieu , <br /> of taxes levied against homesteaded property in two equal installments. <br /> H. Special Assessments <br /> Special assessments are levied against the benefited properties for the assessable ' <br /> costs of improvement projects in accordance with state statutes. - The City usually <br /> adopts the assessment rolls when individual projects are complete or substantially , <br /> complete. The assessments are collectible over a period of years generally consis- <br /> tent with the duration of the related bond issue or as set by Council action. <br /> Collection of annual installments (including interest) is handled by the county in ' <br /> the same manner as property taxes. Property owners are allowed to prepay total fu- <br /> ture installments without interest or prepayment penalties. <br /> -16- ' <br />