Laserfiche WebLink
CITY OF ST. ANTHONY <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31 , 1999 <br /> Note 1 . - Significant Accounting Policies, continued <br /> H. Special Assessments, continued <br /> Special assessments receivable include the following components: <br /> ' Unremitted - Amounts collected by the County but not remitted to the <br /> City by year-end. <br /> Delinquent - Amounts billed to property owners but not paid. <br /> Deferred - Annual installments which will be billed to property owners <br /> in future years. <br /> The City recognizes special assessment revenues when ,it becomes both measurable and <br /> available to finance bonded debt or improvement costs. Revenues are recognized over <br /> the term of the assessment as it becomes currently available. Delinquent and defer- <br /> red assessments do not satisfy revenue recognition criteria and, therefore these com- <br /> ponents of assessment receivables are offset by. recording deferred revenue because <br /> it' is not known when these amounts will be available to finance current expenditures. <br /> ' I. Interfund Receivables and Payables <br /> During the course of operations, numerous transactions occur between individual <br /> funds for goods provided or services rendered. These receivables and payables are <br /> classified as `due from other funds' and `due to other funds' on the balance sheet. <br /> J. Inventories <br /> Inventory held by proprietary funds is stated at a moving, weighted average cost or <br /> ' market on the first-in, first-out valuation method. The cost of inventory is recog- <br /> nized as an expense when items are sold or used (consumption method). <br /> ' Inventory of expendable supplies held by governmental fund types is recorded as ex- <br /> penditures when purchased (purchase method). <br /> K. Prepaid Items <br /> Payments made for services that will benefit periods beyond the current period are <br /> recorded as prepaid items. <br /> ' L. Bond Premiums, Discounts and Issuance .Costs <br /> Bond premiums or d.iscounts and issuance costs related to debt issued for proprietary <br /> funds are recorded as deferred charges and amortized over the life of the bond issue <br /> using the straight-line method. <br /> ' For governmental funds, bond premiums or discounts associated with debt issued are <br /> recognized in the current period. Issuance costs are recorded as expenditures by <br /> the fund receiving the bond proceeds; these costs are not amortized. <br /> 1 <br /> ' -17- <br />