1991 CAFR - Laserfiche WebLink

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Real property taxes may be paid by taxpayers in two equal installments on May 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The County provides tax settlements to cities and other taxing districts three times a year, with receipt in July, December and January. Taxes which remain unpaid at December 31 are classified as delinquent taxes receivable and are fully offset by deferred revenue because they are not known to be available to finance current expenditures. Cities in Minnesota operate under a levy limitation law. Levies for bonded indebtedness are not limited by this law. CITY OF RAMSEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I. Property Taxes (continued) J. Total Columns on Combined Statements Total columns on the combined statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position or results of operations in conformity with generally accepted accounting principles. Interfund eliminations have not been made in the aggregation of this data. K. Statement of Cash Flows For purposes of the Statement of Cash Flows, the City considers all highly liquid debt instruments with a maturity of three months or less to be cash equivalents. The Proprietary Funds' cash and cash equivalent balance is a prorated share of the City -wide cash and investment pool that are considered cash equivalents. Note 2. CASH AND INVESTMENTS The City maintains a cash and investment pool that is available for use by all funds, except the Escrow Expendable Trust fund. The City of Ramsey's Code of Ordinances defines escrow deposits as non - interest bearing accounts and grant funds are not eligible for interest expenditure reimbursement. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and temporary cash investments" or as "advance from City's general account." An indication of the level of risk assumed by the City at year -end is categorized as follows for the City's cash and temporary cash investments: A. Deposits In accordance with applicable Minnesota Statutes, the City maintains deposits at depository banks authorized by the City Council. Minnesota Statutes require that all deposits be protected by insurance, surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds (140% in the case of mortgage- backed collateral).