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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) <br />F. <br />Cash balances from all funds are combined and invested to the extent available <br />as authorized by Minnesota State Statutes. Earnings from such investments <br />are allocated to the respective funds on the basis of applicable cash balance <br />participation by each fund. Temporary cash investments are stated at cost <br />plus accrued interest, which approximates market. Investments are adjusted <br />to market value only when a permanent decline in market value has occurred <br />or when such investments will not be carried to maturity. Assets held by <br />deferred compensation trustees are stated at market value. <br />C~ lnventorv <br />In governmental Funds, the amount of inventory on hand is not material and is <br />thus considered an expenditure when purchased. The Water and Sewer <br />Enterprise Fund inventory includes water meters accounted for on a lower of <br />cost (first-in, first-out) or market basis. <br />H. Accumulated Unpaid Vacation and Sick PaX <br />The City compensates employees upon termination for unused vacation leave at <br />the current rate of pay up to a maximum based on length of service. <br />City employees are entitled to sick leave at the rate of one day for each <br />calendar month of full-time service, to a cumulative total of 120 days. Based <br />on the length of service, terminating employees are compensated for 1/3 of <br />any unused sick leave at the current rate of pay. <br />Long-term liabilities for compensated absences are recorded in the General <br />Long-Term Debt Account Group. <br />I. Property Taxes <br />Property tax levies are set by the City Council in October of each year and are <br />certified to Anoka County for collection in the following year. In Minnesota, <br />counties act as collection agents for all property taxes. <br />The County spreads all levies over taxable property. Such taxes become a lien <br />on January 1 and are recorded as receivables by the City on that date. Revenue <br />is accrued and recognized in the year collectible, net of delinquencies. <br />_~ g_ <br />