X hits on this document

137 views

0 shares

0 downloads

0 comments

35 / 61

N. Revenues, Expenditures, and Expenses

PROGRAM REVENUES

Program revenues included in the statement of activities are derived directly from the program itself or from parties outside the City's taxpayers or citizenry, as a whole; program revenues reduce the cost of the function to be financed from the City's general revenues.

REVENUES

Ad valorem taxes and the related state revenue sharing are recorded in the year taxes are due

calendar

year

December

31.

basis, become due on The taxes are generally

and payable. November 15

Ad valorem taxes are assessed on a of each year, and become delinquent on

collected in December, "measurable" when in

January and

February

the hands of

sales tax

of the fiscal year. collector and are

Sales taxes are considered as recognized as revenue at that

time. Interest on interest-bearing Substantially all other revenues are

deposits recorded

is recorded or accrued when received.

as

revenues

when

earned.

EXPENDITURES

The City's primary expenditures include salaries and insurance, which are recorded when the liability is incurred. Capital expenditures and purchases of various operating supplies are regarded as expenditures at the time purchased.

OTHER FINANCING SOURCES

Transfers between funds that are not expected to be repaid are accounted for as other financing sources (uses) when the transfer is authorized by the City.

35

Document info
Document views137
Page views137
Page last viewedTue Dec 06 15:20:06 UTC 2016
Pages61
Paragraphs2526
Words15787

Comments