N. Revenues, Expenditures, and Expenses
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.
Ad valorem taxes and the related state revenue sharing are recorded in the year taxes are due
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
the hands of
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
is recorded or accrued when received.
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.